20 Years of Answering Questions, Solving Problems (and yes, investing money, too)
Coastwise turned 20 this year (oh my how time flies!) and the world has thrown a lot at all of us during these past two decades. Pandemics, wars, currency crises, political upheavals…. But that same world has offered up some amazing things (which tend not to make as many headlines). 40,000 additional points on the DOW (despite all of those negative headlines!), the smartphone revolution (OK, that can be debated about whether that is a good thing or a bad thing, but for most of us probably a net good thing), commercial spaceflight, improved medical care, renewable energy growth….
But one constant during that timeframe is that humans are still humans, with all of our insecurities, foibles, fears, and vulnerabilities – and the need for rational, disciplined financial advice.
When someone hears the word “Financial Advisor” they often think: ‘stock picker’. While indeed, investing in securities (stocks, bonds, REITS, etc.) is part of what we do here at Coastwise, it is just the tip of the iceberg – and often the final step based on a deep understanding of our clients’ unique circumstances, needs, wants, and emotional makeup.
So, what are some of the other things we, as Financial Advisors, spend our time doing? What questions do we help answer and what problems do we solve (what pain points do we help our clients overcome)? Here are just a few:
- Goal Setting:Whether health or money, all good plans start with clearly identifying and setting forth goals. We are good at helping people determine future goals, needs, and wants!
- Financial Planning:Coastwise creates cash flow/budgets to assist in making life’s important financial decisions. We have sophisticated financial planning software where we enter client financial information, make a variety of assumptions (expenditures, returns, etc.), and then produce reports that give clients comfort that the agreed-upon plan will achieve near- and long-term financial goals.
- Portfolio Management:Coastwise has access to the universe of publicly traded securities without the potential conflicts of interest that can be found at brokerage firms that may steer clients into their own, more expensive products. Proper asset allocation and security selection are key to achieving one’s short- and long-term financial goals. We can even exclude companies or sectors clients prefer not to invest in.
- Portfolio Rebalancing:We seek to ensure no one position or asset class becomes too large a part of the overall portfolio through periodic rebalancing. If someone has a concentrated position in a given stock, we can help them manage this through hedging and other diversification strategies.
- Tax Mitigation:The Advisors at Coastwise work with client CPAs and other professionals to undertake annual tax mitigation work where appropriate.
- Hedging:The Coastwise team has collective decades of experience using sophisticated options strategies to hedge individual positions as well as portfolios at large, in order to achieve myriad objectives, including increasing income, reducing volatility, and providing downside protection.
- Cash Management:We search the universe of cash management products to ensure return on cash is being optimized.
- Assistance with Required Minimum Distributions (RMDs):We help to calculate and disburse required annual distributions from various qualified retirement plans.
- 401(k) Analysis:Even when not under management at Coastwise, as a courtesy, we review non-Coastwise retirement accounts to ensure they are optimally invested.
- Qualified Plans:Coastwise assists with setting up, investing, and managing the range of qualified plans, from traditional IRAs to Roth IRAs, Rollover IRAs, SIMPLE IRAs, and SEP plans.
- Succession Planning:We work with client CPAs/estate attorneys to ensure client wishes are met as money is transferred to future generations.
- 529 College Savings Analysis and Management:Saving for kids’/grandkids’ college can be one of the greatest gifts clients provide to the next generation. We help set up, monitor, and budget for regular contributions so that the stock market “pays” for more of clients’ kids’ education.
- Any Other Financial/Investment-Related Matters:As Financial Advisors, we bring decades of experience and expertise to bear on various ongoing financial considerations and decisions—from whether to lease or buy a car, how much house a client can afford, how to balance savings between various retirement accounts, to virtually any of life’s myriad financial events, whether planned or unexpected.
Simply put, as we like to say, anything that relates to money is fair game when it comes to working with a Coastwise Financial Advisor. No question is too small; we want to make sure every hard-earned dollar is being managed in the most effective way.
I started Coastwise 20 years ago when it was clear my brain was ‘wired’ to help others with money matters. Thanks to my parents (!), I was born with an ability to remove emotions from the equation, think very long term, be greedy when others are fearful, and act with integrity, discipline, & patience. These values are now embedded in the Coastwise culture.
We look forward to serving our clients for the next 20 years and beyond, answering myriad questions, solving unexpected problems, and allowing them to live a richer life in all senses of the word – especially having peace of mind that their financial lives are being well cared for.
We thank you for the opportunity to serve you!