With so many options to choose from, figuring out your finances can be easier with a professional. Take the headache out of financial planning with Meyer, Meyer & Associates, a private wealth advisory practice of Ameriprise Financial Services, Inc.
Cultivating a relationship with clients is perhaps the most important part of the process. “To do our job, we need to get to know them on not only a financial level, but also a personal level, and really put ourselves in their shoes,” said David Meyer, Private Wealth Advisor.
Each situation is different, even if the incomes are the same. Each person has different goals for their finances, which creates unique opportunities to create a plan that’s right for them. Ameriprise takes a comprehensive look at not just assets and expenses, but also insurance coverage, income tax and investment strategies, and more.
“We spend a lot of time and effort, when we work on financial planning for our clients, to make sure we’re looking at their whole situation from A to Z,” Meyer said. “We understand that this is what we do every day, it’s not what our clients do every day.” Ultimately, the goal is to help others make the most of their money at a risk level they can tolerate.
When it comes to your financial future, it’s essential to start early. “We’ve never had a client come in and wish they would have waited longer to start planning for their finances,” he said. “Even though you might not have much money to save, and there’s usually plenty you want to spend it on, starting to put away a little something and developing those savings habits is huge, and it will benefit you your whole life.”
The advice is particularly true when it comes to retirement. Compound interest means that the earlier you start investing, the more that money will work for you. Ameriprise helps clients form a plan to ease uncertainty about planning well for retirement.
“It’s the single biggest financial decision that anybody is ever going to make, and you shouldn’t go into retirement not being certain,” Meyer said.
However, it’s not essential to live like a pauper to feel secure in your finances. Part of Meyer’s mission is to help clients find a balance between saving and spending so they can fulfill both their short-term and long-term goals while maintaining healthy finances.
When deciding how to approach a goal, he’ll factor in the time frame and how much a client is willing to spend in today’s dollars. “Our only goal is to help our clients achieve their goals as quickly as they can. But we also have to be honest and say some of these goals might not be realistic,” Meyer said. “Do you need to make adjustments to your life, or do you need to make adjustments to your goal?
For a short-term goal like saving for a child’s college education, there are a great many strategies and options. He will look at how much control a client wants over the funds, if the money could affect financial aid, and what options there are if the child decides not to attend college.
These are far-sighted questions that someone might not consider or understand without a financial planner. A good relationship with the client makes it easier to have these important conversations. “We want to make sure they have good advice,” Meyer said. “That they understand what’s happening with the market, how their investments are working.”
Often, those relationships extend over multiple generations. Meyer’s father was one of the first financial planners to have an office in Marshfield, and those early clients have stuck around.
“I’ve had clients who’ve known me since I was a baby, and now I’m advising them, their kids, and their grandkids,” he said. One of his favorite parts of the job is seeing and hearing the difference that financial planning has made across those generations.
The business itself crosses generations. Meyer’s son plans to join the practice full-time after graduating college and has already joined his parents on a part-time basis.
Parents who want to start teaching their kids to have an understanding of finances are welcome to bring them along to a meeting. Though kids might not pay too much attention to the details, by seeing their parents take an active approach to their finances, they’ll be more likely to do the same later in life. Additionally, Meyer can run through some financial basics with them.
“Even if they’re not going to use it right then, they start to develop a comfort level and realize that these are things they should start thinking about and there is someone to help them,” Meyer said.
Visit Meyer, Meyer & Associates at their website or call 715-387-8700 to start planning your financial future.
David S Meyer, CFP® is a Private Wealth Advisor with Ameriprise Financial Services, Inc. in Marshfield, WI. Meyer specializes in fee-based financial planning and asset management strategies and has been in practice for 25 years. To contact him, visit , stop by the office at 1204 S Oak Ave. in Marshfield or call 715.387.8700.
The views expressed here reflect the views of David S Meyer as of December 12, 2018. These views may change as market or other conditions change. Actual investments or investment decisions made by Ameriprise Financial and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor’s specific financial needs, objectives, goals, time horizon and risk tolerance. Past performance does not guarantee future results and no forecast should be considered a guarantee either.
Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation.
Investment advisory products and services are made available through Ameriprise Financial Services, Inc., a registered investment adviser.