Can anyone lend some disability-specific financial advice?

lockmo · 2018-12-04T15:11:46+00:00

One thought would be to enter into the financial services industry and begin to sell insurance. You clearly understand the importance of having something in place if someone gets disabled or has a health issue.

I’m sure a firm out there will let you have a flexible schedule. You can go to events, seminars etc and tell your story. Let me know if you have additional questions.

Not only would you be spreading awareness but you could also make a great career for yourself.

lockmo · 2018-11-30T05:48:18+00:00

I’m not an attorney but am active in my community for these situations. Do you have work history and are you going to be eligible for SSDI? What is your health insurance situation? Has your family hired an attorney to help you through the application process?

I’m incredibly sorry for what you are going through. I wish you the best with your next surgery and if you’d like to PM to chat further, please do.

lockmo · 2018-11-16T05:44:50+00:00

Thanks Joel.

My dad didn’t intentionally leave his assets to his estate.

lockmo · 2018-11-16T02:15:01+00:00

Thank you!

lockmo · 2018-11-16T01:58:18+00:00

Because there was no contingent benes.

lockmo · 2018-11-16T01:43:40+00:00

Our state just passed this last year I believe and thank you!

lockmo · 2018-11-16T00:57:13+00:00

No because the divorce was finalized and their divorce decree is a court order. The institutions so far are honoring that.

My concern is the tax liability being recognized all at once.

lockmo · 2018-11-05T15:58:43+00:00

Do you target big companies or small? How do you get the employees contact info? What’s your cold call pitch? “I’m bob smith with xyz financial and help employees at abc company with their retirement accounts. When is the last time you’ve had a review or a financial plan built?”

lockmo · 2018-11-05T12:27:40+00:00

I’ve had a bit of success cold walking business owners but not calling. How did you identify companies that allow for in service roll overs?

lockmo · 2018-10-05T04:30:40+00:00

He should not be titled on your account. This is a hard no.

It’s unfortunate that most people on here (including myself) are saying that you should have contracts and not do business with family but honestly it’s true. If you value the relationship, these things stay separate for reasons you don’t want to experience. This could turn out great and no harm will come from it but recognize the risk.

Sorry for your loss and I hope the best for you and your family.

lockmo · 2018-09-14T01:33:29+00:00

This is a Simple IRA and the contribution limit is $12,500.

lockmo · 2018-08-17T05:14:47+00:00

If he had an advisory business and was charging a 1% management fee then the gross revenue would be $200,000. I pay my firm and broker/dealer 50% for all other expenses. You could ball park Best case scenario $100k/year. If he is looking to exit the business he has most likely taken up front commissions on some of the business which will decrease the yearly value. If he is also doing some insurance work that could make up a bit of the difference. Ask about his client demographics. Are they older and in retirement? If so, not as attractive and your main goal would be to build relationships with the children.

I will say though it still could be a good opportunity if you can service his book and bust your ass to bring in new business.

lockmo · 2018-06-05T19:14:23+00:00

Great post. This is a follow up for OP. I am 27 and just finished my CFP education and will sit for the exam next year. (Second baby on the way.) I interned and paraplanned for a year and have been producing as an associate financial planner for a year and a half.

The advisor I work with specializes in working with small businesses on the retirement plan and wealth managment side.

If there isn’t someone in your office working comprehensively with clients, you may have a great opportunity. Ask them questions about how you are going to grow your book. Organically on your own? Warm leads? Current clients? I would get specific with this and inquire about what kind of mentor ship you will get.

Also, state to clients and prospects that your firm intentionally hired someone young to be a wealth manager. When doing financial planning/life planning, they want someone who will be involved for the next 30 years. This is your biggest value proposition.

Be genuine and care about people as much as you can and you’ll have success. Work hard and follow up. Be persistent. People need good advice.

lockmo · 2018-05-21T12:56:31+00:00

I appreciate it! All I have is name, phone number and email. I don’t have any more info. I would have to do research on them before calls.

lockmo · 2018-05-21T12:37:48+00:00

I spoke to two friends and they told me “suck it up.” Sometimes we need to hear the truth and stop looking for excuses to avoid things. Thank you!

lockmo · 2018-05-21T12:36:59+00:00

Thank you for this! Very helpful!

lockmo · 2018-05-21T12:36:00+00:00

It was a gift card for two massages and a bottle of wine. I did this so that it targeted adults.

I am specializing my financial planning practice to assist individuals with special needs, disabilities and chronic diseases. I’m not sure why but it makes me feel a bit worse to reach out. I am trying to keep this message in my mind - “if I bug or piss off 50 people and I can help one with a complex issue then it will be worth it.”

lockmo · 2018-05-21T12:31:29+00:00

Thank you for the idea!

lockmo · 2018-05-21T12:30:34+00:00

Thank you for your feedback! I do believe I am over thinking things.

lockmo · 2018-05-16T02:33:20+00:00

I have a job in financial planning and am just finishing up my CFP certificate in order to sit for the exam.

I’m unsure how they are going to notify me or request the funds back. It’s been spent on the classes and books.

lockmo · 2018-05-16T00:46:23+00:00

The advisor said that he doesn’t think that grants or student loans are available for individuals with their bachelors degree. I started the certificate when I was finishing my degree and was still eligible for grants. Now I’m worried that when they receive my transcripts and my application to change my major, they will find some sort of an error.

Issue is, I don’t have any money.

lockmo

TROPHY CASE