Do you find yourself asking the question, “Do I have enough? Am I going to run out of money? Am I going to be able to maintain a high-quality lifestyle when I retire?
Do you feel like you’re paying too much in taxes? Are you overwhelmed with paperwork and financial documents? Are you struggling with how your investments should be set up or wondering if and when you should get in or out of the market?
The Do I Have Enough Toolkit answers these and some of the biggest questions about money, investments, taxes and the complexities of retirement.
The system is based on the Mokosak Advisory Group’s 26 years of experience working with hundreds of families from all walks of life as a wealth management firm. The result is a process called “The Five C’s” that consistently produces results.
The Five C’s:
- Capture: This is a discovery meeting to take a deep dive into your financial life and understand your values, your goals, family, and business relationships. It’s also an opportunity for the client to learn how the Mokosak Advisory Group can help you solve your money, tax, and planning challenges now and in the future.
- Clarify: Think about the stacks of statements from your investments, wills, and insurance policies. A quality wealth management firm will sift through all of this documentation to sort it out and make sense of it. The Mokosak Advisory Group goes even further: they find every possible tax break you can take advantage of, then reconvene to present a financial plan and investment analysis. They’ll identify any gaps and find ways to reduce your expenses with more efficient investments. They’ll also find ways to create or increase your ability to contribute to charity.
- Commit: After your opportunities are identified, you need specific recommendations on how to improve your financial situation. A quality wealth manager will give you some time to consider these recommendations, then reconvene for a commitment meeting to decide whether you’re a right fit for each other and start implementing your tailored plan.
- Construct: What you need is a “Personal Chief Financial Officer” that takes responsibility to ensure no mistakes occur. The best scenario is a partnership between your wealth manager or financial advisor, your accountant and your attorney. If you don’t already have a comprehensive team, a great financial advisor will open their network to make introductions and connections with a “right fit” team for you. This is the role the Mokosak Advisory Group often takes with their client relationships.
- Calibrate: This is a coordinated, ongoing integration between you and your wealth management team. They make sure the I’s are dotted and T’s crossed, making adjustments along the way to fine-tune your custom strategy. Together, they have all the tools and resources to help you reach your financial goals — now and in the future.
Here’s how this process plays out in real life. Steve and Cheryl (not their real names) are busy professionals dedicated to their careers and children, and are already great savers. Steve worked for a financial services company and began saving at an early age. His loyalty to investing at the financial service company that he worked for didn’t pay off. He later found out that the investments that he had chosen were expensive.
While Steve and Cheryl were financially independent, they were paying six figures in taxes annually. Following the Mokosak Advisory Group process, Steve and Cheryl significantly lowered their taxes and investment costs. This enabled them to increase their charitable giving and support their community without impacting their financial situation. A win-win-win.
When you evaluate a financial advisor or wealth management team, make sure they pass the “Partner Test” by asking three questions:
- Do you meet at least twice per year to review progress?
- How frequently do you make adjustments to our financial plan? Life happens and things come up.
- Ask to see testimonials, case studies and speak to some clients to make sure the wealth management firm has long-term relationships, ideally over multiple generations.
“When our clients are progressing, we as a business are progressing. We’re on the same side of the table.” – Frank Mokosak
In the industry, the terms financial planner, financial advisor and wealth manager are used somewhat interchangeably. Many advisors will only look at their clients’ investments or insurance and not their entire financial picture. Mokosak Advisory Group has a team of fact-finders and follow-through personality types to give their clients a holistic approach to wealth management.
If you’re a business owner and looking for a way to help your employees achieve their retirement dreams and be a hero to them, the Mokosak Advisory Group does “lunch and learns,” re-education programs, and provides training content and books available to your team.
To get your questions answered, access free resources, and learn more about the Mokosak Advisory Group, visit www.MokosakAG.com or call 515-223-5404. Make sure to watch the YouTube interview here for even more on the Mokosak Advisory Group approach.
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