3 Reasons Your Financial Ducks May Not Be In a Row

Imagine all your professional advisers are interacting to ensure your desired outcomes are achieved. This interaction consists of clear communication between your financial planner, estate planning attorney, tax adviser and insurance specialists all for your benefit. Would that provide you with confidence that you’re making smart decisions today to take care of your family both during good times and during challenging times?

Experience has taught me that most financially successful individuals do not have this level of teamwork and, therefore, often don’t have all their “ducks in a row.” When life happens, the gaps become obvious and sometimes result in significant lifestyle deterioration and/or regret. If you have no professional leader who understands your deeply held values and who helps look at your big picture, it’s likely due to 1 of the following 3 reasons. I encourage you to examine these to improve your life and get your “ducks in a row.”

  1. Your current financial planner isn’t serving in a quarterback-type role. To use this football analogy, the quarterback is looking forward at the entire field, calling plays as he identifies opportunities and evaluates risks, and involving the appropriate team members (wide receiver, running back, etc.) and their specific skills for the best outcome. A quality financial planner can position himself/herself in a similar role in your financial life. Having a complete understanding of your (current and projected) financial life, your financial planner can identify opportunities and evaluate risks to involve your other advisers such as attorneys, accountants and insurance specialists. Sadly many financial planners do not serve in this type of capacity. If you don’t see your financial planner in a quarterback-type role, you may be stuck being your own quarterback or you may want to find a financial planner who does.
  2. You prefer to make all your own financial decisions, but you’re overlooking important details. Some people don’t hire professionals due to cost, some believe they’re intelligent enough to make all their own decisions, and others simply have difficulty delegating. Regardless of the reason, acting as your own financial quarterback may require a deep knowledge in all the following areas: income tax, gift tax, retirement planning, IRAs, Roth IRAs, 401(k)s, estate planning, investing, life insurance, disability insurance, health insurance, long-term care insurance, Social Security, etc. Not only should you have deep knowledge in all these areas, but acting on that knowledge is equally as important.
  3. Perhaps you’ve simply neglected your financial life because you’re “busy” with other things and/or you haven’t seen it as important. Like the saying, “You don’t know what you don’t know,” some people don’t identify the gaps in their financial planning until a life event happens. Since these events often cannot be undone, I highly encourage you to stop neglecting these very important decisions to ensure you and your family are on track to leading a fulfilling and secure life.

Like a personal trainer holding one accountable to achieve a desired level of physical health, a financial planner may prove invaluable towards helping you align your financial choices with what you value most in life. When interactions reveal that your financial decisions are inconsistent with your values, accountability may help redirect you.

Our Evansville financial planning firm would be honored to use our financial planning resources to help you make smart decisions with your money. As fiduciary advisers, our clients can expect their best interests to be placed first at all times.

To speak about your personal situation you may contact me directly at 812-602-6307 or via email at twprather@paynewealthpartners.com. Alternatively you may just wish to visit our website at www.paynewealthpartners.com.


Published: August 2, 2017

Author: Terry Prather, CFP®, ChFC®, MSFS

Email: twprather@paynewealthpartners.com

812-477-6221 office
812-602-6307 direct
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The information in this material is only as current as the date indicated, and may be superseded by subsequent market events or for other reasons. While all information prepared in this document is believed to be accurate, any statements of opinion constitute only current opinions of Payne Wealth Partners, Inc., which are subject to change and which Payne Wealth Partners, Inc. does not undertake to update. Accordingly, you should not put undue reliance on these statements. The information does not attempt to examine all the facts and circumstances that may be relevant to an individual’s financial needs. Payne Wealth Partners, Inc. is not soliciting any action based on these statements.

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