Wealth Protection

Plan Ahead for The Unexpected

Insecurity as to how the family will support its needs looms large and all of the “what-if” questions are suddenly demanding answers that may not yet be available. It takes a huge emotional toll.
But it doesn’t have to have the same effect on the financial health of the surviving spouse – especially when forethought and planning arranged by a prudent financial advisor occurs.

“We always start with a plan,” Bob Dunlap said. As CEO of the Dunlap Gill Wealth Management Group based in Fishers, Ind., Dunlap said, “I’ve been to many funerals – some expected, some unexpected. One of the things that I love about this business is that we do the right thing in advance laying the right groundwork to make sure the family is taken care of.  Just the feeling of gratitude from the surviving spouse knowing that we did everything we could possibly do to put them in a position that they could live the rest of their live without having to sacrifice is my greatest success in this industry.”

Unexpected death is part of what brought Dunlap in to the financial services industry. His father-in-law was killed in an auto collision in 1990. He was only in his mid-50s. Dunlap helped his mother-in-law through the process of settling the estate and setting up a budget for her to live by.

“It really piqued my interest in this. It was the reason for the foundation of my company,” he said. “I felt very strongly about making sure the planning process is taken care of to help people in case of premature deaths.”

Now more than two decades later, Dunlap continues to seek clients that he can assist with their overall financial planning. He works in a fiduciary manner with folks approaching retirement or in retirement. He’s found that 95 percent of clients prefer the fiduciary standard of care once they understand its full definition.

Dunlap believes in complete transparency regarding the fees his firm charges clients.

He’s frustrated by the lack of full disclosure made available on today’s 401K plans. He knows the industry has taken steps toward a greater detailing of the fees charged in these plans, but he also knows the industry has more ground to cover. The 401K plan he uses for himself and his firm still falls short of his mark of full transparency.

“I know what fees I am paying for our 401(K) and I also know that not all of them are listed on the quarterly statements that I receive,” he said.

For 2017, Dunlap plans to watch for opportunities to purchase other financial services firms that may exit the business as the new federal Dept. of Labor fiduciary standard guidelines kick in to play.

Learn more about Dunlap Gill Wealth Management Group online at www.dunlapgill.com

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