Not Just Numbers: Honest Conversations with a Financial Advisor and Lawyer
Episode 1: What To Do If a Loved One Dies, And You’ve Never Handled The Money
Hello, everyone! Welcome to the inaugural episode of Not Just Numbers, where we engage in honest conversations with a financial advisor and lawyer. I’m Madison Demora, and I’m here with Mike Garry, the founder and CEO of Yardley Wealth Management.
Madison: Hi, Mike!
Mike: Hey, Maddie. How are you doing?
Madison: I’m good, happy Friday!
Mike: Happy Friday to you, too.
Madison: Ready to tackle this?
Mike: Absolutely. Let’s dive in.
In this podcast, we aim to help people by having candid discussions about various financial topics, sharing best practices, exploring financial rules and regulations, and dissecting media narratives. Our goal is to provide valuable insights to empower individuals and families in making informed financial decisions.
Yardley Wealth Management: Beyond Numbers
Madison: Mike, before we delve into our main topic, could you explain the purpose of this podcast and what you hope to achieve with it?
Mike: Certainly, Maddie. At Yardley Wealth Management, our mission is to provide peace of mind and security through cutting-edge wealth management and education. With this podcast, we aim to extend that mission by engaging in open conversations, addressing financial misconceptions, and sharing insights that can benefit our listeners.
The Fiduciary Difference
Madison: Mike, you mentioned being a fiduciary. Can you elaborate on what that means and why it’s crucial for our audience?
Mike: Absolutely. Being a fiduciary means always putting our clients’ interests first, acting with loyalty and good faith. Unfortunately, not all advisors follow this standard. It’s vital for individuals seeking financial advice to ensure their advisor is a fiduciary to guarantee unbiased and client-centric recommendations.
Madison: How can people identify if their advisor is a fiduciary?
Mike: Ask them directly and request written confirmation. Another clue is checking their website; if there are disclaimers for a brokerage company, they might not be acting as a fiduciary.
Yardley Wealth Management: Independence and Mission
Madison: Let’s shift gears a bit. Mike, could you give us an overview of Yardley Wealth Management?
Mike: Certainly. Yardley Wealth Management is an independent, registered investment advisory firm. We’re proud to be entirely independent, owned by me and my wife, Rachel. Our goal is to provide peace of mind and security through top-notch wealth management and education.
Financial Planning and Estate Management
Madison: You’re also a lawyer, Mike. How does Yardley Estate Planning fit into the picture?
Mike: Yardley Estate Planning is a law firm licensed in Pennsylvania and New Jersey. While we used to offer services to the public, our focus now is on legal work for Yardley Wealth Management clients and those in our community. Estate planning is a crucial aspect, and our aim is to make the process seamless for our clients.
A Deep Dive into Real-life Scenarios
Madison: Now, let’s address a hypothetical situation. Margaret, a 50-year-old woman, finds herself suddenly managing her family’s finances after her husband’s unexpected passing. Have you encountered scenarios like this, Mike?
Mike: Unfortunately, we have. It’s not uncommon for one person in a couple to handle most financial matters. It can be challenging for the surviving spouse, especially in today’s digital age.
Prevention and Preparedness
Madison: How can couples avoid or mitigate such situations?
Mike: Open communication and planning are key. Even if one person manages day-to-day finances, it’s crucial to involve the other spouse. Having a disaster plan in place, including the involvement of a financial advisor and a CPA, can provide a roadmap during challenging times.
Madison: Absolutely, preparation is key. What steps should someone like Margaret take now?
Mike: Margaret needs to assess her income and assets, explore any benefits from her husband’s employment, and consider hiring a financial advisor and a CPA. These professionals can assist her in creating a financial plan and guide her through the transition.
Madison: Thank you, Mike, for sharing your insights on this sensitive topic. It’s a reminder of the importance of being prepared for life’s uncertainties.
Mike: You’re welcome, Maddie. It’s a crucial conversation, and I hope our listeners find it valuable.
This podcast was produced by Madison Demora and Mike Garry, with technical and artistic assistance from Poe Productions. Join us in the next episode for more honest conversations on finance.