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  • Peter Mu, CFP® ChFC®

LIFE EVENTS GUIDE – WHEN TO CONSULT A FINANCIAL ADVISOR

Updated: May 21, 2020

“Change is the only constant.” In life, changes can be exciting or worrisome. When changes happen consider reaching out to others and talk about it. As a financial professional, I have seen many of these changes happen to others. Some represent new opportunities while other demand immediate attention. This “five-F” system is developed to help guide you manage these changes.


FAMILY


People who we care the most often induce the most changes in our financial lives. Some of your family members may be your trusted custodians, trustees or beneficiaries.

  • When you get married or form a partnership. o New birth of a child.

  • Children leave for college.

  • If you are divorced or ended a partnership.

  • When a family member passes away.

  • When a beneficiaries move, marry, have children or divorce.


FRIENDS


Friends are family we choose for ourselves. Many close friends might also be intimately important to our financial lives. You might have designated them as guardians of your children, power of attorney, contingent trustee, or executor of your will.

  • When a friend needs financial guidance.

  • When their family, employment or health situation change.

  • If they move out of the area.

  • If you think that they might not perform the duties you have entrusted in them.


FAITH / (Charity)

  • If you are considering a sizable donation to religious or charitable organization, either present or from your estate.

  • If your attitude towards money changes.


FITNESS / (Health)

Our state of health is vital to our financial success. Disability or illness might hinder our ability to produce an income and support our families. Major adjustments to our financial plan might be necessary.

  • If you are disabled due to an accident or illness and you cant work.

  • If you started receiving benefits from Social Security or Medicare.

  • If your parents are considering moving to a retirement home or if they need Long Term Care.

  • If you change employment and health insurance.


FINANCE


Last but not least. Money clearly isn't everything in life but without enough it's just not a good life. Our money strategy needs to be deliberate and coherent. Our goals must be clear and precise.

  • When you purchase or sell a home.

  • If you are considering investment properties.

  • If you are considering a new business venture.

  • When you hear about a new product you haven't heard before.

  • When you receive a raise or bonus.

  • When you want to increase savings.

  • If you receive a sizable inheritance or winnings.

  • If you are involved in an automobile accident.

  • If you are personally liable for damages.

  • If you are sued.

  • When you want to review your investments. (IRA, 401(k), Stocks...) o If you experience a reduction in hours of employment.

  • If you reached lifetime limits for benefits under a group plan.

  • When you are considering retirement.


AND AT LAST, ANYTIME. Your financial advisor is human, too! We get excited by the progress you make, saddened for your losses, empowered by your commitment, enrolled by your possibilities, energized when we can help and ultimately fulfilled by the satisfaction of having made a contributing to you and your family. We love to hear from you.


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