By Mike Gibbons, RICP®
Whether you’re new to investing or a dedicated reader of Market Watch, it’s evident that market volatility has been a dominant feature in more recent years. Consequently, even the most patient investors may find themselves questioning the effectiveness of their investment plan.
As a pharmaceutical industry employee, it’s possible you may have experienced personal life changes such as family expansion or an advancement in your career, which may prompt you to reassess your financial priorities. You may wish to explore alternative financial strategies so your current plan remains stable in spite of your evolving circumstances.
Does this sound like someone you know? If so, getting a financial second opinion or review of your plan could open up new opportunities in your portfolio.
A Financial Check-Up
You can think of a second opinion as a financial check-up, just like a physical check-up or eye exam you’d get from your doctor or offer one of your own patients. Meeting with your friend or family member, we’ll take the time to get to know them and their unique financial situation, ask them to outline their financial goals, and review their current plan, 401(k), investment portfolio, insurance policies, and more. This allows us to determine where they stand and where they want to be so that we are on the same page with their objectives.
We’ll also answer any questions they may have about the market, strategies, or basic financial tips and principles. Then we can apply their concerns, ideas, and aims to their current plan to see how everything lines up.
The Benefits of a Financial Check-Up
Once we have a good overview of their financial picture, we can work together to evaluate and adjust. If their investments, insurance, etc., continue to be well suited to their long-term goals, we’ll gladly tell them so and send them on their way.
If on the other hand, their plan no longer fits their goals, we’ll explain why in a way they can understand. And, if they’d like, we’ll recommend some alternatives. It may be that minor adjustments are needed based on their age, current economic woes, or a change in priorities and plans.
It never hurts to take a second look at their financial plan to ensure it is up to date, still applicable to all aspects of their life, and ideally suited to achieve their long-term dreams. Regardless of the outcome of our second look, they should be able to move forward with a high level of confidence in their financial plan in the same way that the yearly check-up with your patients provides them a boost of assurance in their health.
Do You Have a Loved One Who Could Use a Financial Review?
Many of our clients come to us through referrals from other satisfied clients. Through the years, we’ve cultivated strong, enduring relationships with pharmaceutical industry and healthcare professionals who not only trust us to handle their finances but also trust us enough to recommend us to their loved ones. To us, there’s no greater compliment than knowing our clients are confident in referring others based on their exceptional experiences with Gibbons Financial Group. We highly value these relationships and prioritize getting to know each client on a personal level.
If you believe someone you know could benefit from financial planning for pharmaceutical industry employees, a financial second opinion, or a review of their current plan, we encourage you to send them our way. Let us support them in assessing their current financial situation, setting goals for the future, and addressing any gaps they may have.
Or, if you’re considering a financial check-up yourself, feel free to contact our office today by calling 224-419-5550 or emailing me at Mike@gibbonsfinancialgroup.com to schedule a complimentary consultation. And be sure to join our free webinar, Retiring Early From Pharma.
About Mike
Michael J. Gibbons is founder and president of Gibbons Financial Group, an independent advisory firm providing custom-tailored financial planning and investment management services to pharmaceutical and healthcare professionals and their families. Mike has over 25 years of experience and spends a significant portion of his day working with pre-retirees and retirees, focusing on asset management, Social Security and pension planning, as well as retirement income preparation.
Mike has degrees in both business and psychology from Lake Forest College and currently holds his Retirement Income Certified Professional (RICP®) designation from the American College. Mike was named a Five Star Wealth Manager for 2016 and 2018* Mike is heavily involved in his community, having served on the Village of Gurnee Police Pension Board as a Community Volunteer and the St. Patrick’s Parish Financial Board. When he’s not working or volunteering, Mike loves playing golf and spending his time with his wife and children. To learn more about Mike and how he can help you, connect with him on LinkedIn, visit his website, and register for his free webinar, Retiring Early From Pharma, created specifically for professionals retiring from the pharmaceutical, biotechnology, and healthcare industries.
*Award based on 10 objective criteria associated with providing quality services to clients such as credentials, experience, and assets under management among other factors. Wealth managers do not pay a fee to be considered or placed on the final list of 2016/2018 Five Star Wealth Managers.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.