by Drennan Bailey, CPA, MBA, CFP® – Advisor
Remember that first apartment in your 20s? Ramen noodles for dinner, furniture borrowed from friends, and a future filled with endless possibilities. Now, a decade or two (or three) later, you’re likely in a whole new financial ballpark. Maybe you’ve climbed the corporate ladder, started a successful business, or inherited a nest egg. But with that financial growth comes a new set of anxieties:
Am I investing wisely? Can I afford the lifestyle I desire? What about my kids’ education and my own retirement?
You’ve worked hard to get where you are, but feeling lost in the world of finance is all too common. That’s where a Family CFO steps in. Read on to see how a Family CFO goes beyond the stocks and bonds that make up your portfolio to help you navigate the complexities of wealth management and unlock the full potential of your financial future.
As a Family CFO, we take a macro view of your financial picture, reviewing and challenging everything in your life that has a dollar sign in front of it. Whether that’s your retirement accounts, taxable accounts, 529 savings accounts, insurance policies, estate documents, tax planning, etc., we’re here to provide guidance and quarterback with experts in all fields to find the right solution for you.
Investing for Your Life Goals
Everyone wants smart investment advice, and that’s where we start. We look at all your accounts together, like a puzzle, to create an investment plan that grows with you.
- Reaching Milestones: Approaching retirement and need a steady income stream? We can build a bond ladder. Dream home on the horizon? We can free up cash for that down payment.
- Long-Term Vision: Whether you’re planning for your own future or the next generation’s, we’ll guide you toward investments that align with your goals.
The bottom line? We help you understand your options and make smart decisions about your money, so you can achieve the lifestyle you desire. This includes answering questions like: can you retire early, buy that vacation home, or comfortably send your kids to college?
Insurance: Peace of Mind, Not Just Paperwork
We all pay those pesky insurance bills, hoping we never need them. But let’s face it, life can be unpredictable. That’s where we come in. We take a deep dive into all your insurance policies, from your car and home to disability and life insurance. Think of it like customizing your armor for different battles.
Here’s an example: We recently helped a client approaching retirement who had several disability policies. We analyzed their overall financial situation and found these policies were no longer necessary. By cancelling them, they saved thousands a year in premiums!
We also recently worked with a client who was carrying several legacy whole life insurance policies that didn’t make sense for their current situation. Working with an outside insurance broker, we were able to convert the policy to a fully paid universal policy saving the client from paying additional premiums in the future.
While each situation is unique, our goal is the same: To make sure you have the right insurance for every stage of life, whether it’s protecting your young family or ensuring your financial security in retirement.
Estate Planning: Don’t Let Life Write Your Will (Literally)
Life doesn’t always go according to plan, and sometimes your estate plan gets caught off guard. When is the last time you sat down to review what happens to your assets when you pass? Who takes care of your kids if they’re minors? Is your ex-sister-in-law or brother-in-law the one who gets to decide your medical care should you become incapacitated? All too frequently, friends come and go from life or family dynamics change, which is why it’s imperative you review your estate documents. As practitioners, we have unfortunately seen what happens when someone says they will address them tomorrow, but life happened today. Now the family is left picking up the pieces and sorting through the mess.
As your Family CFO, we are regularly discussing your estate plan. When it comes to your family you want to make sure they’re protected in a way that aligns with your core values. We’ll guide you through creating (or updating) a clear plan that reflects your wishes and ensuring that it stays current. Plus, working closely with your CPA and Attorney, we can explore ways to minimize estate taxes with advanced strategies like specialized trusts. The bottom line? We’ll make sure your legacy goes to the people and causes you care about, not to unexpected beneficiaries. It’s peace of mind for you and your loved ones.
Tax Time? We’ve Got Your Back
As your Family CFO, we work alongside your CPA to develop tax-saving strategies year-round. This can include tax-loss harvesting, donor-advised funds, compensation deferral, or business sale considerations.
From gathering documents to funding IRAs and gifting, we offer personalized recommendations for your situation. We’ve helped countless clients achieve charitable goals through Donor-Advised Funds and minimize tax burdens from business sales with creative DAF gifting. Recently, we even helped a client manage retirement income taxes by strategically drawing from different accounts.
Don’t navigate taxes alone. Your Family CFO is your partner in minimizing your tax burden and maximizing your financial security. Let us handle the complexities so you can focus on what matters most.
Financial Education For All Generations
Whether you’re the patriarch or matriarch of your family’s wealth or the third generation, we understand the importance of financial education. We meet with family members of all ages to educate them about saving, investing, and responsible money management. By showing them the real-world impact of smart financial decisions, we empower them to achieve their own financial goals. Recently, we helped a client’s children visualize the power of saving by demonstrating how even small contributions can grow significantly over time. This motivated them to start their own financial plans, ensuring a brighter financial future.
As you can see, the Family CFO is truly the Chief Financial Officer for all of your financial affairs. With you leading the charge as the Family CEO, we’re your trusted partner, strategizing and executing every step of the way. If you would like to speak with a financial advisor to develop a financial plan or review your current plan, you can contact me at dbailey@monetagroup.com or visit our website at Moneta – DSP Team. Let us be your financial quarterback, so you can focus on the things you cherish.
© 2024 Advisory services offered by Moneta Group Investment Advisors, LLC, (“MGIA”) an investment adviser registered with the Securities and Exchange Commission (“SEC”). MGIA is a wholly owned subsidiary of Moneta Group, LLC. Registration as an investment adviser does not imply a certain level of skill or training. The information contained herein is for informational purposes only, is not intended to be comprehensive or exclusive, and is based on materials deemed reliable, but the accuracy of which has not been verified.
Trademarks and copyrights of materials referenced herein are the property of their respective owners. Index returns reflect total return, assuming reinvestment of dividends and interest. The returns do not reflect the effect of taxes and/or fees that an investor would incur. Examples contained herein are for illustrative purposes only based on generic assumptions. Given the dynamic nature of the subject matter and the environment in which this communication was written, the information contained herein is subject to change. This is not an offer to sell or buy securities, nor does it represent any specific recommendation. You should consult with an appropriately credentialed professional before making any financial, investment, tax or legal decision. An index is an unmanaged portfolio of specified securities and does not reflect any initial or ongoing expenses nor can it be invested in directly. Past performance is not indicative of future returns. All investments are subject to a risk of loss. Diversification and strategic asset allocation do not assure profit or protect against loss in declining markets. These materials do not take into consideration your personal circumstances, financial or otherwise.
