Estate and Financial Services 2019

2019

Estate & Financial Services YOUR NORTHERN MICHIGAN GUIDE TO A SECURE FINANCIAL FUTURE

FIND YOUR BEST-FIT WEALTH ADVISOR The BIG Q uestions Millennials Have About Fiscal Health

A supplement to

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Taking the Leap into Financial Planning Different generations, different priorities, different strategies. Here’s how financial planners are helping younger Millennial and GenX clients get ahead of the money curve.

BY CARA MCDONALD

GenX and Millennials may not have a ton in common when it comes to pop culture and worldviews, but when it comes to financial planning, they share some important similarities—a distrust of the traditional ways of investing, for one.

And on the plus side: They both still have earning potential and time on their sides.

We picked the brains of some of Northern Michigan’s top financial planners with a thing for helping folks who need a nudge to get started.

1. THE MILLENNIAL’S MIYAGI Brian Ursu at Intentional Wealth Advisors, Traverse City When it comes to finances, “studies show that young people are looking for a guide when it comes to planning,” says

Intentional Wealth Advisors’ Brian Ursu.

“Not a robo advisor. These are important decisions, they want to trust, and trust is earned.”

And in short supply for this generation.

“They watched parents lose jobs or a car or the family cottage during the recession, they’ve seen what debt did,” Ursu adds.

“They learned a lesson, and they want to get out from under debt.”

Problem is, many younger people are overwhelmed—they’ve seen health care reformed dramatically, they’re looking at investments, dealing with student loans, and it’s all coming at them at once. “It’s like a patient coming into the ER and you’re trying to figure out what to deal with first. They are ascribing equal importance to all concerns, so they’re paralyzed.”

Ursu’s strategy is to meet with clients

and prioritize: back-burner some issues, pull critical ones to the top of the list, then make a plan of attack. “When everything is equally important, people will do nothing. Once you can organize mentally for them where the priorities are, you see their shoulders drop; they can do it.”

What about their older brothers and sisters? “Gen Xers—and I’m one—felt we’d walk into the lifestyle our parents had when we graduated college. ‘Hey, I’d like to live on the bay because my parents did.’ I don’t think Millennials have that same burden of entitlement.

They’re willing to work to get it done.”

The advantage for Xers, however, is there’s a sense of urgency to them. “And that’s a good thing,” says Ursu. “The way we help them is to do a comprehensive financial plan and analysis.”

Continued on page 21

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Retirement seems like a nebulous thing for younger people, so that’s where the analysis kicks in. Clients look at what they’ve done, what they’re doing and where they want to be. If those don’t align, you change the math—planning is, according to Ursu, just a never-ending exercise in story problems. The question is, how much are you willing to change the variables? “In order to make your plan work, you may have to put away five hundred more dollars a month, or work two more years, or you may have to sacrifice a little bit of your lifestyle at retirement and live on $80,000 a year instead of a $100,000. They are all solvable,” he says, “but without having that analysis, you’re flying blind.

With a flight plan, you’re going to land.”

Gen Xers struggle more with wanting luxury items now—the vacation home, the SUV. They’ve worked harder and longer and want to enjoy life, Witkowski says. This approach to spending can put them behind the eight ball in a different way than Millenials.

But for both generations, he suggests the same answer: “Worrying about what could have been is a waste of time.

Stop looking at the past and optimize what you need to do moving forward. The solution is getting real and taking an x-ray of your current situation and working with somebody with expertise but who also sees things from a different standpoint.

There are always going to be trade-offs—you’re just going to have to balance the life experiences that you want now with the life experiences you want down the road.”

Look for Ursu’s book Now What? A Practical Guide to Figuring Out Your Financial Future, written specifically for millennials (or anyone who is becoming financially aware for the first time), to be released winter 2020.

2. THE MISTAKE MENDER Neil Witkowski, Founder/CEO of Isadore Private Wealth, Traverse City In general, both generations have a mistrust in traditional ways of financially reaching a fulfilling retirement, explains Neil Witkowski, CEO of Isadore Private Wealth in Traverse City. “They don’t trust the stock market. And when it comes to saving, they’re a little behind the eight ball.”

Witkowski explains that Millennials in particular are struggling under the weight of staggering educational debt. “That is THE thing that is defining them. What makes it even more difficult is they aren’t getting the financial education at the high school and college level in general, so when they have to rack up all this debt, they’re having difficulty figuring out how to pay it off and refinance it.”

Their generational aversion to debt can push them to make unwise choices—some Millennials are so focused on paying down education debt that they don’t contribute to a 401k. “They miss out on employer matches—we’re talking about potentially a 100 percent return on your contribution. It’s a tremendous missed opportunity,” says Witkowski. “The other big one I’m seeing is they are taking out loans from their 401k. They see it as cheap financing. But if they terminate the job, that loan automatically goes into default, but the payback of that loan has to come from wages. So they are getting hit with early distributions—earned income tax and a 10 percent penalty. It’s a really expensive mistake.”

So, too, is taking the convenience of tech too far. While younger generations have responded well to easy-access, no-brainer budgeting apps like Mint and free stock-buying apps like Robinhood, they can come at a price. “What’s positive is these apps encourage financial engagement. But they can also create ‘hyper trading’—this constant tweaking and buying and selling that can make for emotional decisions; you miss out on the longer-term gains in the market.”

3. THE GENX DREAM WEAVER Autumn Soltysiak at hemming& Wealth Management, Traverse City “Here’s what I love about this generation,” says Autumn Soltysiak of hemming& Wealth Management: “Gen Xers, who are hard at work mid-career, are questioning what retirement even looks like. They look around and ask themselves, ‘Do I want to power through on the same trajectory, or... what would it look like if I do something else?’ ” One couple she works with are Gen Xers—two engineers without kids who have been really intentional about saving.

They’re not quite 40, and with her help they quit their jobs to buy an RV and travel around the country. “Because they are focused on controlling their lifestyle, they were caught up in their savings goals and were able to step away from their careers to decide what’s right for them. It’s fun to see people being nontraditional with their paths.”

Another client has a stable government job but decided she didn’t want to pursue it anymore. “We put into place a timeline where she can phase out of her job and do some­thing new, which is to go into property management full time,” Soltysiak explains. “Her rental income will go from a side hustle to a real income source in retirement.”

Retirement in general is a challenging concept for people who have worked so hard for so many years. “Most of our clients want to continue to do something that’s meaning­ful, and they’ve found they have skills that are in high demand—whether it’s consulting, mentoring, or working at a favorite gallery. It’s difficult to actually give up a paycheck because they have reached a point where their skills are rewarded. There’s also social aspect to work that is really important. When we do our coaching, we say, what if there’s no income coming in, and most of them say, ‘I don’t want to do the schedule I’m doing now, but I still see myself working.’ ” Soltysiak sees this re-thinking of work—and ensuring you enjoy it—to be really critical because the last working years tend to be the highest earning years, “So if you can find work-life balance and prolong retirement, that’s one of the most powerful savings strategies you can make.”

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Retirement for Entrepreneurs No 401k, no employer match— here’s how to plan when it’s just you against the world.

BY CARA MCDONALD

Small business owners are our economy’s economic engine— entrepreneurs generate half of all private sector jobs, payroll and output. But when it comes to their own financial future, they can be so focused on investing in their business and employees that they may need a hand getting a retirement plan together.

Dennis Prout of Prout Financial Design and host of the weekly New Retirement show on 580 AM, says a common challenge is forgetting to diversify. Many biz owners can be over-focused on the value of their businesses as an asset—but how do you convert an asset into income?

Focusing on growth can be a retirement planning positive, says Prout. “If the business is seeing significant growth, they’re going to put a lot of eggs in that basket, and if it’s successful they can earn returns much better than the stock market. The stock market can yield 10 to 11 percent annual returns, whereas 15 to 20 in their own business may not be a stretch at all.”

If entrepreneurs have excess cash flow that they need to put to work, he recommends looking at a few varieties of IRA. “A simple IRA has a cap of $13,000 to $16,000 annually, based on age. These are each available for business owners and their employees, too,” Prout says.

When thinking about an overall plan, many entrepreneurs forget they have some overlooked advantages. “They have an asset that’s growing. It may be the equipment they own, the real estate they purchased, the inventory; those could well be retirement assets. We include business values when we run a plan for someone.”

Another edge they have: They’re not in a position that limits their capability of inventing and providing that service that’s not out there. “Obviously entrepreneurs are generally taking more risk, but the returns can be much greater for having done that,” Prout adds. “The return can be shown in terms of real dollars.”

But the very vision that makes them successful in their business can make them poor at keeping track of other things, like taxes. Prout says a willingness to hire out the skills they don’t have can make all the difference: “A good accountant is worth his or her weight in gold.”

Lastly, Prout says if there were one thing he’d advise entrepreneurs to do, it would be to invest in their own education and growth in order to gain new skills that give them a boost over the competition. “It’s like the old Ben Franklin saying: ‘The man who pours his purse into his head makes the very best investment.’”

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N N N N

Keeping wealth in the family is a noble intention, but creating the Keeping wealth in the family is a noble intention, but creating the best structure to do that, is as much an art as it is science. best structure to do that, is as much an art as it is science.

Your Your family family will will thank thank you. you.

Having trust in your wealth management firm is Having trust in your wealth management firm is a personal investment both now and in the future. a personal investment both now and in the future.

We aren’t the oldest or the largest We aren’t the oldest or the largest wealth management firm in Michigan wealth management firm in Michigan and that’s by design. Locally-owned, and that’s by design. Locally-owned, and specifically structured to cater to and specifically structured to cater to our clients, we present a small firm feel our clients, we present a small firm feel with an extensive list of capabilities. with an extensive list of capabilities.

Our advisors embrace the goals of Our advisors embrace the goals of our clients and get to know them and our clients and get to know them and their families. It’s our intention to look their families. It’s our intention to look at the bigger picture, since wealth exat the bigger picture, since wealth extends beyond a financial statement and tends beyond a financial statement and has a lasting impact on the families has a lasting impact on the families that we serve. Family goals are a part that we serve. Family goals are a part of our discussion when creating a plan of our discussion when creating a plan that works for you and your family that works for you and your family over the long term. We believe that over the long term. We believe that your wealth should have a succession your wealth should have a succession plan that involves a carefully selected plan that involves a carefully selected group of professional advisors that group of professional advisors that work for you and your family. work for you and your family.

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Our specialists help you and your Our specialists help you and your family manage family real estate, family family manage family real estate, family businesses, settle estates, work through businesses, settle estates, work through philanthropic goals and administer philanthropic goals and administer wealth from generation to generation. wealth from generation to generation.

We serve to protect assets for the We serve to protect assets for the benefit of long-term family wealth benefit of long-term family wealth administration and make sure that administration and make sure that assets that are intended to ‘stay in the assets that are intended to ‘stay in the family,’ do just that. As a firm located family,’ do just that. As a firm located miles from Wall Street, our business is miles from Wall Street, our business is managing family wealth and not selling managing family wealth and not selling financial products. financial products.

At Old Mission Investment and At Old Mission Investment and Trust, we firmly believe in value Trust, we firmly believe in value proposition that involves your entire proposition that involves your entire family, both now and in the future. family, both now and in the future.

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MyNorth ESTATE & FINANCIAL SERVICES

the power to

create a trust fund for my kids without creating “trust fund” kids No matter what your goals are, our team of dedicated advisors has the personalized advice, tools and resources to help turn your ambitions into action.

What would you like the power to do?®

The Simonton-Walsh-Hanosek-Mangum Wealth Management Group Rick Simonton, CFP®, CIMA®, CPWA® Senior Vice President Wealth Management Advisor Portfolio Manager 231.922.6825 richard_simonton@ml.com

Merrill Lynch Wealth Management 333 West Grandview Parkway Suite 300 Traverse City, MI 49684 fa.ml.com/theswhmgrouptc

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, Member SIPC and a wholly owned subsidiary of BofA Corp.

Investment products:

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May Lose Value

The Bull Symbol and Merrill Lynch are trademarks of Bank of America Corporation.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP® and CERTIFIED FINANCIAL PLANNER™ in the U.S. Investments & Wealth Institute™ (The Institute) is the owner of the certification marks CIMA® and Certified Investment Management Analyst®, CPWA® and Certified Private Wealth Advisor®. Use of CIMA®, and/or Certified Investment Management Analyst®, CPWA® and/or Certified Private Wealth Advisor® signifies that the user has successfully completed the Institute’s initial and ongoing credentialing requirements for certification. © 2019 Bank of America Corporation. All rights reserved.

ARYYKM3X | AD-07-19-0349 | 472232PM-0519 | 07/2019

ESTATE & FINANCIAL SERVICES

7 Strategies for Smart Spending (While Still Living it Up) in Retirement Want to really enjoy the good life once you retire? Two top planners share the client tips they wish everyone knew.

BY CARA MCDONALD

Continued on page 30

MyNorth ESTATE & FINANCIAL SERVICES

EFS 29

ESTATE & FINANCIAL SERVICES

PREPARE FOR THE “SEVEN SATURDAYS.” “Before retirement, Saturday is typically a peak spending day for people. Once you retire, there are seven Saturdays a week, and most retirees haven’t budgeted for that. We have discussions with clients about how much they are spending today versus what they will realistically spend in retirement to make sure their ‘spend number’ is accurate.”

—Rick Simonton, The Simonton-Walsh-Hanosek-Mangum Wealth Management Group, Merrill Lynch, Traverse City

DON’T TOUCH SOCIAL SECURITY UNTIL AGE 70.

“Many Americans file for social security at 62—as soon as they’re eligible and get a reduced rate. This reduces their benefit for the rest of their life, and potentially their surviving children and spouse’s life. For every year you delay tapping those benefits it pays off, consider delaying your social security payment—which could increase your payout by as much as 132% of your standard benefit. It’s a move that could significantly impact your retirement income over the years.” —Autumn Soltysiak, hemming& Wealth Management, Traverse City LONG LIVE THE FAMILY VACATION. “Family vacations or ‘off-site’ holiday celebrations are popular must-spends in retirement outside of daily living and health care expenses. Although most families travel for spring break or vacation during the summer when the kids are young, we have encouraged clients to specifically allocate funds for these special trips throughout life. Whether they are every year or every few years, these events become a very important tradition that can be documented via pictures or stories written by each family member, creating lifelong memories.” —R.S. TRADE YOUR TIME IN RETURN FOR LUXURIES. “Love concerts? Volunteer as an usher at Interlochen. Can’t live without golf? Work part-time at the pro shop and earn free play or shop discounts. This can really add to your quality of life and save you considerably on spending.” —A.S. BEWARE DECEPTIVE DOWNSIZING. “Almost one in three Americans moves into a new home around the time of retirement.

We typically see a significant downsize in square footage of a home, but the quality of the home—construction, view, location—often improves significantly. The net result is there is usually not a significant savings despite the downsize, and many times the smaller home costs more.” —R.S. BUT DON’T FORGET TO GO BIG. Retirement is a transition from a savings plan to a spending plan. If you’re a good saver, sometimes it’s hard to switch because you’ve been focused on building your wealth. It’s important to have a clear idea of what’s really important to you—is it experiences, travel, time with family, giving to a cause or person. Our job is to empower you to make it happen. For bucket-list items, we educate the client to show that they can afford the first-class ticket or the family cottage, because that can be transformational spending. —A.S. PLAN A SECOND ACT. “Our clients are typically okay financially upon retirement. However, the biggest adjustment is defining their purpose after retirement. Many have been running very hard their entire careers and have had many responsibilities. Upon retirement, that comes to a halt. So, we’ll have conversations with clients to make sure they are ready and ask them to describe what their ‘Second Act’ looks like. We will often encourage consulting, volunteering or attending classes. The folks who say they will play golf every day upon retirement usually indicate that it was great for six months—and then they got bored.” —R.S.

EFS 30

MyNorth.com

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We offer more than peace of mind.

We offer more than peaceofofmind. mind. offer more than peace Pre-plan now andWeyour cost will be We offer more We offer than more We peace offer than of more mind. peace than of will mind. peace Pre-plan now and your cost willbe beof mind We offer than peace of mind.

We offer more more than peace of mind.

Pre-plan now and your cost locked in.

Pre-plan now Pre-plan and your now Pre-plan cost and will your now cost and will yourbe cost will be locked in.be

Pre-plan nowyour and cost yourwill costbewill be in.

Pre-plan now and locked locked in.locked in.locked in. lockedlocked in. in.

COVELL

COVELL

COVELL

COVELL COVELL COVELL COVELL FUNERAL HOME COVELL COVELLFUNERAL HOME COVELL COVELL COVELL FUNERAL HOME

FUNERAL HOME FUNERALCITY HOMEFUNERAL HOMEFUNERAL HOMEFUNERAL HOMEFUNERAL HOMEFUNERAL HOME FUNERAL HOMEFUNERAL HOME COVELL COVELL COVELL TRAVERSE ELK RAPIDS KINGSLEY TRAVERSE CITY TRAVERSE CITY TRAVERSE CITY ELK RAPIDS ELK RAPIDS ELK RAPIDS KINGSLEY KINGSLEY 231-946-6515 231-264-5666 231-263-5522 FUNERALCOVELL HOME FUNERAL HOME COVELL FUNERAL HOME KINGSLEY 231-946-6515 231-946-6515 231-946-6515231-264-5666COVELL 231-264-5666 231-264-5666 231-263-5522231-263-5522231-263-5522 COVELL COVELL COVELL TRAVERSE CITY ELK RAPIDS KINGSLEY spacer

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