finances and football

Managing Finances like Football: Does Your Wealth Management Plan Have a Strong Offense, Defense and Special Teams?

Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

I have always believed that there is an amazing similarity between coaching the game of football and managing wealth for the families that we serve. Both demand an incredible amount of preparation, strategy, proactive thinking and the ability to “call an audible,” making the necessary adjustments on the move.

In preparation for an upcoming game, the head coach puts together a specific tactical game plan for all his players and staff. If necessary, additional action steps are communicated, should appropriate changes need to be made during the game.

In the financial world, advisors develop personalized game plans, where they give advice in a common language, so that families can live out their hopes and dreams. Let’s look at how important the integration of offense, defense and special teams are to both a football team and a family seeking financial security.

Great defenses work very hard to make an opponent’s offense one dimensional, meaning they take away either the run or the pass. Most importantly they stick with their initial game plan, they trust their keys and reads, and they gang tackle on every play.

In the financial world, when evaluating a family’s overall financial situation, we manage risk and we work to prevent something bad from happening to us.

We work to not give up the big play, an unfortunate event that could derail a family’s retirement plan. This is accomplished through education, planning and the use of our risk survey and digital allocation tool.

Defense is important, but offense sells tickets. On offense, we want to have a balanced attack, with the ability to both run and pass the ball effectively. We use many different formations and players to accomplish this.

In the financial world, we accomplish this through our tested “bucket strategy,” which consists of now, soon and later buckets. This way we can diversify a family’s portfolio depending on their needs, time frame and risk tolerance based on what the markets – or defense – are giving us. A tactical approach allows our players and families to remain calm during difficult times on the field and in their portfolios.

Finally, the extremely important area of special teams. Turn on any football game, at any level, and I promise there will be a moment when a special teams play makes a huge impact on the outcome of the game.

With families that we work with, the ability to have in-house professionals – our version of special teams – is critical to our overall success. Access to CPAs, CFPs, JDs, CFAs and trust services is a game-changer for me and the people we serve.

It allows me as the lead wealth advisor to put the appropriate players on the field, which will provide our families the opportunity to worry less and enjoy life more.

Share:
facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.
Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

RECENT POSTS

Planning for Your First Required Minimum Distribution in Retirement

Mike Valenti, CPA, CFP®, Director of Tax Planning Qualified retirement plans – such as 401(k)s, 403(b)s and IRAs – offer clear tax advantages. Traditional 401(k)s, 403(b)s, and IRAs offer a tax deferral on contributions and growth until distribution. Their Roth counterparts can provide an i …

How to Leverage Tax-Advantaged Accounts in 2023

Kevin Oleszewski, CFP®, MST, EA, Senior Wealth Planner  As you’re setting your new year’s goals, one that should top everyone’s list is increasing your savings. After all, we’ve recently seen inflation at work, reminding us that even everyday essentials can bust budg …

Financial Resolutions to Take Into the New Year

Tom Fridrich, JD, CLU, ChFC®, Senior Wealth Planner Thinking about making some New Year’s resolutions? Add financial wellbeing to your list. It’s a terrific time to identify goals and opportunities that may put you in a better financial position — not only in the upcoming year, …
1 2 3 4 106 107 108
finances and football

Get in Touch

In just 15 minutes we can get to know your situation, then connect you with an advisor committed to helping you pursue true wealth.

Schedule a Consultation