Retirement Planning

Supporting Financial Health

Nate Crosby, president of Crosby Advisory Group, LLC, knows there’s more to wealth creation and management than just picking the right investments. There’s a greater picture, with many components that all need to work together to reach optimal performance. All too often, however, people mistakenly believe that all they need is a good 401k or mutual fund.

“In reality,” Crosby said, “their real financial plan is the synergy between all aspects of insurance, cash flow, taxes, investments and estate planning. When one category is incomplete or ignored, the entire plan does not run as efficiently as it could.”

Financial health, as Crosby explained, is no different than physical health. “The body is a linked system. When one system suffers, the whole system suffers. We believe financial health is no different,” he said.

Crosby warned that while products like insurance are vital, they need to be carefully structured for each individual in order to be effective. The process starts with desired results. Once the desired results are identified, products can be selected and implemented effectively.   

Additionally, Crosby advised that ongoing costs, such as policy premiums, can be minimized by setting deductibles at the maximum a client can comfortably afford and by “using the product as it was designed: to protect against catastrophic loss rather than as a maintenance policy.”

Building a comprehensive financial plan takes care and trust, which is why Crosby Advisory Group starts every relationship with a personal discussion about the client’s current and future financial aspirations and fears. Balance sheets and investments aren’t discussed until it’s determined that both the client’s and advisor’s priorities are in alignment about building a successful relationship.

Crosby believes that understanding the philosophy of wealth creation is the backbone of any good financial plan. “Wealth,” he said, “is like water. It has a way of seeking out its natural level. It will rise to those who have mastered it, and it will slip through the fingers of those who’ve not grasped the principles of its creation.”

In his book, “Dynamic Wealth,” Crosby talks about the importance of finding the right processes to fit with this philosophy. “Our society trains us to look for the quick answer,” he said. “Chasing performance is a losing game.” He added that the key is in finding the right processes that will allow the money to rise, not the product.

Crosby’s philosophy extends from early adulthood through retirement. He points out that retirees often fear running out of money more than they do death. But with effective planning and coordination of assets and benefits, confidence and clarity can be obtained while thinking beyond simply “getting through” retirement.

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