Published in the Desert Magazine
By David Thatcher, CFP®, Partner & Senior Financial Advisor
“The Second Growth” may sound like an unusual name for our wealth management process. However, after years of counseling individuals who have reached a point of financial independence, we believe the term perfectly describes the stage of life our clients are experiencing.
A tree grows in two distinct phases as you can see from the dendrochronology (a fancy way of saying tree rings) of a tree above. Each ring represents a year of the tree’s life. A tree’s dendrochronology, like a human fingerprint, shows the unique differences among every tree. As you examine the tree rings, you will notice signs of two distinct phases of growth.
The wider rings in the middle indicate a period of primary growth. During this stage, a tree grows rapidly with roots reaching deep into the soil and branches, shooting fast and far into the sky. After a tree has come to a form of maturity it naturally evolves into the second stage of growth as indicated by the thinner outer rings. The tree has now developed greater width and girth to withstand the elements and foster a long, healthy life.
Our clients have experienced their own unique “first growth”. They were fortunate to have benefited from rapid growth in their financial lives to get them to where they are today. While all of our clients have their own individual objectives, many have now had a change of focus. In the past they may have taken risks in pursuit of rapid growth but now have a growing desire to protect what they have and harvest the fruits of their labor. We call this period The Second Growth.
The Second Growth can be a period of great enjoyment and a time of tremendous personal growth and fulfillment. However, this stage of life may also present many new and complex issues.
Moving from the accumulation phase to the distribution phase of your investments takes a specialized approach in risk management and income planning. Financial planning issues, such as when to take social security and planning properly for healthcare and long-term care, need to be addressed. Estate and tax considerations are unique during this phase as well. During their Second Growth some are caring for aging parents or the special needs of children.
Mistakes made due to improper planning during this stage of life can be devastating.
The Second Growth Process™ was developed to address the unique needs of our clients during this most critical stage of life. This process was designed to provide peace of mind and certainty in meeting their needs.
Our “Second Growth Process™ has four steps:
We listen to you. Understand your financial dendrochronology means really knowing you, where you have been, and where you want to go. What are your personal values and aspirations? What’s on your bucket list? We want to know.
After we have a thorough understanding of what you want to accomplish, we walk you through an educational assessment of any gaps that may exist in your plans.
We bring our understanding of you together with a thorough analysis of your financial position to create a customized, detailed blueprint of what you need to do in order to meet your goals. We take a collaborative approach, working with your tax and estate advisors to address all areas of your financial life.
As your needs and goals evolve over time so should your financial plan. We meet with you regularly to make sure you are on track and that your finances continue to reflect your desires.
If you are in this second growth stage of life, we would love to sit down with you and make sure that your finances are working for you. To schedule a complimentary financial consultation, or to get a second opinion on your current portfolio, contact one of our offices today.
About Cypress Wealth Services
Cypress Wealth Services, an independent RIA firm providing financial planning and investment management to high net worth individuals, families, business owners, and institutions. CWS is comprised of professionals with diverse backgrounds and extensive experience and qualifications. CWS is uniquely qualified to serve a broad range of client needs. Their experience and expertise act as a foundation for their client service process, The Second Growth, which focuses on efficiently protecting, growing, and transferring to their loved ones the wealth and legacy a person has already built. With offices in Palm Desert, and Anchorage, the firm serves clients across the country. Learn more by visiting www.CypressWS.com.