No.  Things don’t always work out perfectly.  Sometimes clients and their other advisors don’t listen, or they simply aren’t in tune with the whole picture and the outcomes that could have been different if there was a better understanding of the issues.

True wealth management requires a well-rounded professional who can take an interdisciplinary approach to wealth, help take advantage of critical situations, and avoid making huge errors when it comes to financial management.  Our interdisciplinary approach simply allows us to see things a bit differently than others.  And that’s how we work together with you as your Personal CFO to serve you through our Vision-Focused Planning™ process.

But it’s not our vision.  It’s your vision, and we’re trained to help you get a better view of what you want through our Vision-Focused Planning™ process.

We’re optimistic that we’ll all live to be at least 100 years, so the second half of our lives starts at around 50 years of age.  Most of our clients are above 50 and either nearing retirement, already retired, or loving their work and have no plans to ever retire.  

Clients with no intention of ever retiring still need a plan for the “just in case,” and for steering their resources and lives with the goals for their care and the final distribution of their assets.

For those who are already fully retired, we focus on a balance of growth and protection to make sure that your retirement is secure, and for those who are targeting a retirement, we work with them to better understand a clear path towards the type of retirement that they look forward to living for themselves.

If you plan to work “forever,” how will we manage the finances, balance of risk and reward, and growth?

If you’re not one who plans on working until they can’t, the typical progression is work and career followed by retirement, but are you prepared?  How well have you planned?  What are your main concerns?

Common questions are:

• Will I be able to retire and enjoy retirement?  At what level of income will we be able to live?
• How much will we have to spend in retirement?
• How do we preserve our wealth?
• Will we be able to assist our heirs and our favorite charities?
• What are some of the classic unknowns and surprises that others have encountered?  Will we be prepared for those?
• Do we have a plan for who will help care for us, or will we end up having to care for someone else?  Will we have to care for our spouse or children or even raise our own grandchildren?
• How do we minimize taxes?
• Will we be able to make effective estate and gift transfers?
• How do we find high-quality financial advice from an unbiased and knowledgeable professional who acts as a fiduciary at all times?
• Will my spouse be able to handle everything if something happens to me first?

These are some of the major issues and questions that people face.  People are living longer and longer.  The people who have wealth can typically afford better health care services, and then end up living even longer than the general average.  Are you prepared for a very long retirement or a second half of life that extends your life to beyond 100 years?

Many sociologists and retirement experts break down the phases of retirement like this:

1.  Realistic Vision — Have you already been planning for ten to twenty years? Do you have a realistic view of your goals, plans, and understanding of inflation and costs?  Have you reviewed your views with a qualified financial planner to see whether your goals fit a good “reality check”? Even if it’s your intention to never retire, are you prepared in case of a health or economic shift that prohibits you from working?
2. Final Preparation — This is in the last five years before retirement.  Will you and your spouse retire at the same time?  How do things work with Medicare, Social Security, and IRAs or other tax deferred investments?
3. Freedom — You take the leap.  Both spouses?  One of you?  Dip your toe in the water and still have part-time consulting employment?
4. Adjusting and Readjusting — Within two years of retirement, you should take the time for a retirement analysis and adjustment.  How are your investments and income?  Are your living costs and spending in line with what you anticipated?  Will you stay in your area?  Will you move to a new area?  Will you stay in the same area but move to a different house?  How’s your health?  Are you considering going back to work full time or part time because of a financial need or because you simply find it fulfilling and want the socializing benefit of employment?  Or maybe you simply want to be busy away from home?
5. New Challenges — One doctor coined the acronym ODTAA as a medical syndrome for people as they age:  One Damned Thing After Another.  Yes, there will always be changes and challenges, whether it be with your own health or finances, or the health or finances of a spouse or someone close to you.  How will you handle those challenges?  Are you equipped?  Will you be equipped?  Do you have the right financial advisor to guide you?

If you want professional guidance with your financial planning, and you have over $1,000,000 that you want managed by a fee-only fiduciary who uses an interdisciplinary approach, give us a call to see what we can do for you.