Dealing with Major Life Transition - What Happens Now?

Picking Up the Finances after a Family Member Passes On

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Video Transcript

Adam Stalnaker 0:09
Hi, Adam and Joe here with Rockport Wealth Advisors just wanted to take a couple minutes to share a story with a client, Diane, who came to us in the last year. Now background, Diane was homemaker, husband made all the financial decisions, and then all of a sudden, she got thrust in with a lump sum of money. And no experience, no idea what to do.

Joe Kovach 0:34
Exactly It was it was an interesting situation, because we had to kind of start at the very beginning with her, which was creating a budget, right, you know, and we use the word planning kind of, you know, holistically, but I think when you get into a situation like that first thing you do is realize, how much do I need to, you know, to spend. And then once you get to that point, then you can back your way into the rest of the planning process, which is, you know, how do I take this lump sum of assets to use it to generate income, and make make the ends meet every month? And if you’ve never had to do those things, you know, you need somebody to kind of hold your hand in time to help you along.

Adam Stalnaker 1:09
There’s a lot there’s a lot of moving parts. And she had a fear of the stock market bonds she had no, all she knew was bank accounts and cash. So there was a reeducation.

Joe Kovach 1:20
Exactly. But you know, good news is, you know, she’s she’s well over a year into the plan now and it’s in it’s working, right, because she took the time, it took time, we sat down for you know, several hours and went over the expenses, she knows what she can spend.

Adam Stalnaker 1:33
calls, calls very recently on and they’re still hand holding that goes along with it and reassuring that with the plan, let’s let’s look at how money is going because there’s gonna be ups and downs of the market.

Joe Kovach 1:45
Totally.

Adam Stalnaker 1:46
And, you know, those are those are normal. But somebody that doesn’t have experience in it isn’t quite even people with experience and don’t have sometimes the stomach

Joe Kovach 1:59
It’s tough when markets move sideways down. Yeah, it’s tough. It’s tough. It’s tough psychologically, you know, and it’s, but you know, that’s where little coaching comes in. And, and, and in coaching and sticking to the plan, you’ll be fine. It’s, it’s just, you know, just taking a little bit of time to kind of go through those exercises.

Joe Kovach 2:15
Absolutely. So if you or somebody you know, has been affected in this way and feel free to reach out and we’d be happy to have a complimentary phone call to talk kind of within your situation.

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Securities offered by Registered Representatives through Private Client Services, Member FINRA/SIPC. Advisory products and services offered by Investment Advisory Representatives through Rockport Wealth Advisors, a Registered Investment Advisor. Private Client Services and Rockport Wealth Advisors are unaffiliated entities.

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