As everyone is thinking about financial perspectives and priorities during the first weeks of the new year, we encourage client couples and families to ask themselves a few lifestyle and values questions that will help them determine their approach to money – and help us in going over their budgets and goals. No two clients are alike, and lifestyle goals are as varied as the people we work with.
Every so often, I’ll get a call or have someone come into the office and say they want to bring their spouse in for a meeting, but they’re not really sure how or if we can help them, and then they pause. I long ago stopped filling that pause with all the reasons why and how we can help them. Instead, I’ve learned that the best approach is often to simply ask, why? While the responses I receive vary, the storyline is predictable. Here it is.
If you Google “questions to ask a financial advisor,” you’ll find a plethora of articles out there listing out dozens of things to ask your new financial professional. There are so many that we’ve randomly pulled three and put them here, here and here. Even if you don’t read further, at least you have that. This strategy also works for accountants, and probably for your plumber or electrician. And while we haven’t tried, it might also work for your proctologist.
Most of the time when people come into our conference room or call us up, they want help with how to do something. Whether it’s saving money, budgeting, making major purchases or signing up for insurance, they want to know how.
If the 80/20 rule applies to everything in life, then I’ve got to assume that the 20 percent of you who ask a lot of questions in your planning meetings have a pretty good understanding of our financial planning discussions. For that 20 percent, you’re good to go, and I love the questions you ask – it helps me understand what’s going on in your head, and to gauge your understanding of these not-so-everyday kitchen conversation topics.
The catalogs, the catalogs! My mailbox has suddenly in the last few days been invaded by the seasonal army of festive holiday magazines, all suggesting that if I only spend $199 (each!) for those themed placemats, my dining room table will be shown off in all its glory just like the one in the picture. The only problem is, what the marketing people at that company don’t know, is that my dining room table has knife and fork marks all over it, and probably a few drops of blood from the kids! So we’ll probably be looking for a full-size table cloth instead.
I don’t know about you, but I love Halloween. The creative costumes, haunted houses, adorable kids (and the chance to act like one!), plus copious amounts of candy all add up to one of my favorite holidays.
With Halloween happening earlier this week (and all the candy still staring at me!), I got to thinking about some of the “money monsters” we see our clients facing, and how to keep them from sending you running in fear.
But first, I also want to outline a few habits we recommend that can produce scary-good results as well.
Later this month, most of us will be gathering together around the table with our families, whether parents, aunts, uncles and siblings, or the friends and neighbors we consider family because relatives are far away. Thanksgiving is one of my favorite holidays, if only for the fact that it’s simple (well, maybe not for the cook!). You put some food on the table, and once you’re done feasting, you find the dessert table full of pies! Then the countdown begins to cold turkey sandwiches.
We are in that time of year when companies start releasing new benefits packages, and open enrollment is almost here. As you look through your new employee book provided by your HR department, you probably see things like additional 401(k) options, accidental death & dismemberment (yikes!) insurance, life insurance, supplemental life insurance, short term/long term disability coverage, along with all sorts of other acronyms you may or may not have any idea what they stand for.
Seems like everything is transitioning right now, whether it’s changes in the weather, changes in the sports being played or teams we watch and root for, or the shift from anticipating the excitement of Keeneland and the upcoming Breeders Cup to savoring the memories we made. We spent a lot of time at Keeneland meeting people and enjoying our community, but now it’s back to the desk full-time – and we truly think change is good. Of course the emptying of the grandstand at Keeneland gave way to the excitement over trick-or-treating!
*Representatives are licensed to offer insurance and annuity products in AL, FL, GA, IL, IN, KY, MA, ME, MI, MO, NH, OH, SC, and TN and are licensed to offer investment products in AK, AL, AR, AZ, CA, CO, CT, FL, GA, IL, IN, KS, KY, LA, MA, MD, ME, MI, MO, MS, NC, NE, NH, NM, NV, NY, OH, OR, PA, SC, TN, TX, VA, WA, Washington DC and WV. This website and its content are not intended for residents of other states. Securities offered through: The O.N. Equity Sales Company, Member FINRA/SIPC, One Financial Way, Cincinnati, OH 45242. 513.794.6794 Investment Advisory Services offered through The O.N. Investment Management Company. Estate Planning Services provided in conjunction with your licensed legal advisor.