Eric Croak, CFP | Source | President at Croak Capital
Eric Croak, CFP
Wealth Management and Investment Fiduciary Advisor - focusing on next-generation wealth transfer, business exit planning, and affluent investment strategies.
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Croak Capital (http://croakcapital.com)
President
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What it means to be rich, according to 9 financial planners who would know
For some people, wealth might mean the ability to buy whatever they want. For others, it might mean living without debt.
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Buying a Home with Friends: Financial Expert Weighs In
Eric highlights that while co-buying can halve costs and ease entry into homeownership, it complicates legal arrangements and risks friendship strains. He advises a thorough, legally binding agreement to address potential issues. As the economy improves, fewer Americans feel the need to co-buy. Eric personally avoids mixing friendship with financial investments, valuing clear, individual financial commitments. -
Top Reasons to Switch Financial Advisors: Insights from Eric Croak, CFP
Eric highlights that poor communication, misaligned investment strategies, and lack of fee transparency are common reasons for switching advisors. "If your advisor won’t answer a simple question about how they get paid, that’s a huge flag." Discuss concerns with your advisor first; a responsive attitude may warrant a second chance. -
Retirement Alert: Joint Bank Account Misconceptions and Safeguards
Eric highlights a major misconception: retirees believe joint accounts simplify inheritance, but they can trigger family disputes. He advises establishing a financial power of attorney and daily account monitoring to protect against cognitive decline and elder financial abuse.
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But before you accept your windfall, it’s also important to consider where to actually put the money. If you put the money into a joint account, it becomes marital property, with equal ownership for both spouses; put the money in an individual account, and that partner will be considered the sole owner. It’s important for asset protection and tax planning as well. If one spouse has a higher likelihood of being sued or chased by creditors, then they may want to keep assets out of their name for increased protection.
