Articles in "Client Conversations" category:

How the Lottery Helped Me with My Finances

  Michael Lynch     Fri Jan 22 13:00:00 EST 2016 


Last week’s Powerball jackpot reached over $1 billion, causing many people who wouldn’t normally buy tickets to fork over some cash for the sake of making sure they at least had a horse in the race. People seemed to buy tickets “just in case,” because, as many of the people I spoke to about it said, “you just never know.”

I’ll admit that I bought into the frenzy—I didn’t buy a ticket myself, but I did have fun thinking about what I would do with the winnings. The fantasy was short-lived, however, as my thoughts quickly segued into mulling over the pitfalls of spending money on frivolous things and the financial complexities that come along with suddenly acquiring a large sum of money. But before I could finish working through the tax implications in my head, the winners had been announced and the Powerball buzz was dying down again.

While the dreams of “what if I won $500 million” may be behind us for the time being, financial advisors can still capitalize on the Powerball headlines by using it as a conversation starter with their clients.

The Cost of Caring

  Michael Lynch     Thu Dec 03 11:00:00 EST 2015 

Mother and Daughter Sitting on Bed

We all tend to organically fall into certain roles in order to meet the needs of our loved ones, and within every family, there is most likely one person that is inclined to assume the role of caregiver. The tendency, in my opinion, is that caregivers are female. That fact is significant for financial advisors—not only do your female clients have unique needs and concerns, but if they are acting as caregiver in their family, then those needs and concerns become even more nuanced.

The role of the caregiver is also evolving in response to emerging family trends. With each generation, the life expectancy gets longer, which means that those playing caregiver will also be doing so for a longer period of time than in the past. In addition, it seems to be more common to have adult children move back home with their parents. Today’s caregiver may now be tending to an elderly loved one while also helping out with their grandchildren’s after-school activities.

The Three Item Tax Planning Checklist to Go Through with Clients Today

  Michael Lynch     Mon Oct 26 15:30:00 EDT 2015 


With Halloween coming later this week and ushering us into November, I’m reminded that the end of 2015 will be here in the blink of an eye. This is the perfect time of year for financial advisors to do a year-end checkup with their clients, especially with regards to tax planning.

Of course, FAs and investors really should be thinking about taxes throughout the year, keeping an eye on tax diversification and making sure there is some money in taxable, tax deferred and tax-free accounts. That being said, now is a good time to bring up the subject of tax planning with your clients, so that they—and you—are prepared and have done all that can be done before the close of the 2015 tax year.

Just Keep Working

  Michael Lynch     Mon Oct 19 14:15:00 EDT 2015 

Senior Male Construction Worker in Hardhat

Many times I have had people tell me, “If I am not financially prepared for retirement when the age comes, then I’ll just keep working.”

Close your eyes and picture yourself at age 72. What does your life look like? Do you have grandchildren? Have you moved—maybe downsized or upgraded, or perhaps gone to a new area altogether? Is your social life active? What do you do in your spare time? Now here’s the big question: in your vision of yourself at 72, do you still go to work every day?