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Town Plaza Offices at Nocatee
460 Town Plaza Avenue, Suite 230
Ponte Vedra, Florida 32081

Lifestage Financial Planning

The traditional business model of many CPA firms primarily emphasizes tax preparation and compliance. This results in two undesirable outcomes. First, clients perceive the relationship as a yearly interaction that largely is reactive in nature. Second, referral of the client outside the CPA’s practice for financial, wealth and estate planning puts the client at risk of exposure to financial advisors who want to sell the client products that may not be suitable for the client’s situation.

 

CPAs remain the most trusted advisor for most clients. Studies have shown that as many as 52% of wealthy individuals are likely to obtain financial services from their CPAs, if offered. CPAs must look for new ways to proactively improve the financial lives of their clients. This is why Robert has developed strategic relationships with providers of life, health and long-term care insurance, as well as financial retirement plans and annuities.

 

The different life stages that one experiences requires a different financial emphasis at each age group. 20 to 30 year olds are focused on home acquisition and family life planning. 30 to 40 year olds are beginning to plan for future education costs and upgrading of homes. Ages 40 to 50 are both high earning and high spending years with a confluence of spending pressures, including college costs and the realization that retirement is not so far away affecting this age group. Ages 50 to 60 is generally when earnings power is at its zenith and more disposable income is available for retirement and estate planning and health issues begin to surface. Ages 60 to 70 are the early and active years of retirement when one begins to enjoy more recreational and leisure time. During ages 70 to 80 a drop off in spending may be realized in the later years as health issues may become a factor. Beyond age 80, assisted living and long-term care issues may begin to play a role.

 

Of course, the earlier you begin to address these needs, the lower the costs are and the more one can accumulate to provide for these various life stages. Working with your financial professional, each stage of need can be appropriately planned and the right financial products can be obtained to help improve your financial life.