Recent client projects
A sampler of things I've been working on this summer
Good morning!
Every few months, I like to share a peek into some of the things I’m working on with my clients.
Still on track
Just last week I had 2 meetings with long-time clients.
In both instances, they wanted to catch up on things and make sure their financial planning was up to date and still on track.
One of them is 58 and she plans to work another 10 years or so.
The other is 59 and she wants to retire in the next 2-3 years.
The good news is they’re both on track to retire on their desired timeline.
Reminder: keep your focus on the “personal” part of personal financial planning.
New client
I met with new potential clients.
They were referred to me by another financial advisor and friend.
We spent some time together going through my Discovery meeting, which is my favorite way of getting to know someone.
To give you an idea of what that’s like, here’s the prep document I share with folks ahead of this meeting.
We had a nice exploratory conversation and I look forward to working with them both.
They live in Pennsylvania.
Working through things
I met with a lovely couple last week that became clients a few months ago.
We’re still working on executing their financial plan and checking off some action items.
This includes working through the details of transitioning their current investment portfolio to how we want it structured long-term. And doing so in a tax-efficient manner while keeping it aligned with their financial planning strategy.
They recently moved into a new home and are evaluating how much to invest in the former home before they list it for sale.
And we’re working through helping settle a parent’s estate by making final distributions and moving the remaining assets into their names.
There’s more, but we’re taking it one step at a time…
Life after divorce
I’m working with a woman in her mid-70s as she transitions to life on her own after getting divorced from her husband of 50+ years.
This has involved conversations with her and her adult children.
And with her divorce attorney.
We’ve been navigating her transition from her ex-husband’s retiree health insurance plan from his prior employer to her own Medicare coverage.
We’re still waiting on the division of assets from the divorce as the final agreement was finally signed by the judge just in the last week or two.
And we’ll be discussing and working closely to help her create a retirement income plan to support her and her lifestyle for the rest of her years.
Beneficiaries
A friend and client of 20 years passed away a couple of months ago.
I began working with her and her husband waaaay back when I was at Merrill Lynch. I left Merrill in 2006.
Her husband passed away several years ago.
And just a couple of years ago, one of her daughters died.
Sadly, we’ve had to update her IRA beneficiaries more than once over the last decade or so.
Currently, I’m helping 2 of her grandchildren and her daughter get setup to inherit her Roth IRA.
They were each her beneficiaries on this account.
So with the help of my team, we’re setting up an “inherited Roth IRA” account for each of them at Schwab to facilitate the distribution of my client’s Roth IRA into each of their names.
Hospice
I met a couple weeks ago with a brother and sister.
Their Mom is my client, and they have power of attorney on her financials.
I’ve never met the Mom, but have worked with her 2 children for a handful of years now.
They were referred to me by my friend and colleague, Lisa - a Certified Professional Aging Life Care™ Manager.
The Mom has been in an assisted living facility for the last couple of years and just recently started receiving hospice care along with some additional support and attention.
Our recent discussions have revolved around how long she can continue to afford this level of care knowing the costs will continue to rise.
And she could potentially live many more years.
So we’ll continue to monitor her health and her finances along the way.
But wait, there’s more
The above is just a small sampler of the texts, emails, phone calls, and Zoom meetings I have each week with clients, their attorneys and CPAs, and potential clients that I’ve been introduced to.
As you can see, it’s something different day-to-day and moment-to-moment.
At the moment, I also have:
clients moving to another state which they’ve been planning for many years
a client questioning whether or not she and her husband really want to remain in their current “dream home” for the next 30+ years
another client who is starting to methodically diversify a LARGE single stock position accumulated over a successful career
a retired couple who is going to start spending more money from their portfolio each month because they can absolutely afford to, and I’ve encouraged them to do so
I’m proud to be able to offer help and support to my wonderful clients, and am blessed to truly love the work I’m doing.
If you or someone you know would like to discuss your financial planning and retirement needs, please feel welcome to get in touch.
Links & Things
Money is fascinating.
It touches - directly or indirectly - virtually every facet of our lives.
And we each learn how to deal with money. One way or another.
Sometimes we develop a healthy relationship with money.
Sometimes… not so much.
And our views on money start early. Childhood early.
Read this interesting perspective about our views and attitudes around money from the perspective of a UK-based “financial psychotherapist”:
Thoughts? Suggestions?
Hit reply or leave a comment and share your thoughts…
Until next Wednesday,
Russ