Question 1

What is your experience in financial planning?

Accepted Answer

I have been in the Financial Services Industry for over 25 years, and unlike many other individuals, this is what I studied in college and is the only career I have had. One of the things that I feel has helped me be a better planner is that I spent 10 years as a manager and trained over 50 individuals. As they say, if you want to learn how to do something, teach others how to do it.

Question 2

What differentiates you from other advisers/companies?

Accepted Answer

As an Independent Registered Investment Adviser (RIA), your interests come first. If you were to read the account agreement from most brokerage firms, there is likely a statement saying that their interests may conflict with yours. As an RIA, I have a fiduciary and legal responsibility to put your interests first.

Question 3

Do you offer a free initial consultation?

Accepted Answer

Yes. I understand that ultimately this industry is a business of trust and that I have to earn your trust before I earn your business. You might even say that the initial meeting is my job interview with you. You don't pay someone until after you've decided you want to hire them. I am paid directly by you, not some investment house, so there is no conflict of interest. For those needing asset management services, I am paid a percentage of the assets that are managed. For those using financial planning and other services, I charge flat rate fees.

Question 4

Is it worth it to hire a professional?

Accepted Answer

Yes. I have read studies by Berkley and Stanford that studied the returns for those who invested on their own and compared them to those who used the services of a professional. The differences in returns amazed even me. Perhaps to further emphasize the need to get professional help, I quote Abraham Lincoln — 'The lawyer who hires himself has a fool for a client.' Also, the IRS is constantly issuing updates and clarifications that affect your tax situation.

Question 5

What should I do to protect myself financially?

Accepted Answer

It's important to do several things. On the investment side of things, have your portfolio structured to maximize upside opportunities and minimize risk. As far as insurance is concerned, get your insurance today. So many people rely solely on the benefits they get through work, not realizing those benefits stop the day you leave that employer.

Question 6

When should I start saving for retirement?

Accepted Answer

TODAY!!! For every 5 years you wait to start saving, you will have to save twice as much as the person that started 5 years before you. Warren Buffet has said that compound tax-deferred growth is the 8th wonder of the world.

Question 7

How much money do I need to retire?

Accepted Answer

This will vary depending on when you want to retire, where you want to retire, how much golf you want to play when you retire, and how much you have saved already. To give you a ballpark estimate and factoring in some inflation (and the uncertainty of Social Security), it could easily take $2 million or more to have a reasonable retirement.

Question 8

Is a will sufficient?

Accepted Answer

The fact that you have a will puts you way ahead of most people. Depending on your situation, a will may be sufficient. However, if you have a blended family, have children or grandchildren that can't make a good financial decision, own part or all of a company, or have accumulated a fair amount of assets, you may need to take a few more steps beyond a simple will.

Question 9

What about succession planning for my business?

Accepted Answer

First I would say you need to plan for your retirement TODAY, not one day. The answer to this question could be volumes in length. I'll work with you, your accountant, and your attorney to determine what your company is worth today and what it may be worth when you're ready to retire, and develop a plan to get you there.

Question 10

Do you serve individuals and businesses?

Accepted Answer

I would say that the services are the same at a high level. We all want to have a good retirement, and after our time on the earth is over, have our assets passed on to those persons or organizations we feel deserve to receive a gift from us. The difference is complexity — businesses have additional planning needs around accounting, benefits, and succession.

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