Organizing Finances

How I Work Virtually as a CFP®

How I Work Virtually Although it's more common to work virtually with a financial advisor than pre-pandemic, many people still have questions about it. How secure is it to meet virtually? In the beginning of the pandemic there were security concerns about certain online platforms, more notably for telehealth visits than for financial meetings. But the platforms quickly invested in measures that enabled corporations, medical providers, governments, and everyday users to provide a secure place to meet. That being said, no platform is 100% secure. We began with GoToMeeting but now use the Zoom Pro platform because more clients are familiar with Zoom. How do you get all the documents you need securely? We provide a secure link. You can upload as many documents as you like. We suggest uploading at least 2 weeks before the scheduled meeting. Will I be able to see my plan clearly on a small screen? We don't recommend using a smartphone, however, anything from tablets/iPads to full monitors work just fine. We can manually zoom in and out on our end to make the content more viewable on your screen. What if I need to share my own documents or spreadsheets during the meeting? We can enable two-way screen-sharing so you can share your own documents. What if the technology breaks? Hey, it happens! We have a couple of backup plans. What is the backup plan? If the problem is audio, switching to speakerphone is pretty seamless. If the problem is video on one end, we can usually figure the issue out within a few minutes. When there is a video problem on both ends, that usually indicates an internet or connection problem. Although rare, if that happened, we would suggest rescheduling but proceed as audio-only if that's your wish. How are you audited or regulated from your home office? We are regulated by the state of Florida who now conducts audits virtually. How do you keep distractions to a minimum? It's difficult when the view of the yard, birds and butterflies is so nice! Fortunately the location is quiet except for the occasional leaf blower. How can I have the best experience meeting virtually with a financial planner? Great question! In the same way we would have you as a guest in person, we want you to be as comfortable as possible during your meeting. Here are a few tips: Consider crafting the ideal spot for you. That might or might not be your office or desk chair. Couches are cool. So are pillows and pets. Dress more comfortably than you would for a meeting in person. Socks and sweatsuits encouraged. When more than one person is participating, we find it makes for a better experience if you each have your own screen. If you are in the same room, turning off one device's audio will eliminate echo and still allow for us to hear each other just fine. Grab a beverage and your favorite snack. If you feel uncomfortable at any time,…

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New Year: Got Your Notebook?

It's a new year: got your notebook? You know, that one with all of your passwords, account numbers, doctor names, and that very important song that must be played at your funeral. Yeah, that notebook. Where is it? It might reside digitally on your computer or in the cloud, or it might be a pile of papers in a file cabinet, or it might be in an old-fashioned 3-ring binder. The new year is a good time to ask: how easily can someone who needs it find it? Who Might Need the Notebook and When? Everyone needs a someone in mind for the notebook. Your someone is who will step in for you and help to handle things when you can't. If an immediate someone does not spring to mind, consider asking a professional to be that someone - an attorney, accountant, or professional fiduciary, for example. When will someone step in? At a time when you need the notebook, but can't get to it. Like the new commercial for disability insurance, we can imagine all kinds of accidents and tragedies that might bring about a need for the notebook. Rather than dwell on those, let's imagine that you are suddenly swept away on an all-expenses paid trip out of the country to a remote island with spotty cell coverage. While you are whale-watching and snorkeling the reefs for an indefinite period, things still need to be handled back home. Bills to be paid. Taxes to be filed. Gifts to be given. People to be notified of your absence and introduced to the someone who is handling things. What Goes in the Notebook? In essence, the Notebook is a central place you keep information that your someone will need in case something happens to you. Common and essential items in the Notebook include: Your five basic estate planning documents: original will (drafted by an attorney in the state where you reside), living will, health care power of attorney, durable power of attorney, and HIPAA designations. Advanced estate planning documents: trusts, partnership agreements, business buy/sell agreements, shareholder agreements, etc. Insurance policies. ALL of them: life, long term care, health, property, car, boat, liability, and any others. Contact information for professional advisers: attorneys, bankers, accountants, investment advisers, insurance agents, and (of course) your CERTIFIED FINANCIAL PLANNER™. Also, if your adviser has an assistant or paraprofessional who knows you and your situation, write down their contact information and a little note to that effect. (“Sharon is the assistant and she runs the whole place.”). All of your health care providers – doctors, dentist, optometrist, veterinarian (who is going to take care of Fluffy?). Put similar information by each one – what they helped you with and if any office or nursing staff know you and your history. Important to remember also, anything handled online: digital password manager, online user ids and passwords, bank statements, investment accounts, real estate deeds and mortgages. So much of our financial lives nowadays keys off of our email…

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NOW I Get It: 5 Lessons From Disaster Checklists

Like many in Florida this time of hurricane season, I am remembering the not-so-distant past experience with Hurricane Irma. Below are 5 lessons from disaster checklists. In that year, I thought I was prepared with a set of handy checklists. But in my Monday morning quarterbacking after that storm, there were areas where I did something right, intentionally or not, and others where I got to say, “Oh. NOW I get it.” I am a lifelong Floridian. I've been through hurricanes. Further, I love camping and have been doing it since I was little. But I take more time preparing for camping trips than I did for Irma. All the official checklist advice didn't sink in until I got a taste of the real deal. Irma was a huge pain and inconvenience for several weeks, but in my immediate area no lives were lost or in imminent danger. I realize now, though, how unprepared I was if it had gone differently. With no property damage or bodily injury, I was given a chance to do a better preparation job next time. So as we stare down another storm season and other climatic catastrophes, below are five lessons I didn’t expect to learn from Irma. Checklist Confusion What I Thought I Did Right: When Irma was one week out, I dug up the checklists and took inventory. But I became confused. One list was for evacuating the state, one was for staying at home, and another was for going to a shelter or friend’s home. I never thought I wouldn’t know which it was going to be. With a 92-year-old mother-in-law, leaving was not a simple option. Neither was staying. As we debated for five days before it hit, I bounced between the checklists, creating triple the preparation anxiety. NOW I Get It: This could have been avoided with a kit prepared in advance for each option. Lesson #1: If you are evacuating, and especially going to a friend’s house or shelter, the time to go is not 24 hours before the eye arrives. By then, or even 2 days before, the 50 mph wind and flooding rain has already begun. Once tree branches start flying across the highway (gee, that does happen before the eye arrives), all the stores are closed and you can’t go home for more canned soup, batteries or underwear. Lesson #2: Prepare the kits. Decide early on (like, 5 days out) to stay or go, and stick with it. Flashlights and Batteries What I Did Right: All the checklists say, of course, “flashlights and batteries." In preparation, I dug up as many flashlights as I could find. I checked the batteries. I replaced the batteries in the ones that didn’t work. The worst of the storm was to come at night, so before bed, I placed one on my bedside table and one on the kitchen counter underneath the light switch. NOW I Get It #1: Unfortunately I waited until the day before the hurricane to…

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Tampa Book Signing – Dec. 8, 2013 – at Inkwood Books

How will you be prepared to navigate your own money decisions, and family money conversations, around the holidays? Holly Thomas will have her Tampa book signing at Inkwood Books, at the corner of Platt and Armenia, on Sunday, Dec. 8 from 7 - 8 p.m. She will discuss and share how to have healthy money conversations and make better money decisions this time of year. RSVP to inkwoodbooks@gmail.com ($5, wine and cheese served).

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