Today’s financial planning is a very different ballgame than it was for our grandparents, says Plaza Advisory Group partner Peter Dolan. It’s become much more transparent, interactive and technology-driven, and it spans more generations of the family because people are living longer, he notes. Especially for baby boomers—roughly ages 53 to 70—the task of ‘funding the future’ takes on great significance as retirement looms.
“Boomers’ lives have gotten more complex at a time when most want them to be simpler,” Dolan says. “They have a host of retirement planning choices to make, and they’re concerned about finances for multiple generations—from parents in their 80s and 90s, to adult children in their 30s and 40s, to grandchildren.” He explains that up to age 50 or 60, most boomers have been advised to ‘just grow their money’ in stocks or mutual funds.
But with retirement on the horizon, they should know how to create more income from their investments and access their funds in a tax-efficient way, Dolan says. To help make that process easier, Plaza Advisory Group professionals offer services, including wealth management, retirement planning, and estate and tax planning. And they’re using the latest electronic technology to help clients stay informed and up to date.
An important consideration for boomers looking to simplify is to consolidate their financial and investment records in one place, according to Dolan. To help with that task, Plaza Advisory Group offers an online portal with an easy-to-use dashboard that lets clients look at their whole financial lives in one view. “In the past, all your provider relationships were separate—accountant, attorney, financial adviser,” Dolan notes. “You had to coordinate them yourself. But the client doesn’t have to be his or her own middleman anymore. We can serve as consultants looking at the whole picture from different perspectives.” Client records can be scanned, searched and accessed easily, Dolan says.
Plaza Advisory Group also can help boomers keep their family members informed about financial decisions. That’s especially important when there is property or a business to hand down or grandchildren’s tuition to fund, Dolan says. “We can be a sounding board, provide questions that clients need to ask, and help them have those sometimes challenging conversations,” he notes. “We understand that boomers want to pass along not just their money, but the values that helped them earn it.”
Securities and advisory services offered through Royal Alliance Associates Inc., member FINRA/SIPC. Insurance services offered through Plaza Advisory Group Inc., which is not affiliated with Royal Alliance Associates.
Pictured: Plaza Advisory Group’s Whitey Holt, Martha Guyer and Andrew Briggs
Photo: Tim Parker Photography
Plaza Advisory Group is based in Clayton and offers professional services in wealth management. For more information, visit plazaadvisors.com or call 314.726.0600.
Cover Design by Julie Streiler | Cover Photo by Tim Parker Photography
