When You Need More Than a Specialist

Mrs. Blackburn is in her 80s and has been a widow for almost 15 years. After her husband died, she remained in the family home. She eventually created a new life for herself; she joined organizations, made new friends and remained involved in her community.

All three of her children live out of town. About a year ago, Mrs. Blackburn’s health took a turn for the worse. She was no longer able to stay alone in her home.

Her children are overseeing her medical treatment and looking for the best options for her immediate and future care. To do that, they need to understand their mom’s finances (their dad had always handled the money) and put everything in place to secure her future.

Expert Help

Our health and our wealth are key to setting goals, both now and as we age. Genetics, environment and life choices are key players in our health. Everything from our relationships, spirituality and outlook on life, to the food we eat, contributes to our health. Just like when we are diagnosed with

By Jennifer Beach

an illness or disease, we go to a trained specialist, as we age, our health issues become more complex and more people become involved in our care.

Each specialist focuses on a particular part of the body. We can become frustrated by the seemingly disjointed approach, with each specialist focusing on their particular area instead of looking at the entire body. The role of the lead physician is to ensure that all the specialties are working in unison, similar to a conductor leading an orchestra.

As with health, wealth also has many pieces that create a financial picture: Social Security, pensions, investments, insurance, estate plans, taxes and more. Each has its own specialist.

When families face a lifechanging health challenge, like Mrs. Blackburn’s, the financial picture can become disjointed. Families may turn to specialists who are experts in their particular field but likely aren’t able to pull all of the parts together.

An estate attorney deals with wills, trusts, advanced directives and related matters but probably isn’t an expert in investments, insurance or taxes. A banker may offer investment opportunities but has limited vehicles for those investments and usually won’t give insurance or tax advice.

Accountants or CPAs can guide you on tax issues but aren't insurance, estate planning or investment experts.

Many of us don’t understand the importance of having a conductor for our wealth. We may think that only rich people need financial advice. A Certified Financial Planner (CFP) assesses the financial picture, creates a plan and coordinates to make sure the other experts work together to protect your finances now and as you age, regardless of income.

For Mrs. Blackburn and her children, finding a CFP is an important step in pulling the financial pieces together. To find a trusted, verified Certified Financial Planner go to CFP.net.