As a former military spouse, Young Park was “always in front of, or around, uncertainty.” That’s part of why he was drawn to financial planning — in his words, “because the work allows me to have a direct impact on a military family’s ability to achieve a specific goal, despite the challenges that uncertainty can present.”
As certified financial planners with King Tide Advisors — a service-driven firm, Park and his business partner Ross Cutler know a thing or two about financial strategies for those retiring from the military.
“Military families are uniquely positioned,” Park explained, “with twice as many challenges and questions, and with about half of the resources. Having the perspective within a comprehensive financial plan is imperative.”
Fortunately, King Tide Advisors is standing by to help those families as an independent advisor.
“We think being an independent advisor in this industry is a huge advantage,” Cutler said. “We don’t have sales quotas, and we’re not forced to sell certain products or open specific accounts. Instead, we work with each client to build a personal plan around their situation, we help them define their goals and, ultimately, we help them to execute a plan to achieve those goals.”
There are a number of strategies that anyone can take to make the most of financial planning, Park and Cutler said. Below are some of their favorite tips to share with clients.
Pay yourself first.
“Always make sure to set up an automatic savings plan,” Young recommended, with funds that are withheld directly from your paycheck. “This helps with staying on budget and building a strong savings discipline.”
Stay focused on your goals.
“We often ask clients about certain investments in their portfolio,” Cutler said. “A common response we hear is, ‘my friend recommended that stock,’ or, ‘I heard about that stock in the news.’ I think we all have big dreams about our portfolio growing, but your investment strategy should be focused on your goals.”
If you fail to plan, then you should plan to fail.
“We always ask our military families to apply the same principles that they apply to the service members’ military roles. All service members are familiar with and are almost always on a mission that must be achieved. In order to achieve this mission, they must formulate a plan,” Park said. “They must review the objectives, their current assets, potential liabilities, predicted outcome, and also plan for contingencies. We’re simply asking that they apply this very same approach to their own financial health.”
Financial planning is personal.
“We think of our service as a partnership, and a partnership goes two ways,” Cutler said. “We plan on building a lifetime relationship with each client. Life is constantly changing, and goals may change, but we want to work closely with each client to handle the changes and keep their plan aligned with their goals.”
The team at King Tide Advisors initially meets with potential clients to learn more about you and your goals. This introduction meeting will capture your priorities, preferences, and any potential obstacles you may have. After learning more about your expectations, they can work with you to develop the right solutions and help you execute those solutions.
If you are considering transitioning from the military or are approaching military retirement, visit www.kingtideadvisors.com/our-process to schedule an initial discussion on financial planning goals for your next chapter.
Visit King Tide Advisors to learn more about financial and education planning, portfolio management, retirement strategy and more.
