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A MULTIDISCIPLINARY APPROACH TO PLANNING

Estate Planning | Tax Strategies | Financial Planning


Client Trust and Communication; Key to Successful Wealth Management

| November 27, 2019
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In a blog post from this summer, What Real-Life Wealth Management Looks Like, we reviewed the process of defining goals, creating actionable steps, and setting a financial plan into motion. Once we complete these three things, the path of building long-term wealth becomes a manageable feat. Where things can go wrong is forgetting that the plan is dynamic, not static. The plan will change as your life changes. That's why it's important to stay proactive and to invest not just money but also time staying connected with your advisers. Through close collaboration and building trustworthy, long-term relationships, we can generate positive outcomes that affect multiple generations.
 
Our recommendations are always personal and based on the relationship we have with our clients. The need to reallocate or re-balance assets, open additional accounts, or explore new wealth-generating vehicles is an ongoing process. When there's a birth in the family, we not only want to offer congratulations but also discuss college savings options. Or perhaps lifestyle goals have shifted. Maybe you had planned for sun'n' sand after retirement, but with a new grandchild on the way, you've decided to stay put. When there is something deemed necessary enough to share, don't wait! Call or email, so you're on the same page as your adviser and can modify your plan where needed.
 
The more we know and understand our clients' circumstances and goals, the better we arrive at planning options that suit their specific needs. This process holds as children grow up and are involved in decision making. Including select family members in your estate planning adds a sense of security for the future. The last thing any child should worry about is trying to organize and understand a parent's finances, especially if it's during a time of grieving. With proper estate planning, the distribution of wealth can be a straightforward process that leaves a lasting legacy. Plus, you will have the added benefit of exposing your children to the financial decisions they will need to make in their future. Sharing your knowledge passes down not only financial wealth but, arguably, more importantly, starts them down the right path of planning their wealth strategies.
 
Each year we experience planned and unplanned changes in our lives. Some of these have significant financial impacts. A marriage, a new baby, an untimely death, a new or lost job, illness, or receiving a large unexpected sum, can quickly shine a spotlight on financial matters. 
Since we don't always know when these life-shifting events will occur, it's best to remain proactive in your approach while keeping us, and those closest to you, in the loop. Scheduling a phone call or meeting with your adviser a minimum of twice per year helps ensure you're well prepared and that updates to your financial plan aren't happening months(or years) after the fact. As a rule, the more money you have invested, or the more significant the perceived changes will be, the more regularly you should meet. Keep the lines of communication open and current so that whatever your financial goals are, you can be confident knowing there's a team of professionals achieving them together. 
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