The Value of Having a Financial Advisor

Often times, when we visit with a new family, we get one of two questions:

1. What’s the value of having a financial professional?  

2. What makes TBH different from the other financial advisory firms? 

To both of those inquiries, we generally respond with questions designed to help us understand how prepared the family is for their financial future. 

Those questions can include the following:

  • Do you know how much your family saved as a percentage of your taxable income last year?
  • Do you know how much you need to save based on your age and income level to replicate your family’s lifestyle in retirement?
  • Do you have a seamless plan in place should something happen to you or your spouse? This includes instances of disability, death, or a sudden unexpected loss of income. 
  • Have you done an estate plan? Do you know if your accounts are titled correctly given that plan? Often times, when a new family employs us, we find that their accounts are actually titled incongruent with the estate work that they paid to have completed. Thus, invalidating those costs, and potentially having assets misdirected upon one spouse’s death. As an extreme example of bad titling, we have observed where assets were unintentionally slated to go to an ex-spouse, instead of to the current spouse.

Often times, we find that even with the most affluent families these questions haven’t been fully reflected upon. 

At TBH, we strive to create a comprehensive and seamless financial plan which includes contingency plans for the family, retirement plans for the future, and savings plans to ensure that we’re leveraging every tax advantage to prepare our families for their financial goals. To learn more, please contact us for a complimentary consultation.

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