Financial Wellness: A Check-In and Checkup

Preparation and planning for peace of mind are as vital for financial health as they are for the physical. But where to start? What steps to take? We turned to Rob Grossheim, CFP, and his team at Family Wealth Advisory Group for perspective, advice and the prescription for success.

Your role for someone seeking financial advice?

We look at the big picture. We point out things you might have missed or haven’t thought about. Most people don’t lose sleep over where they’ll be in 20 years. They worry about the bumps along the way. Our goal is to be your personal CFO—to help you through those issues.

What does financial wellness mean?

It’s different for everyone. For some, it’s everything buttoned up and living within your means. Or being aware of spending, if it’s realistic and will work for the short- and long-term. But it’s also calmness amid turmoil. Knowing there’s a plan if something unexpected happens. And utilizing everything to its full advantage now.

Does everyone need a financial expert?  

Everyone needs to think about it. There’s a simple equation: income minus expenses equals surplus or deficit. If it’s surplus, you’re building assets; a deficit means liabilities. Assets minus liabilities equal your net worth—which has to grow over time to beat inflation and accomplish your goals. If you truly understand that equation, you may not need an advisor.

Your best advice for the new year?

The most important step is awareness. Talk to a professional at least once a year regarding your circumstances and goals for the next 12 to 24 months. It’s like going to the doctor—when you’re 65, you need more of everything than when you were 25. It’s the road to a clean bill of wealth.

Family Wealth Advisory Group

7359 East Kemper Road, Suite A, Cincinnati, 513.469.8100, FWAG.com