Many people assume that hiring a financial advisor is the final step in getting their financial life organized. In reality, it is often just the beginning.
One of the most valuable outcomes of comprehensive financial planning is that it helps uncover opportunities and risks that may require additional expertise. As we work with clients to organize their finances, clarify their goals, and build a plan for the future, we frequently identify areas where another professional can provide specialized guidance.
So, who are the professionals clients may choose to engage after hiring Members' Wealth? In our experience, insurance professionals and trust and estate attorneys are among the specialists clients commonly engage as part of a comprehensive planning process.
Most clients come to us looking for help with investments, retirement planning, tax strategy, or general financial organization. As we build a comprehensive financial plan, however, we evaluate much more than just their investment portfolio.
We examine questions such as:
These conversations may identify opportunities to strengthen a family's insurance or estate planning strategy.
Depending on a family's circumstances, risks such as death, disability, or illness may have a greater financial impact than investment market fluctuations.
As advisors, we help clients evaluate these risks and determine whether existing coverage aligns with their needs and goals. Sometimes we discover that a client has sufficient protection. Other times, we find that their coverage has not kept pace with their growing family, increased income, or evolving financial responsibilities.
Life insurance is one of the most common topics that arise during these conversations.
For example, a young family may need coverage to replace income and fund future education expenses. A business owner may need insurance to support succession planning. A high-net-worth family may use life insurance as part of a broader estate planning strategy.
Our role is to help clients understand the role insurance may play within their overall financial plan. We do not sell insurance products, but we help clients evaluate whether additional analysis may be appropriate. When that is the case, we often coordinate with outside insurance professionals who can help evaluate available options and implement recommendations.
Another area that frequently warrants attention is estate planning. We often find that estate planning documents are either outdated or missing entirely. Many people assume estate planning is something they can postpone until later in life, or that it is only necessary for the ultra-wealthy. Many adults can benefit from having basic documents in place.
At a minimum, this often includes:
For clients with more complex circumstances, trusts and other advanced planning strategies may also be appropriate. Estate planning is not just about what happens after death. It is also about protecting yourself and your family during your lifetime. Properly drafted documents can provide clarity, reduce administrative burdens, and help ensure decisions are made by the people you trust.
When we identify estate planning needs, we often collaborate with trust and estate attorneys who can draft or update the necessary documents.
This is rarely a one-person job; effective financial planning often benefits from collaboration among multiple professionals working on behalf of the client. Depending on the situation, that team may include a CPA, attorney, insurance professional, mortgage specialist, or business advisor. Our role is to help clients understand where those specialists can add value and coordinate conversations so that each recommendation fits within the broader financial plan.
The objective is not to hire additional advisors simply for the sake of hiring more advisors. The goal is to identify and address the issues that could have the greatest impact on a family's financial future. Sometimes that means no additional action is needed. Other times, it means bringing in the right expertise to strengthen the overall plan and outcome for the family.
In many cases, gaining a comprehensive view of one's finances can help uncover opportunities and risks that may not have been previously considered. That is why the next professional hired after engaging Members' Wealth is frequently an insurance professional or a trust and estate attorney. Not because something is wrong, but because a well-constructed financial plan shines a light on what matters most.
Investment strategies, including rebalancing, do not guarantee improved performance and involve risk, including potential loss of principal. Past performance does not guarantee future results.
The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon.
All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.
To get in touch with the Members’ Wealth team today, I invite you to email info@memberswealthllc.com or call (267) 367-5453.
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This commentary reflects the personal opinions, viewpoints and analyses of the Members’ Wealth, LLC employees providing such comments, and should not be regarded as a description of advisory services provided by Members’ Wealth, LLC or performance returns of any Members’ Wealth, LLC client. The views reflected in the commentary are subject to change at any time without notice. Nothing in this commentary constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Members’ Wealth, LLC manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results
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