Why Great Financial Plans Need Constant Calibration

Speaker 1 – 00:00
One thing that’s incredibly frustrating in the financial planning industry is seeing someone charge a fee to build a
plan and then never see that plan through.
Speaker 2 – 00:09
The financial plan is no good unless it’s executed.
Speaker 3 – 00:12
If you think of every financial plan, there’s a start but really no finish. When income changes, job changes, you have
promotions, you could have an increase in.
Speaker 1 – 00:22
Pay, a decrease in pay anytime your family changes. So whether that’s getting married, getting divorced, having
children, there’s a lot of considerations for updating estate plans, education, funding, things like that. A new
administration means new policy means new tax law. This realistically could be changing every four years. So
making sure that your plan is adjusting with that, taking advantage of those. And it’s not just a set it and forget it
type of financial plan.
Speaker 2 – 00:46
So financial planning is such a huge paradox. Strengths and weaknesses and how they work against each other. It
just requires so much thought, so much calibration. The difference between having a good financial planner and a
salesperson is a good financial planner. They’re going to have the.
Speaker 1 – 01:11
One thing that’s incredibly frustrating, the financial planning industry is seeing someone charge a fee to build a
plan and then never see that plan through. So Matt, when we talk about financial plans, how important is it to make
sure that not only are they created properly but that they’re updated and calibrated as your life changes?
Meeting Title: financial plan needs constant
calibration WIP4 (1)…
Meeting created at: 2nd Feb, 2026 – 3:19 PM
1 / 13
Speaker 2 – 01:32
Yeah, I think the financial plan is no good unless it’s executed. And we’ve seen too many, you know, someone’s
gone in and wants like a fee only person and I mean technically so the just to be on like we’re a fee only but we
base on AUM and it’s ongoing. And I think when someone goes and pays five or ten or twenty grand like one time
for a plan, a couple years later they’re going to be coming to us because maybe 10% of that plan got executed and
there’s so many life changes have occurred that plan is out of date. If you’re a do it yourselfer, you can do it
yourself and get you know, a lot of the benefits by doing index fund investing, making sure you’re maxing out the
right accounts, Roth IRAs, Roth 401ks and doing the right pre tax stuff.
Speaker 2 – 02:18
But as far as like not just a wealth like investment policy, but a financial plan needs constant calibrations. I would
say on average we’re meeting our clients on the phone in person between two to ten times per year. So yeah, let’s
talk through some of the reasons for that. So give us some examples of when specifically, like obvious examples,
when calibration is needed.
Speaker 3 – 02:44
I mean, I think right from the start, if you think of every financial plan, there’s a start, but really no finish. So you’ll
constantly have to calibrate, talk to the, your clients and they have to be proactive too in talking to you. Because
there could be some things that happen in their life that we don’t know. Right. So if we meet with them two or three
times a year and go through all that stuff and stay proactive and on top of it, not reactive. I mean that’s how you
effectively create one.
Speaker 2 – 03:09
Completely agree. So yeah, let’s talk through some specific examples.
Speaker 3 – 03:13
I mean some of the examples of collaboration are, you know, when income changes, job changes, you have
promotions, you could have an increase in pay, a decrease in pay.
Meeting Title: financial plan needs constant
calibration WIP4 (1)…
Meeting created at: 2nd Feb, 2026 – 3:19 PM
2 / 13
Speaker 2 – 03:22
So income changes specifically, like there could be, we found with doctors executives, when income changes in
tax withholdings, you know, elections stay the same. Dr. There, there’s typically going to be some big tax surprises.
Right. Because they’re used to a certain tax break. Let’s say someone jumps from 300 to 500 and part of the jump
is a big bonus. And that bonus is getting withheld at, you know, their prior rate, 24 versus 32, 8% of a hundred.
That’s, you know, there can be 15, 20, $50,000 tax surprises we see all the time if RSUs are investing, et cetera.
Speaker 1 – 03:55
So I was gonna say real quick, that’s the financial side of things. There’s also the psychological side of things.
When you have that doctor that jumps from 300k to 500k, it’s preventing that lifestyle creep. Right. It’s preventing
making sure that they have control of that money temperature. Because a $200,000 increase in salary, it’s very
easy if there’s not the right systems in place to see that difference get spent. So making sure that there’s a
budgeting system in place and there’s a plan in place for those increased dollars is super important. Not just on
the financial side like you mentioned, but psychologically as well.
Speaker 2 – 04:24
Yeah. And I think if without a financial planner, if someone was going to a fee based plan after a year of, you know,
having an income increase, it’s almost too late because life is like a temperature gauge and you’re going to get
used to that new paycheck. And before you know it, if you don’t call shotgun on where that money’s going, life’s
going to call Shotgun for you. And next thing you know it’s all getting, you know, two hundred thousand dollar
increase in pay may seem like a lot, but ten to twelve thousand dollars a month with, you know, new cars and new
house renovation and maybe, you know, kids going to private school, it can go like pretty quickly.
Speaker 2 – 04:58
So working with a financial planner proactively in advance can mean the world for, you know, some of that income
actually going to work in the future, but also some of that income enjoying your life today and having the blessing
from someone’s perspective that’s running the numbers and make sure that you’re setting up the future, but also
not over saving and, or under saving. It’s really a sweet spot. You have to reach very few people do. So Ben, give us
some other examples of when, you know, obvious calibration is needed.
Speaker 1 – 05:24
Yeah, I would say anytime your family changes. So whether that’s getting married, getting divorced, having children,
there’s a lot of considerations for updating estate plans, education, funding, things like that. Buying and selling
property would be another example. Making sure that you’re aware of all the tax implications if you’re selling a
property or if you’re buying a property, making sure that it is within your range. So working with a financial advisory
Meeting Title: financial plan needs constant
calibration WIP4 (1)…
Meeting created at: 2nd Feb, 2026 – 3:19 PM
3 / 13
team that can help you kind of put a low end, a high end range based on your income of what house you can
afford. We often see that’s a big mistake that people make is buying too big of a house and feeling house poor. So
making sure that you’re working too.
Speaker 2 – 05:59
Just to give the audience that, you know, maybe isn’t as familiar with some of our prior content. What are the two
stress tests that we recommend for that house purchase?
Speaker 1 – 06:07
Yeah, first one’s super easy. It’s just two times your gross income. So if you have two spouses in a working family,
both make 200,000, 400,000 would be a reasonable house range. The second one’s a little bit real.
Speaker 2 – 06:21
Quick in that example. So 400 total. So we 2x that would be $800,000 house.
Speaker 1 – 06:25
Correct.
Speaker 2 – 06:26
There’s a little bit of flexibility if someone’s putting like half of the money down versus but that’s for that reason
because I mean with that big of a house you can have, there’s maintenance, there’s taxes, there’s this upkeep that
has to occur. So regardless of the down payment, a lot of the costs that you see in a house is actually hidden cost.
It’s not just necessarily your mortgage, it’s the upkeep that needs to occur. It’s the taxes, et cetera. So for that
reason, we like our clients to pass two tests. So one is the 2x and that leads right into. Ben, you were right gonna
say the second.
Speaker 1 – 06:58
Yeah. The second one is keeping your total housing payment less than or equal to 30% of your net take home pay.
Meeting Title: financial plan needs constant
calibration WIP4 (1)…
Meeting created at: 2nd Feb, 2026 – 3:19 PM
4 / 13
Speaker 2 – 07:03
Okay?
Speaker 1 – 07:04
So total housing payment, think mortgage, homeowners, insurance, property taxes, all in. That should be less than
or equal to 30% of your take home pay. So if you’re netting as a household, after taxes, after 401k come out, if
you’re netting 25,000amonth, you want to make sure that your housing payment’s 7,500 or less.
Speaker 2 – 07:22
Okay, so 7,500amonth right now would probably equate to. In that example, I want to say 900 to a million,
assuming you put 20% down and assuming you’re in a reasonable tax rate, like 1 to 2% of the total house value.
That falls in line with like, okay, 800,000, be the 2x that 30%. Now do you go with the higher. Now you got to meet
both. If. If you want a financial plan that does not lead you to being house poor, you try to pass both those tests.
Now, there’s a little bit of flexibility. If you’re getting gifted family money or if the house is new and there’s gonna be
minimal upkeep, there’s a little bit of flexibility. But generally you want to be close around both those cardrails. I
just want to go back for just one second. You said marriage, children, divorce.
Speaker 2 – 08:01
These are huge. So having a financial planner you can have a conversation with before getting married, talking
about, you know, money, philosophy differences, talking about are you gonna handle your money separately, gonna
handle your money together. Is there a prenup? Is there? All of those conversations with a third party can be much
easier. And then obviously, a divorce can be catastrophic financially. But if you have a financial plan and you’re
make it amicable, work with both sides, figure it all out, that could be a huge value add as well. No question. But
okay, so we talked about marriage, children, divorce, buying or selling a property. Drew, what are the next couple
shift in personal goals?
Speaker 3 – 08:35
When you’re dealing with any client, right. You’re hoping to work with them for 20, 30, 40 years. So their goals are
going to change every 2, 3, 4, 5, 6, 10 years. That’s one example. Tax law changes. And that’s kind of why we have
an in house CPA group. And their job is to monitor that and be proactive and you know the different tax laws that
are coming down though.
Meeting Title: financial plan needs constant
calibration WIP4 (1)…
Meeting created at: 2nd Feb, 2026 – 3:19 PM
5 / 13
Speaker 1 – 08:57
Yeah. If you had a financial plan that was a set it and forget IT model from five, 10 years ago, a new administration
means new policy means to new tax law. This realistically could be changing every four years. So making sure that
your plan is adjusting with that, taking advantage of any new deductions, new credit opportunities, new loopholes
really important that you’re taking advantage of those. And it’s not just a set it and forget it type of financial
planning.
Speaker 2 – 09:21
Yeah, no question. Let’s talk about some of the big risks if you don’t. So obviously you know what we’ve seen a lot
now, we have seen even recently we’ve seen a lot of like do it yourself investors. They’ve come to us with 50, you
know, 15, 20, 25 million. And these are people that you know, maybe sold a business, maybe they were high
income earning, saving, you know, very disciplined inside of you know, kind of like etf, low cost stock model. And
so what we find as a result is that typically these clients, when you set and forget it, they’re going to be super
overweight in certain segments of the market. You know us large cap have really taken off and you know, maybe
they max out their 401k. So I’m just thinking of a couple examples that we just met with.
Speaker 2 – 10:05
One couple, you know, they’re retired currently. They came to us and they’ve got you know, about 5 to 6 million
dollars in a pre tax account and they have about 15, I’m sorry this client I’m thinking of had 17 million in a non
qualified account. And so they had purchased a couple stocks like you know, there was like an Apple and you know
back from when and so their gain inside of that account was, I think their basis was 4 million. Their gain was 13
million. This client was late 70s, they had $6 million. So their RMDs were approaching like $400,000 a year. And so
what were they spending? About a hundred thousand a year. So what was happening when they met us is they
weren’t touching this account, their RMD. They were, they were having to take out 400,000.
Speaker 2 – 10:52
They were in a 32% marginal tax bracket. They were living off of like what a 1012. So what we did with that client is
we figured out okay from an estate planning perspective, you know what’s important. You know, they had you
know, three children that were very important but they also didn’t want to pass all the money there. They were very
charitable and they had named a couple of charities to receive half their money. And so we found is they were
paying like triple the amount of taxes they had to right now for their t. For their lifestyle needs. So through a
financial planning process were able to do is say hey, do you guys could afford to, you know, 5,6x your income if
you wanted to? They were interested in going up a little bit, but not dramatically.
Speaker 2 – 11:29
Meeting Title: financial plan needs constant
calibration WIP4 (1)…
Meeting created at: 2nd Feb, 2026 – 3:19 PM
6 / 13
Roth conversions, you know, coinciding with donor advice contributions. So we could lower those RMDs and start
getting more active with those charities while they were living and getting the tax benefit now because the tax
benefit when they die, I mean it’s all going tax free anyway so might as well get that tax benefit to improve your
situation today. Take care of these large RMDs. And then there’s step up in basis considerations anyways, the
planning was endless. So this client did very well do it yourself investing for the last like 40, 50 years. But when it
came down to the plan being live, I mean there was, they were overpaying taxes by 70 to $80,000 a year when you
look at what they were actually spending or needed. So we’re in the process of helping them calibrate that.
Speaker 2 – 12:12
But that’s just one example of huge success can kind of be a paradox because it can lead to other problems. You
think about a entrepreneur that’s working a hundred hours. It can be a paradox of that’s all they know, that’s all their
identity. And a financial plan, that can be the same issue.
Speaker 1 – 12:25
I bet if you had never met that couple, they would have not spent or not done all those moves and, and died with
millions and wouldn’t have been nearly as efficient. They wouldn’t have seen the charity receive the money and
actually use it like that’s a huge benefit for people in that space. So it’s a totally different skill set. Right.
Accumulating wealth and getting to the top of the mountain. That’s that takes once, that takes a certain skill set.
But then switching gears and actually doing the planning to help kind of unwind the plan and get down the
mountain and mix spending and charitable and gifting, that takes a totally different skill set. So just because you
were good at getting to the top of the mountain doesn’t mean you’re going to be good getting down the mountain.
Speaker 2 – 13:07
Yeah, and I think the difference between having a good financial planner and a salesperson is a Good financial
planner that’s going to calibrate through these, they’re going to have the perspective of other clients. They’re going
to be really a thought partner with you. So for example, most people, you know, in their 40s or 50s that are worth
five or $10 million, they don’t realize that they’ve already earned the last dollar they’re going to spend right at that
point because they’ve gotten there through such discipline savings that they’re, it’s really going to be hard for them
to break that and really give themselves permission.
Speaker 2 – 13:41
So having a thought partner to start, realize that they’re not saying it’s a bad habit, it just, here’s the situation, here’s
your superpower that’s not necessarily going to be a superpower because then if you’re at your, you know,
deathbed at 90 and you’re worth $50 million and you’ve, you know, split your Chipotle bowls with your wife your
whole life, like is that, was that a good financial plan? If the numbers are most important, then yes. But if you’re, if
Meeting Title: financial plan needs constant
calibration WIP4 (1)…
Meeting created at: 2nd Feb, 2026 – 3:19 PM
7 / 13
that money is truly supporting your life by design and you having a thought partner to figure that out of like, hey,
what’s this for? You know, and then there’s the paradox of if they over accumulate and then they have the kids, are
they going to ruin the kids if they’ve kept that private?
Speaker 2 – 14:23
And suddenly their kids when they’re 40 or 50, inherit all this money and spend it and lose motivation, et cetera. So
financial planning is such a huge paradox. Strengths and weaknesses and how they work against each other. It
just requires so much thought, so much calibration, tax wise, investment wise, diversification. But also just
philosophically I found matching that inside of the tax law and matching the inside of, you know, portfolio
management, etc.
Speaker 1 – 14:51
Realistically, a one time financial planning engagement doesn’t really address anything that you just said because
that’s 15, 20 years of distributions and planning and charitable contributions and tax changes and a one time fee
to, to build a plan for someone is not really addressing any of that.
Speaker 2 – 15:11
Yeah, no question. And not having the information. I think, you know, everyone can make decisions for themselves,
but they don’t. A lot of our society, I think we live off of the wrong things like comparison and social media. It was
kind of this fear and scarcity mindset which is forcing people to really think I need to save double or triple when I
need to. And so I think what would fix a lot of these issues is having the education Having the knowledge of, hey,
I’m going to be set. I could take the accelerator down, pump the brakes a little bit and you know, not ruining our
kids means let’s spend more time.
Speaker 2 – 15:48
Let’s, let’s you, the parents, like educate the kids, have them become financially literate, pass your values, not
necessarily a lot of money and have it be this taboo, hidden or from a charity perspective, if you don’t have kids is,
you know, if charities, if your net worth is that important and you don’t want to go, it’s all going to go to charity, then
get involved with those charities today. You know, get involved with those charities today. And, and probably if
you’re that successful, you have this business acumen that’s, that could really help if you not only financially give to
the charities, but get physically involved as well. But having a financial planner to illustrate, like what’s going to
happen without calibration is going to be very important.
Speaker 2 – 16:30
Meeting Title: financial plan needs constant
calibration WIP4 (1)…
Meeting created at: 2nd Feb, 2026 – 3:19 PM
8 / 13
We’ve seen, we’ve just seen so many situations of like over accumulation, privacy, which is again, we recommend
stealth wealth that it’s, it becomes a giant paradox at the end of life or when you do retire and if you could go back
and change things and work with a financial plan in your 30s, 40s and 50s, get the same financial security result
but having no regrets, that would, we would define it as a success, obviously. Yeah.
Speaker 3 – 16:55
Going back to that story, Matt, how did the clients feel when you were able to strategize with them and save that
money?
Speaker 2 – 17:03
Yeah, I think there’s definitely, you know, a lot of disagreements that, from that surface from the wife and the
husband. Typically the wife is a little bit, a lot of bit smarter. Like, let’s start spending this money. Why are we
hoarding all this money? But yeah, I think there was, it was a tough, very tough conversation, but they’re starting to
execute it. Not full like on more. We’re taking kind of small baby steps into getting there, but they’re huge. I mean,
they’re already spending double what they were enjoying it, you know, paying for modern helping gift to their kids
without enabling them. They’re getting more involved with the charities. We’ve done a giant daft contribution with a
Roth conversion and coinciding with that. So, yeah, they feel great, they feel empowered, but it’s still, I’d say, a long
ways to go. Yeah, no doubt.
Speaker 2 – 17:50
Which is this isn’t an overnight process. So. Okay, well, let’s talk about other, you know, other risks. So we’ve seen
From an attacks perspective, estate planning perspective, insurance perspective. So Ben, why don’t we talk about a
tax perspective. What stories have you seen where calibration has become absolutely necessary?
Speaker 1 – 18:07
Yeah, I would say there’s, like I mentioned before, all kinds of new credits deductions that come with new
administrations to making sure you’re taking advantage of it. Maybe an old financial plan is not taking advantage
of new loopholes. There’s updates to like, you know, the backdoor Roth IRA or the mega backdoor Roth ira. If you
haven’t looked at your financial plan in a while, you could be missing out on serious tax planning opportunities. If
you’re not proactive with your plan, if your planner is not looking at the full picture and like you said, you get a
bonus or you have RSUs that, that vest or grant and you sell them and there’s an unexpected tax hit. Well, did you
plan for that? Do you have money to pay the tax or is this coming as a surprise?
Speaker 1 – 18:47
Meeting Title: financial plan needs constant
calibration WIP4 (1)…
Meeting created at: 2nd Feb, 2026 – 3:19 PM
9 / 13
I think a more calibrated plan tries to avoid surprises as much as possible. And having that proactive nature to it
will make sure that you have a plan in place to make sure that there are no tax prizes when you file.
Speaker 2 – 19:01
No question. And I, I think also from a calibration from a tax perspective is a lot of people are on default where
they’re trying to maximize tax savings today. But having a team that looks at the, you know, does the taxes, looks at
the taxes and also looks at the financial plan. So you have a balanced approach because saving the maximum
taxes today could mean you’re paying five times too high of taxes in the future. So having a balanced approach of
what deductions should we be maximized today but what, you know, things should be funding that are tax free
later and how do we, you know, it’s not just a, what do we think tax breaks gonna be? What’s my tax bracket?
Speaker 2 – 19:34
There’s a lot more considerations and hidden things that can affect, you know, maybe you are in a low tax bracket
because your spending’s low, but you’ve maximized these pre tax accounts where you’re actually going to be the
highest tax bracket later because of the way you’ve set up your account. So let’s move to estate planning. So I’ve
got a couple of stories with estate planning. So, so one of the things you have to think about that one client, she’s a
specialized physician, he was on his second marriage and they had one kid from the prior marriage, one kid with
the, you know, in the current marriage. And they just updated their estate plan. And I was like, do you mind if we
review it? Do you mind if we audit it?
Speaker 2 – 20:07
And so what we uncovered during this process is and the divorce which I think had happened like four years ago, it
was pretty, it wasn’t friendly, right. And so all the like the assets had been split, alimony was just ending, but there’s
still child support. And when I had done an audit like this attorney had written, you know, good documents, like two
wills, a revocable trust, they had their power of attorneys but nothing was executed. Like these documents were
just signed. But I went through all of his accounts, like his 401k which was like 80% of his net worth. It was like $3
million in there. And it was, and there’s a big like this profit sharing thing that had been maxed out. And he also had
this p, this cash balance pension plan. So it was rather large.
Speaker 2 – 20:50
And he’d given up a prior house and like had to give away most of his non qualified assets. But the 401k had his ex
wife as a beneficiary. So he thought he had this like amazing estate plan and the new wife, kids, all the business
getting taken care of. Well 90% of his net worth if he had died that day was going to his ex wife. So an estate plan
has to be calibrated as life changes. But one thing that’s very common people don’t know is if you have a
beneficiary on there, your trust or whatever, it doesn’t matter. Direct beneficiaries always are the final trump card of
Meeting Title: financial plan needs constant
calibration WIP4 (1)…
Meeting created at: 2nd Feb, 2026 – 3:19 PM
10 / 13
like who gets what. So in that case, you know, having a financial planner look at does the estate plan actually
match your financial plan could have been, you know, catastrophic.
Speaker 2 – 21:32
So I mean he almost had a heart attack when we pointed that out to him and got that change quickly. But just
some consideration. So upon that, you know, that second marriage. So one of the thing, or in your current
marriage, if there’s a big asset difference going into it, one of the things considerations you have to think about is,
and we’ve seen this so many in perspective, if like Maybe you’re worth 10 million, your spouse is worth 2 million
and if you die, everything goes to the new spouse, that’s great. But if you’re young, that spouse is most likely
getting remarried. And so what you thought was going to your kids is now going to that spouse’s new spouse or
half of it is. So there’s all these, you know, considerations and calibration of life changes you have to think about
and address.
Speaker 2 – 22:11
Like are your concerns, are your intentions actually going to be carried through and do you have a thought partner
to work out all of those, you know, what ifs or making sure things are set and secure?
Speaker 1 – 22:25
Yeah. One thing I would add to that, and it’s a similar story is if you have a, if you’re doing any trust planning and
the whole point of the trust planning is to benefit your beneficiaries, which are typically your children. As your
children get older and as you see them grow, you’ll start to get a better understanding of how financially
responsible they are or how if they need certain considerations, if they need more help. If so, too often I’ll see like a
trust that’s set up that it just goes, if someone has three kids, a third, a third, the kids are young, you know, that’s
fine. But then as they get older, maybe one kid needs a little bit more help or one kid is ready to be their own
trustee and these things just aren’t updated.
Speaker 1 – 23:06
And so the whole point of the trust planning is making sure that the money gets to the next generation in the most
efficient way possible. If it’s set up as a one and done type thing that has not been calibrated over the years and
those can, it’s not necessarily a third, a third anymore. It needs more help. But if it’s not written in the documents,
it’s not going to act that way. So really important that even things like updating your trust documents, you know,
that’s not necessarily a one and done proposition.
Speaker 3 – 23:33
Meeting Title: financial plan needs constant
calibration WIP4 (1)…
Meeting created at: 2nd Feb, 2026 – 3:19 PM
11 / 13
And I have one story too, getting back to 401ks and managing it. I had a client come in and the client didn’t realize
in the 401k that he’s been 20% in cash for the last 15 years. So literally making that one little adjustment kind of
had that client have a lot more money than just being in cash and making, you know, zero percent.
Speaker 2 – 23:56
No question. That’s why we, that’s why we manage the 401k through our custody platform. Very, very important.
Well, let’s move to insurance. I know insurance is very important, especially for young families or if you’re high net
worth for estate planning. But you know, not reviewing insurance like saying, oh, we purchased a term insurance or
a permanent policy and let you set and forget it. This should be revisited at least every other year in our opinion. So
you know, Ben, give us some Examples of when this would be need calibration. Yeah.
Speaker 1 – 24:23
As your life changes, as your family grows, your total insurance need will change. So making sure that you’re
constantly monitoring what your actual income need is. If God forbid something happened to you, what your, what
liabilities need paid off, what is, what are your education goals for your kids, you know, do you want to fund four
years of undergrad plus post grad, like that’s all gonna calibrate and update how much insurance you actually need
and then making sure that your plan speaks to that. Like as your cash flow changes. Do you have the, not only the
right amount of insurance, but do you have the right types of insurance? Whether that’s term insurance, permanent
insurance, whether it’s a combination of the two, these are things that constantly need updated. Too often I’ll see
someone say, oh, like I, I bought a life insurance policy.
Speaker 1 – 25:08
I think it’s like a you know, 30 year policy. I bought it like eight years ago. I don’t know. But people don’t even really
know what company it’s with, how much their death benefit is, who the benefit. Yeah, it’s just, it’s almost an
afterthought when, if you need it’s very quickly not an afterthought. So it’s really important to have a, have a really
strong understanding of what insurance you have and making sure it’s the right amount.
Speaker 2 – 25:33
No, no question.
Speaker 3 – 25:34
Yeah. And I was going to add to that kind of. With disability insurance too. Looking at your disability insurance
policy, a lot of clients really don’t understand that. And having their own policy plus a group policy, what is taxable,
what’s not taxable, what type of riders are on there true own occupation, making sure it’s tax free, things like that.
Meeting Title: financial plan needs constant
calibration WIP4 (1)…
Meeting created at: 2nd Feb, 2026 – 3:19 PM
12 / 13
And keeping up with your income as well. Because disability could be anything. I mean if you get cancer, it’s some
type of disability can’t work. So there’s so many variables to what we’re all talking about. That’s why you need a
CFO to kind of manage everything.
Speaker 2 – 26:11
No question, no question. I would say the biggest one is spending versus saving. This can get out of sync really
quickly. And I think we’ve witnessed people living the two extremes, like people either overspending and not saving
enough so the future is like not necessarily on track. And then there’s the over savers that are going to over
accumulate and they don’t have a philosophy for that. It’s more, you know, fear based and getting a good financial
plan to calibrate can bring you back into this life of, you know, abundance and joy and let’s secure the future, but
let’s also enjoy when our kids are under the roof. Let’s also enjoy, you know, the fruits of our hard earned labor now
as well. So that’s a very important one.
Speaker 2 – 26:54
But I would say that, you know, to close up, like there’s gonna be constantly like parents, health concern, you know,
kids going out of your house and then maybe needing support. How do you navigate these situations? But keeping
relationships intact, keeping stress levels low, and making sure that the right decisions are actually getting
executed that are personalized to you and having that thought partner, that advisor to help you through that, I think
is very important. So if you have any questions, we encourage you to reach out. But also, you know, if you’re an
EWA client, importance of us, you know, meeting regular, why we reach out to do reviews is to make sure these
calibrations occur.
Speaker 2 – 27:33
And then if you’re interested, you know, obviously in becoming a client, we’re happy to do a free consultation to see
if we’re a good fit, but we’ll see everybody next week.