Mike Scarborough | Source | President and CEO at Oak Wealth Partners, Inc.
Mike Scarborough
Mike Scarborough, President and CEO of Oak Wealth Partners, Inc. is known for innovating the industry of managing monies for individuals in qualified plans. Mike earned his MBA in finance from Baldwin-Wallace College and his Bachelor of Science degree in finance from Salisbury State University. In 2005 Mike was awarded an Honorary Doctorate for Public Service from Salisbury State University. He has taught personal finance and economics courses at Johns Hopkins University and Salisbury State University.
Mike has appeared on several television networks and has been featured in print media and national publications such as Kiplinger's Personal Finance Magazine, Money Magazine, Pensions & Investments, USA Today and the Wall Street Journal. Mike has written two books available on Amazon.com - 'The Scarborough Plan: Maximizing the Power of Your 401(k)' and '401(k)nowledge: Practical Advice for Retiring on Your Own Terms'. These books provide easy to understand recommendations on strategies to improve the performance of hard earned savings.
In addition to Oak Wealth Partners Inc., Mike is also owner of Retirement Management Systems, where he works as the Chief Compliance Officer and Investment Advisor Representative.
Mike's other business activities include owning Running Hare Vineyard, Calvert Brewing Company and Chesapeake Watershed (a distributor of ultra premium bloody mary mixes).
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Oak Wealth Partners, Inc.
President and CEO
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Mike Scarborough interviewed on FOX 5 News WTTG Washington DC
Mike Scarborough talks about the new fiscal deal and how the changes will affect Americans and investors on Fox 5 News WTTG Washington DC.
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Saving For Retirement When You Are In Your 40s | Bankrate.com
Don’t let big expenses like a child’s college tuition thwart your savings goals.
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The Next Evolution in 403(b) Plans: Investments | PLANSPONSOR
Daniels echoes this suggestion. “Due to concerns about fiduciary responsibility, it is increasingly vital that retirement plan committees stay up to date on the latest industry trends and best practices, including establishing and monitoring a written investment policy statement if they haven’t already done so. Regarding investment fees, if lower-cost investments are available but not offered, plan sponsors should document the reasons,” she says.
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The move to get individual annuities out of 403(b) plans may seem contradictory to the present push to get annuities into 401(k) plans, but the issue is cost. “The real issue becomes that many of these products are excessively expensive over what is appropriate. What needs to happen, and unfortunately we see little movement, they need to be using no-load products that serve the purpose of the employees, not the company that is the recordkeeper or the product sponsor. While conceptually having annuities inside of retirement accounts makes sense, especially at the end of their working careers, the expense ratios and even quality of the underlying investments should be examined closely,” explains Mike Scarborough, president and CEO of Oak Wealth Partners in Lexington Park, Maryland.
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“It happens all the time — people leave money in a 401(k) and forget about it. They take more time on their vacation than they do on retirement planning,” says Michael Scarborough, owner and CEO of Oak Wealth Partners.
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Maintain a broad view of all of your holdings as you reallocate assets. It’s not enough to focus on just the 401(k). Take all of your investments into account. If you leave an employer, make sure you haven’t forgotten anything, like a 401(k) or other benefits you may have earned. If it’s an old 401(k), roll that into an IRA, which you can invest any way you want. It happens all the time — people leave money in a 401(k) and forget about it. They take more time on their vacation than they do on retirement planning, says Michael Scarborough, owner and CEO of Oak Wealth Partners.
