At the most basic level, business transition planning is a strategy that can be put into play when a business is sold or changes hands. For company owners nearing retirement, a successful transition plan can play an important part in creating and preserving the value of the business after it has changed hands.
Atlanta Financial Blog
Asking the Right Questions
People say the only bad questions are the ones you don’t ask. That can be true, and asking bad questions likely won’t hurt you, but it is more important to ask the “Right” questions. In the last year, I met with a potential client who asked me a question I want to share with you. After some “get to know you chat” he asked me, “So, how are your results?” to which I responded, “Very high.” I could see the confusion on his face, so I just waited. As I will explain later, this had nothing to do with guaranteeing results.
I assume he wanted to know about the investment returns I had earned for my clients, but that wasn’t what he asked, and it wasn’t the “Right” question to ask. Investment returns vary from client to client based on their goals and investment allocation. Older clients closer to retirement are likely just as pleased with a lower return and less volatility as a younger client with an aggressive allocation is pleased with higher returns in retirement accounts they do not plan to touch for 15+ years.
I explained that to-date, my success rate is very high for clients who collaboratively developed a retirement income plan and stuck to their budget. Those who set realistic goals and lived within the parameters we created had yet to fail. I think at times we get to caught up on #FOMO (fear of missing out) and don’t think about the minimal impact external events have on our own goals and needs. For example, if we have worked hard and saved diligently and live very comfortably in retirement, should I be concerned that a new hot tech stock is up 50% YTD and I don’t own it? Not really. So what if the price of oil is down 10% this month, is it going to change the amount of gas I purchase? Probably not. If my plan is designed to achieve my goals and manage through volatile periods, the day to day noise in the market doesn’t matter. It makes great television but shouldn’t drive the questions you ask of your advisor. The best questions to ask your advisor are “Am I still on track to reach my long-term goals?” and “What are the risks to that plan and how do I mitigate them?”
If you aren’t sure if you are asking the “right” questions of your advisor, haven’t gotten straight-forward answers to the questions you have asked, or are simply ready for a conversation that focuses on what really matters, reach out to an advisor at Atlanta Financial today to start a dialogue.
The travel industry has begun to see growing demand as we move closer to summer. However, not all travel will be the same, as much of the demand is directly related to the COVID-19 vaccine and reduced CDC restrictions. Instead, industry trends have emerged based on individual comfort levels as they apply to different modes of travel.
Below we will explore some of the factors that have contributed to an increase in travel and how different industries are responding to it.
Following a year of economic instability, it appears that many of us are turning our attention to something that’s been around for decades, but has recently piqued national interest – inflation. In fact, a recent study found that people are Googling the word “inflation” at a rapid rate, with a peak not seen since 2010…
As mothers, sisters and daughters, women are often counted on to be caregivers for family members in need. Whether it’s something as small as a cold or as debilitating as a terminal illness, women are typically the ones to care for and help out when a loved one is sick. But what happens when the caregiver is in need of her own care? Too many women are stuck facing this dilemma head on, instead of preparing for it while there’s still plenty of options, resources and time ahead. Below are a few reasons why it’s so important for women to plan for their own long-term care strategies now.