2023 was a blockbuster year for TenBridge as we added dozens of new clients. People and families we are going to really enjoy working with and bring such great energy to our community.
Why are people seeking us out and being referred to us by our existing clients and friends? What is the commonality between these new clients? I’m going to call it the “itch.”
The one thing they have in common is a nagging sense they need a plan, a path forward to feel confident in their future. Maybe it is because we have collectively lived through a very uncertain time. Maybe it is because the future looks less certain. Regardless, there is always a path forward and we are honored to help so many people find their personal yellow brick road.
We have drawn many analogies in previous articles on what financial planning is. But for the sake of this article, let’s just say it is that which solves the itch. It is the medicine that when we walk away from it, we feel more certain, more satisfied, and somehow more confident. If you have ever walked away from a meeting with an advisor more confused or uncertain than when you walked in, that wasn’t it – itch not scratched.
Are we saving enough? How will we pay for care later in life? How will we pay for our kids’ college education? What happens if I die or become disabled, will my family be okay? What if I lose my job and have a hard time finding a new one? Can I retire one day, and if so, what will I do in retirement to be fulfilled?
These are all questions we answer in the financial planning process. These are some of the nagging questions causing an itch and why people reach out to us. We are good at answering them and providing the clarity, relief, and comfort they seek.
When my wife RoseAnne and I completed our financial plan in 2020, there were two acute risks for us: one was paying for long-term care later in life and the other was controlling expenses in retirement. So, to solve these, we bought a long-term care policy which is payable for 15 years only. When we are 65 the policies will be paid off, controlling expenses in retirement, and we will have a lump sum available to us to pay for long-term care. We also refinanced our mortgage in 2020 to a 15 year so it too is paid off by the time we are 65. Again, to control expenses in retirement.
It is only through the financial planning process we can identify these key risks and opportunities, then plan for them. We may never need care and we may never retire, but we are prepared for them in either case and have peace of mind in the present.
Our slogan – “we provide clarity and confidence in an otherwise confusing world” – is absolutely what we do. We are honored you trust your most important relationships to us. We love working with all our new clients who are thoughtful, passionate, and caring people, a reflection of you, the person who referred them to us.
Sometimes we review the financial plan and there is nothing pressing to do. We simply touch base and let you know that everything is on track. As Libby once said, she still likes getting a clean bill of health each year when she sees the doctor. It’s time well spent to be reassured everything is okay.
We can’t say thank you enough for a great 2023 and the excitement we have going into 2024. We can feel the momentum continuing. It is going to be a great year in our TenBridge community. We look forward to sharing it with you.
From the desk of
Erik Lawrence CFP®
The information contained in this correspondence is intended for general educational purposes only and as a means for facilitating a conversation. Please consider our door always open to discuss your particular situation and how this information might benefit you and fit your specific needs.