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How Do You Eat an Elephant?

Published by: Jay Slagle, CFP® Date: May 29, 2020

The Covid-19 pandemic has been a surreal disruption to everyday life all around the globe. It has become the elephant in the room whether we’re trying to make plans, create our work schedule, or visit with friends and family. It’s a powerful example of an experience that affects us all and extends far beyond our control. Recent headlines have been flooded with updates on the hour, bringing news of the impact on the economy and financial markets. It’s tempting to focus our time and attention on these areas that feel so uncertain, but when we take a moment to reflect, it can be helpful to acknowledge that we’re simply not in control.

Investing well is essential and a vital component of the Rather & Kittrell wealth management process. However, if we stop at the investments, are we helping clients as comprehensively as they need? Research has shown that while everyone who calls themselves a financial advisor, planner, or wealth manager will do something with a client’s investments, only 6% help their clients execute on critical areas we call advanced planning.

While overlooked by the majority, these are the areas that can have a significant impact on our financial lives and have nothing to do with the stock market. The Rather & Kittrell wealth management process is designed to help identify gaps, collaboratively prioritize, and implement needed changes to ensure our client’s financial house is in order. Our process begins with investments but doesn’t stop there. We understand the following are the top concerns of our clients:

  • Wealth Preservation- how are my investments aligned to help me accomplish what’s most important to me with the appropriate amount of risk?
  • Wealth Enhancement- mitigating taxes and maximizing cash flow
  • Wealth Transfer- ensuring assets are distributed efficiently, as desired, and appropriately to the next generation or charitable entity
  • Wealth Protection- managing household risk and avoiding loss of wealth due to an unjust lawsuit
  • Charitable Giving- maximize the positive impact clients have on charitable organizations that are important to them
  • Business Planning- integrating both the needs of the business and personal planning for business owners

 

Often we hear the to-do list is so long and confusing that prospective clients don’t know where to begin. As the saying goes, “how do you eat an elephant? One bite at a time.” Our advanced planning process prioritizes and executes these areas one at a time in collaboration with our clients and adapts as life changes.

Our advisory team will be writing digestible and actionable articles for our clients and
friends to better understand the opportunities that may close these gaps in their financial plan in the coming weeks. If there are areas you would like to see succinctly explained, please share those ideas with us, and we’ll do our best to incorporate them into our upcoming writing.

We’re looking forward to going deeper and helping clients address their advanced planning and accomplish what’s most important to them.