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Simon Says® Having the Talk With A Financial Advisor

Simon Says® Having the Talk With A Financial Advisor

January 26, 2021

Many people realize that their financial future and family legacy may depend upon their choice of a competent Financial Advisor. The ability to grow wealth and protect assets from being depleted by risky investments, income taxes and estate taxes, is dependent on making strategic financial choices. 

Oftentimes people have various professional advisors, such as an accountant, lawyer, insurance agent, stockbroker, etc., who may not be communicating with one another and therefore, their financial future could be in jeopardy.

When choosing a Financial Advisor, it is important to find one with a CFP designation (Certified Financial Planner) because he/she has met additional educational and experiential requirements and is held to a rigorous ethical standard by the CFP Board. CFPs can also offer a client a comprehensive overview of their financial position. 

Here are some things your financial advisor should ask you about in order to structure your financial growth and retirement plans.

  1. What is the value of your home and do you have a mortgage?
  2. Do you have a second residence with a mortgage?
  3. Do you have investments in the stock market or other income producing funds?
  4. Do you and/or your spouse have multiple 401K plans or IRAs and do you know who the current beneficiaries are?
  5. Do you have cash reserves for an emergency?
  6. Do you own or are you a partner in a closely-held family business?
  7. Do you have insurance? Life, Health, Disability, Long-term Care? Do you know who owns each of the policies and who the beneficiaries are?
  8. When are you planning to retire? Do you have enough money set aside to be able to do so? Have you properly reviewed when to apply for social security?
  9. Do you have specific gifting wishes for family and friends or charitable organizations?
  10. Do you have a will and when was it last updated? 

Your financial advisor will also need to know your risk tolerance regarding investments as well as any other specific considerations such as children’s advanced education costs, elderly relatives that may need financial assistance, any special-needs family members, and the like.

I’m Saul Simon, a CERTIFIED FINANCIAL PLANNER™ Professional and I’ve been helping clients with their financial, retirement, and estate plans for over 35 years. I’m a fee-based financial advisor

My true purpose has always been to help individuals and families grow, preserve and protect their wealth, and plan for a comfortable retirement.

Oftentimes I find that people who have many different advisors have glaring conflicts in their financial documents or gaps in their coverage that they were not aware of. These gaps or lack of coordination can not only be frustrating but can cause family rifts and be costly as well, due to tax implications.

At Simon Financial Group we offer a no obligation holistic audit at which time we will ask you to gather all legal documents including LLC, buy-sell and trust agreements, investments, IRAs and/or 401(k) statements, life insurance to determine the length, duration, ownership, amount, and beneficiary designations. Upon a Q & A that we have with you, we will present you with a 4-5-page summary outlining the areas that we see as potential issues or concerns.

If you would like to have a no-obligation conversation, please give me a call at 732-623-2070 or schedule a Zoom appointment on my calendar link I look forward to speaking to you.