top of page

Lighten the Burden of Financial Decisions

  • Writer: Peter Newman, CFA®
    Peter Newman, CFA®
  • Feb 24, 2022
  • 3 min read

Updated: Sep 25, 2024

I recently had a conversation with a new client. He is the primary breadwinner and has been making most of the financial decisions for his family in recent years. We compared notes on growing up with parents who were boom and bust in their finances. We discussed the burdens of having to live up to societal expectations of the man being the breadwinner and sole decision maker regarding finances. It felt comforting to know that other men feel similar levels of pressure and stress to provide for their families. Of course, a small amount of stress or expectation pressure can be motivating. A significant amount of stress can be paralyzing and cause indecision or lead to poor decision making.


This high income professional’s concerns are similar to those I’ve heard from others:

  • Should I pay off student loans or prioritize saving for retirement?

  • Am I saving enough to retire on the timeline I desire for my family?

  • Is there enough cash or life insurance if something were to happen to me?

  • What type of life insurance do I really need?

  • My spouse and I have 7 different retirement accounts, can we get these more organized?

  • Are my investments pulling enough weight for the risks I’m taking?


As our conversation evolved, it became clear that this very smart individual was certainly capable of dealing with these issues. However, to do so, he would probably need to spend weekends creating excel spreadsheets with different scenario models and reading financial planning books. This would take precious time away from his children and wife. And, even though he could come up with a good decision after hundreds of hours of research, he, like most of the families I work with, would rather outsource that work to an expert. And, receive an opinion that the decision being made is the best one, or the most optimal decision, given his family’s resources and unique circumstances.

Stressed out man sitting in front of computer pushes up glasses to rub his eyes.
Get help from your trusted advisor and lighten the burden of financial decision making.

The benefits of having a relationship with a trusted financial advisor include:

When your company offers to repurchase stock, your advisor can give you a recommendation in a day or two in time to meet the tender decision timeline. And, they can advise about the tax consequences.


If your company changes the 401k lineup, your advisor can sort through gobs of fund materials and tell you which ones to pick, thereby saving you an entire Saturday afternoon.


If you have a question about whether to allocate cash flow to paying off student loans or saving for retirement, your advisor can let you know the pros and cons of each option.


If you and your spouse are not in agreement on a major financial decision, your trusted advisor can help you reach a compromise.

Even though he could come up with a good decision after hundreds of hours of research, he, like most of the families I work with, would rather outsource that work to an expert.

You can sleep at night knowing that a coach for your personal finances is a phone call or email away. That way, you can turn off the noise of the markets, headlines, and watercooler chat and get back to doing what you love.



Final thought.

Do you have written financial goals? Is stress causing you to re-think your investment strategy? Are there significant changes happening in your life?


Peak Wealth Planning meets with clients in Champaign and Chicago, Illinois, as well as in Colorado near Denver, Winter Park, and Fraser.


If you have a net worth over $2 million and need help from a wealth manager, the Peak Wealth Planning team can assist you.

Peak Wealth Planning specializes in helping high-net worth individuals and families plan for the future.


- - - - - - - - - - - - - - -

About the Author

Peter Newman is a Chartered Financial Advisor (CFA) and president of Peak Wealth Planning. He works with individuals nationwide that have accumulated wealth through company stock, ESOP shares, real estate, or running a business. Peter applies his unique background to help clients achieve their specific goals and enjoy peace of mind.


Peak Wealth Planning offers personalized concierge services to meet your wealth management needs, including financial planning, investment management, ESOP diversification, retirement income, insurance, and estate planning. As a fee-based financial advisor based in Chicago, Peak Wealth Planning serves a select group of clients in Illinois and across other states.




Comments


Peak Wealth Planning

How To Get Started

SCHEDULE A CONSULTATION

Schedule a brief phone call or meeting with us to confidentially discuss your financial situation and life goals. There is not obligation or charge for an initial discussion.

Peak Wealth Planning

Become a Peak Insider

GAIN ACCESS TO ON-GOING FINANCIAL EDUCATION.

Peak Wealth Planning
  • Facebook
  • LinkedIn

Peak Wealth Planning

4311 North Ravenswood Ave

Suite 217

Chicago, IL 60613

217-303-5040

Schedule a Discovery Call

Serving areas in and around: Illinois (Champaign, Urbana, Springfield, Bloomington, Peoria, Chicago, Clarendon Hills, Long Grove, Buffalo Grove, Naperville, Evanston, Western Springs, Bannockburn, Oak Park, Hinsdale, Uptown, Ravenswood, Lakeview, Lincoln Square, Lincoln Park, Vernon Hills, Wilmette, and La Grange Park), and nationwide.

Copyright 2025. Peak Wealth Planning, LLC.

SITE MAP | DISCLOSURES & LEGAL INFORMATION | PRIVACY & DATA COLLECTION POLICY

Peak Wealth Planning, LLC only conducts business in jurisdictions where licensed, registered, or where an applicable registration exemption or exclusion exists.​

 

All investments and strategies have the potential for profit or loss. Different types of investments involve higher and lower levels of risk. There is no guarantee that a specific investment or strategy will be suitable or profitable for an investor's portfolio. Asset allocation and diversification will not necessarily improve an investor's returns and cannot eliminate the risk of investment losses. 

Check the background of this firm and/or investment professional on FINRA's BrokerCheck.

bottom of page