Wealth Protection

Financial Wellness is More than your Bank Balance

It's about planning for years to come

More than half of all employees say that financial matters are their number one cause of stress in the workplace. It isn’t a cranky boss or even the job itself, the latter of which ranked second in the 2020 Annual Financial Wellness Survey conducted by Pricewaterhouse Cooper. Instead, 47 percent of employees said they have missed work because they were worried about their total financial wellbeing.

These trends have prompted more and more employers to offer comprehensive financial wellness plans for the employees, but there is plenty that financial advisors can also do to help clients feel better about their total financial picture – not just the amount of dollars in their bank accounts.

new aaSo believes Anthony Aulffo, founder of Cardinal Wealth Group based in Cherry Hill, New Jersey.

“It is really hard for someone to live life in the moment if he or she is constantly stressing about financial decisions,” Aulffo said. “It isn’t about money itself, but instead money should be looked at as a means to be able to provide a lifestyle. People need to feel – to truly believe – that they are on the right track.”

This philosophy that wealth is about more than just dollars is what directs Aulffo to engage clients in conversations deeply entrenched in their life goals and what they want their hard-earned money to do for them and future generations.

“I want my clients to be really thinking about what they want out of their life,” he said.

Becoming a financial advisor was a natural choice for Aulffo as he studied business in college. His college days also introduced him to the reality that not all people learn best in the same method. He also discovered he was dyslexic.

Financial planning can be confusing, so we try to demystify that process for our clients by discovering how each of them learns best,” he said. Noting that his firm uses everything from charts and graphs to videos on large screen television to white boards and old-fashioned printed reports, Aulffo said he takes on a coaching approach to help clients grasp unfamiliar concepts. “I have a certain way that I like to learn, and so do each of my clients. I want to meet them where they are.”

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Aulffo is a big fan of running regular stress tests for his clients. He wants them to know ahead of time what the loss of a job or a spouse and a downturn in the investment market means for their financial wellbeing.

“We make sure we are prepared,” he said.

Setting clients up for a retirement that is a tax-free as possible is another of his advising goals. It takes work – and a lot of discipline – for clients to make that a reality, but in his opinion, it is more than possible. The use of Roth IRAs and life insurance planning are excellent starting points.

Cardinal explodedkit“You are going to have to pay taxes one way or another on earnings, so you may as well pay those taxes sooner than later so you don’t have to deal with it over the life of your retirement,” he said.

To learn more about Cardinal Wealth Management, visit: cardinalwg.com

 

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