What Did You Expect

August 13, 2014
Hosted by Wayne Firebaugh, CPA, CFP®

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Episode Description

Do you have a financial advisor? What exactly do you expect that advisor to help you do? Relationships often go wrong because of unfulfilled expectations. If you've hired a financial advisor in expectation that they will help you pick the right investments or avoid the next big market decline, you are (probably) headed for disappointment. Wayne describes what you should reasonably expect your financial advisor to do and what are the two general types of investment professionals. All the newly minted high school grads are now headed off to college. It's a bitter-sweet time for their parents. The cash flow demands of writing the college check often makes the stress of family change even worse. Wayne will tell you how the financial aid system really works so you don't get snookered by "advisors" who convince you to buy some financial product in an effort to get a better aid package.

Cultivate Your Financial Health

Cultivate Your Financial Health

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Some people believe money scores success in life. If that’s true, then you’re really only keeping score between your current and future selves. Financial planning allows you weigh the trade-offs necessary to achieve your goals both now and then. Consume too much now and you limit your future choices. Save all your money for later, your family unnecessarily sacrifices current quality of life and, more importantly, the memories and experiences that truly make life rich.

Just like your favorite board game, money has its own rules. However, money rules cover long stretches of your life, not just a single evening. Plus, break a money rule in an area such as income taxes, investment management, or risk management, and you lose much more than a turn. You could lose everything you’ve hoped to achieve. On Cultivate Your Financial Health, Wayne helps you understand the rules of money. You’ll learn how the choices you make now will increase or limit the choices you have in the future.

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Wayne Firebaugh, CPA, CFP®

Wayne Firebaugh, CPA, CFP®

Wayne Firebaugh owns a wealth management firm that strives to provide objective advice to families looking to create and preserve financial choices in their lives. Providing such advice requires planners to possess two traits: independence and specialized expertise. For Wayne, independence means not accepting commissions from the sale of any products. Working as a fee-only planner aligns Wayne’s advice with his clients’ needs because it removes perception of bias.

With respect to specialized expertise, Wayne is a Certified Public Accountant and CERTIFIED FINANCIAL PLANNER (tm) Practitioner. Prior to starting his practice more than fifteen years ago, Wayne was a Manager in the Financial Advisory Services consulting practice of Coopers and Lybrand, then one of the world’s largest accounting firms. He has also taught investments at the collegiate level as an adjunct faculty member. Wayne chairs the technical committee for the National College Advocacy Group, a non-profit resource for planners assisting college-bound students and their families. He graduated from the University of Virginia’s McIntire School of Commerce.

Wayne regularly lectures and writes. His articles have been published in Physicians Money Digest, the Virginia Society of CPA’s magazine Disclosures, Physician’s Practice and Valley Business Front. Recently, Wayne and a group of partners launched specialized software for use by other planners.

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