Are You Prepared For a Financial Transition?

Are You Prepared For a Financial Transition?

March 8, 2018

By Jeremy Reif, CRPS®, Financial Advisor and Owner of Point Wealth Management

A financial advisor is incredibly valuable when it comes to handling your everyday money concerns and helping you plan for your future. But at the same time, there are milestone life events that can dramatically alter your financial situation. I was recently asked about how death and wealth management go hand-in-hand, and I want to expand further on the importance of having a trusted advisor during a transitional time of life.

Who To Trust In Widowhood?

Losing your spouse is devastating, whether they are near their life expectancy or not. Far too often, widows don’t know who to turn to for financial help in the midst of their grief. A trusted advisor can help in a time of need by making things simple and giving the widow peace of mind that things are taken care of.

If an advisor did the job well on the front end, the widow or widower should be able to spend their time grieving and being with family. The last thing they should worry about is money. Unfortunately, I have frequently received a call from someone who has lost their spouse, asking for help for a variety of reasons. Sometimes their existing advisor retired, or they did not like working with the advisor their spouse used. In some situations, the advisor made a mess of things or the advisor they had was not helpful in this time of need. When you are at crossroads in life, trust becomes even more important. Who can you trust in this vulnerable time? Who do you ask for help? If you have a great advisor, kudos. If not, should you lean on your family, friends, co-workers, tax preparer or attorney?

The Advisor’s Role

Your advisor should be bending over backward for you to support you in this season, allowing you the time to focus on your family and the grieving process. This includes requesting forms,  helping you complete them, or making calls to organizations to take care of Social Security or pension details. This is when widows or widowers tend to contact me because they don’t know where to start and all their options seem confusing.  

When there is a major event like the passing of a loved one, lifestyle and income could change significantly, gradually over time, or not at all. Your advisor should be walking you through cash flow, bills, and insurance and helping you cover the basics. But going further, they should also address the expectations of the surviving spouse, digging deep to find out what they want their life to look like and what role they want you to play in that.

A Trusted Advisor In A Time Of Need

Over the years, many of the widows I have assisted have asked me, “Would you do this or recommend this if I were your own mother?” They ask this question in order to determine if they can trust me and build confidence in me. To a fault, I have and always will speak the truth. I have always held firm to honesty and openness and doing the right thing for my clients, regardless of what life milestone they are dealing with. I hope your advisor does the same. Your peace of mind is of utmost importance. Do you have questions about what an advisor can do for you?  Schedule a call and meet me virtually.

About Jeremy Reif, CRPS®

Jeremy Reif is an independent financial advisor with more than a decade of experience in the financial services industry. He is also the owner of Point Wealth, LLC, an independent financial planning and investment management firm. With advanced credentials and training in retirement planning and financial planning, Jeremy focuses on helping individuals and families pursue financial independence. Regardless of the services he’s providing, he focuses on talking openly about financial planning, the industry, common questions about retirement planning, and more to help everyday investors gain more confidence in their financial opportunities. Based in Wausau, Wisconsin, Jeremy serves clients throughout the state and can work virtually with clients throughout the country. To learn more, visit http://pointwealthmanagement.com and connect with Jeremy on LinkedIn.

Investment Advisory Services offered through Retirement Wealth Advisors, (RWA) a Registered Investment Advisor. Point Wealth Management and RWA are not affiliated. Securities offered through TCM Securities, Inc. Members FINRA-SIPC. Material discussed is meant for general/informational purposes only and it is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary therefore, the information should be relied upon when coordinated with individual professional advice. Past performance is no guarantee of future results. Diversification does not ensure against loss. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision.

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