Viewpoint with Dennis Quaid - Corporate Profile 2024

[Music] if you're like most financially successful people I'm sure you've thought about the Legacy you'll leave behind it's the decisions you make now that will help you have a meaningful difference on the people and causes you care about in the financial area most people spend their lives saving so we're accumulating and that's what feels like the responsible thing to do I'm saving more or I'm trying to spend less in terms of accumulate for the future well if you do that for 30 to 40 years you've built a pretty strong habit of saving and maybe not releasing or spending or using the resources so that transition from saving for something to Now using those assets for the things you've been saving for it can just feel wrong for people they they've developed a very very responsible habit everyone's told them that's very responsible good for you for saving and yet that habit those habits later on can maybe work against you for a bit you really intentionally decide like okay now is the time we're going to kind of begin to turn this corner from the accumulation phase to the actual dispersing to using the benefiting others including ourselves with the assets we've accumulated when you're an independent firm you're able to give unbiased advice so if no one is paying us other than the client to give them our best advice then we're just motivated we're uh incentivized simply to help them do as well as they can do when people are looking for a wealth management firm or a financial planning firm three things really come to mind in terms of what they should be looking for first one I think is is really important is understanding who does this firm work for are they independent are they tied to a brokerage firm what is that really look like so understanding that because ultimately what you want to know is who's working for me the client second thing that's really important is understanding what their take is on the role of a fiduciary are they a fiduciary are they not a fiduciary from our perspective really understanding that process over solution is critical uh it just puts the clients needs before anyone else's finally I think most importantly is how how are advisers compensated um are they are they a transaction firm uh do they get paid a commission are there underlying fees associated with certain products that they might be utilizing or are they fee only and then just being really able to understand what does fee only mean one of the the most common mistakes I see with people is that they just wait too long um to engage if they have a pressing question usually there's going to be other questions other decisions that they need to make that they need to answer that are related to that first initial question or issue or decision another common or costly mistake that we see people make is just not implementing recommendations and then the third costly mistake I see folks make really falls under the umbrella of Behavioral Finance and so when we see clients make Financial or portfolio decisions to try to regain a sense of control amidst uncertainty usually those are not great decisions right they're more harmful than they are helpful what you do with your resources time talents and finances can give your life meaning fiduciary advisers can help you make important financial decisions at pivotal moments in your life from my perspective there's really four key professional advisory relationships that clients should be thinking about to round out their their team from a financial planning perspective number one I would say is the quarterback and that really in most situations is the financial advisor uh that financial adviser is going to understand the family's goals their objectives and that person will be able to bring first and foremost the CPA to the table secondly I would say every person needs an estate plan and then lastly Insurance a fiduciary financial adviser can help you create and execute a plan that will help you achieve your lifetime goals make an impact on the world and leave a lasting Legacy the team at Foster group Works to deliver wise Financial counsel while encouraging lives of meaning and generosity for their team their clients and their communities they apply proven processes to help clients achieve their goals and expand what they may think is possible so what we try to do I think at Foster group in all of our interactions as we try to take the posture of an educated Optimist what we look at is m maintaining a very positive but reasonable rational optimistic educated optimistic approach and if people can begin to think that way it gives them I think more positive outlook that positive outlook helps them to think about things that are meaningful to them ways they can be generous contributions they want to make at Foster group when we're sitting down with a new client family for the first time or an existing family that we have worked with for many years we want to make sure that we understand who they are as people we're going to try to do that by asking the right questions open-ended questions that get our clients talking about their goals hopes worries fears thinking about life's big questions what is my desired Legacy what do I want to do with all that I've accomplished throughout my working life and then our role as advisers is to help find the steps and um accompany them on that Journey so that they can reach that end destination so that they can have that desired impact um and answer some of life's biggest questions together since 1989 the team at Foster group has been providing wise Financial counsel their vision is to encourage lives of meaning and generosity for their team their clients and their communities their fiduciary business model and commitment to remaining internally owned helps to ensure they serve the best interests of their clients and can remain durably independent for years to come their desire is simply for their clients to be truly cared for