It’s Never Too Early To Ask for Help

By STACEY L. WALL,

Stacey L. Wall serves as CEO of Pinnacle Financial Trust. Prior to founding Pinnacle Trust in 1997, he served as Chief Investment Officer for a regional financial institution with responsibility for approximately $1 billion under investment management.

Several years ago, a prospective client was referred to me by an existing one (we’ll call him Bill). After an

introduction and brief chat, I asked Bill why he had asked to meet with me. 

Bill: Fear.

Me: Fear?

Bill: Stacey, I’m 50 years old and have been blessed to have a successful career for over twenty-five years. I have a good income stream, but I don’t want to be doing this when I’m eighty.

Me: So Bill, what you’re telling me is you need a plan.

Bill: Exactly.

Me: We can sure help you, but tell me this. Why have you waited until now?

Bill: Fear.

Me: Fear again?

Bill: Thinking of coming up with a financial plan is a terrifying task to me. First, I have to talk with my spouse about our financial goals – about what is important to each of us for the rest of our lives.

Hopefully, that’s a long time. Then, I have to determine how much is enough and worry that I might need to save a gazillion dollars to get there or be prepared to eat cat food for the rest of our lives. Then how do I invest it? What about trade wars and political elections? What happens to our assets when we’re gone?  What happens when one of us passes away or becomes incapacitated?

Who will help us then? It’s just all so overwhelming… sticking my head in the sand was a natural reaction!

Bill overcame his fear and worked with Pinnacle Trust to come up with a plan for his and his spouse’s financial security. Fast forward 10+ years, Bill is now retired. (He works part-time for enjoyment.) He and his spouse are confident that they have saved enough to never have to financially depend on their children. Bill is comfortable that his investments will allow them to earn enough for their lifetimes while still withstanding inevitable market downturns. He knows the biggest variable now is how much their children and grandchildren will receive when they are gone.

Pinnacle also helped Bill and his wife find the right attorney to update their wills and other necessary legal documents. We answered his questions regarding long-term care and life insurance. And even helped them establish college education funds for their grandchildren. (Their plan indicated they could afford to do this.)

The number one reason people come to us to work on a sound strategy for their future is to know that they will not have to financially depend on their children or other family members. But, like Bill and his wife, many other benefits come with a good plan:

• Knowing your investments are properly allocated

• Having someone you trust and can depend on in the event of death or disability

• Completing your wills and other important legal documents

• Having help with the sale of a business

And for some, many other issues can be addressed:

• Blended families

• Irresponsible adult children

• Helping a family member buy a first home or invest in a business

• Getting organized

Coming up with a plan for your financial security can seem like a daunting task. But regardless of your age or income level, the peace of mind that comes with preparing for your future is well worth the effort. We would be honored to help you and your family create a plan.

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