Tag Archives: financial advisors

The Military – Saving Lives Through Financial Literacy

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In May 2014, I blogged about military members finding help from some special financial advisors.  You can read that post by clicking here.

When a problem involving so many people is identified; usually studies are conducted, articles written, and things stay the same.  It is the nature of the highly regulated and tradition bound financial services industry and government agencies (including the military services and the Department of Defense) to move slowly.  However, something different is going on as a result of Financial Planning magazine’s storytelling about the how the lives of our military members and their families can be greatly enhanced through financial literacy and personal financial analysis.  Change is coming and it seems to be coming quickly!

You can learn more by clicking here to get an update titled House Approves New Planning Initiatives That Could Stem Military Suicides.  The article is on the Financial Planning site, so you may need to click on the advertisement and then look in the upper right corner on the screen to click on “Go to Site”.

My first career was as a civilian employee of three military services and the Department of Defense.  My second was as a  financial advisor, broker, and insurance agent.  I know how valuable it is for those in challenging financial situations to have access to trained professionals who have knowledge about a wide range of topics (not just investing) and who have only best intentions for the client.  Unfortunately, access to this type of service is usually limited to those who have money to pay for advice, or assets to invest. That is not always the case with many people, like military members and their families,  who need  information and services the most.

It is exciting to see leadership in the financial services industry coming from those in the financial services industry who deal with people on a day-to-day basis and from  top level leaders in both the military services and the legislative branch.  I look forward to hearing more.

 

 

 

 

Military Members Find Help from Some Special Financial Advisors

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Today my on-line version of Financial Planning magazine showed up in my email in-box.

As a former broker and financial advisor, I used to read everything in he magazine.  Now I read mainly articles about women and money.  However, the one today is titled “Financial Planners Help Stem the Rate of Military Suicides”. Having spent my first career working for three of the military services and then the Department of Defense, and being aware through news stories that suicide rates in the military are rising, I was curious and clicked through to the article.

Personally, I understand that some financial advisors and planners can do more than just hand out wisdom and match clients up with products.  What they can do better than most anyone else is listen to a client and then use their brains like a search engine to scan all the considerable knowledge they have about the entire financial management process, not just the lucrative and more glamorous investing component.  With their talents, a lot of patience, and a willingness to take the lead in filling out paperwork with the client, they can help make things happen.  People in trouble are too exhausted to do it all by themselves.

The article is worth reading whether you are a military member, a health care professional, a financial services professional, clergy, or just a caring person.  I am excited to learn this story of how a few risk-taking financial professionals have stepped up to the challenge and changed people’s lives.  I’m hoping they have also started a movement to expand how financial professionals are allowed to give clients what they really need.

Please click here to read this story.

Until next time.

Debra Hadsall

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Even TV Characters Value Financial Management

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The TV show is Nashville. The character is  the young, ambitious, super competitive and talented country music star Juliette Barnes.  Juliette is scrambling to figure out how to come up with  big bucks to pay a cheating, lying, and thieving former manager/boyfriend who is going to splash a sex tape of them all over the internet if she doesn’t pay up.  First he wanted only $2 million which she must have had in her emergency fund and that wasn’t a big problem.  Then he wanted an additional $8 million, bringing the price for keeping that tape private to $10 million.  I told you he was a lying and thieving kind of guy.    On top of that, voting for Country Music Awards is underway and for the first time Juliette has been nominated.  So, she does what everyone else does when looking for ways to pay.  She asks for advice.

Juliette’s personal assistant to Juliette. “ Your accountant said to come up with the $10 million in cash you would have to liquidate some of your securities;  several  stocks, bonds, and mutual funds.”

I just get excited with TV shows  which bring up anything which remotely encourages viewers to learn and understand financial management.  I am especially pleased at the mention of those words “securities, stocks, bonds, mutual funds”.  I have visions of thousands of young viewers googling these words to learn what Juliette has that they need to learn about and “buy”.  Awesome.

I am assuming that the accountant in this situation first talked to Juliette’s financial advisor(s) and collaborated with them on how to best offer Juliette a solution to her $8 million problem.  Accountants understand where the money came from, how to keep track of it, and all the tax implications.   They understand cash flow and lots of other important accounting things. Financial folks understand how to help clients create that pot of money, like the one Juliette is contemplating spending.

In the end Juliette became more attached to her integrity and her money than she was to her image.  The money story ends there, but it is a TV show and the issue of the blackmail gets resolved in a high drama way.

Until next time. 

Debra Hadsall

www.financialfreedomparty.com

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