Rick Stanzione, RFC® A Holistic Approach to Planning Seven years ago, Rick Stanzione of R&R Group Inc, located in Washington Terrace, UT was our featured interview in the Register. (Vol 11, No. 3, March 2010). It gave a profile of Rick and his personal / professional journey. In that interview, Rick felt the focus of the Association to be “continued growth for membership and the resources being offered”. This past year, Rick has joined the IARFC as its newest Board Member. We are reaching out to him once again but from a different perspective. As he now has his first in-person full Board Meeting under his belt, we want to find out more about his interest in the IARFC and what led him to want to join the Board. Register: Before we get into the business of the IARFC – update us on your own journey since 2010? Rick: There have been many changes in our industry in the way we do business that stem from new products, regulatory and best practices for every financial consultant. For many who have acted in a fiduciary capacity, the burden is less when preparing for changes. Adapting the holistic planning approach in our business model has always made it easier for me. Holistic planning is essential for having the best protection for any one person’s well-being. So, what is holistic planning? Holistic planning is the difference in getting a complete customized financial plan or just a plan that is boiler plate or described as a plan just off the shelf with the basics components. If you don’t have a holistic plan, you usually leave out key components, kind of like a puzzle with missing pieces. Some of the key puzzle pieces in a holistic plan consist of a tax strategies, life insurance, disability insurance, long term care insurance, wills and trusts to name a Page 14
few. In addition, all of the examples above have several options as there is no one size fits all. All of the components need to work in harmony. Coordination of these areas is essential to meet all of your goals & objectives. This type of planning process will also assist in identifying any shortfalls you may have and how to best resolve them. Now you can see why holistic plans need to be customized to avoid dangerous gaps. Sound financial plans need to have sound financial strategies to meet the client’s goals and objectives. Holistic plans address paying too much in taxes and fees, the risk of losing everything due to a catastrophic event; and the risk of running out of money in retirement. Do you want a holistic plan that covers all your bases? If you do, you need to cover all these items in your fact finding or what we call in our office a “financial inventory”. Our financial inventory will address the income needs now and later, assets, debts, shortfalls but most important what the client goals and objectives are or need to be. All of this information leads to a place where the client feels most comfortable. This can be an overwhelming experience if addressing all at once. Defining the client step-by-step is the holistic planning approach to cover all the bases. As we all know, “people don’t plan to fail but rather fail to plan”. This is why holistic planning works if it is a priority. If it is not a priority and procrastination is part of the plan, it usually will never be finalized. So what is a holistic plan and why should one consider it as an important consideration when looking at a plan that will address the unexpected? A holistic plan should include the following areas:
1. Investment strategies that provide growth opportunities to meet long-term needs. 2. A strategy using life insurance protection to prolong the assets you have to meet your longevity. 3. Preservation of money through tax strategies that avoid unnecessary liabilities. 4. Complete estate planning to help ensure that your surviving spouse is protected and your final wishes are honored. Register: Your own philosophy is that you find joy in helping your clients. As the newest member of the IARFC Board, tell us your motivation to become a Director? Rick: This industry has been very good to me and I have learned so much that serving on this Board is a way that I can give back. In our business, you never seem to have the same needs for each client and I love the unique challenge that it gives me so we don’t stagnate in our day-to-day services we provide. That makes it fun and also gratifying to know we change people’s lives one at a time Register: Earlier in the year, you attended the first in-person Board Meeting in Charlotte, NC. Relate your takeaways from this experience? Rick: This was a tremendous opportunity for me to forge new business relationships with the Directors and get better acquainted with the details that make the IARFC a special group of people who care about our members and the cause we all serve. Register: What are contributions that you feel you can make during your Director term? Rick: During my season on this Board, I am committed in making contributions that matter to our membership. It is my hope that when I will leave the IARFC as a Board The Register | September-October 2017
Published on Aug 25, 2017
It is hard to believe there are only four months left in this year. Already we are well underway with the collegiate 2018 National Financial...