FA-IQ reached out to advisors to ask: What are the top financial advice questions you are getting from your clients?

Ken Roban, managing director and wealth manager at Reservoir Road Financial Group at Steward Partners Global Advisory. New York City-based Roban has been in the industry for 25 years and has $250 million in client assets.

“The pandemic has created an urgency for our clients to accelerate their existing plans or reevaluate what is truly important to them. Our role is to help our clients create a roadmap for change, which is not fundamentally different from what we have always done.

Ken Roban
A common issue our clients are focused on is traditional planning. While they want to know how to maintain their lifestyle in retirement, fund multiple college educations, and still leave a meaningful legacy, they are looking at a new range of opportunities that have not been previously considered. We are asking the same questions that we have always been asking, but now we are getting different responses.

Recently, clients have been asking about the following:

  • 'Should we give more money to our kids now or wait until later?' Clients who have the resources to make an impact on future generations want to see the impact today but are still concerned about giving too much too soon. We are helping our clients understand the impact of these decisions and providing resources to improve financial literacy for the next generation.
  • 'I’m moving to a new state. Does this impact my financial plan?' The answer is that it does. We are conducting estate plan reviews, and clients are tapping into our network of experts around the country to make sure that their plans are current.
  • 'Can I afford to change my career?' Clients are looking for greater self-actualization, and they are making career changes. Our clients understand that their assets could be used to support periods of transition to more rewarding careers. Traditional financial planning models make assumptions that financial progress is always linear. The reality is far from that. We are making sure that our clients understand that their assets are there to support their dreams and ambitions in addition to funding a meaningful retirement.”

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