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Financial Strategies for Every Stage of Life

Professional advice for today and all year long

In this unpredictable financial climate, knowing how to invest our money and handle our assets can be complicated. Some of us turn to the internet, and others to friends, family, and respected colleagues. But, in order to make the right decisions at the right time, the best person to speak with is a professional financial advisor.

“Everyone has different goals, objectives and different trajectories in their careers,” says Jeff Feinstein, a principal and wealth advisor with KBK Wealth Management, LLC. “So, we typically do a full intake session, called a discovery meeting. We ask a lot of questions in order to get to know more about them. We then follow up with what we need for analysis and to create a recommendation, a financial plan.”

This financial plan, he says, consists of items that are related to financial issues in their lives, such as cash flow, budgeting, retirement planning, tax planning, estate planning, and risk management. The other components are investing, growing and protecting clients’ wealth.

Adds Jeff, “When there’s an economic crisis related to inflation, it's really important to have somebody who really watches the markets and knows what resources solutions and strategies to take advantage of.” Financial advisors are also there to really help people make decisions. “Whether you’re buying a house, leasing or renting a car, financing or saving for college or getting ready for retirement, that's really where people end up engaging a financial advisor.”

His firm, KBK Wealth Management, LLC has been in business for over 30 years. “First and foremost, what separates us from a lot of other firms is our holistic financial planning,” he says. “It's very personalized since everyone's situation is different.” Although his office is in New York City, he meets with people in New Jersey and Connecticut as well. He also holds virtual meetings.

Here, Jeff gives us some tips on how we can best manage our money and other assets.

1. Review and monitor your investments

Consistently review and monitor your investments and work with a financial advisor to assess levels of risk. 2022 was a volatile year and investors will need to consistently rebalance to ensure clients' objectives are met in the upcoming months.

2. Invest for the long-term, not the short-term

The last three years have brought many unexpected events such as the pandemic, geopolitical tension, supply chain issues and inflation. It can be challenging to time the market, but investors should keep long-term goals in mind by not panic selling or being overwhelmed by the volatility in the short term.

3. Keep a diversified portfolio

As cliché as it sounds, don’t hold all your eggs in one basket. Keeping your investments diversified helps mitigate the risk and volatility in your portfolio.

4. Review all aspects of your financial plan, not just investments

Now is the time to review all aspects of your financial plan with an advisor. College planning, retirement strategies, spending and savings, life and disability insurance, and estate planning are all factors to consider when reviewing your overall financial plan.

 

5. Communicate your financial plan with family

It’s important to have a family discussion to ensure your partner is aware of financial plans, including assets and liabilities. It's equally as important that adults connect with elder parents on their financial plans so parents feel supported knowing their children are informed and can help navigate the future.

Before becoming involved in the financial industry, Jeff worked as a sports agent for SFX Baseball Group (now ISE Worldwide), one of the country’s premier baseball agencies. “I've been to countless All-Star and World Series games and have met some incredible people,” he says. “I’ve worked with Hall of Famers and MVPs and I still work with some of them now, but on the financial side.”

When not helping people improve their financial health and wealth, Jeff, from Short Hills, loves spending time with his wife, Alexandra, their two children, 6-year-old Gemma and 3-year-old Case, and the family dog, Hank. “As a family, we love to travel.”

He adds, “I work with a lot of families with young kids and I'm fortunate to also work with a lot of my client's parents. That's been an incredible part of this practice because some of the same decisions I'm making for my family, I’m making for my clients, and some of the same decisions I'm helping my parents with, I'm helping their parents with. So that's really nice.”

To learn more, visit kbkwealth.com.

Jeff Feinstein, of Short Hills, is a principal/wealth advisor with KBK Wealth Management, LLC. He holds FINRA Series 7 and 63 securities registrations, and is licensed in life and health insurance and securities transactions.

The Financial Professionals of KBK Wealth Management are Registered Representatives and Investment Advisor Representatives with/and offer Securities and Advisory Services through Commonwealth Financial Network, member FINRA/SIPC, a Registered Investment Advisor.

“When seeking out a financial advisor, it’s important to develop a relationship so that they know what's going on in your life personally and professionally in order to make the best recommendations.”

“Market volatility is inevitable, but working with the right financial advisor will strategically set you up for long-term success."

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