Typical conversations with financial advisors have  historically revolved around client cash flow needs, returns, savings rates, taxes and the economic environment. Although these discussions warrant review, as practitioners within the industry of providing comprehensive financial advice we continue to evolve in our approach by implementing new tools and insights. The concept of Return on Life focuses on a more encompassing value proposition as opposed to measuring success based solely by return on investment. The Return on Life belief system views money as a tool, which aids in providing the best quality of life possible given the resources available. Through experience, understanding of our clients’ backgrounds, belief systems and values, we ultimately enable deeper measurements of well-being and financial progress.

Key to our focus on Return on Life planning is a deeper understanding of how clients view and use their money.  In doing so, we gain insight into determining if their use of money  aligns with their goals and what they  ultimately want out of life. Expertise in understanding our clients’  story is central, with the numbers viewed peripherally. Dimensions beyond the financial data is as important as the data itself.   By engaging in Return on Life discussions, more substantive and fruitful discussions ultimately provide superior and more gratifying planning experiences.   ..

Many of our clients anticipate the likelihood that some level of long-term care may be needed at a future date. As we work together toward constructing comprehensive financial plans, addressing and preparing for uncertainties is a critical consideration. Costs for various levels of care such as in-home, assisted living and skilled nursing may be significant. A common approach to addressing the impacts of long-term care costs is analyzing trade-offs between self-insuring (relying on income sources such as Social Security, pensions, retirement accounts, etc.)  or purchasing / maintaining a long-term care insurance policy. As financial planners, our focus is creating viable game plans to combat these uncertainties with the appropriate reflection and preparation. 

According to Morningstar statistics, roughly 52% of Baby Boomers turning age 65 will experience a long-term care need, averaging a 2-year facility stay during their lifetimes. Given these staggering statistics, periodic financial assessment is imperative. Utilizing sophisticated financial planning tools, our team works with clients in determining the potential effects of future care costs. Once general information is collected, our typical approach is then to demonstrate specific events that may adversely affect an individual’s standard of living. Our team has the capability to model alternative financial decisions, ideally arriving at an agreeable solution to diminish future financial stresses. As an example, we may determine (though some assumptions) purchasing or maintaining a long-term care insurance policy may be most beneficial and demonstrate the policy benefits for when certain levels of care are needed. More specifically, further analysis may include illustrations to trade-offs between payments for long-term care insurance premiums versus alternative uses for these dollars. Through our periodic meeting reviews, the foundations to a comprehensive financial plan is paved. ..