Looking at Wealth and Beyond

Introduction to Loose-ends Management

At HoyleCohen, we’ve established Loose-Ends Management (LEM), a unique approach to financial planning and beyond intended to keep our clients’ quality of life plan always relevant, periodically assessed, and continually tracked using advanced technologies.

Loose Ends Management goes beyond financial planning – beyond estate planning – beyond portfolio planning – to help our clients achieve and maintain their bigger WHY… It is the difference between creating your plan, and really living through your plan, periodically making sure that the Beyond of your plan is on track to fulfill your dreams and desires for you and your heirs. LEM puts into place safeguards and strategies that help keep the planning you have already done relevant, fresh, and active.

Achieving and maintaining your desired “Quality of Life Plan” is no easy feat. We help clients look at what a Quality-of-Life Plan can mean to them. Often it is much more than financial stability. It encompasses good health, financial independence, freedom to make choices, pursue passions and eventually give back.

Establishing a strong foundation supported by key cornerstones comprised of goals and strategies that are well-designed, properly constructed, and have the flexibility to adapt to change, is the first step. The foundation should be continually monitored and tested for relevancy regarding your current health, financial position, professional or career aspirations, and desired quality of life plan, so that is truly effective.

For most people, the process of strategizing to achieve financial and life goals can be overwhelming. As we delve into what we call “Loose Ends” we will see that every goal achieved has a “Beyond” element which is linked to its completion which drives us to ask:

• What’s next?
• What happens when this goal or purpose is completed?
• What do we expect from the byproduct when the goal is achieved?
• Are we done or is there more to the outcome?
• Has something changed that may require us to adjust the goal?

This iterative process of redefining and realigning goals to desired outcomes can be challenging and often the reason people set initial goals and don’t put into place processes to ensure they are being met and/or even still relevant, considering them one and done!

An analogy might be helpful here:

There are sweaters and there are sweaters! There are simple, functional sweaters made from synthetic fibers, with fairly plain designs, that are generally inexpensive. And then there are unique, hand woven sweaters made from cashmere or wool, with very intricate and one-of-a-kind designs, that are quite expensive. They often require delicate care to maintain their shape, color, and quality. Suppose the weaver forgot to tie off any loose ends of the cashmere during construction? Would that sweater fare well in the long run? Probably not. The potential unraveling of the sweater could cause it to be unusable and worthless.

The potential for the unraveling of your quality-of-life plan could be devastating in many ways. What would the cost be to experiencing an unraveled plan be? Much like a finely crafted sweater, your life plan and financial goals should be constructed with precise attention to detail and include the strategies that regularly consider any possible loose ends to be successful over your lifetime.

If you are interested learning more about our Loose Ends – Wealth & Beyond processes check out this clip from our recent video featuring Legacy Coach and Loose Ends expert, Chuck Ebersole, CLU, ChFC, CFP®, CAP®, AEP®, and these blog posts on several key areas and the loose ends they often leave to be secured and managed:

If you are interested learning more about our Loose Ends – Wealth & Beyond programs check out our recent blogs on the subject and specific areas to concentrate on tying off loose ends or reach out to your advisor today!

• LEM – Looking at Wealth & Beyond – Getting the Most out of the Financial Future You Have Built
• LEM – Reviewing Your Memorial Instructions – Ensuring your wishes are documented and communicated to those who will carry them out
• Reviewing Your Last Will & Testament – Defining personal intentions and determining asset distribution
• Reviewing Your Trust Documents – Estate planning revised
• Reviewing Your DAF & Other Philanthropic Vehicles – Leaving a legacy and giving to the causes that mean the most to you and your family
• The LEM Asset Microscopes – Getting focused on documenting assets
• Family Limited Partnerships – Making decisions with those you love the most

To download the full LEM outline with key planning areas addressed, click here.