Financial Literacy

Communication and Education are keys to a well balanced financial plan

Have you heard the expression, “You cannot see the forest for the trees”? This describes the plight of many investors, as they focus on a singular aspect of their financial planning, which prevents them from seeing the overall strategy of their retirement plan. They will worry about a particular investment or fund in their portfolio, but not comprehend how it works within their overall investment strategy. Some people are also overwhelmed by the terminology or have not been educated on the basics of financial planning.

Rob Chapman, CPA, PFS, CMA, Investment Advisor Representative and owner of Compass Wealth, LLC, works with clients at opposite ends of the financial knowledge spectrum – and everyone in between. Whether they know every detail of their financial plan, or know nothing at all about investing, he ensures that every client is aware of what is going on with their investments. Client education is a key strength of the firm along with its proactive approach to client communication.

chapman600x400“We will educate clients on what is going on with their investments, as well as changes in tax law, tax brackets, how those laws will affect their portfolio, risk planning and risk management,” said Chapman. “We send out regular refreshers to clients on tax and financial matters. Our goal is to help them feel less intimidated by investing, as well as more in control of their finances.”

In 1998, Chapman founded Chapman & Co., P.C., which later evolved to Compass Wealth, an independent financial services firm that specializes in customized financial planning, investment management and global investing services. The company, which recently celebrated its 20th anniversary, provides tax planning and management, as well as risk management. Chapman has more than 25 years of experience as a financial advisor, and provides financial, estate, retirement, and tax strategies through Chapman & Co., P.C.

One way to deal with clients’ varying levels of investment and financial planning knowledge is to create customized solutions. Chapman integrates tax planning, insurance, investing, retirement, health care, money management and other elements into every client’s financial plan. Each factor depends on the individual’s needs and goals. He will also discuss their plans for getting to retirement, how they plan to transition to retirement, living after retirement and managing their family’s needs.

Some clients have very complex financial needs. They might be working toward retirement while also dealing with aging parents with varying financial resources and health situations, as well as children who have come to depend on their financial support. Some fear that they will outlive their money, or that having to take care of parents and children will sideline their retirement plans. Chapman works with clients to ensure that their money will outlive their retirement years.

“We focus on setting appropriate withdrawal rates from the client’s portfolio, helping them to manage cash flow, deal with discretionary and non-discretionary expenses, and manage the amount of risk in their portfolio,” said Chapman. “We help clients to ensure that they have enough assets and cash flow to sustain a long retirement. We will also counsel them to make sure that they are caring for themselves, and finding the right balance of caring for parents and children.”

For more information on Compass Wealth, LLC visit: compasswealthllc.com

Compass Wealth, LLC
1163 Pittsford-Victor Road, Suite 130
Pittsford, NY 14534
(585) 249-5060

Securities offered through Cetera Financial Specialists LLC (doing insurance business in CA as CFGFS Insurance Agency), member FINRA/SIPC. Advisory services offered through Cetera Investment Advisers LLC.

 

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