Alice
After dealing with the grief of losing her husband, Alice saw harsh reality staring her in the face. Still raw with heartache, daily life and plans for the future were unavoidable. She had to find a way to keep the home she’d shared with her husband, but didn’t know who she could turn to.
Problem
Recently widowed, Alice worried she’d be forced to return to work to keep her home.
She also feared what would happen when she passed, and whether her children would be prepared for their inheritance.
She knew she needed support managing her finances, but her prior experience working with a financial planner was not a satisfactory experience.
She didn’t want someone who would just tell her when her portfolio was up 4%. She wanted someone who also understood her situation. She needed assistance through time when support seemed nowhere to be found.
Approach
On our first call I would ask her deeply about her current situation and listen to her answers intently so I could understand where she was standing and how I could help her.
I would inquire into her past experiences with financial planners to understand what made her unhappy. I would inform her that we would make every effort to provide the appropriate advice given her investment goals, risk tolerance and time horizon.
Result
We would develop a plan to help ensure that her inheritance is what she expects it to be. We would also work with other professional advisors to help ensure that tax/legal concerns are appropriately addressed We would also conduct a detailed analysis of her income and expenses to determine if she could afford her home and advise on what options she could pursue if necessary. I would ask her if she is satisfied at various points of our journey to make it clear that I have her best interest in mind.
Note: This is a hypothetical story and not indicative of any specific situations or client. It is presented only as an example and not intended as investment advice. Investing involves risk, and there is no assurance that any investment strategy will be successful.
Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.
