Hire a ‘personal chief financial officer:  Simplify your life, achieve financial peace of mind


Keeping up with today’s investment trends, markets, regulations, taxes and opportunities has become a full-time job for most families. It can even be depressing, especially if you feel your assets might be inadequate for retirement.

The reality is you cannot do this in your head!  And with the markets at all-time highs, there cannot be a better time to take the step to develop a complete plan with a certified financial planner.

If you are like most people, you have multiple relationships assisting with financial affairs, but no one “quarterback” that sees your whole picture. This invites disorganization in your financial life.

To make life simpler, even if you stay with multiple service providers, select one of them with planning capability and develop your financial plan. If none are acceptable, seek out a trusted independent full-service certified financial planner where you can have a good working relationship.

It will make your financial life simple and more organized.  Ideally, you may find a firm to serve as your “personal chief investment officer” to make your life simple, minimizing the burdens of assembling the data and remaining current in a changing financial world.

Financial Peace of Mind: The Goal of Completing a Financial Plan

Building your retirement is like building or renovating a house.  You would not do so without a detailed plan. That’s why building inspectors insist in it.  So why would you face retirement any differently?

Having an all-encompassing financial plan and mapping out a range of scenarios, from the worst-case scenario to the best is just as essential.  Yet most people have either never done one plan, or have not kept the one they have current.  Life changes, markets change, and so should your plan.  Your objectives will remain the same, but the plan to achieve those objectives should remain current.

Today’s proposed tax changes and the market hitting new highs suggest it is a great time to execute a new plan or update your existing one.  As an example, re-visiting plans for intergenerational wealth transfer plans need to be revisited now.

We insist on plans for all our clients in starting a relationship before we recommend any action or investment. Your advisor should as well. Without looking at the complete picture, no advisor can truly know what is best for you as a client and should not be suggesting steps around your financial world.

If you have a plan, update it now! If you do not have one, speak to one of your advisors or seek out an independent full-service financial planner and fiduciary to get started. The earlier you start the easier it is to reach your goals or set realistic retirement goals.

Most important: Completing your financial plan will simplify your financial life and you will take a big step toward financial peace of mind. Why wait?

Phil Palumbo is the founder of Palumbo Wealth Management (PWM).  PWM is a registered investment advisor. Advisory services are only offered to clients or prospective clients where PWM and its representatives are properly licensed or exempt from licensure. For additional information, please visit www.palumbowm.com.  The information provided is for educational and informational purposes only and does not constitute investment advice and should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not account for any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor.



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