Diligence by Who? You or Your Financial Advisor?

By
Mark Nicolet, CFP®, MBA, ABFP™
August 22, 2018
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Recently, I followed up with a client after the client had been away on a family vacation for two weeks. Prior to that trip, the chaos of summer, work travel, and meetings had prevented the client from following up with me on a minor but impactful recommendation I had encouraged the client to consider in our last conversation. Before I had the opportunity to even say, “Hello,” the client apologized and communicated that I was owed a phone call. Yes, I had encouraged a decision knowing the impact would further strengthen the client’s financial situation, but in my diligence, I didn’t expect a phone call. The definition of diligence: careful and persistent work or effort. I love the simplicity of this definition and the use of the words persistent and effort. From knowing the client, I know the client is incredibly diligent in her own work and personal life. You see, when my client picked up this phone call, and the diligence of my follow up had just replaced the client’s call, eased the burden of the client having to call me back (amidst her intense work schedule), and ultimately resulted in the client making a best decision to improve the efficiency and effectiveness of her plan after re-clarifying the client’s priorities and current time frames.

An ongoing and sound financial plan requires an immense amount of diligence. If you are not ready to double down on this level of diligence on your own, why not hire a Decision Coach and Certified Financial PlannerTM professional to sprinkle the entirety of your plan with some diligence? Have you rebalanced your 401(k) lately? Have you increased your contribution percentage after your last raise? Did you update your life insurance planning after you moved into a new home after your second child was born? Are you planning on saving for that dream trip to Europe, or is that just going to magically happen in the next five years? What are the trading fees on your brokerage account? You have given thought to each of these questions. You have even discussed the answers with your spouse or close friends. Yet, you are busy and these action items are on the top of your priority list on a Tuesday. All of these questions require thoughtful planning with ongoing diligence, communication, and action. As soon as you settle into a plan with the right cash flow, life happens and you will need to adjust the game plan. My client didn’t forget to call me back. My client wanted me to call me back. Yet, my client didn’t call me back and didn’t make up her mind, until I called. Was I upset that I had to follow up several times? Was I frustrated my client seemed non-responsive? Of course not! It’s my career and joy as a Decision Coach. It’s part of my role as your financial planner to be diligent, to hold you accountable, to help you make qualitatively better decisions over time. Do I expect this to take a few follow up calls and three incredibly productive and ongoing quarterly progress checks between annual reviews? Of course! I love crafting a game plan for you. I love when you approach a financial decision and prior to making a decision, you reach out to me. I want your plan to be dialed in, so ultimately, you are living the life you want now, saving for the life you want in the future, as I provide the guard rails of diligence all along the way. A lot happens in a year and all of those little decisions have a significant impact over a long arch of time. Why I am so diligent with your financial plan? So, you don’t always have to be…don’t apologize, let’s just make the next best decision together and I’ll handle the follow up so we can one day celebrate together, not just because you are retiring, but because of the life you lived to get there.

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By
David McDonough
January 5, 2021

Awareness is key to change, but you also need action. In fact, you need focused, decisive and immediate action to see change and to get yourself back on the road to financial independence.

There are a lot of decisions to make when forging your way to financial independence, there are also countless paths to each destination and countless solutions to each problem. Most folks are also juggling more than one financial goal: retirement, emergency funds, college education for children. How do you prioritize? How do you find the right solution for retirement or long-term care? All the decisions can be overwhelming, which causes many to check out of their own financial situation. While taking a step back when one feels overwhelmed is a natural response, refraining from taking action can ultimately do more harm than good.

Definitive action can both propel you towards financial independence and protect the traction you’ve already made. The sooner you start investing in your financial future, the more your funds can grow due to compound interest. The longer you wait to address any financial problems, the more these minor issues can snowball into larger issues, which can often be the case with debt. Also, if you haven’t taken decisive action to establish an emergency fund or invest in the proper form of insurance, an unexpected event can derail you further from your route to financial independence.

Our Advisors at Trilogy try to help you take the guesswork out of making a decision. Some of the worst indecision is born from not knowing the results of choosing Option A over Option B. However, our Advisors /Life Planners can run various scenarios for you, showing the consequences of different courses of action – helping you see which decision may be the right one for you. More importantly, they are here to support you through difficult situations, so the rest of your road to financial independence will be smooth sailing.

By
June Adams
April 26, 2021

Protect yourself from these tax-related scams.

Tax-related scams have become increasingly common, and they happen year-round.  Fraudsters will contact you pretending to be from the Internal Revenue Service (IRS), a tax accounting service, or another tax-related agency.  You could receive fake emails, phone calls, letters, or other communications.

Be on high alert for phishing emails. Scammers are attempting to steal information such as tax IDs, account information, passwords, and other valuable data.  Be immediately suspicious of any unsolicited communication (email, text message, letter, or call) that asks you for your Social Security number, login credentials, or other personal information.

Review these helpful FAQs:

  • Will the IRS contact me via email?

The IRS will never initiate contact with you via email, text messages, or social media with a request for personal or financial data. Be extremely careful with any unsolicited email that claims to be from the IRS.

  • What should I do if I receive an email or text message claiming to be from the IRS or another tax service that asked for sensitive information?

Do not reply! Do not click on any links or download any attachments. Forward any IRS-related emails to phishing@irs.gov.

  • What should I do if I discover a website claiming to be the IRS that I suspect is not legitimate?

Do not click on any links, download any files, or submit any information. Send the URL to phishing@irs.gov

  • Are there any trusted resources I can use to identify email scams or websites claiming to be
    the IRS?

The IRS highlights examples of email scams and bogus websites. Find the information online at www.irs.gov/uac/Report-Phishing and https://www.irs.gov/newsroom/tax-scams-consumeralerts.

  • What should I do if I receive an unsolicited phone call or letter claiming to be from the IRS that
    I suspect may not be legitimate?

Contact the IRS yourself to confirm any requests made via phone or letter, particularly those that are threatening or demand immediate payment. Visit www.irs.gov/uac/Report-Phishing for phone numbers and other tips.

  • If I receive a suspicious tax-related email while at work, should I notify my company?

Yes! Report suspicious emails to IT. The IT team can help you determine if a message is legitimate. In addition to confirming requests for your personal data, you should verify any email that asked you to provide copies of W2 forms or your coworkers’ tax-related information.

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