“Can you hear me now?” Do you remember this question from the Verizon commercial? Maybe you even said that. Today I’d like to offer a slightly different spin asking instead. “Where are you now?” A question that in my opinion, every advisor should ask. Specifically, where are you in the good stages of life? Your answers will provide valuable insights to the planning process for you and your advisors.
The three life stages I’m referring to are accumulate, protect, transfer. From birth, you started the process of accumulating assets. It may have happened quickly through work, investment, and our inheritances. Or maybe it’s been slower. Perhaps it’s even your current stage. If you feel that there’s a gap between where you are, financial dependence, and where you want to be, financial independence, you are in the accumulation phase. When you identify yourself as having financial independence or freedom, you have moved to the stage called protect. A stage where your goal is to maintain your financial freedom, while protecting a slippage back into the accumulation phase. But what if your wealth continues to grow, and an excess is developed? When this occurs, you may begin to consider transferring some of your excess wealth to your family and our community, making an impact sooner versus later. You will eventually reach the transference stage, you may transfer assets voluntarily during your lifetime or upon your death.
So, consider the clarity you and only you can provide to your advisors by being able to answer the question, “Where are you now?” Communicating your answer sets the stage for a process for making wise choices with confidence. Ultimately, providing you with the peace of mind you desire and deserve. From the entire C3 team, we look forward to collaborating with you.
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