Financial Planning Experts

From saving for your children’s education to finding the right advisor, it can be hard to know where to start

with financial planning. We talked to a few local pros for tips on securing your financial future.

THIS IS A PAID PARTNERSHIP BETWEEN BOSTON MAGAZINE’S CITY/STUDIO AND ITS PARTNERS.

The Many Sides of Family Planning

with Dabney Baum, EdD, AWMA, Baum Wealth Advisors of Janney Montgomery Scott LLC

BOSTON / 617-371-1535 / DBAUM@JANNEY.COM / BAUMWEALTHADVISORS.COM

I know a thing or two when it comes to both family and financial planning. I’m a single mom of two wonderful boys, and I work alongside my father to help families financially prepare for everything in their future—as well as the surprises that pop up along the way. From family planning to college and all the expenses in between— to securing everything from your retire-ment to your family’s inheritance—that’s our specialty.

I know that affording your first home is one thing, but getting to your dream home is another. I know that growing your family via adoption, surrogacy, or fertility treat-ments comes at a cost, and how daycare expenses can seem just as incredible as the cost of college. I’ve seen the positive impact that a special needs trust can have on a family. I’ve seen families give their

children and grandchildren the ability to live out their passions through education and experiences they’ll never forget. I’ve seen the peace of mind that comes with retirement preparation and long-term care planning; and I’ve seen how overwhelming all of this life planning can be without the proper guidance. That’s why collaborating with a financial advisor on these important life decisions is a worthy investment.

Between my father and I, we have more than 50 years of experience in the wealth management field. Having an advisor along any path you choose is worth her weight in gold, but having one with the experience and knowhow of Baum Wealth Management is on another level. We understand life’s chal-lenges and are here to support you, help you realize your goals and prepare you for any-thing—even Uncle Bob moving in for a bit.

3 Tips for Family

Planning

ORGANIZE.

Get all of your estate documents in one centralized

location. You don’t want to be scrambling for

birth certificates, passports, power

of attorney, wills, financial

account access, or insurance

policies during a family crisis.

PRE PARE .

Long-term care planning is one of the most important ways to preserve your wealth in the event of an illness or accident. De-

veloping strategies will give your fam-ily and caregivers a clear path and peace of mind.

SECURE.

Ensure your finan-cial information is

protected. Monitor and lock your

credit reports (yes, that’s a thing!), and keep your financial state-ments out of the mailbox. Today, digital delivery

of statements is a safer way to go.

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7 Steps of Wealth Planning with Jody R. King, JD, CPA & Thanda F. Brassard, JD

Fiduciary Trust CompanyBOSTON / 617-292-6799 / FIDTRUSTCO.COM/W-PLAN

Wealth planning provides informed decision-making regarding your family’s financial security. Here’s how to get started.

1 Identify personal priorities. What matters to you? Is it time with family, travel, philanthropy, wealth transfer, or something else?

2 Translate priorities into goals. Common goals include retirement funding, purchasing real estate, educa-tion, charity, and wealth transfer.

3 Review financial resources. Current savings, retirement assets, and income sources are important. Be realistic about how long you plan to work. Review irrevo-cable trust terms if you are a beneficiary.

4 Articulate any obstacles. Are you spending beyond your means? Are you struggling to name a guardian for your minor children? Are you not qualified to make your own investment decisions?

5 Create a wealth plan for meeting goals. Review financial projections and prioritize goals. Draft or update your core estate plan and irrevocable trusts.

6 Implement your wealth plan. Consider asset ownership, beneficiary designa-tions, spending and savings habits, debt management, risk management and gift giving. Have conversations with family about your wealth plan and develop a centralized list of accounts and advisors.

7 Periodically revisit your wealth plan. Every few years, or whenever your circumstances change, you should begin again with reassessing your priorities.

Life is busy, but prioritizing the financial well-being of your family is time well spent. Ensure you obtain expert advice through partnering with a firm like Fiduciary Trust Company, with credentialed professionals in financial, estate and tax planning, and investment management.

3 Tips for Securing

Your Financial

Future

PRIORITIZE WEALTH

PLANNING.

Prioritizing the financial well-being of your family

through wealth planning can be empowering and

lead to better communication

and peace of mind.

UPDATE YOUR PL AN OVE R TIME .

Circumstances, priorities, and

goals change over time and your

wealth plan should be revisited and change with you.

ACCESS PROFESSIONAL

RESOURCES.

A skilled planning team like the one at Fiduciary Trust

helps transform this potentially daunt-ing process into an empowering

experience.

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Comprehensive Financial and Legacy Planning with Marcel V. Quiroga, RMA, TQM Wealth Partners, LLC

BOSTON AND MARBLEHEAD, MA / 781-990-3599 / TQM@TQMWEALTHPARTNERS.COM

John and Susan had sold a very successful business a few years before they called me. There was a clear contrast in their lives before and after the sale of the business. After the windfall, they bought a home with access to a private beach, enrolled their four children in private schools, traded their minivan for a luxury SUV and their old sedan for a new, convertible vehicle. They invested in a well-diversified portfolio, and they always had plenty of cash on hand. They had everything, except for a financial and legacy plan.

Having a large investment portfolio is not the be-all end-all of financial planning. A truly comprehensive financial and legacy plan serves as a blueprint for how to invest one’s money in order to reach one’s financial goals, and also addresses factors that can erode wealth like overspending, taxes, inefficient wealth transfer strategies (or not having a strategy at all), long-term health events, a premature death, and longevity. For John

and Susan, not having a comprehensive plan meant that they did not know what their risk capacity was. As a result, their asset allocation at the time was based on their risk profile, a subjective and qualitative measure of a client’s risk tolerance. Once we built their compre-hensive plan, we were able to show them their risk capacity, a more objective and quantitative indicator of how much risk they could afford to take given their lifestyle and financial goals. This helped determine a more appropriate asset allocation based on what is in their best interest. They were also able to see whether their multi-generational financial goals were overfunded, constrained, or underfunded, allowing for better decision-making.

Each client’s comprehensive plan at TQM is as unique as the clients themselves. The plans are dynamic and flexible and serve as a tool for clients to cultivate prosperity, making efficient and effective financial decisions for their lives and for their legacies.

3 Tips for Building

Your Legacy

FOCUS ON THE GOALS.

Keep in mind that financial wealth is a resource for

enriching human, social and spiritual

wealth. This will help you articulate and prioritize the goals you want to

address in your financial and legacy plan.

TAKE CARE OF THE BASICS.

At a minimum, your financial and legacy plan should

help you identify how well funded

your financial goals are, what

your risk capacity is, and what the greatest risks are to your financial

wealth.

BUILD OFF YOUR PLAN.

Using your finan-cial and legacy

plan as a blueprint for your investment

portfolio means that your invest-

ment strategy and asset allocation are built specifi-cally to help you meet your goals.

SPONSOR CONTENT / FINANCIAL PLANNERS

62 BOSTON | DECEMBER 2020