Learn why you may be able to retire earlier than you think.
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Evaluating Options

I learned a long time ago that I sometimes fail to make the correct decisions about what I truly need. I find this frustrating because it causes me to occasionally make mistakes that are preventable.

An example of this can be found when looking back on my shoe purchases over the years.  I have wide feet, and it seems like every shoe salesperson in the world is trained to tell me that it is fine to buy shoes that are uncomfortably tight on me because they will eventually stretch out and become comfortable. To this date, every single pair of shoes that I have purchased that were uncomfortable at the beginning stayed uncomfortable, even after extended periods of use. Because of this, I know without a shadow of a doubt that when I am purchasing a new pair of shoes, I need to make sure that they are comfortable on my feet when I first try them on before I make a decision on which pair to buy.

I believe that people can also fail to get what they need when they are trying to select an adviser to help them manage their investments. I think this frequently occurs because it is extremely difficult to determine who is in the best position to help you on a topic that you are unfamiliar with, so people frequently end up choosing an adviser who is a better salesperson rather than the adviser who can provide them with the service they need. We believe this to be true because a significant percentage of the new people that come to our firm from an existing adviser are missing out on obvious opportunities that could have put them into better shape to realize their goals.

A Potential Fix

In my opinion, the formula to fix this problem is one that, despite being simple, seems to be unpopular with many advisers. One reason why this formula may be unpopular is because it requires a lot more work to put together and maintain a comprehensive strategy. Another reason is that it is difficult for many advisers to assemble the team necessary to provide the expertise required for comprehensive planning.

So what is the formula? We believe that the following four steps comprise an effective method to deliver what most people need as it applies to wealth management.

  1. Understand how investment decisions are affected by one’s tax situation, estate plan, current income, and future income.
  2. Maintain up-to-date and accurate financial information. This is why we annually update statistics on assets, current income, and expected future income.
  3. Engage a team that has extensive experience in tax, estate, and income planning.
  4. Keep your adviser aware of any of your goals that may have an impact on financial recommendations.

Understanding what is needed for effective financial management is a dynamic and ongoing process that we feel requires a team of professionals who understand your goals and financial situation and possess knowledge and experience in a variety of different areas. By having a team and process in place that fits these characteristics, we hope that you will feel confident and at ease when it comes to planning for your future. Enjoy the start of the summer season!

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About Us

Bernicke Wealth Management, Ltd. (Bernicke) is an independent, multi-disciplinary firm with 25 employees located outside Eau Claire, in Altoona, Wisconsin. Our financial advisers provide wealth management services for individual investors, businesses, foundations, and nonprofits, including investment planning, retirement planning, estate planning, and tax planning.

© 2022 Bernicke Wealth Management, Ltd.

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Great Valley Advisor Group, a registered investment advisor. Great Valley Advisor Group and Bernicke Wealth Management are separate entities from LPL Financial. The LPL Financial registered representatives associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.
Learn why you may be able to retire earlier than you think.
This field is for validation purposes and should be left unchanged.