Episode 127: A Family Approach to Special Needs Financial Planning with James Grace

The end of a year tends to have people thinking about what they should do to plan for the new year and what changes they may need or want to make.  While fitness and health goals are generally always on that list, so is financial planning for the future.  Financial planning in general can seem to be a daunting task but it becomes a bit more challenging for special needs families and planning for your disabled child’s future.  

 

On this week’s podcast episode, Annette speaks with James “Jim” Grace, the Director of Wealth Management with Silver Pine Capital.  Jim, who has been a financial advisor for over 12 years, has taken on a more “person centered” approach to financial planning and working with special needs families with complex issues.  Jim also has a podcast called The Financially Mindful Podcast, which offers insight into various aspects of financial planning.

 

The financial planning approach Jim takes with his clients is not the traditional sit with an advisor, pay an upfront fee, send over your financial information, and then wait a short time for your financial plan to be created and the report sent to you.  Jim feels this approach does not allow for changes and updates that may need to happen over the next few months/years as your financial situation and goals change.  

 

A More Personalized Family Approach

 

At Silver Pine Capital, their approach is to sit with a client to determine what they are looking to accomplish, determine how much time they will need to spend with the client over the next few months, generate the fee and then divide that by 12 and bill monthly.  This allows them to start with the client’s current financial position, meet on a regular basis at least once a month and build their financial plan over time. Sometimes this is referred to as “financial coaching,” where someone spends more time with you to assist you in your financial plan. 

 

With this more personalized approach, they are able to develop a relationship with a special needs family, find out what is important to them, assist them in getting organized and then offering recommendations as they move along according to where the family is currently and what they hope to get to. They become part of your family’s “team” for financial planning.

 

3 Steps to Begin Your Financial Planning

 

Jim says there are roughly 3 steps you can work on to get your financial planning started.  First, take a breath then get yourself organized.  Pull

Have you been searching for a law firm that understands the unique challenges of your family? We can help you at Special Needs Law Group put legal planning in place to protect you and your loved ones now and in the future. Book a free call today with our team or contact us via our website: specialneeds-law.com/contact.