We have all been celebrating the Kansas City Chiefs winning the Super Bowl on Sunday, and there was a feeling of exuberance throughout Lubbock, especially because of Patrick Mahomes, our “Mahomie”; yes, I would say we are a little bit proud! Then, today turned into a “snow day” in Lubbock, at least for some of us. The rest of our team is at the office, already working on the first tax returns, but I chose to work from home- a luxury. And though we had huge, heavy snowflakes falling this morning (see photo below), it is already starting to melt now a few hours later, which is pretty typical of Lubbock.
This time last week, I was in Florida with Dad (John) at the Inside ETF’s conference, near Ft. Lauderdale. During our lunch breaks, we were sitting out by the pool/beach, absorbing some warm sunshine and enjoying ocean sounds and breezes. Just…ahhhh. Lovely. We also managed to learn a little bit too, and always try to come back with at least one or two good ideas to improve our practice and our work with clients. Why do we do this?
Because for all of his professional life, John has believed that there is always more to learn, new ways to improve the business, as well as developing skills and knowledge that will actually HELP our clients- sort of the reason that we have our business! This value, this emphasis on continuous improvement, learning and stretching ourselves goes way, way back to my father’s youth, and is a core value that he has passed on to his family, and particularly to his daughters, who are his partners in our business. To that end, we will all attend at least one major conference or workshop on an annual basis to improve our skills and knowledge, and that does not include the constant reading and regular webinars that we attend throughout the year.
This quest for developing our knowledge base enables us to answer more of your questions, such as those we have addressed in previous blog posts. Just today, I reviewed an article that was a survey of financial life issues that clients would like their advisors to address, including:
- Investments, Retirement and Estate Planning- all pretty standard for financial clients.
- Tax Planning- which has become an even more important issue with the most recent tax law changes (see blog post on the Secure Act from 1/22/20: Because You Asked: Do I Need to Be Concerned About the 2019 Tax Law?).
- Gaining an understanding of Household Net Worth, and your personal Financial Statement, and your Cash Flows.
- An important issue to 91% of respondents was advice around Real Estate purchases, which surprised me somewhat, but should not have. Just yesterday, we met with some long-time clients to discuss a real estate purchase for their business, helping them think through ramifications, examining financing, etc. Just general, practical advice, made within the context of their financial picture.
- Other issues of concern were Education Funding, Health Savings Accounts, and Insurance Analysis.
- Finally, a significant number wanted advice in working with their aging parents or a family member with special needs.
These were the areas that were reflected in the survey, and are all issues that we make an effort to address with our clients. Not all at once usually, because that is simply overwhelming for both the client and ourselves, but as the questions or the need arises. They are areas where we have worked diligently to educate ourselves to more effectively help our clients.
So rather than answering a question this week, I guess I am instead posing a question to you: What do YOU need? How can we be of service to you, in your current situation? What is not on the list above that is important to YOU? If something comes to mind, let us know and we will begin to research, gather knowledge and work with you to find answers that work for you and your situation. Not that we can ever have ALL the answers, but we remain committed to the process of learning, so that we may better fulfill our mission to be of service to you as your advisors.
And until then: How ’bout those Chiefs! And while we are at it: Wreck ’em Tech!