We built ReFrame Wealth as a place where the relationship between the client and the advisor would feel different. When Mitch, Melanie and I describe our vision for the company we talk about changing the way it feels to engage with your money. If we zoom out, our goal is to change the fabric of the wealth management industry. As I reflect on our first year, I think about the monumental amount of work we have done, and I notice a shift in the balance of things. Today I will share some highlights of the work, and some outcomes that I have had the privilege of observing.
The Work
Financial planning is hard. It’s hard because it deals with money, which for many people is steeped in different kinds of shame. It’s hard because talking about money with other people is uncomfortable. It’s hard because the subject matter is complex and requires precision. And it’s hard because the choices you make have real life consequences on your outcomes.
This year I have walked with many families as they explore the financial planning process for themselves. I have listened to heartfelt answers to questions like – what do you want to do when you retire? What are your goals for your money when you have left this earth? What are your fears around your money? This year I have helped people who have lost a loved one to imagine what they want to do with a generous gift they have received. I have helped couples move from homes that no-longer suit their lifestyle, into their dream-homes. And I have done college planning for families getting ready to launch their child into the world.
After I listen to the stories of the clients I serve, I start building a plan. Dutifully typing in ticker symbols and IRC codes, the plan begins to take shape. I can see the goals forming as I run a Monte Carlo analysis to analyze probabilities of success in hundreds of different market scenarios. I imagine what would happen if they made different tax moves, and then chart it out on the plan. In building this plan, I create a link between what you are dreaming about and what your savings will allow for. I regularly test for nightmares, so when we experience an economic recession or stock sell-off it doesn’t disrupt the arc of the plan. After I am satisfied that the plan has been tested from every angle, we talk together about what the plan shows, and what actions I recommend.
The outcomes
The outcomes I am most proud of cannot be measured in dollars. While I am very pleased with the performance of our customized client portfolios, I am more pleased that my clients feel more empowered with their funds. I watch these changes that happen from the first time I meet a client throughout the expanse of our time together. Sometimes it is incremental – like the moment my client’s face lit up when she had a better understanding of her tax options. Sometimes, it is monumental – like getting a phone call from a client saying she purchased her dream house. Each of these changes, big and small, underline for me the value in the work we bring to our clients on a daily basis. Every day we come in to work and partner with people and families who are struggling to find answers. Every day, we help people create a customized solution for their individual situation. And some days, we get to see the fruits of our labor. So, to those clients who have allowed me to walk alongside them this year, thank you for your trust. To those who are thinking about starting the process, I would be glad to start the journey with you.
This content is developed from sources believed to be providing accurate information, and provided by ReFrame Wealth, LLC. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.