Bill Stevens wants people to make smart decisions about money.
For more than 30 years, the New York native has helped individuals and businesses navigate the complex and challenging waters that is managing their finances. As executive vice president for WestPac Wealth Partners, a privately held wealth-management firm located on Raintree Drive in Scottsdale, Stevens’ personalized approach helps clients understand and protect their assets, optimize cash flow, and achieve financial success.
Whether you’re just beginning your career, starting a family, opening a business, planning to exit a business, planning for retirement, or looking for an estate plan, Stevens will work with you to formulate a strategy to meet your financial goals.
“I really believe that when people are armed with knowledge, and they make the right decisions, they will be affected positively throughout their whole lives,” he says.
Scottsdale City Lifestyle recently spoke with Stevens about the role of a financial advisor and creating a solid money roadmap.
What does a financial advisor do?
While some strictly manage wealth, we at WestPac Wealth Partners help clients of all economic levels get financially organized and reach their financial goals. We help them mitigate debt and taxes, become world class savers, protect their assets, and become efficient wealth managers.
Do I have to be wealthy to have a financial advisor?
On the contrary, I think that in today’s complex financial world, if you don’t have a financial advisor I believe, it’s tougher to get wealthy.
What’s the biggest mistake people make that hinders their financial security?
Not starting soon enough. It’s never too early to start planning. People tend to think, like the song says, “There’s always tomorrow, for dreams to come true.” That’s rarely the case.
What are your top tips for growing your wealth?
First, build a strong foundation. When you’re building a house, you don’t build the second-floor master bath first, even though it might help you sell the house. If the foundation isn’t strong, the house isn’t worth the ground it’s built on. So, when it comes to your finances, that strong foundation is protecting your most valuable asset, and that’s your ability to earn income.
Then, avoid the eroding factors of wealth, which are debt and taxes. Unlike someone who advocates not having any debt, we believe there is such a thing as good debt. If your debt helps build your assets, for example a mortgage or a small business loan, that’s good debt. What's not good debt is putting that vacation on a credit card and saying you’ll worry about paying for it later. Also, make sure to take advantage of all the deductions and credits that the IRS allows on your taxes. Most people don’t do any tax planning and end up paying too much in taxes.
Along those same lines, you must protect your assets. Do you have the right insurance—car, renters/homeowners, life, health? One thing that can ruin a person’s life is getting sued. You need to have the right coverage in place, or the next 30 years could be miserable.
Finally, start saving. Most people don’t save enough. The average American saves 3 percent. They should be saving 15 percent to 20 percent of their income. Your savings rate is more important than your return on investment. If you’re putting away 1 percent of your income and getting a 25 percent annual rate of return, it’s not going to get you where you need to be. But if you put away 15 percent to 20 percent at a 6 or 7 percent rate of return, I believe, you’re going to be just fine.
To begin your journey toward financial success, visit SmartFinancialDecisions.info.
Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 5280 CARROLL CANYON ROAD, SUITE 300, SAN DIEGO CA, 92121, 619-6846400. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. WestPac Wealth Partners LLC is not an affiliate or subsidiary of PAS or Guardian. Insurance products offered through WestPac Wealth Partners and Insurance Services, LLC, a DBA of WestPac Wealth Partners, LLC. CA Insurance License Number - 4130762. | This material contains the current opinions of the author, but not necessarily those of The Guardian Life Insurance Company (Guardian), New York, NY or its subsidiaries.
Guardian, its subsidiaries, agents and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. | 8085982.1 Exp. 06/27