Kay Dee Cole, CFP®, CeFT® Clarity Wealth Development LLC
- 262 NW Polk, Corvallis, OR 97330
- (541) 753-1898
About Kay Dee Cole, CFP®, CeFT®
Clarity Wealth Development came into existence because there had to be a better way to help people invest and come up with a financial plan based on their goals. I had been working from the broker side of the business where selling product was first and advising came second. When I was finalizing a name for my company my father was suffering from Alzheimer’s disease. I chose the name Clarity because having clarity is the key to making sound decisions. The last part of the name, Wealth Development, is because I not only want to help people manage money but also build wealth.
Our mission is to help you navigate the financial planning process. You need basic knowledge and confidence. And you need an advisor willing to listen to you. We treat you with respect and dignity and supply you with timely information and education in helping you develop a solid strategy. Once we know your goals, then we help you implement a financial plan you can have confidence in. When you clearly know where you are going and how to get there, you are more likely to achieve your goals.
Growing up as a farmer’s daughter just south of Corvallis, Oregon I learned the value of hard work and perseverance. I attended school in Corvallis and graduated from Oregon State University in the School of Agriculture with a Natural Resources Economics Degree with minors in business and statistics. After college I worked for the U.S. Department of Agriculture as a statistician in California and Colorado. In 1996 my husband and I returned to Corvallis to help with the family farm. In 2000, my entrepreneurial spirit helped me realize my dream of owning my own retail business, as a florist.
My background and experience in running that retail business and being involved with the sale of our family’s business gives me a unique perspective in family-owned businesses. I also realized that running a retail business was not my dream job. With the help of my financial advisor, I decided financial planning was what I really wanted to do. I started out in a large broker business but decided I wanted to help people plan for life; not just sell investments.
So I took a huge leap of faith and opened Clarity Wealth Development in 2010. I also became a Certified Financial Planner™ in 2012. I knew this was a great way to provide value and it turns out I was right. As a CFP® I have a fiduciary duty to my clients, a higher standard than most advisors. Being a fiduciary means putting my clients interests first at all times.
That courage to go out on my own came in handy when I became a cancer survivor. I understand the complexity of financial planning during a serious illness. In late 2012 I was diagnosed with ovarian cancer, stage IIIB. This was a stressful time for my family, my clients and myself. However, this did give me valuable insight as a financial planner for those unexpected life changing moments.
I am more determined than ever to provide the best service to my clients. I find joy in my family and especially my husband of 25 years. We also have two wonderful dogs, Bailey a yellow Labrador and Bella a Great Pyrenees mix. We enjoy traveling together and being active in our local community.
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An annuity is an insurance product that can pay you an income on a consistent basis. There are many forms of annuities but they all provide tax deferral and some type of guaranteed income. They are sold by companies that pay their agents commissions. What you want to do is ask some crucial questions before purchasing one.
1. How much is the upfront cost to buy this annuity?
Fixed annuities give you a fixed rate of return for a specified time and have the lowest cost. Variable annuities are invested in mutual funds and your return is variable, based on how it is invested. Expenses are higher depending on the extras added to the contract (called riders) and how it’s invested. Typical costs range from 5-8% and can come with steep penalties if you want to cancel. Your return is NOT guaranteed but the amount you can withdraw, without penalties, is guaranteed. For example you buy a variable annuity for $100,000 and they guarantee a 5% withdrawal rate. Every year you can withdraw up to $5000 out of the annuity without penalty. The account value will fluctuate based on the investments. There is NO guarantee on the return. People confuse the withdrawal rate with guarantee on return. Most inexperienced brokers do not explain this well and you believe you have a fixed or guaranteed return. When your policy value goes down you ultimately be disappointed. Fixed rate annuities are the only fixed rate product.
2. How long before I have no surrender charges? What other charges are there?
If you buy A shares you pay more of an upfront charge for the annuity but can withdraw the money later without penalty. Any other share of annuity comes with a 7 to 10 year surrender charge that decreases the longer you have it. Riders on a contract also add to the cost and can be 0.50% up to 1.5% depending on the extras.
3. I want guaranteed income, is an annuity right for me?
If someone wants you to take all of your retirement funds and put them in an annuity, you need to question their intentions. A retirement account is already tax deferred and there are plenty of ways to draw an income from them. Money outside retirement accounts is a better place for annuities and if you are afraid of investing in the market some annuities can offer some attractive features. However an annuity does not eliminate risk, it just allows an alternative way to receive income. Always consult your CPA on the tax benefits of an annuity. Fee based planners are better to consult with as there is no incentive to sell commissioned based products.
Ultimately you need to understand what you are buying and how it works. If you have more questions make sure you understand the answer before you buy.
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