A Trusted Partner Through A Family Crisis - A Client ProfileSubmitted by Washington Wealth Advisors | Falls Church and Ashburn, VA on August 9th, 2019
By Todd Youngdahl, CFP®
You never know what kind of surprises life will throw at you. I have known married couple Paige and Tim since 2005 and started working with them as their financial advisor 10 years ago when they didn’t have any pressing financial needs. As Paige put it, “We just wanted to figure out our financial picture - what we needed to do to save and how best to utilize the income we had. You don’t have time for that when you’re doing everything else.”
When a Health Crisis Hit
In 2011, something happened that made them grateful for already having an established relationship with a financial professional. Tim got sick - so sick that he couldn’t work and his family feared the worst a handful of times.
Unfortunately, the doctors could not diagnose the issue. So, treatments were constantly being met with denials from their insurance company even after submitting multiple tests and doctor exams including a 26-page document at one point.
As Paige tells it, they were denied at every turn including disability insurance claims. With limited short-term and no long-term disability coming in, working full-time for her own business and a large international company, and taking on the caregiver role for Tim who could no longer work, Paige felt slammed in every direction. She explains, “It was really stressful and really hard. And that went on for several years, with the chronic illness putting a roadblock in our financial planning and security for almost eight years.”
A Shoulder to Lean On
During this time, Paige shares that her trusting relationship with WWA was a strength and resource for them. “I was beside myself. I was managing the house, my jobs, taking care of Tim, and doing medical research,” she recalls. We made sure to regularly check in with Paige for support, to see if she needed help, and, of course, we helped her with her financial options.
“When you’re running out of money and are facing a financial crisis like this with all its uncertainty, what do you do?” Paige remembers, “Todd was really good at figuring out how to help up by offering this simple yet very powerful approach - ‘This is what we can do. This is how we can support you.’ This is what I love about Todd and WWA.”
A family health crisis is stressful. Paige found great relief in knowing that she wasn’t alone and had a trusted financial partner. As many other families have experienced, the stress from potentially losing everything due to medical bills can rip families apart and break marriages. Have a trusted financial partner, and more importantly a trusted friend, can literally and figuratively make or break difficult times such as these, as both Paige and Tim experienced.
The Washington Wealth Advisors Difference
With our help, Paige and Tim worked their way back towards financial security. While the crisis persisted on and off for eight long years, Tim is doing much better now. He lives with underlying health issues, but both he and Paige are incredibly grateful to have made it through this crisis to be where they are now.
Paige reflects that they started working with me because of how we “clicked.” Our relationship has succeeded because of our mutual respect and care for one another. As she says, “You have someone working with you and your finances. They care about who you are and what you’re going through - not just a mask or an act. It’s so much more than just the financial stuff. When I didn’t know if my husband was going to live or if we had any money left, Todd was there for me.”
When evaluating financial advisors, Paige recalls Todd’s approach. “It was ‘Let me look at your situation and let’s figure out what’s best for your family.’ A good financial advisor needs to get to know someone, and what they’re comfortable and not comfortable with, not just pushing their own agenda.”
Planning from Today’s View and Adjusting Along the Way
Financial planning is for the present but also for the future. The relationship should consistently track your situation because things change. Paige is outspoken about this because she and Tim understand, better than many, how suddenly and drastically things can change.
“They take you where you are and really coach you as to where you need to be, what’s realistic, and what you feel comfortable with. They do it all in an educational and caring way.” Paige elaborates, “You don’t feel alone in a situation where it might not be your specialty. You know someone is going to be there to walk you through, hold your hand, be patient with you.”
Distance Doesn’t Mean Distant
When we started working with Paige and Tim, we all lived in the same D.C. area and were introduced through a neighbor. They have since moved out west to Tucson, AZ. How has the distance changed things?
Paige tells her friends and neighbors who say they would prefer to work with a local advisor, “Caring doesn’t just have to be face-to-face. It can be long distance as well.” We have proven that with modern technology, knowing your client and building long-term trusting relationships, you can have a positive partnership with your financial advisor. We always welcome their referrals and are committed to building personalized relationship and a holistic financial planning approach with each one.
We appreciate Paige and Tim sharing their story and are glad Tim is doing better. We are grateful to be a part of their support team and wish them continued health and success.
Do You Know Someone Who Could Benefit from Our Help?
We love referrals! We hope you are confident in referring friends and family who could benefit from what we do – no matter where they live. Share this article along with our phone number 703.584.2700, email firstname.lastname@example.org and link to schedule a meeting directly with me. We are happy to offer a complimentary, no commitment, initial consultation to discuss their specific situation.
About Washington Wealth Advisors
Washington Wealth Advisors is an independent registered investment advisory firm serving high net worth families and small businesses. We focus on holistic financial planning and comprehensive investment management. Leveraging our core strengths of unbiased, active investment management together with a detailed annual financial planning capability, we serve your comprehensive investment and financial planning needs.
IMPORTANT DISCLOSURE INFORMATION
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Washington Wealth Advisors, LLC), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Washington Wealth Advisors, LLC. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Washington Wealth Advisors, LLC is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Washington Wealth Advisors, LLC’s current written disclosure statement discussing our advisory services and fees is available for review upon request. Please Note: Washington Wealth Advisors, LLC does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Washington Wealth Advisors, LLC’s web site or incorporated herein, and takes no responsibility therefore. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.