Richard McWhorter | Source | Private Wealth Advisor and Managing Partner at SRM Private Wealth

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Richard McWhorter

Private Wealth Advisor and Managing Partner at SRM Private Wealth
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Richard McWhorter is a current Private Wealth Advisor and Managing Partner of SRM Private Wealth. He was previously a managing director at Merrill Lynch until May 2024. His team serves high-net worth and ultra-high-net worth individuals, including executives in the sports industries. SRM Private Wealth was the 11th team to join Summit this year. McWhorter managed $1.9 billion in client assets and is joined by his partner Sandra Parracino and client associate Kyle Szesnat.

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  • No. 1 Investment Goal for Every Decade of Your Life

    Investment goals rarely remain stagnant. Just as other priorities and aspirations evolve as we age, our investment goals change, too. Your needs and wants in your twenties will look different from those in your fifties, so your investment goals must align with the current decade of your life. Read More: How To Get a 10% Return on Investment (ROI): 10 Proven Ways Find Out: 4 Low-Risk Ways To Build Your Savings in 2025 Of course, everyone's life moves at different rates, so don't fret too much if your investment goals don't align with ours. The important thing is that your investment plans grow with you. Let's look at our list of the No. 1 investment goals for each decade of your life. 20s: Start Investing For many people, your twenties mark the end of traditional schooling and the beginning of your career. Since this decade is likely the start of...

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  • More Americans Made ‘Hardship Withdrawals’ From Retirement Funds in 2024, Study Finds

    The study also found that the average account balance had increased to $134,000 at the end of 2023 compared with $106,000 in 2019.

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  • Tariffs hit auto repair costs hard, add uncertainty, say experts

    The Trump administration’s sweeping tariffs on imported goods is perhaps impacting the automotive and insurance industries like no other.

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  • Raising Social Security Age: A New Challenge for Financial Planning
    Richard notes, "Higher social security age could definitely affect financial planning." He advises consulting financial planners to assess reliance on Social Security and explore modeling tools for effective planning. The impact depends on how reliant individuals are on Social Security for income.
  • Tesla Stock Strategy: Navigating the Trump-Musk Feud
    Richard advises a hedging strategy with covered calls for Tesla amid the Trump-Musk feud. He views Tesla as a short-term trade, not a long-term investment, due to the uncertain impact of the "Big Beautiful Bill" and the fluid nature of the Trump-Musk relationship. "Be patient," he suggests, as the situation evolves.
  • Tailored Investment Strategies: The Key to a Balanced Portfolio
    Richard emphasizes that a balanced portfolio isn't one-size-fits-all. While a 60/40 bond-equity split is traditional, individual needs dictate the true balance. "Age, risk tolerance, and time horizon are crucial factors," he notes, alongside alternative assets like real estate. Rebalancing frequency depends on asset types, fees, and liquidity, underscoring the need for personalized strategies.
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