Press Releases
Tidying up your “Financial House”
Stoker Ostler Wealth Advisors Offers Five Ways to Get Organized
PHOENIX, Ariz. (November 19, 2007) Start the New Year fresh by doing some financial “housekeeping.” Whether you are just starting a family or a career, or your family is grown and you’re getting ready for retirement, an annual review of your total financial picture will help you achieve your financial goals.
Over the past year, your personal goals, financial plan, and life circumstances may have changed. It is important, according to Cody Amis, CFP® (Certified Financial Planner) of Stoker Ostler Wealth Advisors, to revisit key areas and see if you need to make any changes to better serve your needs.
“Just like getting an annual physical, doing maintenance on your house or having your car tuned up, you want to take a look at your total financial picture at least once a year. Accounting for life changing events can help steer you on the path to your dream of a secure future,” he said.
Amis believes that organizing your financials annually will set the right tone for financial success.
“It’s a myth that this is only for people who are older or wealthy. I can’t emphasize enough how important this process is for young families, single mothers, retirees and anyone who owns a house or property.”
Amis offers five tips to help you get organized:
- Create a Statement of Net Worth – A Statement of Net Worth serves as a snapshot of all of your individual assets and liabilities. Whether you have a little or a lot, Amis says that taking a little time to create a Statement of Net Worth will help you better plan for the future. It is important to itemize assets and liabilities. Also, be thorough in your notes. If anything happens to you, knowing where these documents are can be very important to your family.
- Review your Estate Plan – No matter how old you are, it is important to have a will, Revocable Living Trust, Durable Powers of Attorney, and Health Care Powers of Attorney. Review them annually or after any significant change in your finances or life. You should make sure that these documents accurately reflect your current objectives.
- Risk Management – It is important to identify any significant changes to your family or your assets that may warrant an adjustment to your insurance policies. Make sure your property, liability and health insurance policies offer coverage consistent with your needs.
- Review Your Retirement Plan – Whether you are in retirement, near retirement or 40 years from retirement, the new year is an ideal time to maximize your retirement plan contributions or revisit your retirement plan‘s investment allocation.
- Don’t Procrastinate – The sooner you get organized the better. Make a commitment to have your financials in order by the end of January so that you can get the most out of 2008.
About Stoker Ostler Wealth Advisors
Founded in 1997, Stoker Ostler Wealth Advisors, formerly Private Wealth Management, is a fee-only wealth management firm that specializes in managing investments and providing financial planning for private individuals and families, small-to-medium-sized institutions and nonprofit organizations with investment assets greater than $500,000. In addition, the firm provides reporting, periodic rebalancing and active tax management services for its clients.
As of June 2007, Stoker Ostler Wealth Advisors manages over $810,000,000 in total assets. Additional areas of expertise include: retirement planning, 401(k)/IRA distribution and issues related to the death of a spouse, divorce, inheritance and stock options.
The firm’s founders, Philip Stoker and Creg Ostler, have more than 50 years of combined experience in wealth management. Stoker Ostler Wealth Advisors is employee-owned, allowing the company to steer clear of conflicts of interest that can arise when wealth managers are aligned with a product-based financial service company. Stoker Ostler Wealth Advisors’ independence, combined with the long-standing relationships cultivated with other financial professionals, allows the firm to provide successful, unbiased financial guidance, based solely on the needs and expectations of each client.
Stoker Ostler Wealth Advisors is headquartered in Scottsdale, Ariz. with an additional office in Utah. For more information, call (480) 890-8088 or visit www.StokerOstler.com.