#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's your risk tolerance? Your timeframe? Your needs, wants, and wishes? The result is a financial garment customized just for you.
Things will change. Life events will happen. So we'll adjust and make alterations. We'll take in the plan if it feels too loose. 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 a few years ago, it's still relevant. It's a special story, that took place prior to the pandemic, about how a financial Alteration can make a significant difference. Hopefully it will stir your thought process.
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One of my clients was forced to retire early due to some health concerns. For a while those concerns were life-threatening. Portions of these concerns took place while we were doing some financial planning. As you might guess, this changed the direction of our discussions.
I'll call her "Shelley" (not her real name). Shelley 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.
It was clear that Shelley loved spending time with her kids and grandkids. Family had always been the most important thing in her life. When she would talk about time with the grandkids, her face would light up.
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 money?"
"What do you mean?"
"You love to spend 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 are 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 that feel to you?"
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. It gave her purpose.
Flash forward: The first of those trips took place the summer of 2019. 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. Yes, the trip cost a fair amount of money. But what were the memories worth? They were 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. Chris started Parker Wealth in late 2005.
Chris 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. And they attend Oasis Community Church.
An active member of the Olmsted Falls Kiwanis Club, Chris currently is the club’s Financial Secretary. He has served as President, on the Board of Directors, led a number of fundraisers, and continues to serve on several committees. In addition, he serves as the Treasurer for Ohio Kiwanis Division 14. Chris has also served on the Board of the Olmsted Community Center.
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. He continues to serve as a walking scorer at professional golf tournaments and USGA events.
What are your passions?
My faith, spending time with family and friends, gardening, a new interest in baking and 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? Usually at church. We meet on Saturday nights (instead of Sunday mornings). But 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. Focus on what's important.
We will help protect the money you need now or in the near future. Whenever you invest there are no guarantees, but our goal will be to grow your nest egg.
Stocks, 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 2008 the Markets were in trouble. On a Friday morning in early October that year, Bill had Chris on his radio show to discuss what was happening. Chris has been a regular guest on Bill's show ever since.
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What happened in the Markets last week? What's on tap this week? Brief and to the point.
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Let's get together.
We'll talk about your current financial picture. Your dreams. Your concerns. And what you hope to accomplish in the next few years.