Mar 08

Part 2: I’m in a Life Transition – Now What?

by Geoff Wells

Years go by with casual spending and saving until one day a major life event materializes.  It could be a happy moment such as a marriage, retirement or an additional child.  A life event could also be a sorrow-filled experience of a death, a divorce or a loss of a job. Regardless of the event, financial planners can add the most value for clients in key life phases.

Objectivity – A financial planner will provide an outside view of the situation and deliver an objective opinion.  A simple, fresh perspective can enlighten a path in a confusing time of life.

Scenario Analysis – A financial advisor can analyze the what-if scenarios that run through a client’s mind and streamline the decision making process.  How much can I retire on?  What happens to my children if I die?  How will this marriage affect my savings?  Answering these, and many more similar questions, can give a client peace of mind in a confusing time.

Planning for the Unknown – Another key concern in a life transition is understanding future unknowns.  Each transition causes a unique set of new circumstances to analyze and plan for.  Although the federal estate tax limit is greater than $5 million dollars for an individual, did you know the New York State limit is $1 million? How do you plan on avoiding the New York State estate tax while minimizing the loss of control when gifting money?  Digging deeper into the unknowns can protect a family’s wealth and minimize planning mistakes.

Simplifying the Complex – Life transitions come with complexities.  For example, a client on the cusp of retirement came to us with nine different retirement/investment accounts and a dozen various funds in each.  With account consolidation and unified reporting, we were able to properly diversify the portfolio and illustrate all of the assets on a single sheet of paper.  An advisor can help streamline the financial portion of a life transition so that you can focus on the aspects that matter to you!

Return to “Why Do I Need a Financial Advisor?”

About the Author

Geoff Wells is a Certified Financial Planner at Rockbridge Investment Management. “My interest in financial planning grew from assisting friends and coworkers with their retirement plans. Over time, I developed a knack for simplifying overly complex financial topics. After several years into my aerospace career, I knew that helping people with their personal finances was my professional calling. I feel extremely fortunate to have joined Rockbridge with its fee-only advisory model and remarkable team approach to financial planning.” Geoff is a graduate of the CERTIFIED FINANCIAL PLANNER™ Certification, Ohio State University Finance (M.S.) and MBA, Kelley School of Business, Indiana University, with a Mechanical Engineering (B.S.), University at Buffalo.
Learn more and/or Contact Geoff


You Might Also Like

Other articles filed under Family Finances

Market Commentary – July 2017

July 24, 2017
Stock Markets The chart at right shows stocks performing well in the past quarter and six-month periods.  Year to date, domestic large-cap stocks were up about 9% while small-cap stocks were up 5%.  Stocks traded in international developed markets and...
Continue Reading

Why Perspective Matters

July 19, 2017
I often say that one of our primary roles as an advisor is to provide context and perspective for clients, allowing us to collaboratively make better decisions. Behavioral economists have identified narrow framing as the tendency for investors to make...
Continue Reading

History of the Fee-Only Advisor Movement

July 14, 2017
I recently returned from a fee-only advisor industry conference.  In addition to educational opportunities, it was a rewarding experience to spend time with other like-minded professionals. Rockbridge advisors have been attending these conferences for almost 10 years, so I thought it...
Continue Reading

Do You Suffer from “Narrow Framing”?

June 26, 2017
Oftentimes, many investors get caught up in short-term results rather than looking at the big picture. This is known to behavioral economists as "narrow framing," or "a tendency to see investments without considering the context of the overall portfolio." Unfortunately, this...
Continue Reading

Avoiding Financial Scams and Identity Theft Slams

May 24, 2017
Young or old, wealthy or poor, online or in person … Nobody is immune from financial scams and identity theft slams. No matter who you are or how well-informed you may be, the bad guys are out there, daily devising...
Continue Reading

‹ Back to Blog Home

getting started is simple

315.671.0588 info@rockbridgeinvest.com Schedule a meeting Sign Up for Our Newsletter