Protecting What Matters Most

More than stocks, having a solid plan gives you peace of mind to do the things that matter most.

“Wealth is not about money – it is about being in a position to do the things that matter most to you.” Conor McCoy.

There is a clear difference in working with a stockbroker and a financial advisor. Add to that being professional, ethical, experienced, and transparent with his own assets, and you have Conor McCoy, our very own Short Hills resident and seasoned financial advisor with Wells Fargo.  To start with, lets break the myth that only the extremely wealthy need a financial advisor, and that all they do is just invest in the stock market and manage your 401K portfolios. It is about achieving your dreams and goals.

So, what does it take to help you achieve your goals? It starts with a holistic, honest plan of your journey in life, considering the things we can and can’t control. The sooner you start the better and it’s never too late. Whether you are in college or getting ready to retire, having a plan in place matters. In my candid conversation with Conor, he shared with me two stories from current clients that show how valuable the advice and direction from Conor, helped them with their goals!

Conor has a client in California. Their friend wanted to buy the home they were living in. They came to an agreement on the price from the landlord, the challenge, they needed to close in 7 days.  “We got them a priority credit line and wired the money that day. They didn’t have to go via the traditional process in this hot real estate market and they got to stay in their forever home. We were able to provide them a solution and close in seven days. It gave them the freedom to do what they wanted to do.” 

Another example was a very sophisticated young client, 36, a resident of New York state who was using a New Hampshire 529 plan.  Conor shared with me that “We moved his 529 plan from New Hampshire to New York. He wasn’t aware of all the benefits of having a New York 529 plan and is now able to get a tax credit”.

Planning for your peace of mind is what having a solid financial advisor can give you. More than just stocks, it includes these 7 areas as well.

1.            Advisory Services: A key difference between an advisory account and a traditional brokerage account is how you pay for the services you receive. When you do well, they do well.

2.            Business Services: Help you manage your business cash flow and provide the advice it needs to thrive is key. This includes 401k for your employees and other talent retention offerings.

3.            Education Funding & 529 Plans: Help you learn about ways to help grow your education savings to pay for private school or college while still putting money away for your retirement.

4.            Estate Planning Strategies: It’s important to understanding the basics, organize documents, and your beneficiaries. Examples include talking with family of what happens to you, ensuring your will or trust is up to date and more.

5.            Insurance: Preparing for Life’s “what ifs”. Insurance can play a key role in helping to preserve your assets and achieve your financial goals. Think of insurance as “protection planning” against the risks that could compromise your overall financial security.

6.            IRAs & IRA Strategies: An IRA lets you save for retirement while enjoying tax-advantaged growth potential.

7.            Retirement Planning: Planning for retirement involves two equally important stages; saving money before you retire and developing a strategy to live on the money you have saved.

It begins with a complimentary call. There is no fee to talk to Conor. “We start off with the ‘Envision Plan’, a 10-page document. A client fills this out to give us information on their goals and dreams. Sometimes it’s buying a second home, a new car, or retire and play golf all day. They are all dreams; it doesn’t matter what size. We want to see our clients achieve their goals. “ said Conor. “We pride ourselves to work with multigenerational. We have clients in their early 20’s and in their 80’s. When it comes to wealth management, it’s never too late. Tomorrow is not guaranteed, but if you have a plan, for everything to be allocated, its worthwhile…no matter what your wealth is, you should have something in place. It’s better to have a plan, a road map, to ensure that your assets go to the right people, your children, your spouse.”

Why work with Conor? He works very hard and very diligently. “I pride myself in customer service, which builds trust. At the end of the day, it’s a business, we must treat the customer with excellent service. Working hard and following up.” Commented Conor. “Articles have been written about the Robinhood traders.  They don’t realize the short-term capital gains tax implications. We’re a team of five to help you.”

“I don’t call my clients and tell them to do something. It’s a 360 relationship. We have a conversation, come to an agreement, and set forth a path. We don’t sign up a client and take their money. We understand their risk tolerances, and being able to use historical experience, for example, ‘During Covid were you comfortable with the 30 to 40% downturn in the market?’ There’s point A and B and in between there are peaks and valleys. Making sure you are protected on the downside is important. “ Conor also ads, “I love interacting with people, that’s why I do this job. I think there is a need for a human touch when it comes to managing wealth. Algorithms can’t do that. “ 

“We want our clients’ portfolios to grow. Unless our clients are making money, we are not making money. The more they grow, the more we grow.” said Conor. “We put our money where our mouth is. When we go to meet a client and we have their portfolio, we show them our portfolio, we want to show them that we are invested alongside of them. “. This is huge. It builds trust to be transparent.

Conor is married to a long-time Short Hill’s resident, Elizabeth and has two children, Conor Patrick, 2 ½ years old and Patrick, 2 ½ months old. “We enjoy watching Elmo with the kids. My wife adores the Millburn Deli.” 

If anything, last year has shown us, is that change can happen that will impact the way we live. More than stocks, having a solid plan gives you peace of mind to be in a position to do the things that matter most to you.  Call Conor at (212) 953-7618 to make sure you are on the right path.

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