×

Moff and Associates: A hometown retirement, investment practice

Moff and Associates, 130 Court St., seeks to simplify the complex financial world, while also providing a level of service rarely seen in the financial industry.

For more than 40 years, James O. Moff III, founder, provided clients his expertise and guided many toward their financial freedom they worked so hard to gain.

Last October, Moff decided to spend more quality family time, vacationing and, for the most part, has retired, turning over the business to long-term interns, Jarrett Jones and Jake Weber, lead investment advisors and managing partners.

“We have continued with the Moff and Associates name, carrying that reputation because a lot of people know it and we have tried to not make too many changes,” Weber said.

The team of Heidi Tudor, administrative assistant, Brandi Campana, administrative assistant and Kiara Fry, client relations, continue Moff’s tradition with a variety of services offered that include retirement planning, investment strategies and estate planning.

Jones, of Williamsport, attended Robert Morris University in Pittsburgh. He interned with the business founder as did Weber, who is from Danville and attended the University of Pittsburgh.

Moff passed the practice on and sold it to Jones and Weber in October 2021.

For most people, retirement is one of the most stressful times, Jarrett said. “There are a ton of unknowns that go into retirement,” he said.

“I enjoy being able to sit down with a client, hear what their problems are and what their goals are and be able to develop a plan to help them reach that,” Jarrett said.

Weber said he liked the subject matter of the financial market and retirement investing.

“I like the idea of investing,” he said. “It is neat to find different investments and how they piece together for different people.

“It is rewarding to help them, allow them to reach those goals,” he said.

“We will have clients who are told they can retire at whatever age they want to and they almost cry based on the numbers we run and figures we look at,” Weber said.

Typically, the process to get started is made easy. A meeting is scheduled and either Jarrett or Weber will go over retirement plan goals with each customer.

That can include how much income they would like to have and still have assets to maybe go on a trip or pass along to family members or charitable organizations.

The plan may include explanation of what investments are suitable to the client or that are in their best interest and/or how much they are able to withdraw from that to be able to meet their goals and develop a plan for their life and how they can reach that.

Weber said the team will continue to monitor that plan, to ensure that any changes that need to be made can be recommended based on the current market or if their goals change.

Even though many clients are of the retirement age, it is actually encouraged to begin retirement investment planning early in one’s life and career. By starting to plan for retirement as soon as possible, it makes it a lot easier if starting younger to contribute to either an employer plan or and IRA.

What concerns are the most prevalent?

Most people say they do not want to run out of money.

“We help them plan that income during retirement so the principle hopefully won’t go down a whole lot if any,” Jarrett said.

“You are working for your whole life and your wages stop and how are you going to make up that balance?”

Longevity is another factor, as people are living longer due to advancement in medical and nutritional and healthier lifestyles are encouraged.

“We run programs based on a life expectancy of 90,” Weber said. “Basically, we want them to have income that lasts until that age.”

Estate planning also is becoming more prevalent, or how they will leave their assets to their heirs. All of it is reviewed: real estate assets, retirement accounts and the Moff team goes over Social Security retirement benefits, which are factored in.

Obviously, some people are able to retire earlier, the advisors said.

Based on assets available, such as pension calculation, the team can determine if a lesser amount of Social Security will negatively affect the client.

For others, with less of a pension or savings, it might be more advantageous to remain employed until full retirement age and wait to collect Social Security.

“A lot of strategies can be deployed with Social Security,” Jones said. “It is more complex than most people think.”

Countering what banks are

offering

“We use a multi-year fixed annuity, guaranteed through an insurance company,” Jones said. “We have seen rates jump up and are about 3 percent. The highest we have seen are 4.5 percent.”

The Federal Reserve may continue to increase interest so a strategy Moff and Associates uses is to protect clients from some of the market volatility and fluctuation.

“Let money work for you somehow in investments,” Jones said.

The advisors also discussed the volatile market saying they don’t see things headed too haphazard, such as what occurred in the 2008 housing crisis.

“We have gotten a lot of calls this year on compliance asking if this was going to be like 2008,” Weber said.

“What we are seeing right now with the market has always gone down and every single time it has gone down it has recovered and there has been growth after that,” he said.

“We are in a market correction, but it won’t be like that of the housing crisis,” Weber speculated.

Prices are low right now, so if people have money on the side sitting there that could be invested it is not a bad time to do so, Jones said.

For investments, the focus is primarily on a mix of mutual funds, to individual stocks. “We focus on mutual funds, and a mix of different annuities,” Jones said. “Mainly multi-year fixed annuities,” he said.

“We have individual clients but have some small businesses that accounts are managed but a majority are individual clients,” he said.

It all depends on the client’s needs. Examples of that would be vacation planning, life insurance needs, short-and- long-term investment goals.

“If there is a big investment our clients want to make, how can we help them reach their investment goal faster?” Jarrett asked rhetorically.

The atmosphere at Moff and Associates is friendly and non-pressured.

“We try to keep it more personable for staff and customers,” Weber said.

NEWSLETTER

Today's breaking news and more in your inbox

I'm interested in (please check all that apply)
Are you a paying subscriber to the newspaper? *
   

Starting at $4.62/week.

Subscribe Today