We launched our firm in 2015 and named it Together Planning.  We liked the name for many reasons, but one of the bigger reasons is that we wanted to help our clients work “together” with their families…especially their children.

This is why we have always provided guidance to children of our clients.  

Sometime this means setting up an UTMA (Uniform Transfers To Minors Act) account or a Roth IRA for minor children.  We offer to meet with them to teach them basics of investing, show them how their account works and how it will be invested, and set expectations for what long-term investing can do.  Our own children have investment accounts, and we believe it is beneficial for them to have experience with investing early in life. 

Sometimes we work with adult children of clients who are just starting their career.  Their parents want them to get started on the right foot.  Here are some examples of topics we have discussed with adult children of clients:

  • How much should I save into Individual Retirement Accounts or employer sponsored retirement accounts such as 401ks?  How do they work?
  • Which investments should I use?
  • Should I use a Roth account, a pre-tax account, or both?
  • Should I buy life insurance? 
  • Which medical insurance option should I pick?
  • How much of an emergency fund do I need?
  • How do I create a budget?

Sometimes we will be asked to do a full, comprehensive financial plan for children of clients; but more often, we will be asked to answer a few questions, perhaps open an account for them, and get them started.
We are happy to do this!  It helps us fulfill our mission to help as many people as possible worry less and enjoy their lives more, and we want to get to know our clients’ children anyway.  Often, they become clients as well. 
Summer can be a great time to get your children thinking about financial planning topics, since they have more time on their hands.  Please let us know if we can help!
Your Together Planning Team

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax or legal advice. Please note that individual situations may vary. Therefore, this information should be relied upon when coordinated with individual professional advice.