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Blog

The Ripple Effect

Brooke Boone, Wealth Management Associate | Sally Eisenberg, Administrative Assistant | August 31, 2017

As the ebbs and flows of everyday life run their course, it is often easy to stress and fixate solely on our financial ambitions. During these times, it is important to remember that money is not the only answer, but it can help make a difference. Not just in the obvious sense of benefitting you and your family, but in a broader sense as well. If you think of your money as a tool to help achieve equanimity, you’ll find that its possibilities are endless. Just as ripples spread when a small pebble is dropped into water, your financial plans and goals can positively influence other aspects of your life and help create your own ripple effect. Weatherly challenges you not only to think about your financial goals, but your life ambitions as well. We encourage you to complete the survey below so we can best utilize our services to help you do well, live well, and give well.

  1. What are your core values?
  2. Do you feel like you are able to make an impact?
  3. What kind of legacy would you like to leave behind?
  4. How can you leverage your financial situation to achieve your life goals?

After you have considered and answered the above questions, we encourage you to discuss your responses with us so we can help put your ripple effect into motion.

Putting the Ripple Effect into Motion

There are a few ways you can create your ripple effect with your financial success. Consider the following:

  • Beneficiaries: It is important to have your life savings and assets passed on to those aligned with your will and wishes. Maybe you want to pass on your wealth to the next generation or follow in Warren Buffet’s tracks by donating 100% of your wealth to charity, or maybe it is a combination of the two. Regardless of what boat you are in, we recommend reviewing your beneficiaries, trust document, and overall estate plan on an annual basis or when certain life events- such as birth or death in the family, divorce, or remarriage- occur. It is also good practice to review your beneficiaries and your intended ripple effect side by side. If your beneficiaries need to be updated or changed as a result of your review, we are happy to discuss and help implement these changes for you. We also encourage you to discuss your wishes in a general sense, not necessarily including specific dollar amounts, with your elected beneficiaries as a way to start the family conversation about wealth, instill family values, and emphasize the importance of planning for the future.
  • Socially Responsible Investing (SRI): Socially Responsible Investing (SRI) allows you to invest in causes, corporate practices, and communities you support and avoid those you do not. This investment strategy enables you to create positive social change, while potentially receiving a financial return on such investments. To effectively implement a socially responsible investment strategy, we recommend the following steps:
    • Step 1: Determine what causes, corporate practices, and/ or communities are important to you. Some common SRI areas include, but are not limited to: environmental stewardship, customer protection, human rights, animal rights, and alternative energy.
    • Step 2: Make a list of products, companies, or causes you want to avoid. A few examples may include: alcohol, tobacco, fast food, gambling, and weapons.
    • Step 3: Discuss your SRI goals with Weatherly. We value and encourage your efforts to create positive social change as reflected in some of our current holdings, including one of our top holdings, Guggenheim Global Water ETF (CGW). We can also work to add or remove positions in those stocks, mutual funds, and/or ETFs to accomplish your SRI goals and needs.
  • Charitable and Education Initiatives: Maybe you always wanted to see the world, but did not have the opportunity to do so until now. We encourage you to incorporate your charitable endeavors while traveling. A few ways to accomplish this include missionary trips, teaching abroad, or donating school supplies or clothes to local schools while on your trip. You can also impact your own community by volunteering your time or donating your assets from afar. One way you can donate your assets is through a Donor Advised Fund (DAF). The DAF allows you to donate cash, publicly traded and privately traded appreciated stock, real estate, and other acceptable assets. Once donated, you receive an immediate tax write off for donations to qualified public charities. To help facilitate your charitable giving, Weatherly can assist you in setting up and managing your DAF. For more information regarding DAF, please refer to our charitable giving blog at the following link: http://www.weatherlyassetmgt.com/blog/39tis-the-season-of-charitable-giving-and-tax-planning. We encourage you to involve the next generation in your charitable initiatives to emphasize the importance of giving back to the community, thus continuing the ripple effect.

Please do not hesitate to reach out to Weatherly with any questions or suggestions on how to start your Ripple Effect.

** The information provided should not be interpreted as a recommendation, no aspects of your individual financial situation were considered. Always consult a financial professional before implementing any strategies derived from the information above.