‍November 2022 - Has your financial plan failed you this year?

Mark Zukerberg, founder of Facebook, has seen his net worth slashed by more than $100 billion this year alone, with 2 months in the year remaining. We are sure this has left him with questions like:

1. What is my plan going forward?

2. What are my fears about what will happen next?

3. Do I need to make a change?

Our process, Purpose Built Planning, is designed to alleviate concerns, focus on your household goals, and remind you of what you can control.

For more information, give us a call (865) 379-8200 or visit our website at lecontewealth.com

Over five years have passed since I first joined LeConte. I’ve engaged with hundreds of folks on all things financial. One question has remained consistent across prospects and clients who have retirement on their mind: “Do I have enough?”

A Google search of this question suggests answers. Here are a few:

1. $1 million.

2. Approximately 80% of your annual pre-retirement income.

3. 10x your salary by age 67.

4. 12x your pre-retirement salary.

5. Use the 4% rule.

A report suggested that American’s will need $1.25 million to have enough throughout retirement. Here are the report highlights:

1. 43% of Americans do not expect to be financial ready when retirement should occur for them.

2. 45% don’t expect Social Security benefits to stick around.

3. Americans extended their working years to 64 from 62.6 last year.

4. 33% predict they have a 50% chance to outlive their savings.

5. 25% plan to retire later than they had anticipated.

If you’re like me, sometimes statistics can be a head scratcher. I think about the data, how it was collected and if it truly does represent the population the reporter says it does. My conclusion typically finds flaws in the data; hence, I shouldn’t put too much emphasis on the findings. Don’t get me wrong, we can glean some information from the report and the Google search, but these bullet point lists are unrefined noise. There is no one-size-fits-all solution, as each individual and household is different. We all have different starting points, goals, resources, and risk tolerances.

Our solution to refining this financial noise is called Purpose Built Planning©. We built it around three financial pillars: 60% of adults that does not have a valid will; hopefully by the end of the post you will be motivated to do so.

Purpose Built Planning© examines your financial condition from a 360-degree view that encapsulates the 7-Step CFP® financial planning process. It layers Financial Planning, Investment Management and Tax expertise (analysis, preparation, and filing). See our process below.

1. Our team wants to understand the steps you’ve already taken.

We ask questions about how you got to where you are, specifically personally and financially.

2. Initiate Purpose Built Planning and make it personal.

Our team gathers qualitative and quantitative information, so we have a comprehensive picture of your situation. This also includes your personal values and attitude towards money, family, health, goals, risk tolerance income, expenses, assets, liabilities, investment experiences, estate documentation, and more. We obtain the information required to developing a comprehensive plan that maximizes your chance of achieving your goals. Quality inputs deliver refined output.

>For more on our process, click here

Alex Willard
Client Adviser
LeConte Wealth Management

You have worked hard your entire life, you have been disciplined with saving, you live within your means, and it has resulted in an accumulation of assets that will ultimately be passed on at your death. What if those assets that you had worked your entire life to accumulate were distributed without any say from you?

This is what happens when you die intestate – meaning you die without a valid will. There are three ways in which assets can be passed on: 

1. Contract (beneficiary designation)

2. Operation of law (JTWROS/TBE designations)

3. By will (any individually owned assets)

This post will focus on the last one. While death is not something one probably ponders too often, having a plan in place when that day comes will be something your surviving family members will be forever grateful for. The document that outlines your wishes as to the distribution of your assets upon death is a will – the most important estate planning document. It might be shocking to know that a document with such importance has only been executed by 40% of adults. There are numerous “reasons” someone may put off creating a will. It could be the reluctance to face death, no desire to think about what happens to your assets after your gone, the lack of understanding of the consequences when you die intestate, or simply procrastination.

Below, I will outline the consequences of dying intestate, the most important reasons for executing a will, and if you are one of the 60% of adults that does not have a valid will; hopefully by the end of the post you will be motivated to do so.

Every family dynamic is different, and when it comes to talking to your loved ones about money, inheritance, or most financial topics, the conversations can often lead to arguments/fights. This situation can escalate dramatically in the event you die intestate. While you yourself will not have to deal with the consequences of dying intestate, your loved ones will.

>Click here to keep reading

Wes McNeillie, CFP
Tax and Planning Specialist
LeConte Wealth Management

>A Christmas Present from your Retirement Account

Kevin Painter

Managing Partner

LeConte Wealth Management

Alex and his fellow classmates in Leadership Blount '23 learned about Blount County's rich history, how the partnership within our local governments create efficiencies, and changes that are to come for Blount County. They heard from many of the elected officials and what each office holder does to serve our county.