On a recent episode of Remarkable Radio with Mark Imperial, Charles F. Millington, Certified Public Accountant and CERTIFIED FINANCIAL PLANNER™, discussed Helping Families Achieve Their Financial Goals With Custom Solutions.
During the interview, Mr. Millington was asked a series of questions about his firm, Millington Financial Advisors, as well as his perspectives as an advisor.
“Our whole practice is built around the individual, understanding who they are, and what their desires and goals are for the future, and then helping them achieve those goals,’ he said. They do so by spending time connecting with clients, pulling together their financials and creating a complete financial picture. “Building out personal financials: what does their net worth schedule look like, what does their cash flow schedule look like, what does the future cash flow schedule look like, what are the kind of unique things that are coming up that they want to plan for, once you have that all laid out you can start to talk about “What portfolio allocation makes sense?”, stated Mr. Millington.
When host Mark Imperial asked how financial challenges have changed over the years Mr. Millington answered, “Obviously technology is getting involved in everything we do. Technology gives us the information we need to feel comfortable, to either stay invested or maybe think about pulling a little bit back on the risk.” Having the necessary information available “at the ready” allows them and their clients to feel more comfortable about their investments and how they can help them achieve their goals.
During the Interview, Mr. Millington shared what he has seen as the biggest concern his clients face, explaining, “It’s often difficult to segregate the headline news from what’s actually happening in the economy. Headline news is constantly coming at you, and most of the time the news is trying to grab your attention by feeding into your fears. Feeding into the fears leads people to be concerned about whether or not it’s appropriate to stay invested. What we try to do is to help people feel comfortable, that their plan is in place to help them, again, achieve their goals, but achieve their goals in such a manner that they can sleep well at night.” He stressed that before you let any news impact your investment choices, it’s best to understand the current risks you are taking in your portfolio and measure how those risks can help you eventually achieve your goals and get you to where you want to go.
The interview concluded with Mr. Millington discussing the misconception that age should be the primary driving factor for determining how your portfolio is allocated. “You hear people get focused on their age, and their age becomes their basis for determining asset allocation. What we see time and time again is that it is probably more important for people to not necessarily focus on their age, but understand their own personal financial situation.” He recommends you get a clear understanding of what your living expenses will be and compare that to your sources of retirement income, this will help you to determine how much you will need to depend on your portfolio, to satisfy your anticipated living expenses. He emphasized, “It’s not how old you are. Age is one factor, but it’s not the only factor.” Your chances of having a positive investing experience are greatly enhanced when you work with professionals, who get to know you and understand where you want to go. They can help keep you on track and continually monitor fluctuating markets for opportunities and risks.
To listen to the full interview on Remarkable Radio, visit https://www.wckg.com/remarkableradio/chuckmillington/.
To learn more about Charles F. Millington, please visit http://www.millingtonfa.com/.