Thank you Andy Frieze and the Aegis Group for giving me this opportunity.
Great coaches help athletes reach their highest potential on the field. Teachers can be invaluable to students in the classroom. We associate coaches and teachers with sports and academics, but what about life?
For 18 years I worked as a financial advisor; the last 10 as a Certified Financial Planner. Over the course of those years I endured the dot.com bubble and the Great Recession of 2008. Over a 7 year period of time, I watched people lose significant amounts of money, gain it back, and lose it again.
It was in 2009 that I began to question what I was doing for a living. What I wanted to do was help people, but how I got paid was by selling them an investment product or charging them a fee for assets under management.
Real Life # 1
In my time as a planner, here are a few things I saw. A man lost his job. He had significant savings in retirement accounts but very little in personal accounts requiring him to either pull money from those retirement accounts or borrow money to survive. When he returned to work, his income was significantly less than it had been before. By the time he could stop the bleeding, his retirement accounts were decimated. To make matters worse, he wasn’t over 59 & 1/2 requiring him to take out more money to pay taxes and a penalties.
Real Life #2
Just recently, I was contacted by someone who had lost her husband. He was responsible for the majority of their income. She is now faced with selling their home or losing it in foreclosure. Not only did she lose her husband, she lost the majority of their income and she is going to lose her home.
How could I have helped the client in Real Life #1 better? What could have been done to help Real Life # 2?
Nothing could have been done to prevent the man from losing his job. None of us are immune from death. That being said, the disasters that followed were preventable.
What I Learned
The vast majority of those that hold themselves out as financial planners are in reality retirement planners. Why? Because that’s where they make most of their money. Think about it. What’s more profitable? Making 1% of assets under management on a $500,000 401(k) rollover or helping a couple with two kids create an emergency fund?
Who or What is Most Important to You?
As a coach with 18 years experience as a financial planner, I can help people navigate through the complexity of life, developing a plan to prioritize based on who or what is most important. Then implementing that plan, followed by monitoring and adjusting as needs and priorities change.
We start with one question.
What happens to who or what if _________________ happens?
Mickey Ellison (316)209-9005 or email@example.com or firstname.lastname@example.org