Meet the Faces Behind Your Finances

A painful first-hand experience taught Tim Eichhorn the impact that planning can have on life and family. Learning the importance of financial planning at a very young age, Tim has made it his mission to help clients plan for things they don’t anticipate by guiding them in managing their personal and corporate assets. 

A Senior Advisor with Rather & Kittrell, Tim joined the group in 2004 and works with clients to help them achieve the lifestyle they want while they prepare for the unexpected. After a B.A. in Economics from Frostburg State University, he served nine years in the Marine Corps and worked in nonprofits and consulting before joining RK. 

Clients and fellow Marines see Tim as a leader; in fact, some of them attribute his calmness in stressful situations for literally saving their lives. His matter-of-fact approach and ability to see people’s strengths, sometimes before they realize them themselves, have helped him excel. 

The Maryville resident, husband and father of three has been navigating uncertain circumstances since a young age. At just 18, he was forced to abandon his plans when his mother passed away from a long battle with cancer and his father died weeks later. Tim came home from the U.S. Naval Academy to take care of his two younger brothers. The tragedy propelled him into the roles of parent and family executive. Tim learned from his aunt that his father had already paid off the family house, giving Tim and his brothers a level of security they otherwise would not have had. His aunt also taught him how to manage ongoing affairs and support his family. 

Patterns in Planning

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Tim carries that importance of planning into his work with clients, helping address concerns that often aren’t even on their radar. Many of his clients share similar concerns about the planning process—wondering how to keep their assets in good shape for the future. The number one concern they have is, “I don’t understand this aspect of my financial life and I need you to help me with it.”

A few years ago, a successful couple came in after realizing that they didn’t understand how to manage or grow their assets. With a household income of nearly $500,000, they had been saving for retirement without knowing the value of their money or how they wanted to spend it.

RK helped them fill the gaps in their knowledge, and they’ve become a long-term client. “We sorted out their direction and goals, thoroughly looked at their present financial situation and discussed what they wanted in their future and what it would take to get them there,” Tim says.

 “The plan we created together years ago, we continue to revise to adapt to their life changes. As they’ve added value in their careers and grown their family, our team has helped them evaluate shifts in their goals and tweaked the plan to align with their assets.”

Another common trait Tim has noticed is a tendency to overlook the days ahead. “Clients spend much of their time in today, thinking and working for today,” he shared. It’s natural to get stuck focusing too much on the now. RK developed a planning process with this in mind, helping clients transform hopes into a future reality. 

He makes sure his clients know that addressing and resolving their concerns is always top priority for him. “We are in this together,” he said. Financial planning may seem daunting, but with the right guidance, they can achieve the future they desire. Tim and his team do everything in their power to reassure clients and set them up to succeed. 

Challenges and Considerations

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One particularly technical situation Tim navigated involved a business owner selling his company to employees. Tim took into consideration factors that would impact all parties involved —such as the employees’ families, expenses, and the trajectory of the economy — so the sale could position both owner and employees the best way possible. 

There are several tough decisions that any business owner needs to make when it comes time to sell, and different risks with each. Selling to a peer or larger company within the industry can put the company and its employees in potential jeopardy if the new owner decides to break up the company. Selling to one or more employees may mean that they need to find financing for the purchase. That can delay the owner in moving on to the next endeavor.

That client’s company is thriving today, partially because of a rebounding economy, but primarily because the employees have seen the stake they each have through the plan. Knowing they own a portion of the company inspires them to achieve on a new level; doing well for their families and for themselves is an effective motivator. “This was a true win-win that, in the coming years, will likely have changed the lives [of the owner] and the lives of the employee families for the better,” Tim reflected.

Secrets to success

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His clients encounter a range of variables, good and bad, from sudden divorce, job loss, or death, to remarriage, promotion, or inheritance. Sometimes it’s a teenager or young adult

needing financial help in rehab; other times a recent widow needs guidance while she adjusts. “We’re here to help people through the tough times and the celebratory ones, with our careful guidance and attention to detail,” Tim says.

Professional planners also set their own goals along the way. In his career, he strives to set his clients up for success with a system that allows them to thrive beyond his time with the firm. His personal goal is to someday retire comfortably with his wife, Beth, and be able to visit his family, travel and help others.

Always Here

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Change is inevitable in life. Rather & Kittrell is here to make sure that clients are prepared. “We strive to plan for the unexpected, so you can focus on the things that matter most,” Tim says. “For professional guidance with personal and business finances, connect with us, and we’ll set you up for success.”