Are You Mr. A or Ms. B.? — Customized Financial Planning Solutions

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Are You Mr. A or Ms. B.? — Customized Financial Planning Solutions

There are six steps to the financial planning process, the CFP Board explains:

  1. Establishing and defining the client-planner relationship
  2. Gathering client data, including goals
  3. Analyzing and evaluating the client’s current financial status
  4. Developing and presenting recommendations and/or alternatives
  5. Implementing the recommendations
  6. Monitoring the recommendations

For any client, financial planning is about a whole lot more than investment selection. But if you happen to be a “Mr. A” or a “Ms. B,” your advisor may need to seek out unique, customized financial planning solutions to help you transition into retirement.

In the past, Tom Halloran observes in a U.S. News article, the basis for a financial plan was formed around the age-old question: “Will I have enough money to retire?” Today, he writes, the approach is more holistic, and even the definition of retirement is evolving. Planning today is more interactive, dynamic, accessible, and conversational.

At the giant Morningstar Conference spread out at McCormick Place on the Chicago pier, the keynote address was titled “Distortion, Divergence, and Diversification: What Investors Need to Know About the State of the Global Economy.” Sheaff Brock Senior Vice President of Investments Christy Jordan was there to learn what financial planners are thinking and doing these days.

Several advisors at the conference shared two not-so-very-common retirement planning challenges. Is one of those you??

Mr. A. represents a client retiring with one stock making up a quarter to one-third of his entire portfolio. Even based on years of careful financial planning, managing the “easing out” of that concentrated position over several years can prove too time-intensive a responsibility for any practitioner; outsourcing can provide the solution. “Here is where Sheaff Brock is able to customize individual option strategies with goals to reduce risk and increase tax efficiency,” Jordan explains, “all while preserving the advisor’s control of the client relationship.”

Ms. B. represents a second situation described by several financial planning advisors—the selling of a closely held business. Here, Sheaff Brock is able to provide customized option strategies as part of the financial planning process, with the aim of protecting the business’ value during succession planning and business transitions.

Solving advanced problems to help advisors help their financial planning clients is what Sheaff Brock customized solutions are all about, Jordan explains.

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