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Audio from Greg Storen
Greg Storen, President and Advisory Services Director, sits down to discuss how the Storen Financial financial planning process and philosophy impact our clients’ investment portfolios. Our goal is to minimize tax in order to help them keep more of their hard-earned money. Listen to learn how we go about this…
Follow along with the conversation…
“As a fiduciary, our goal is to do what’s in the client’s best interest. With our financial planning clients, one of the key attributes of our planning is the footprint we create for every client. First thing I do when a client comes into the office for their review is to update their footprint or their balance sheet. We use this balance sheet not only to track the progress or growth of the portfolio but also to track their net worth. I like clients to see over any given period—five years, ten years—how well they’ve done and how they’ve grown.
As part of our financial planning process, we talk to clients about accumulation, preservation, and distribution. Our younger clients, squarely in the accumulation phase of life, they need to invest, invest invest—save, save, save. That’s the key to their success—to create that bucket of money. We can tell the younger clients, “Do they do Roth? Do they do traditional IRA monies? Where is the right bucket for them?”
We find the key for our clients is when they start to enter the preservation and distribution phase of life. That could be in the mid-fifties or late sixties—it’s different for everybody. The distribution phase is where our tax knowledge comes into play. Every law that passes just complicates our tax code.; it complicates IRA distribution rules. We like to say that a traditional IRA, traditional 401K, or 403B is a tax-invested account.
I’ve studied with Ed Slott, who’s a CPA in New York, for seventeen years, and his one single goal is to educate advisors to assist clients with IRA strategies. Part of that strategy is which IRA should we be in, how do we minimize the tax that we pay with those IRAs, and just understanding IRA tax code. With a fiduciary, it’s all about the planning. It’s about the client, and it should be about the client. We want to help our clients minimize the tax they pay and keep more of their hard-earned money.”
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Blog by Greg Storen, MBA – President, Advisory Services Director
Learn more about Greg and the rest of the Storen Financial team here.