Preserving Your Wealth

Scott Styrmoe, MBA, CPA, CFP®

Jul 5, 2023

Years ago, I attended a panel discussion at a conference, and one of the panelists challenged a fellow panel member to reassess how they defined a successful life. The panelist was talking about ROI (Return on Investment), but not in the traditional sense. Instead, the challenge was to look at your life in terms of how many positive “ripples of impact” you can create. This struck a chord with me, because each day this is my goal as an Advisor. Of course, our primary focus is impacting our clients but if we zoom out a little bit, we can see that the work we do impacts many others: extended family members, charities, friends, communities, etc. If we zoom out further, we can see that these ripples extend across generations. We are committed to helping you create your ripples of impact by guiding you through achieving your financial goals and preserving your wealth for generations to come. Through open communication, collaboration, and a comprehensive approach, we strive to make a lasting impact on your financial journey and the lives we touch.

Communicating Changes to Your Advisor

The reason we plan is to be better prepared for life and all the unexpected things that happen along the way. Whether it’s positive, such as deciding to take the whole family on vacation, or unforeseen like an unexpected house repair, life happens. Since life is unpredictable, we understand that no plan is set in stone. As your trusted partner in charge of preserving your wealth, we need to know what’s going on in your life and what’s changing. These evolutions happen all the time and are natural, especially when our relationship could last multiple decades. Do you want to upgrade the kitchen sooner than expected? Did the right opportunity to plan that bucket list trip present itself? Let’s figure out how to make it work.

Our desire is to say, “Yes,” and make sure the change in circumstances is not going to disrupt your long-term plan. As your partner, we objectively assess how your desired change could impact your plan, evaluate what the change means for your long-term goals and then identify how best to proceed. Communication may not seem like a part of an investment experience, but it is an important step to helping ensure the long-term success of your plan. By communicating with your TCI Team, we can continue preserving your wealth while being by your side throughout all of life’s unexpected changes.

Family Meetings: Enhancing Financial Planning Dynamics

At TCI, we strongly believe that a collaborative, transparent approach to financial planning can be beneficial to multi-generational planning. Family meetings provide opportunities for open communication, allowing all members to gain an understanding of the family’s current financial situation, aspirations, charitable inclinations, and concerns. By involving your loved ones in these discussions, you create a sense of shared responsibility, empower everyone to start thinking about their financial future and actively participate in some of the decision-making process.

These discussions promote healthy behaviors around money for younger generations by showing them responsible money management, encouraging them to focus on long-term goals and teaching them how to make healthy, informed financial decisions. Your TCI Team is here to facilitate your family meeting. We can help identify the goals of the meeting, develop the agenda and determine who to invite. Sometimes, it takes an outsider to get everyone on the same page. By fostering open dialogue with your loved ones, you can create a stronger financial foundation and preserve your wealth for generations to come.

Insurance and Estate Planning: Protecting Your Legacy

Preserving your assets and creating peace of mind is of paramount importance. While many people utilize traditional forms of insurance like home, auto, and health, they often overlook other insurance opportunities that are equally important to preserving their wealth: liability, disability, life, etc. At TCI, we understand the significance of comprehensive insurance planning, which is why insurance planning plays a role in every plan we build. The last thing we want is for inadequate insurance coverage to derail your financial future.

Estate planning is an equally essential component of preserving your wealth. An estate plan is the only way to ensure that your assets will be passed down correctly and that your wishes will be honored. An estate plan can also help you protect those you love most. From guardianship of children to your living will and power of attorney, an estate plan will make sure that the details are taken care of in the event anything should happen to you.

By utilizing insurance policies and estate planning practices to preserve your wealth, you will be safeguarding your assets from potential legal claims or unforeseen circumstances. Your TCI team can guide you through the complexities of this decision-making process and recommend vetted resources to help you make choices that align with your risk tolerance and wishes.

Meeting Your Team of Professionals

We understand that no single individual possesses expertise in every area. That’s why we take a collaborative approach to planning. Your TCI team would love to meet with the rest of your team of professionals, such as your CPA, estate planning attorney, insurance agents or even doctors. We’re happy to make sure we understand the team of professionals around you. By understanding the collective knowledge you are receiving, we will be able to provide you with the best guidance possible. This integrated approach ensures that every aspect of your financial plan is carefully considered.

At TCI, we are committed to helping you create positive ripples of impact that extend beyond your own life. We understand that life is unpredictable, and our goal is to be your trusted partner, guiding you through life’s ever-changing circumstances, helping you preserve your wealth for generations to come. By fostering open communication, collaboration, and a comprehensive approach to financial planning, we strive to make a lasting impact on your financial journey and the lives we touch. We believe in the power of family meetings, transparent discussions, comprehensive insurance planning, and effective estate planning to safeguard your assets and provide peace of mind. Our collaborative approach ensures that every aspect of your financial plan will be carefully considered, integrating the expertise of your entire team of professionals. Let us be the catalyst for preserving your wealth and empowering you to build a stronger financial foundation for the future.

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