Finance

The Dynamic Duo in Financial Planning

In the financial planning industry, a Certified Public Accountant (CPA) who is also credentialed as a Personal Financial Specialist (PFS), is viewed as someone bringing a substantial amount of professional training, expertise and experience to their clients.

According to the American Institute of CPAs, the world’s largest member association representing the accounting profession, “A CPA/PFS is more than a financial planner. He or she is a CPA with the powerful combination of extensive tax expertise and a comprehensive knowledge of financial planning.” The Institute’s PFS program provides CPAs with rigorous training in the areas of estates, taxes, retirement, risk management and investment planning. Upon completion of the program, participants must pass an extensive final exam in order to earn the PFS credential.

Chuck Morris, owner of MLM Wealth Management Group and a Registered Principal with LPL Financial, holds both the CPA and PFS designations. From the beginning of his career as a CPA over 30 years ago, the needs of his clients drove him to expand into financial planning and wealth management services. While reviewing annual taxes with his clients, Morris saw that for many, there was no coordination between their current goals, tax savings practices, and planning for the future. By increasing his services and building on his professional expertise with PFS training, Morris greatly increased the value he brought to his clients’ financial future.

MLM Wealth Management Group's philosophy is based on the principle that client education and an understanding of a client’s current financial situation are vital to successfully making prudent decisions concerning their future financial condition. The firm’s products and services include investments in stocks, bonds, and IRAs; financial planning for college, retirement and tax plans, 401(k) and 403(b) plans, estate planning, and profit sharing plans; and insurances including disability, life, and long term care insurance.

Long term care insurance is discussed with clients at the beginning of the relationship so they can make informed decisions about whether to include it as part of their overall financial plan. “Long term insurance helps people offset some of the cost for long term care,” said Morris. “You have insurance on your car and your house, and most likely health insurance on you as an individual, but what you don’t have is insurance on your portfolio – and that’s where long term care insurance would come in.”

Determining the particulars of retirement planning, such as where sources of cash will come from and tax planning, are also a part of the initial planning process. “Financial planning is a work-in-process that needs to be reviewed and modified as things change in a person’s life,” said Morris, citing inheritances, the number of children and medical life-changing events as examples. Along with his CPA and planning expertise, Morris collaborates with attorneys, bankers and other professionals to help clients achieve their goals. Once a plan is implemented, the educational process continues throughout the relationship with the client, and in the case of a married couple, both spouses must be present to understand exactly what is being designed and prepared for the family unit.

MLM Wealth Management Group also assists business owners with exit planning strategies by helping them to determine the tax ramifications resulting from a sale of company stock or assets.

Currently, one hot button issue in the investment industry is whether a uniform fiduciary standard to govern the activities of all financial advisors under one set of rules and regulations will be established. Morris believes that establishing such a standard is a positive move. “In the CPA world, from the east coast to the west coast, we all follow the same standards, and I think that is also proper in the financial advisory industry, so that the playing field is level and that clients know what they are receiving,” said Morris. He added that advisors should not be afraid to divulge what compensation they are receiving for products and services.

Located in Mission Viejo, CA, MLM Wealth Management Group’s advisors are registered representatives with LPL Financial, one of the largest independent broker/dealers in the nation. LPL provides a weekly commentary providing insight on market and economic news prepared by their financial research team, which is made available on MLM's website.

“The greatest success is to see a smile on a client’s face, knowing that we’ve defined their problems, helped them with a solution and that we are moving forward,” said Morris.

Morris has also served as treasurer for the Fullerton Museum Center for 25 years and has a 2nd degree black belt in Tae Kwon Do.

For more information, visit: www.mlmwmg.com

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