Last night I had a meeting with some very long time clients of mine. Over the years our families have become close. Apart from having natural chemistry with them, I feel that one of the things that has made our financial advising relationship so successful has been that we have open communication. Our meetings are a dialog versus a monologue. They have embraced financial planning as the centerpiece of a successful conversation. Whenever we meet, we are looking at specific things going on in their life and we’re always looking down the road and knowing that this road has told us exactly how to invest.
Because of this, last night when we were going over their plan, I was showing them how they are prepared to face retirement on their own terms. Over the years their plan has addressed strategic education funding for their children, we’ve worked with an estate planning attorney to get all their legal work in order, and we are now able to focus on things that aim to maximize the fulfillment of their retirement.
Last month, the wife’s father past away. She had said that so much of her parents financial well-being had been because of luck. They bought a house in a bad area that just happened to have a renaissance and go up in value. They just happened to invest it XYZ company, etc. She said it was just luck that her mother isn’t going to struggle. She said it was such a contrast to what the three of us had done – three of us as in me, the husband, and the wife with the financial plan. There was never a plan for her parents. Never a path and discipline on how to make decisions. Additionally, and quite unsurprisingly, there wasn’t a legal plan. This meant that there wasn’t a living will or power of attorney. So when her father’s health started declining, there wasn’t an easy way for the family to make financial and medical decisions without going through courts, judges, and even psychologists.
Folks, there is an easier way. Some of my mantras are:
- Reduce stress
- Making choices early
I thanked them for sharing this with me because it renewed in me a sense of purpose in what I do as a financial advisor and financial planner.
Investing in securities, including stocks and bonds, is subject to market fluctuation and possible loss of principal. No strategy can assure success or protect against loss.
Chad Gordon is registered with, and securities are offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through GreenStar Advisors LLC, a registered investment advisor and separate entity from LPL Financial.
This information is not intended to be a substitute for specific individualized legal advice.