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Drucker Wealth Ongoing Services

 

 

Proactive Fall & Spring Review Meetings

Over the last few years, we’ve started organizing our planned client review meetings so that they are scheduled twice throughout the year: between St. Patrick’s Day & Memorial Day (Spring Review) and then again between Labor Day-Thanksgiving (Fall Review).

While we are ALWAYS available to speak with you throughout the year (we WANT to be your first call when you have updates, questions or simply need to talk things out) we have found that most of you appreciate and look forward to having meetings planned for in advance.

We start prepping for these meetings over the winter and summer and make sure that we send out our meeting prep a few weeks in advance so that we can be as prepared as possible (with the information we need already in-hand) to our virtual get together.

The more analysis that WE can do ahead of time, the more productive our meeting will be, the quicker we can get into specifics, and the more time you’ll have back in your calendar.

You are busy and have a lot on your plate. Our job is to make sure every single time we have a meeting, we are accomplishing something & moving the ball forward on some aspect of your planning.

Tax Return Reviews

As we did last year, we are asking all of you to send us your completed tax return as soon as you get them in April/May so that our team can look through them on your behalf. We will be providing a summary & overview of your tax return over the summer via a delivered report & then we will go through your return with you as part of our Fall Review Meeting.

Sometimes this will merely be an educational/intellectual exercise to help you understand your tax return so you can feel better about where things stand...while at other times, we will be able to unpack opportunities for greater tax planning, potential mistakes, pitfalls, or relevant talking points. Like with most of the planning work we do with you, the benefits of looking through your tax return compound over time. If we find something that needs changing on your 2025 tax return, you will be benefiting from that “catch” still 10 years later as it will impact each of your tax returns the following 9 years (even if nothing comes out of those years directly.)


Estate Planning Analysis & Partnership

Having an estate plan is one of the most foundational things you can do to ensure your financial future...and yet it is probably the planning area in which people spend the least amount of time thinking about & taking care of.

While we have always sought to communicate the value of estate planning to clients and make the proper introductions to attorneys, in recent years we have taken things one step further to solve for this common gap in people’s financial plans.

As many of you know, we have recently onboarded a full-time Estate Planning & Insurance team as part of Drucker Wealth.

Led by Hunter Gimbel (Managing Director) and TJ Riley (Relationship Manager), who collectively have 20+ years of client facing experience, this team is responsible for meeting with all of our ongoing wealth management clients each year to make sure that your estate planning needs are addressed, protected, and updated appropriately.

For clients who need updated estate planning documents (Health Care Proxy, Power of Attorney, Living Will, Revocable Trust etc), we have formed a partnership with the leading estate planning platform in the country so that our clients can receive professional documents at a reasonable cost...all while being educated/coached by Hunter & TJ at every step of the process.

We will be using our Spring Review Meeting to make sure we are addressing your estate planning needs & introducing you to Hunter & TJ as needed...

 

Full Time Life Insurance & Disability insurance Analysis

We have always been able to help our clients procure the life insurance, disability insurance, and long-term care insurance that they need to ensure their family’s financial security long term.

But as our clients continue to get older, make more money, and have more sophisticated needs.... we recently decided to make a change in our approach to risk management.

Over the last few years, we’ve brought in the aforementioned team (led by Hunter & TJ) who specialize in protection planning to guide these insurance conversations.... rather than merely having our lead financial planner covering them at the end of other meetings.

They will provide in-depth analysis of current coverage (through work and individually owned), make recommendations based on your goals, and (if desired) go out and get you the insurance you need...while holding all your hand throughout the process.

A one-stop-shop doesn’t mean that one advisor addresses ALL of your needs by themselves....running like a chicken with their head cut off as a result...rather it means that we have built out a deep bench of experts that are brought in as needed to address & advise on individual elements of your plan all while your lead advisor coordinates your relationship and brings it all together.

 

Cash Management Set Up


We are always looking to help you all with a cash flow system that works for you.

This is not a one-size-fits-all thing because we all come with our own unique background & approach to handling our expenses. My number one rule of cash flow planning is probably “if it ain’t broke, don’t fix it.”

If you have a system that works for you (it makes you feel good & the numbers show that you are on track towards your goals) I don’t care how funky the system might look from the outside...keep doing it!

That said, we have started helping clients deploy “Reverse Budgeting with a feedback loop” that focuses on separating your spending into 3 categories: Fixed, Flex, and Annual expenses and matching those with specific accounts.

We will continue to spend time on this (if applicable) during our 2024 Review Meetings.

 

(Coming Soon) Management of 401k’s

 Many of you have asked, over the years, why we can’t just manage the 401k’s that you have with your current employer in the same way that we handle all your other accounts.

Why can’t we see how your 401k is invested (without screenshots & email chains), proactively pick the individual funds, rebalance & trade throughout the year, & make strategy changes as appropriate?

I’ve never had a good answer other than to say that your 401k isn’t custodied through our firm so we can’t trade on it.

Well, in 2024 that is all changing.

We will be onboarding (in Q1) technology that will allow us to manage your 401k without you having to move your 401k away from its current custodian. Our team will be able to see all of the available fund options (and their costs/performance over time), see your account set up/balance directly, pick the funds for you & trade & rebalance each quarter. We will be able to manage your 401k for the same fee that we handle all of your other accounts.

To be clear, we are not mandating that clients bring us on onboard to manage your 401k or change anything about their current setup, but we know that many of you have been looking for a way to offload the burden of managing your 401k and we are thrilled to be able to soon be able to add value in this way.


Homeowners, Auto, & Umbrella Insurance Review

TJ, our Personal Lines Insurance Specialist, will provide an in-depth look at your existing Homeowners, Auto, Umbrella, and Jewelry policies to make sure you are adequately protected from unforeseen issues. We are excited about this additional service because we’ve found that most people rarely think out of these things...they are typically out of sight and out of mind! Ignoring these areas could mean that you have gaps in coverage, it could mean that you’re paying more than you should, or it could mean that your policies are out of date with current life....These reviews have proven to be tremendously helpful for our clients that have gone through them. Our reviews here will focus on (1) your limits of coverage (2) reputation/strength of the carrier and (3) ensuring that you’re receiving maximum value (ie: maximizing discounts, favorable rates etc.)