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Author: Hill Investment Group
5 Tips for a Winning Financial Planning Session
Have you ever sat in your car in the parking lot after visiting the doctor for your annual physical and said to yourself, “Oh, I forgot to ask the doctor about X…Now it’s too late”?
We’ve all had those moments where more formal preparation would have made our meetings with doctors, lawyers, contractors, etc., more productive and valuable. Meeting with your financial advisor is no different. Preparation before your regular review can help you and the advisor. Here are five basic steps to help you prepare for the next meeting with your Hill client service advisor.
| ACTION STEP | WHY IT’S IMPORTANT | |
| 1 | Clear out other distractions before your meeting. | You are busy with a personal and professional life. But your review meeting is important, and you want to resist the urge to “squeeze it in.” Holding the meeting when all parties are mentally present is critical. Don’t hesitate to change the meeting date if need be. |
| 2 | Review the summary and actions from the last time you met with us. | This will help jog your memory. Your meetings should have continuity without that feeling of starting over. |
| 3 | Reflect on any changes in your family, priorities, spending, employment, and key milestones/events during the past year and ones that you already know will occur in the future. | Your financial plan is unique to you and your family. Sound advice depends upon a context – your life. The more Hill knows about your situation, the more tailored and thoughtful the conversation will be. |
| 4 | Review the agenda sent before the meeting and suggest additions or mark up with your notes. | Your review meeting is for you, and the agenda should reflect your priorities. This will ensure your time is focused on topics that are vital to you and your family. |
| 5 | Draft and bring along any questions and topics you’d like to hear more about. | Formally writing down questions ensures you don’t leave the meeting with that lingering question or topic. |
Years ago, when I taught leadership classes, one of my favorite quotes was from the Tanzanian marathoner Juma Ikangaa, who said, “The will to win means nothing without the will to prepare.” Okay, your financial review may not require the same sacrifice as training for a marathon, but taking these five steps can make you feel like your next review is a real win for you and your family.
Welcome, Michael Kafoglis!
We’ve added an incredible new team member, and you may recognize his last name. Michael Kafoglis joins our Client Service team as an advisor and CFP based out of our Houston Office. Michael will work closely with John Reagan, servicing our Hill and Hilltop clients. Michael comes to Hill Investment Group with seven years of experience at one of the largest investment institutions in the country, where he served as an advisor to high-net-worth families.
As the son of a consultant turned teacher turned financial planner, he has a unique view of investing. Although he was taught concepts of compounding, diversification, and patience at a young age, when he became an advisor, he discovered his financial education was not the norm but the exception. Michael has made it his goal to educate clients and simplify their financial lives so they can focus on what they care about. Needless to say, he will fit right in at Hill Investment Group.
If his name sounds familiar, Michael is following in the footsteps of his dad, Charles Kafoglis, as he joins our team out of Houston. We are referring to them as the Kafogli and are already enjoying the camaraderie and banter they bring to the team. Stay tuned, as his complete bio will hit our site later next month.
Welcome, Michael!
Back to School – Pause
My grade-school-age kids recently returned to school, which made me think about being a little kid again. Summer was always a time of unbridled joy and freedom for me. Even as a kid, I knew summer meant I had the freedom to get on my bike and ride to the nearby pool or meet up with my neighborhood friends for a game of street hockey because my schedule and routine were flexible. My biggest concern was whether or not I got a hit in my baseball game!
As we get older, those feelings start to change. We take on more responsibilities – summer jobs, summer school, and ultimately adulthood. Life speeds up quickly, and we don’t always do a good job of slowing down and living in the moment. We’re constantly thinking about what’s next and what we must do to keep everything moving forward. As Harry Chapin famously sang in Cat’s in the Cradle, “There are planes to catch and bills to pay.”
On a recent family vacation to Florida, I read a book by the former Duke basketball coach Mike Krzyzewski, Leading with the Heart. Coach K uses the metaphor of his team being on a train. He reminds readers that stopping and enjoying the moments while on the train is essential. Some of those moments are big milestones we plan and prepare for, while others happen unexpectedly.
So, as summer ends and we return to our busy lives of hauling kids to their various events, traveling, and everything else we have going on, I encourage each of you to take a moment to “pause at the station.” Whether things are improving or worse than anticipated, try to enjoy the moment. Enjoy the moment.
P.S. For those looking for some light humor, I recently created unique handshakes with each of my three boys (my daughter is a bit too young to have her own). Below is a video of my youngest son, Charlie, and me doing a clumsy version of our handshake on his first day of Kindergarten – certainly a major milestone in both of our lives!
*Apologies to long time client George Thomas for making a positive Duke reference. I hope you’ll forgive me.
**This is the same book featured prominently in the hit show The Bear (season 2).
