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What Does Your Financial Pathway Look Like?
Please don't think financial planning is only for wealthy people. It isn't. Everyone who has income can benefit from having a financial plan and an advisor to work with. We begin by asking the client to describe their current situation. You tell us which topic areas our work should begin with, and what is most important to you to receive from your planner. Once we understand your ultimate goals, we help build that pathway to get there.
To say it another way, we have your best interests at heart, and we are paid over the course of, and in alignment with, your time horizon, acting as a steward of your desired outcome. |
Retirement | Estate | Divorce | College | Life Events | Business
These are a few of the types of things that we assist our clients with. Each topic has its own issues, problems, and goals and this is not the only things on the list. There are dozens of topics that we could list here. The point is, there are many things that require a financial plan or they just won't happen. Let us help you build that plan and work with you.
- Planning for your retirement goes beyond your future financial needs. Everyone dreams of a comfortable, secure, and meaningful retirement. This requires a stable income stream, less exposure to financial risks, and being prepared for the unexpected. We can help you plan for an income stream that can cover both your essential and lifestyle expenses. Your financial planner will also help you reduce vulnerability from the unexpected, and help you leave the legacy you desire.
- Designing a legacy that is consistent with your vision and values is a personal and complex process. To start the process, we suggest setting up a family estate planning meeting to help improve smooth communication, prevent conflicts, and let your family know what’s important to you. Contrary to what many people think, you don’t need to be a millionaire to have an estate plan. An estate plan is an important part of any ongoing financial planning process.
- Divorce can strain finances as well as emotions. It’s safe to say that no one goes into a marriage expecting it to end. However, in the end, it all comes down to an equitable distribution of the marital assets. We suggest you begin the planning process by preparing a manageable budget until your divorce is final.
- Are you planning to help your children, grandchildren or another child close to you with their education expenses? Or thinking of taking classes yourself? There are many options to help you achieve this goal. We suggest taking some time to think critically about the future costs, which includes more than the cost of tuition.
- Whether you’re getting married, having a baby, reaching retirement, reaching a major milestone, or going through a major life event, you need to plan for it. When your life changes, your financial life does too.
- For many people, owning their own business is a dream come true. But, managing your own business takes a lot more than hard work. You need a financial plan — one that addresses financial needs and products for every stage of your business life cycle and that takes into account your personal financial goals and dreams.
Working With A Fiduciary
Tidewater's role as a financial planner is that of a fiduciary. A fiduciary is a person or entity that holds a legal or ethical relationship of trust. In the profession of financial advice, a fiduciary is one solely acting in the interest of a client. Believe it or not, the legal standard for a stock broker is that the product has to be "suitable" - a very different legal definition. A proper fiduciary avoids all conflicts of interest and they also disclose all facts material to the relationship. If a potential conflict may interfere with a professional’s fiduciary duty to a client, the relationship should not be entered into.
This professional relationship between a client and a fiduciary means:
This professional relationship between a client and a fiduciary means:
- The client knows exactly how the fiduciary is compensated.
- The fiduciary will owe their foremost loyalty to their client.
- The fiduciary will always act with honesty, professionalism, integrity, and provide the client with appropriate and bias-free advice.
- The fiduciary will only charge fees for their services (and not commissions), and will only charge amounts that are reasonable for the services being provided.