How Financial Professionals Can Get In The Way
By Greg Hammond
In the world of financial professionals, a major obstacle to getting people to do more is, unfortunately, the professionals themselves. Frequently, professionals such as attorneys, investment advisors, insurance professionals, and accountants tell us their clients aren’t interested in charitable giving but instead want to minimize taxes and maximize the wealth that their family and heirs will receive.
How does the financial professional industry in general come to this conclusion that people don’t want to support personal causes and organizations? The most common basis for this assertion is: “I asked them, and that’s what they told me.” When questioned about how they asked, we usually hear some variation of this not-so-creative or sophisticated question: “Do you want to leave money to charity?” And the response they usually elicit is about what you’d expect.
Such a blunt question seems to dredge up those primal concerns in people about whether there’s enough for them and whether there’s likely to be anything left for the family. Even if those are not direct concerns, there is rarely any explanation or education to clarify the common misconception most people have: That a charitable legacy means the family will receive less than it would otherwise.Read More
Lack of a Financial Plan
by Greg Hammond
Many people spend more time and care planning their vacations than they spend on their financial and estate planning. They will pore over travel guides and find the best rates online, all in anticipation of a week or two in their future. Probably because of our human impulses, planning for short-term fun can trump long-term gain. With the future uncertain, risks to be managed, a retirement for which we fear we may not have saved enough, and worse yet, death and taxes, many of us understandably lack the requisite enthusiasm and courage to address this area of planning with commitment, energy, and urgency. If you don’t know where you are going, any road will get you there. To plot a course for a significant legacy, you first need a plan for yourself. Only then will you have the confidence and clarity to plan for others.Read More
The skillful blending of the three dimensions of your wealth – Financial, Personal and Social allows you to build a legacy of your values, influence, and money so you can truly make a difference in the world.
Take a moment to think about the five most significant events in your life and a few things immediately pop into your mind. For me, it was my wedding day and the births of our two daughters. People rarely site money or financial events in the top five, so when I talk about wealth and the planning related to it, I refer to three dimensions- financial, personal and social.
The financial dimension consists of your net worth, money and investments, income and expenses. If wealth consisted only of the financial dimension, then wealth planning would simply be a series of business decisions to review and adjust periodically. I find that 99% of financial plans people bring to me for a second opinion stop right there. And that creates a problem.Read More
By Landon Taylor
A Big Aha came to me this week after attending a conference in San Diego. I observed a few prospective “deal making” meetings and participated in a few myself. I realized that my ability to add real value during my conversations was in direct proportion to the experiences that I’ve had over the past 20 years of my business career. This includes successes and failures alike. The depth of your experiences equates to the depth of your conversations.
My take away was that we should always be fully present in the moment each and every day in all activities, conversations and events that cross our paths. If we are not fully present, we will miss that “meeting prep” opportunity that is exactly what we will need to add value and “win” during an important meeting some two or three years down the road.Read More