Linda Cook, left, and Marlis Gilbert, right, have developed a business that now manages $1 billion in assets. Gilbert is retiring this month.
Gilbert and Cook Reflect on Their Collaborative Success
BY STEVE DINNEN The first meeting between financial planners Marlis Gilbert and Linda Cook was brief and, while not edgy, not exactly warm. They were both at a meeting of the Financial Planning Association of Iowa, and Cook was busy handing out marketing brochures. Gilbert served as president of that group and let her associate know there was a designated area where literature could be handed out—and Cook wasn’t in it. Cook took no umbrage and, in fact, decided the two should join forces. “It started with the recognition that we were better together,” Gilbert says. So in 1999 the women formed Gilbert & Cook, one of a handful of wealth management firms operating in Des Moines at the time and likely the first to present an ensemble approach for clients. This meant clients would work with the company instead of an individual planner who was working under the umbrella of a sponsoring firm. The financial planning and wealth management field was—and remains—the domain of men. (Just 28% are female, according to career consultants at Zippia.) When Gilbert and Cook joined forces, there were a few other women in Des Moines working in the business: Deniz Franke and Chris Korte come to mind, and they remain active today. Gilbert & Cook was a bit of a novelty when it was founded and has proved its success in the years since. Cook focused on marketing (those brochures again) and investment research, while Gilbert did the planning. Gilbert graduated from Iowa State University with a non-business degree but was drawn to financial planning when she landed a job at a wealth management firm and discovered she had abilities there. Both women interviewed all clients so they could deploy their ensemble approach and combine their talents. “We have a very nurturing style. We’re logical and supportive of the client,” Gilbert says. They strive to help people see what is in their best interest. Gilbert is now set to retire later this month. She leaves keys to the West Des Moines headquarters to Cook and $1 billion in assets under the firm's management—not a bad turnout for an experiment begun 24 years ago by two women who thought they might work well together.
Are Your Retirement Savings Up to Par? BY STEVE DINNEN
So you’ve tucked away $1 million for your golden years. Congratulations, statistically you are among just 10% of Americans who have set aside that much for retirement! The rest of us have some catching up to do. A survey by the Federal Reserve shows that average retirement savings for the 55-64 age group is just $408,420. From there, it goes downhill: People aged 45-54 have saved an average of $254,720, while those 30 and younger have saved even less, averaging $30,170. Numbers crunchers at T. Rowe Price suggest a 30-year-old should earmark at least half a year of earnings for retirement. That figure rises as we age, and by 60, we should have 11 times our annual income. An OECD survey of 30 nations shows that Americans save on average 5% of their income. The Swiss, with comparable wages, save 19%. The Finns save nothing. Finland has the best-ranked pension system in the world, says wealth management firm Blacktower. Could Finns be lousy savers because they have great confidence in their pension systems? The United States scores nowhere near the top of any survey about pension-plan adequacy. So let’s get serious—and that means saving more than a nickel from every dollar earned.
What It Means to Be Rich: Survey Results Offers Clues BY NEALE GODFREY FOR KIPLINGER
Are you rich? This is a question many people ask themselves in quiet moments but would never have enough nerve to say out loud. What is the magic number to be considered rich?
As it turns out, the definition seems to be changing. According to Schwab’s 2022 Modern Wealth Survey, Americans believe it takes an average net worth of $2.2 million to qualify a person as being wealthy. (Net worth is the sum of your assets minus your liabilities.)
To get a clearer picture of where you rank, check out this wealth report card:
People with the top 1% of net worth in the U.S. in 2022 had $10,815,000 in net worth.
5 New Retirement Savings and Tax Rules for 2023 BY CHRIS CLARK FOR YAHOO FINANCE
After a year of record-breaking inflation and a volatile market, your portfolio may feel a little parched.
Fortunately, there’s an oasis ahead for beaten-down investors, and it’s no mirage: The IRS is here to give you hope for 2023.
Five new rules, stemming from a combination of IRS adjustments and the recently signed Secure 2.0 retirement law, could help you recover some of your losses or position your nest egg to capitalize on market upswings.
You already may be benefiting from one of the IRS’ biggest changes. If you noticed a bump in your net pay after Jan. 1, there’s a good chance it’s connected to the package of adjustments made to federal income tax brackets and standard deductions by the tax agency.
