In celebration of the Thanksgiving season, we would like to express our gratitude and appreciation to the fantastic financial advisors in our community who have partnered with our office for the benefit of our mutual clients. Thank you! Our clients have great financial advisors. We appreciate you. With your help and guidance, we have been able to create the best legal plan for our clients.
We want to say “thank you” to our partners in the community. Educating our clients and the community is a priority for our office is part of the mission of our firm, and we do that best when we are partnering with our clients’ financial advisors in the community. We contacted our partners in the community in the area of finance to help our clients understand the role of a financial advisor in the estate plan. We are titling this series, “Partnering with the Pros: The Importance of a Financial Advisor.” We will be featuring some interviews with our friends who are financial advisors on our website highlighting the importance of a financial advisor as part of our series. Understandably, for legal compliance reasons, some of our great partners were unable to participate in the interviews. Check out our blog post at: www.skwlawoffice.com.
Michael Peterson enjoys looking out for others. That was practically a family mantra when I was growing up in the sleepy little town of Spring Run, Pennsylvania. My grandparents and my parents were always living examples of being there for others; be it a family member, neighbor, or complete stranger. I was taught that looking out for others was simply the right thing to do.
It was a lesson I learned well and have put into practice throughout my life. Whether as a volunteer fireman, as an electronics technician in the U.S. Navy, as a deacon in my church, or in my career as a financial professional; I’ve strived to carry on my family’s tradition of looking out for others.
That passion for service, along with my uncanny knack for numbers, is probably what led me to find my true calling in life: serving as a financial advisor specializing in retirement planning. It was Mark Twain who said, “Find a job you enjoy doing, and you will never have to work a day in your life.” In my case, truer words were never spoken. I love helping my clients manage their finances in a way that allows them the financial freedom to pursue the things in life that matter most.
I. What is the point of a financial advisors?
A truly great financial advisor helps their clients to plan their ideal future and then assists them to align their values, purpose, and financial resources in pursuit of that future.
II. When do I need a financial advisor?
You need a financial advisor anytime you’re dealing with financial decisions which you do not fully understand. In addition, anytime you’re dealing with money-in-motion (inheritance, retirement, rolling over an old retirement plan) mistakes can be costly. So, these are obvious events where a good financial advisor can be invaluable.
III. How do I pick a financial advisor?
You should find someone that you like and trust. In addition, you should understand whether your advisor is a fiduciary and how they are compensated (fee or commission).
IV. Why Faith Steward Wealth Advisors?
I feel that we’re a great fit for those who are over 50, concerned about retirement, and want to reduce their taxes. Our best clients share several attributes:
At a minimum, you are looking for trustworthiness and competence. Trustworthiness can be assessed by asking if the advisor has ever had any complaints or disciplinary actions. Competence can be assessed based upon their number of years of experience, how many clients they deal with that are similar to you, and what designations they hold.
VI. How often should you meet with a financial advisor?
At an absolute minimum, you should meet annually to review your financial situation and make sure that your plan is still on track. We meet with our clients two or three times per year, in order to update their plan, measure our progress, review their portfolio, and explore tax reduction strategies.
VII. How do I switch financial advisors?
Switching financial advisors is a simple process. However, it must be planned out in order to minimize any impact on the client. You should feel free to ask any questions you feel necessary in order to feel comfortable with the switch and how it will be carried out.
VIII. What should be the relationship between a client’s financial advisor and attorney be?
Ideally, your financial advisor and your estate planning attorney will have a good working relationship. They should communicate to make sure your estate will be distributed in accordance with your desires. In addition, the financial advisor should work with your attorney to ensure that your financial power of attorney will be honored by the various financial institutions you do business with.
IX. What makes you different from other financial advisors?
There are 3 things that make Faithful Steward Wealth Advisors, LLC different.