Norman M. Boone, MBA, CFP®,
Founder and President
Mosaic Financial Partners Inc

What steps should I take when facing a life transition?

By Norman M. Boone

Change happens to everyone. In one way or another, life is always in flux. Transitions sometimes bring opportunity, and sometimes pain and sadness. But the more thoughtfully we experience them, the more satisfying life can be. Transitions happen throughout our lives: graduation, a new career, marriage, children, a sudden increase in wealth, a promotion, a parent’s death, a serious illness or accident, retirement and the sale of your business are just a few examples.


Each transition requires you to adapt to new circumstances in one way or another. Some people have a hard time dealing with change; some embrace it. Some stick close to what they are used to, while others refuse to acknowledge the change at all.


Transitions themselves are not good or bad. What distinguishes them is how you approach them. The more you can enter into the transition with openness and curiosity to find out what is coming, the more likely you are to find the change a healthy one. The bigger the change, the more important it is to allow yourself some time before you make major decisions. Give yourself a chance to adjust to your new status. You may find that your priorities have changed, as well.


Getting good advice can often be helpful, especially if it comes from someone who has been there before—a friend or a professional who can help you take best advantage of the opportunities that change sometimes brings. People rarely go through the same major life transitions twice. When it is the first time, you are likely to make mistakes—sometimes minor ones, but at other times, the mistakes may carry important consequences.


It is wise to talk with someone who works regularly with people who have gone through your kind of transition. His or her experience can help you better understand the implications and issues, and help you figure out how best to deal with things. For example, whether the change involves a divorce, inheritance or a sudden windfall, you want someone who has been there before and can help you make good decisions.


Do not just assume that you understand the situation you are in, especially when it comes to a major transition, because the choices you make can have long-term implications. Mistakes can significantly cost you if you do things without first getting advice. Oftentimes, it is important not to make a decision until you have done your research and talked to an expert.


An experienced advisor can help in two important ways: 1) by asking helpful questions, which encourage you to think about what is really important to you; and 2) by providing good technical and personal guidance to help you make the decisions you know are best for you.

Contact Information

Norman M. Boone
Mosaic Financial Partners Inc

140 Geary Street
6th Floor
San Francisco, CA 94108
415.788.1952
Email
Website

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WHAT SHOULD I LOOK FOR WHEN SELECTING A WEALTH MANAGER?


Does he or she have a lot of experience with your particular kind of challenge?


Can he or she provide proactive advice about taxes, insurance, charitable strategies, debt management and the range of personal finance issues?


Will you have access to just one advisor, or is there a team with expertise in a variety of areas?


Do team members treat your questions with seriousness and respect (even the “dumb” ones)?


Do they offer alternatives and allow you time to consider and make a choice?


Is the advisor a fiduciary (i.e., he or she accepts a legal obligation to put your best interests first)?


How does the advisor get paid, and how might that influence the advice you receive?

About Mosaic Financial Partners

 

THE PICTURE OF WEALTH

Mosaic Financial Partners’ strategic and disciplined approach to wealth management and financial planning considers each piece of a client’s life to build his or her personal picture of wealth. Here, “wealth” includes not only clients’ investments and balance sheets, but their goals and priorities, legacy and family. What results is a full “mosaic” of where the client is today and what he or she needs to do for tomorrow; the firm then regularly adjusts the mosaic as life circumstances change. Mosaic Financial Partners not only helps clients to build wealth, but also to protect it and pass it along, customized to current lifestyles and future expectations. With peace of mind, clients can then focus on their passions. Mosaic Financial Planners operates independently and in a fiduciary capacity (fee-only, no commissions)—always serving clients’ best interests. “Their future is our commitment. Let’s talk.”

  • Assets Under Management: $450 million (as of 12/31/11)
  • Minimum Fee for Initial Meeting: None required
  • Minimum Net Worth Requirement: $1.5 million
  • Largest Client Net Worth: $30 million
  • Compensation Method for Planning Services:
    Fee-only: asset-based, fixed and hourly fees
  • Primary Custodian for Investor Assets:
    Charles Schwab
  • Association Memberships:
    FPA, Planned Giving Council (Northern California), Estate Planning Council (San Francisco, East Bay), IMCA, CFA Society
  • Financial Services Experience: 175+ years (Mosaic Team)
  • Professional Services Provided: Risk management, employee benefit and government benefit advice and assistance, tax planning, investment planning and implementation, retirement planning, estate planning and charitable planning, savings plans, budgeting, debt management, equity compensation planning for corporate executives, succession planning and professional coaching