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From the Desk of Robert Simpton

Updated: Aug 9, 2022

My Family Office from Redfish Capital

Brad’s “Family Office” concept is a cutting-edge idea to combine many financial aspects of one’s life through one office. Having a financial plan and being able to implement it from one office where all of the different experts are able to coordinate with each other in its monitoring and implementation is very beneficial to the client. Having a financial plan, no matter what your circumstances, is a way to coordinate in an efficient manner. The Family Office is driven by the financial wellbeing of the client and not on the volume of sales that they can make off selling a particular product to a particular client.

What makes a good financial plan? There are 5 general areas to look at in making a comprehensive plan. These areas are Taxes, Insurance, Retirement Planning, Investments, and Estate Planning. Many different professionals are necessary to look at each of these areas and help them to coordinate together. As a Certified Financial Planner (CFP), I try to use an overall plan so that each of these areas coordinate efficiently to hopefully meet the objectives of the overall plan. Just like a thumbprint, everyone has different needs and goals, so each plan is customized to their situation.

As far as taxes go, I don’t think that anyone wants to pay more than they need to and certainly not less than they need to as that action leads to penalties and other unpleasant interactions with the IRS. Planning may help the client optimize tax situation and resulting obligations. In this area, a qualified tax professional may be helpful.

Insurance is most useful in minimizing the risks of everyday life. Life insurance can be useful to create money in the event that a person dies and leaves their future plans for their family unfulfilled and unfinanced. Other types of insurance can be useful to protect the person in the event that some unforeseen catastrophe occurs. Long Term Care, Health, Disability, and Property and Casualty (Auto, Homeowners, etc) are some examples of insurance that can guard your hard-earned savings from being sucked away by medical bills, disasters, and civil suit attorneys. These should be utilized by every person to help to minimize the financial risks of life.

Retirement planning can be effective in preparing for the years that you will no longer be working. There are a number of different ways that a person can save for that event, but a good financial plan can help to see in the future about how much will you need to save and how you will save it. It provides a glimpse down the road for those that find it hard to see what lies ahead for them. This should be monitored and changed as the circumstances of life change.

Investments can be really important in financial planning as a way to possibly maximize the use of your savings. There are many types of investments, and each has its own characteristics and risks so using a financial professional can help to find those investments that are suitable for the period that you have and the risk level that you are comfortable with.

Estate Planning utilizes all these various aspects to prepare and pass on your assets as you wish. Some important estate planning documents you may want to consider are wills, trusts, and powers of attorney. An attorney can help to provide these things that can carry out your wishes if you are incapacitated or die. The rest of the financial professional team can help to make this transition as smooth as possible for your heirs and beneficiaries at this sad time.

The Family Office helps to coordinate these professionals and areas to give you the most peace of mind without having to try to coordinate it all yourself. The group can work together to help plan your future instead of independently.

Brad Murrill and Robert Simpton are registered representatives of and offer securities through SCF Securities, Inc. - Member FINRA/SIPC Investment Advisory Services offered through SCF Investment Advisors Inc. 155 E. Shaw Ave. Suite 102, Fresno, CA 93710 • (800) 955-2517 • Fax (559) 456- 6109. SCF Securities, Inc. and Redfish Capital Management are independently owned and operated. The views and opinions expressed herein do not necessarily represent the views and opinions of SCF Securities, Inc. or any SCF-related entity. This material is for general information only and is not intended to provide specific advice or recommendations for any individual. SCF does not offer tax or legal advice and this material is not intended to replace the advice of a qualified tax advisor or attorney. Please consult legal or tax professionals for specific information regarding your individual situation.

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