Artificial intelligence, robo-advisors and online trading platforms have transformed the investment landscape. With markets moving rapidly many investors value something technology can't replicate: a trusted local advisor who understands their family's goals. At Capitol Securities Management, Inc., affiliated with the national firm Raymond James, local advisor Joseph Mauriello embraces new technologies while staying grounded in personal relationships. "Our business is still built on trust and knowing our clients. That personal touch extends beyond portfolio reviews to celebrating retirements, graduations and other milestones alongside the families we serve.”
We spoke with Joseph, Senior Vice President of Investments whose two sons attend the University of Connecticut, about retirement planning and helping investors plan for their children's financial future.
Q: What's the biggest financial mistake parents make when trying to help their children?
The biggest mistake is sacrificing their own retirement security. Parents naturally want to help with college tuition, buying a home or other major expenses, but there are loans available for education and mortgages for houses. There are no loans for retirement.
I compare it to the safety instructions on an airplane. If the oxygen masks come down, you put your own mask on first before helping others. It's not selfish—it's smart. The best gift parents can give their children is financial independence so they don't become a burden later in life.
Q: How can families balance retirement savings with helping their children and grandchildren?
Think in terms of priorities rather than tradeoffs. Retirement savings should generally come first; helping children should happen within reasonable limits. Open family conversations are important. Sometimes the best support isn't simply writing a check but teaching financial responsibility and good decision-making.
I also encourage people to think of gifts as a bonus, not an obligation. Before giving money away, make sure your own retirement, healthcare and emergency needs are secure.
Q: When should people start thinking about estate planning and passing wealth to the next generation?
Much earlier than most people realize. Estate planning isn't just for retirees or wealthy families. Once you have children, own a home or begin accumulating assets, you should have a plan.
That includes a will, updated beneficiary designations, powers of attorney and conversations with family members about your wishes. Adult children don't need to know every financial detail, but they should understand the overall plan and know where important documents are located. Transparency can prevent confusion and family conflict later.
Q: What strategies can help retirees preserve assets while enjoying retirement?
A thoughtful retirement income strategy is essential. That means coordinating withdrawals from different accounts, managing taxes efficiently and maintaining an investment portfolio designed for both income and long-term growth.
Healthcare planning is another major piece of the puzzle. Healthcare costs and longevity are two of the biggest unknowns in retirement, so families should plan for dedicated reserves and consider long-term care options. Protecting yourself against unexpected expenses also helps protect the legacy you hope to leave behind.
There are also valuable planning tools available, including retirement accounts, Roth conversions, 529 education plans, trusts and strategic gifting programs. The right combination depends on each family's circumstances and goals.
Q: If you could give families one piece of financial advice, what would it be?
Focus on building a legacy of knowledge, not just a legacy of money.
An inheritance can create opportunities, but financial education creates lifelong good decisions. I encourage parents and grandparents to teach children the basics of saving consistently, living below their means, understanding compound growth and avoiding unnecessary debt.
The families that build wealth across generations often pass down values alongside financial assets. Money is important, but confidence, discipline and good habits may be the greatest inheritance of all.
As investment options continue to evolve, the role of a local advisor remains remarkably consistent. Markets will change, technology will advance and new tools will emerge, but successful financial planning still comes down to understanding people's lives and helping them make decisions that align with their goals. In an increasingly digital world, that human connection may be one of the most valuable investments a family can make.
Joseph Mauriello
Senior Vice President Investments
Capitol Securities Management, Inc.
11 Naubuc Ave.
Phone: Direct 860-430-6053 Cell: 203-233-5096
Online: josephmauriello.capitolsecurities.com
Retirement savings should generally come first; helping children should happen within reasonable limits.Sometimes the best support isn't simply writing a check but teaching financial responsibility and good decision-making.
Our business is still built on trust and knowing our clients. That personal touch extends beyond portfolio reviews to celebrating retirements, graduations and other milestones alongside the families we serve.