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This journey began 27 years ago, when I was hired at my first job. As I began reviewing my benefits, I wondered about the 401(k) that I had been offered. I really didn’t know much about it, but the concept interested me. I began reading every book that I could get my hands on, and even got a subscription to Money magazine.
The more research I did, the more intrigued I became. Early on in my quest, I discovered that I had a profound interest in the financial world, as a whole. I was constantly taking what I was learning and applying it in my own life, as much as possible. I can’t say that I’ve changed much, as I still devote a portion of each day to learning all I can about this industry, but now it is so that I can better serve my clients.
Did I mention that my first job was as a mental health counselor? Needless to say, after stumbling upon what ended up becoming my passion in life, I found it appropriate to transition to a career that was more in line with my true interests. Ten years in the banking industry certainly helped to deepen my understanding of the financial world, but I knew where I was headed in my journey, and I also knew that banking was not my final stop. I wanted more.
From there I spent six years in the insurance world and obtained my Series 65 license. Along the way I met my wife, who has also been working in the insurance industry, for over seven years. Many conversations ago, we discovered that our visions were perfectly aligned, when it came to clients. We simply want to build a community of clients and help them live their best lives. While working beside them, we hope to help them find the freedom to live life, spend guilt-free, and have peace in their minds and hearts, knowing that we can help them accomplish the things that bring them joy.
To get there, we know that we need to build strong relationships with our clients and create an atmosphere in which we can all enjoy working together. We get excited listening to the plans that our clients have for their lives. The goal of this journey is not to establish as many clients as possible; it is to build relationships with the people in our community, to be a part of their journey, and to relish in the happiness that they experience, from living their best lives.
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A long and prosperous relationship begins with a first encounter. This initial consultation is that encounter, where we can discover whether there is an opportunity to move forward in developing a strong relationship. You talk about where you are in life, where you would like to go, and how you would like to get there. We review how our firm works and how we can be a partner in helping you to accomplish what is important to you. Then, if we both feel that this is a good fit, we take the next step.
This will likely be your toughest meeting with us. We have a ton of questions and lots of information to gather. We will need documents such as Social Security statements, tax returns, pensions, investments information, wills, health proxies, and the list goes on. However, the more information we have, the better we can help you thrive in retirement. Once you turn it over to us, we do most of the hard work, and analyze everything that you have presented to us.
Now sit back and relax, but do not relax too much! Be ready with great questions; lots of them! The best and most successful plans are client-driven. We have taken everything you have discussed with us and we will now review your options for the path (or paths) you can take, to live your best life. This is a very enjoyable meeting, with a lot of energy, because now you get to see all of that hard work that you have put in throughout your life, finally start to pay off! What could be better?! What you receive from us, will NOT be a 50-page document (that you would probably never look at anyway). Instead, you will receive a concise, one-page plan, with information designed to be easy to follow and implement. Hopefully at the end of this meeting, we have both discovered that a long-term relationship is in both of our best interests. However, it is important that you take some time to think on this, before making your decision
Now the fun part–implementation. This can involve steps such as, setting up appointments with other professionals or requesting paperwork from employers. This is just the start, of course, and this process can take time and a couple of meetings to accomplish.
The most important aspect of retirement planning is surprisingly not just the plan we have developed. Rather, it is the ongoing process of reviewing and adjusting things as we go. After all, the chances of your life plan going exactly as we discussed and anticipated, aren’t great. Life happens, the world changes, and your plan needs to be flexible to allow for that change. That’s why bi-annual meetings are so important for us, so that we can adjust the plan to fit what is going on in your life. Also, this is a great opportunity for us to highlight important topics in more detail that affect you, personally, in retirement. These meetings will usually happen in the spring and fall.
There are many ways in which the financial and insurance industries compensate an advisor or agent. Assets Under Management (AUM) and commissions are the two main ones. We work under both plans, and have no preference on which way we get paid. Our compensation is based on how we worked through your plan and figured out what was best for your situation, to accomplish the goals that YOU were looking to accomplish.
Here’s a quick lesson in how these methods of compensation work: First under the AUM model, a percentage of the assets that we manage are paid to us. We are very clear and up-front about our fees. We charge .90% for assets totaling under one million, and .75% for assets totaling over one million, for our ongoing planning services. We also work with a money manager, Formula Folios, who will oversee your investments. They have a range of fees, depending on the type of investments or allocations you choose (.25% – .75%). For the most part, our clients end up paying fees that total about 1.25% of their total AUM. Simply put, an individual (or couple) that invests $100,000 with us, will pay approximately $1,250 annually. These fees are deducted monthly, directly from your investments.
Good retirement planning typically involves insurance in one way or another, whether that is in the form of health insurance, life insurance, annuities, or all of these together. The insurance industry’s way of compensating agents is through commissions. However, commissions do not reduce the original principal amount you invest. These commissions are already factored into a company’s products, and can be paid to an agent as a one-time payout or an ongoing payout, for a specified period of time.
Greg is the founder of K Financial LLC. He has spent over two decades in the financial world, and is a CERTIFIED FINANCIAL PLANNER™ professional. In addition to retirement preparation, Greg continues to work with his clients throughout their retirement in order to help them truly enjoy their golden years. His areas of focus include, Social Security Planning, Estate Planning, Long-Term Care Planning, Tax Planning, and Healthcare Costs in retirement. He is also a National Social Security Advisor Certificate Holder*. Greg is a graduate of Syracuse University.
Jill has been working in the insurance industry for over a decade. She has held her Life, Health and Fixed Annuities license in Pennsylvania since 2013. Her main role at K Financial is managing the operational aspects of the company, but she also specializes in assisting clients with healthcare, pre-retirement, through the state exchange. Jill graduated with her Masters Degree from California University of Pennsylvania and also volunteers as a Certified Mediator, specializing in Elder Issues.
Investment advisory services offered through Brookstone Wealth Advisors, LLC (BWA), a registered investment advisor and an affiliate of Brookstone Capital Management, LLC. BWA and K Financial are independent of each other. Insurance products and services are not offered through BWA but are offered and sold through individually licensed and appointed agents.
This information is designed to provide general information on the subjects covered, it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that K Financial, LLC. and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney.
Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurer. Any references to protection benefits or lifetime income generally refer to fixed insurance products. They do not refer, in any way to securities or investment advisory products or services. Fixed Insurance and Annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by Brookstone Wealth Advisors, LLC (BWA).
Association of Financial Consultants, TM is an IRS-approved 501(c)(3) non-profit organization. It serves as an informational teaching resource for the general public. Association of Financial Consultants, TM is an all-volunteer non-compensated Non-Profit. Our mission is simple, offer high-quality education through free educational workshops and classes in a non-selling environment. Our member fiduciaries and consultants are committed to public service. Association of Financial Consultants, TM acts as an educational resource for Americans who want to learn more about planning for their financial future. We offer educational workshops and classes at no cost or obligation to the attendees. This service is provided by member fiduciaries and consultants in a completely non-selling environment. Our members are committed to ongoing education to help Americans educate themselves and understand complex financial topics through simple language and are bound by a Code of Conduct that demands integrity, accountability, and transparency. Our member fiduciaries and consultants are licensed professionals and share a passion for educating individuals within their community. Our members donate their time and knowledge in classroom-style settings. Association of Financial Consultants, TM offers workshops and classes across the nation. Email us to get information on a workshop or class near you info@associationoffinancialconsultants.org or check us out at www.associationoffinancialconsultants.org
Third party associations are no guarantee of future investment success and do not ensure that a client or prospective client will experience a higher level of performance or results. These ratings should not be construed as an endorsement of the advisor by any client nor are they representative of any one client's evaluation.
K Financial is not affiliated with or endorsed by the Social Security Administration or any other government agency.
Medicare Disclaimer: We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact medicare.gov or 1-800-MEDICARE to get information on all of your options.
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