#1: What is the money for?
#2: Can you afford your lifestyle?
#3: Will you run out of money?
Most of my clients are either in retirement or fast approaching it. While there are many questions regarding retirement, they can really be summed up in just three.
First: Listen. To your story. To your passions and dreams. To your concerns. To where you've been and where you want to go.
What are your needs, wants, and wishes? What's your risk tolerance? Your timeframe? The result is a financial garment customized just for you.
Things change. Life happens. So we'll adjust and make alterations. We'll take in the plan if it feels too loose. We'll let it out if it feels too tight. We'll work together to make sure the financial garment feels just right.
While what I'm about to share happened several years ago, it's still relevant. It's a special story about how one financial Alteration made a significant difference. Hopefully it will stir your thought process.
---------
One of my clients was forced to retire early due to some health concerns. For a while those concerns were life-threatening. As you might guess, this changed the direction of our financial planning discussions.
It was clear that Shelley (not her real name) loved spending time with her kids and grandkids. Family had always been the most important thing in her life, and when she would talk about time with the grandkids, Shelley's face would light up. She expressed interest in leaving a chunk of her money to her grandkids to help pay for their college educations. A worthy use of her money, but I sensed there might be a better use for it. And that led me to an idea and a series of questions. The conversation went something like this:
"Leaving money for their college education would be great. And they will be grateful. But what if you could leave them something more than just money?"
"What do you mean?"
"You love spending time with them. And from what you've shared with me, they love spending time with you. What if you could create some lifetime memories with them? What would that be worth?
"I'm not sure. Tell me more about what you're thinking."
"You have five grandkids. If you gave them money for college, that would certainly help them. But what if, instead, during the summer months you were to take each of your grandchildren on a special trip? A trip that could make memories that would last a lifetime. How would you feel about making that type of investment?"
As Shelley began to think about it, I could see her entire countenance change. A light returned into her eyes that had been absent, and we began to flesh out how this might work. It gave her something to work on. Something to look forward to. And it gave her Purpose.
Result: Shelley spent two weeks in Maine with one of her granddaughters. On the beach. Making incredible memories. We met several months after the trip took place to update a few things. Shelley glowed as she described what took place. And other trips have now taken place as well. Yes, those trips have cost a fair amount of money. But what have the memories been worth to Shelley? They've been priceless.
And that, folks, is what financial tailoring is all about.
(Click pic to read Bio)
Born and raised in the Chicago area, Chris graduated from Miami University in 1981. Prior to working in finance, Chris spent most of his career in medical sales. With a long-term passion for the Market and the prodding of his pastor, Chris became a licensed financial advisor in April 2002. He secured a position with a large brokerage firm and opened a branch office for them in Olmsted Falls, Ohio.
Chris started Parker Wealth in late 2005.
He holds Series 7, 24, 63 and 65 securities licenses.
A Cleveland-area resident since college, Chris and his wife Kaycee have lived in Berea for over 30 years. They have two grown children.
Chris has been an active member of the Olmsted Falls Kiwanis Club for over 20 years. He's served in a number of leadership capacities over the years, and is the club’s Financial Secretary. In addition, he serves as the Treasurer for Ohio Kiwanis Division 14.
After years of volunteering as a course rater for the Northern Ohio Golf Association, Chris is now one of the Starters for NOGA's golf events. And Chris continues to serve as a walking scorer "inside the ropes" at USGA and PGA Tour events.
What are your passions?
My faith, spending time with Family and Friends, gardening, baking, cooking, and playing a little golf.
Imagine being approached by a genie who offers you three wishes. What might those wishes be?
The ability to see what's coming in the future and why, an amazing memory, and perfect health.
Which would you pick: Living on the beach or living near the mountains?
Living on the beach, near an amazing golf course, with the mountains a short drive away.
What’s the most likely place people could find you on a Saturday night? In the summer months we love to go out to Blossom Music Center, camp out on the lawn, and listen to the world-renowned Cleveland Orchestra.
If you had the ability to travel back in time, what’s something you would tell your 18-year-old self?
The most important things in life... are the People in your life. The rest is just stuff.
We will help protect the money you need now and in the near future. Whenever you invest there are no guarantees, but our goal will be to grow your nest egg.
Stocks, ETFs, UITs, Fixed Income, Funds, Alternative Investments, Cash... all of it tailored to you.
Based on your needs and wants.
How much Risk should you take?
There are basically four types of money: now, soon, later, and never (money you'll never spend).
And there are essentially three types of planning: goals-based, income-focused, and estate planning.
As a financial tailor, my job is to assess your situation and use the tools necessary to give you that custom Fit.
In the Fall of 2008, in the midst of some real Market uncertainty, Bill Wills invited me to be on his show on News Radio WTAM 1100 on a Friday morning. And I had the Privilege to be a contributor ever since. I’ve decided to step back a bit, but I am so Grateful to have shared Friday mornings with Bill for over 15 years. It was an Honor to be a regular on Bill’s show.
Moving forward, I may still be on with Bill occasionally, and when that happens I will add a new posting.
Loading Posts...
What happened in the Markets last week? What's on tap this week? Brief and to the point.
Loading Posts...
Let's get together.
While I am not actively seeking out new clients, I'm willing to chat with you about your current financial picture. Your dreams. Your concerns. And what you hope to accomplish in the next few years.