I want to share a briefly story about how we came to work with Daniela; A 46-year-old college professor with two children in high school (Charlie and Emma).
Unfortunately, her husband Rich tragically passed away several years ago. While working on his classic Corvette in his garage, the car fell off the lift and ended his life way too soon. Crazy sad and tragic.
On the financial side of things, and fortunately for Daniela, Rich had a term life insurance policy that promptly paid out the claim.
In time, Daniela began speaking with friends and they suggested that she work with a local financial advisor. This advisor she hired managed her investments quite well—The dollars grew and grew!
However, Daniela became frustrated as she had unanswered questions that stretched beyond the numbers on her statement.
As I eventually came to learn, Daniela’s frustrations continued to grow with this Advisor, which serendipitously led her to reach out to Know My Plan and she presented us with a handful of questions:
“What if I took a year off work and traveled abroad?”
“Can I afford to sell my home and rent?”
“Am I on track to retire?”
“What is the best way to pay for my children’s education?”
Immediately, Jeff and I both felt connected to Daniela. She was warm and engaging. A lover of CrossFit, Chipotle, and a good movie—we instantly hit it off.
During out first meeting, she made a statement that was incredibly profound, “During the eight years that I have worked with my advisor, we never had a planning discussion.”
Did her advisor do anything wrong? No. He never claimed to be a comprehensive financial planner. Rather, he was very good at what he did, investment management.
However, Daniela was seeking a comprehensive financial plan from a planning team who specifically worked with high-achieving professionals like herself. She wanted to be taken care of, in financial totality.
We immediately walked Daniela through our financial planning process. Over the next several days, we had several conversations to ensure she had clarity around her questions, but also to unveil that she had a few blind spots and we explained how we would recommend addressing these concerns.
One of my favorite authors, Nick Murray, summed up financial planning by discussing that most families have only six key questions that they need to address:
“What happens if I get hurt and can’t work?”
“What happens if I die prematurely?”
“How do I fund my children’s education?”
“How do I fund my own retirement?”
“What happens if I need care later in life?”
“How do I efficiently leave my assets to my family or charities?”
Our firm, Know My Plan, provides clarity and intentionally answers these six questions; it’s at the core of our financial planning process.
We want to make sure Daniela, and others like her can confidently create the life that they love.
If you or someone you’re close to is a high-achieving professional that could use help aligning their finances and establishing a financial plan, please reach out to us, we’re accepting new clients and eager to help.
Cheers, Nic
These are hypothetical situations based on real life examples. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investments or strategies may be appropriate for you, consult your advisor prior to investing.
