When You Should Reach Out To Me! Summer 2025 Edition
It is time to share three more events where you should be reaching out to me. It’s a two-minute read. And here is your video version.
You have just sold your practice. You probably already engaged a CPA firm and maybe an attorney as well to help you handle the transaction. This is exactly what you needed to do. The next step is what to do with the proceeds of the sale. And I mean more than just the investment strategy. Nope. I am talking about things wrapped around the rest of your personal financial lives, including what your next steps are professionally and personally for you. This is where Real Financial Planning comes into play. Quick example. I have a client who sold their medical practice. When they came to me they were not clear on what they wanted to do next. After doing some Real Financial Planning they realized they wanted to continue to work, but on more complex cases and fewer hours. Figuring this out was the hard part, but that is what I specialize in with clients. Figuring out the investment strategy was simple in comparison…relatively😉
You’ve Heard – “I Get Paid In Two Ways.”
If you have ever heard this phrase uttered at the end of a meeting with your financial advisor, you may be in need of a new financial professional. This is a term insurance-based financial advisors are taught. And it works. The short version is this is when they assertively ask you for the names of three people you can refer to them, and those referrals are the second payment. I love when my clients give me referrals. However, I like to think I have earned them instead of the strongarm approach. Side story – I have a buddy who is a doctor and he told me his advisor asks him this question every meeting. My buddy loves it. Of course, he also likes that his advisor drives a nicer car than he does, but to each their own😊
There Isn’t 100% Clarity on What You Pay Your Advisor
Here are two useless facts for you. One out of three investors have no idea what they pay their advisors. One out of five think advisors work for free. I blame part of this on how some people in my world work very hard to make it difficult to discern what exactly their clients pay in fees. Whether it be to the advisor or for the investments. If you fall into either category, or just want to know for certain, ask your advisor for clarity on how much you are paying in fees. Both to their firm and for their investments. The beauty of operating solely under a Flat Fee arrangement is I can answer this question easily. One bonus useless fact – The other finalist for the name of my firm when I launched about a decade ago was Clarity Wealth Management. Instead, I went the Forward Thinking route.
Again, if you want to talk, just send me an email to Dan@forwardthinkingwm.com and we can set up a complimentary call.