We believe everyone has their own unique sets of needs and best possible solutions to those needs. Each aspect of a family’s personal finances must be considered both on its own merit and in how changes in that one area will impact every other aspect.
- Tommy Andersen
We are independent Fiduciary Advisors representing a select group of families, acting as accountability partners. We help our families realize their financial goals by developing and monitoring a plan to keep them on course while keeping everyone’s emotions in check. The families we serve view us as their personal, family Chief Financial Officers.
We are a boutique firm with the ability to make researched backed decisions, serving our families in a world class way, maintaining our advantage over large, impersonal, one-size-fits-all firms. As independent Fiduciary Advisors, we don’t represent shareholders, but the families we serve. Our fiduciary securities licensing mandates we put your interests first, at all times.
Together, we create a customized strategy implementing wealth management, retirement income planning, estate planning and insurance planning. The advisory team at Andersen Harrison Advisors helps you implement the best solutions within the context of your overall situation. We report to you periodically, review your financial and life situation, and adjust advice and recommendations as your life changes. Using the best institutional money managers, we take you directly to the manufacturer in a totally new and transparent way. We focus on principal preservation and income driven investing.
It’s estimated you’ll need at least 80% of your pre-retirement income to live comfortably during retirement. That’s why it is essential your investments – stocks, bonds, mutual funds, income from other sources (perhaps rental property or an inheritance) perform in a way that supports the lifestyle you want.
Our wealth advisors will work with you to create an investment plan that generates income and preserves your capital. Large portfolio losses and having to play “catch up” with our investments in retirement can keep us from doing, having and experiencing the things we want when we retire. A series of poor annual returns early in retirement can have a long-lasting negative impact on a portfolio.
This is why it is vital – based on your time horizon and risk profile – that you have a plan to protect and preserve your wealth from market downturns, and provides a conservative, but meaningful, return on your investments.
The Florida Retirement System & The FRS Deferred Retirement Option Program (DROP)
Andersen Harrison Advisors is an advisory council member of the DROP Advisory Council. Member firms are selected for their experience and knowledge of the Florida Retirement System (FRS), the FRS Deferred Retirement Option Program (DROP) and the retirement field.
When you enter DROP, you are considered to be retired and you stop earning retirement service credits. While participating in DROP, your monthly retirement benefits accumulate in the FRS Trust Fund, earning tax-deferred interest while you continue to work for an FRS employer.
When your DROP participation ends, we are available to assist you with your pension options, health insurance choices, 457b and 403b plans, and sick pay accounts. We can also help you determine the exact amount in your Florida Retirement System (FRS) retirement account and calculate your benefits, including DROP benefits. We can offer you safe solutions to protect your DROP money from market loss. Our strategies can also provide you with a paycheck for life, like your pension and Social Security payments. We will design a customized plan for you that takes into account your retirement income and liquidity needs and expenses. We can also help you avoid a taxable distribution by designing a creative IRA rollover solution.
Retirement Income Planning
These days, achieving the financial independence you want to experience in retirement may take more than pensions, Social Security and savings – as more Americans are living longer. As you near retirement, the wealth management team at Andersen Harrison Advisors works with you to plan from what accounts and when to draw income from your portfolio, how to adjust for inflation, and the strategies needed to withdraw from your savings and tax-qualified accounts so your retirement savings can last.
Having a personalized income plan in retirement can help ensure you have the financial support for the risks you could face in retirement. These include unexpected health care and long-term care costs, inflation, longevity (the risk that you’ll outlive your retirement nest egg), severe market losses and other unexpected expenses. The lifestyle you want to experience and financially maintain during retirement make it so important you have a plan that can generate income for the rest of your life.
One of the top risks people face in retirement is unexpected medical costs and expenses and rising costs for prescription drug coverage. Medicare doesn’t cover all of these expenses so our retirement planning specialists may recommend strategies to help offset these costs if they do occur.
These strategies may also include potential coverage needs for long-term care (LTC) – a big risk to your financial well-being if you require care and don’t have a plan in place to pay for these costs. Medicare only covers medically necessary care and focuses on medical acute care, such as doctor visits, drugs, and hospital stays. And it doesn’t pay the largest part of long-term care services or personal care – like basic daily living activities.
So factoring in strategies to cover health-care and LTC costs to your financial and retirement plan makes sense. On the financial risk management side, it helps protect your assets and avoids having to spend down your retirement nest egg to qualify for care from the state. What’s more, insurance products and other financial strategies mean you get to choose the type of care you want to receive and won’t become a burden to other family members who may have to step in, if needed, to assist with your care.
Now is the time to begin planning to achieve the vision you have for the legacy you want to create to secure the financial future of your family and the next generation. Along with an estate planning attorney, the retirement planning and financial advisors at Andersen Harrison Advisors will create an estate plan to transfer the ownership of your wealth or business assets in a tax-efficient way.
Having an estate plan in place can help minimize taxes so your beneficiaries receive as full a value for your estate as the tax code allows. We can also incorporate a charitable plan within your overall estate plan so that those causes you care about also benefit from the philanthropic vision you have for your estate and legacy. Planning now can minimize taxes and expenses for your beneficiaries.
Our planning will also review your current family dynamics and relationships so that your assets are directed in the time frame you specify to those beneficiaries who are truly a part of the legacy you want to pass on to future generations.
The primary purpose of life insurance is to provide death benefit coverage and legacy benefits for your loved ones. And that benefit is left to your heirs tax-free. But did you also know that life insurance can provide tax-efficient retirement income, help fund long-term care and other medical expenses, and even pay for a child or grandchild’s education?
In addition, depending on your financial situation, life insurance can be used to fund a portion of your retirement income – even while you are still working – by providing you with the ability to save tax-deferred dollars above what the government allows you to contribute into your 401(k) or IRA. Similar options are available for business owners who seek a tax-efficient exit or transfer of their business.
The funds that grow tax-deferred in the indexed or investment account of a life insurance policy in general are not subject to the same RMD rules as that of qualified accounts. You may also be able to access the cash value to take out policy loans without any tax penalties – if properly structured and under certain circumstances.
Tommy Andersen knows the value of staying the course and consistently going the extra mile, day in and day out. And he knows about facing difficult decisions and taking action to ensure the best for his family and clients. After settling down in Southern California, getting married and becoming a father, Tommy’s life changed drastically when he was faced with the decision to raise his children on his own, becoming a single dad to a 2 ½ year-old daughter and newborn son. Suddenly, life changed. “My children needed me and I wanted to be with them. I sold my house, quit a very good job and moved to a less expensive area,” he says. Whatever money was left after paying for childcare, Tommy put toward sales and marketing for his own business. “Those were some lean years in the beginning, but I had faith and trusted God,” he says. It was at that time, Tommy met his business partner Richard Harrison. The two have been together for over 20 years, a stable and consistent business relationship. Those core values – stability and consistency – are not only among those of which their business foundation is built upon, but also what Tommy and Richard seek to provide to their clients.
Tommy is now married to Alicia and is father to six awesome kids: Sadie Rose, Lucas, Nathan, Gunnar, Lars and McKenzie. Tommy and Alicia are also grandparents, with two wonderful grandchildren, Jett and his newborn baby sister, Bryce. When not visiting and meeting clients, Tommy stays healthy with biking, triathlons and CrossFit (rumor has it that he also played rugby back in the day), and he enjoys following baseball and football. He’s also an avid reader and lifelong learner, pursuing continuing education when needed.
Tommy is a graduate of Pierce College in Woodland Hills, California with an Associate of Arts degree. Tommy’s Master of Business Administration degree is from Pepperdine University in Malibu, California. He is a member of the National Ethics Association and a past president of the National Association of Insurance and Financial Advisors
“People choose to work with us because we listen to them,” something Tommy’s father instilled in him while growing up in Brooklyn, New York and Hightstown, New Jersey. “I genuinely care and have been through life and can identify with so many shared and similar life experiences.”
Richard Harrison, CFP® grew up in a military family, knowing the value of loyalty, dedication, and sacrifice. Richard traveled extensively in his youth and experienced a variety of cultures and customs while living abroad and stateside on various Air Force bases with his parents. His father’s final duty station took them to the Mojave Desert of Southern California. Richard had a normal childhood, growing up with two loving parents, playing football and basketball and working part time in hotel food service.
Richard earned his Bachelor of Science degree in business administration from San Diego State University, with a major in finance. His dreams of working as a financial analyst were dashed by the recession of early 1990’s and he entered into a management training program with a large regional drug store chain. Richard advanced quickly and became one of the youngest managers in the company. After many years of corporate retail drug, he had an opportunity to pursue his dreams and finally began his financial services career as a Financial Advisor in Los Angeles, California. It was at this time, Richard and Tommy decided to join forces and work together, Tommy focusing on sales and marketing, and Richard focusing on operations and planning.
Richard is now married to Clare and is father to three wonderful kids: Vincent, Lauren, and Timothy. Richard stays active by riding his bicycle and walking on the beautiful beaches of Southwest Florida. He serves on the Board of Directors of his church as Treasurer, leads a small bible discussion group and co-leads the Middle School ministry with Clare.
Richard is a student of the game and is constantly seeking knowledge and further understanding of the financial markets. Keeping abreast of world events and staying in tune with the markets is truly his passion. He continually pursues higher levels of education, earning the marks of CERTIFIED FINANCIAL PLANNER™, Registered Financial Consultant, Registered Social Security Analyst, Registered PTIN Tax Professional and Notary Public. Richard has served on the Board of Directors for the National Association of Insurance and Financial Advisors, as Secretary and Treasurer and is a member of the Financial Planning Association and the National Ethics Association.
999 Vanderbilt Beach Road, #200
Naples, FL 34108