Solving the Financial Puzzle

Ep 151: Meet the Parkers: A Case Study for Whether or Not You Need an Advisor

September 1, 2019

We get the question quite a lot about whether someone needs a financial advisor so Dan Cuprill shares a real-life example of a couple he worked with to provide a case study for how the process plays out. We’ll call them the Parkers, and we’ll walk through their first meeting, goals, needs, and how we decided they were a fit for an advisor.

Today's show:


0:50 – Why it’s so important to have a plan and why we’re talking about that on this episode.

3:03 – Why I don’t off my advisor services to everyone.  

3:55 – Are you prepared to stick to the plan through the ups and downs?

4:54 – Let’s take you through a case study using actual clients. We’ll call them the Parkers.

5:23 – Who are the Parkers?

7:46 – This is the question I start off by asking every potential client that comes into the office and what I found out about the Parkers.

10:05 – There was fear from the Parkers despite having a sizeable net worth.

11:04 – Here’s where a good financial comes in to play.

11:50 – Here are their goals for retirement but they had an issue with their children.

15:14 – Another big issue is they have family in a nursing home with Alzheimer’s and they don’t want to burden their children with that.

17:06 – Another interesting thing that came up in our discussion was the use of annuities and whether they should utilize them.

21:38 – If a client is just about the numbers, we’re not the firm for them. Those are irrational expectations.

22:51 – The Parkers were seeking peace of mind and a sense of freedom. That’s who can benefit from holistic planning.

24:03 – This is where your plan needs to focus.

25:45 – We had a design meeting with the Parkers to let them decide if their current plan met their needs. Once that was done, we then wrote the plan.

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