Clients come in all shapes and sizes, all types of work experiences and portfolio values. But despite these differences, we see common themes among the many people we meet in our office.
In an introductory meeting, we always try to get to know the client on a personal level, to understand what their goals and objectives are so we can help them achieve them. We ask probing and intrusive questions, not because we are curious, but to gain a more holistic understanding of the clients themselves, their passions, and their dreams.
This can often make clients uncomfortable, at least initially. Compare this to going to a doctor. Without divulging all your symptoms, the physician can’t correctly assess your condition and recommend a treatment. The same is true with financial planning. We need to understand the whole picture – your income, your spending habits, your assets and your debts – to truly put a solid plan together to help you reach your financial goals.
While no two clients have the same exact goals, many do have the same concerns. One question we always ask is, what is your biggest financial worry? Regardless of age or size of portfolios, we commonly hear clients say – we don’t want to run out of money. With longer life expectancies and higher costs of long-term care, this is a valid concern. Other common worries include paying for their children’s college education, covering long-term health care costs, and generating enough guaranteed retirement income. Financial planning can help project what some of these costs might be and how to prepare for them. And while we can’t predict the future, we can help you prepare for some of these scenarios.
So, let us know what you think. Is outliving your money your biggest financial concern? Or do other financial worries keep you up at night? We’d love to hear from you.