Recently, I was interviewed by the editors of Union County Living. We discussed why I do what I do, and why I focus on families with complicated financial needs. Check out the article and let me know if you have any questions.
William Walters crafts financial solutions for the unique needs of complicated families
The only thing all families have in common is that life can be complicated.
Every family is perfectly imperfect in its own way, according to financial planner William Walters.
One family might have a special needs child. One may deal with a parent with dementia. Another might include adults who are members of the “sandwich generation” and are caring for their children as well as their aging parents. They might be part of a non-traditional family with two dads or two moms or just one parent. They might own a family business that they would like to continue to the next generation. Or they might be on their own with no plans to marry and need to plan to provide for themselves.
In fact, Walters came to financial planning because of what happened to his own family.
“My wife and I had to care, not only for our special needs daughter, but for my mother who suffered from dementia,” he recalled. “With no long-term care coverage in place, we had to do everything ourselves – keeping an eye out, cooking meals, cleaning up after her, setting up rails so she wouldn’t fall. It wasn’t easy and her suffering could have been minimized with proper professional care. When she passed away, I made a promise to myself that I would do everything in my power to make sure other families wouldn’t go through what we did.”
That has been his pledge.
That’s why, for Walters, financial planning is never a one-size-fits-all proposition. But the first step is always the same.
“I sit down with my clients and discuss their goals and needs,” Walters said. “We talk about topics such as where they are financially now, the type of lifestyle they want to have, and their responsibilities in terms of aging parents, children, and grandchildren. Then we look at their income, assets, and spending habits to determine the best path forward.”
That friendly conversion is vital because every financial plan Walters prepares is customized to each family or individual. He believes that a good financial plan needs to be unique – just like the clients he works with.
“We speak about the benefits of things like long-term care insurance, both for themselves and their parents. What the difference between term and whole life insurance is and which may be better for them.”
“If clients have a disabled child,”, he continued, “we talk about how a Special Needs Trust can make sure their child is looked after if something happens to them.”
Walters not only advises about the future, but he will also guide his clients about making smart financial choices today.
“How often have you asked yourself: ‘Where does the money go?’” explained Walters. “My job is to help you answer that question and show ways to save and invest. I frequently present plans that save on the monthly bills like cable TV, cell phones, and utilities. I also craft plans to protect family members such as parents and children with long-term care, auto, liability, and life insurance. As someone who has had aging parents and a special needs child, I can empathize with families facing those challenges.”
Walters also works with clients who have a family business. “Whether they started the business themselves or they inherited it from their own parents, there is a lot to think about when it comes to a small family business. If something happens to you, what happens to the business? Is your family protected? Your employees? What plans to do have?”
As an independent agent, Walters is able to find the right options for his clients from multiple sources. “Whether my client needs an annuity, estate planning, guaranteed life insurance, indexed universal life insurance, key person insurance, long-term care insurance, term life insurance, whole life insurance, a special needs trust, a living trust, or small business insurance, I can offer the programs that fit them best. When appropriate, I consult attorneys and other professionals to make sure my clients are well served by the plan we develop.”
Walters believes that no one should go it alone, like he and wife experienced with his mom. That’s why he’s now a financial planner for all the perfectly imperfect families like his.
William “Bill” Walters has offices in Cranford and Collingswood. He can provide financial planning services in all 50 states. To learn more or to schedule a conversation with Walters, visit perfectlyimperfectfamilies.com or call 267-278-5062.