I was really thinking about my parents when I started The Family Firm in 1984. My mom and dad worked hard all their lives, gave us the best education they could afford, and diligently saved for retirement. When I was starting out as a professional financial planner, my dad came to me and humbly said, “I’m not sure if I’ve done the right thing with our money. Would you like to take a look?” I felt so honored.
At that point, my 65-year-old dad opened the family books to me. I was struck by how hard he had struggled to make the right choices for our family. No one told him about a Keogh Plan until it was too late, so for the most part he missed an opportunity for tax-deferred investment growth. When he sold his small retail business without help in structuring the deal, he confronted painful tax consequences. On the investment side, Dad wasn’t sure at all how the portfolio was doing. Their broker’s stock recommendations were hit-and-miss, and the portfolio was undiversified, loaded with excess management fees, and overly concentrated in U.S. equities. My parents’ simple wills left significant estate assets to be taxed at the second death. The advice I gave my mother and father was my first comprehensive financial plan. I found a good estate planning attorney, and they signed new estate documents. I delivered very good news: they could be at ease, they were financially secure. It was my gift to them.
That was many years ago, throughout the years, I assisted my parents, and then after my father passed away I helped my mom with the many necessary financial decisions she had to make as she successfully transitioned to a new life on her own. And this is what The Family Firm does for all of our clients. We are here to support you in whatever way we can, through life events, large and small, toward financial success and well-being.
