Oct 2019

Happy Fall 

Meet Patrick Owens

 

 

Patrick has been ain business since 2004. Prior to Parable, Patrick was an advisor at Edward Jones and at two banks.

 

He received a Bachelor of Business Administration from Georgia Southern in 1994.  After college, he operated his small window tinting business, worked in sales, and then got his securities license. Working with people is what he enjoys most of being an Advisor.  "I enjoy educating and explaining various aspects of investing to prospects and clients, and absolutely love hearing people say, 'now I understand' or 'nobody ever explained it like that before'".  Patrick's ability to explain things in "plain English" often puts his clients at ease.

 

He was raised in Hazlehurst, Ga., spent fifteen years in Statesboro, Ga. and moved to Brunswick in 2001.  He is an elder and member of Lighthouse Church, an  Carolina Shag dancer, a member of the Golden Isles Shag Club, and on the board of Bolin's Heroes, suicide prevention non-profit.

 

Why work with Patrick?

 

Patrick loves to reduce or eliminate the fear and stress that sometimes accompany financial decisions.  By using simple analogies and speaking in non-technical terms, he enjoys helping clients understand their options, and make confident decisions with their investments

 

 

Questions to Ask Before Hiring a Financial Advisor

 

 

Get to know who will be working for you. 

 

Tell me about yourself.

 

The question may be asked in 2 ways: personal or professional. Background, hobbies, and/or family life may give you the groundwork to helping you build a relationship with the advisor.

 

What is your mission?

 

Each advisor should have a goal of what they have set to accomplish for their clients. Learning the direction they are aiming for now can help you to understand why or when certain actions are taken in the future.

 

What access to the account will I have moving forward?

 

One step of beginning a relationship is to learn your role/involvement. This question should help you figure out if what the advisor is presenting suits your needs. There may be alternatives and/or additional access the advisor may be able to offer above the traditional setup.

 

Who is my main contact and why?

 

Hiring the advisors typically means you are also receiving access to their team. Ask to meet their associates and be informed on what each person’s role is at the firm.

 

If I have a concern, how should I make it present?

 

Once a concern and/or complaint is present, you will likely want to bring it to attention as soon as possible. It may be that your concern is with the advisor. Know your options before it may happen.

 

What do you expect from me?

 

Setting expectations means doing so from both sides of a team. If you are available only at certain times and/or via certain methods, let the advisor know.

 

For registered individuals, you can search their professional backgrounds via FINRA’s BrokerCheck. For certain Investment Advisors, information may also be held on the U.S. Securities and Exchange Commission IAPD (Investor Adviser Public Disclosure) site.

 

 

How To Review An Insurance Policy

 

Insurance policy reviews should be part of a financial plan

 

It is important to review an insurance policy on a periodic basis. All too often we set insurance policies aside in a file drawer and forget that some items in them need to be updated from time-to-time.

 

 Create a one-page policy summary for each policy. Most insurance policies contain a page in front of the insurance contract that is called a “declarations page" or "policy summary."

 

Type of Policy - Is it ?health insurance, life insurance, long-term care insurance, disability insurance, property and casualty insurance, or auto insurance? If you are reviewing or summarizing a life insurance policy, specify what type of life insurance policy it is: term life, whole life, universal life or variable life.

 

Who is the insurance company that provides the insurance? Keep track of a customer service number you can call.

 

Policy Number - You will always need your policy number when you call and ask questions about an insurance policy.

 

Date Issued - It is important to know the date the insurance was issued, especially when it comes to life insurance, as term insurance has an expiration date, and permanent insurance will have a surrender charge that may apply if you cancel the policy in the first five to twenty years.

 

Premium Required - Always keep track of the premium you pay and how frequently it is paid. In the case of a whole life insurance policy, the policy could be paid up. In that case, if you were creating a policy summary you would write "No premiums required at this time as premiums are being paid by the dividends inside the policy." For other types of insurance, you might list something like “Premium of $225 per month paid by automatic deduction from checking account.”

 

Insured - Who do the benefits apply to; you, your spouse, or a dependent child?

 

Beneficiary - For life insurance, who is the beneficiary? If it is an ex-spouse or a beneficiary you named prior to marriage, contact the insurance company for a change of beneficiary form to get the information updated. A will or trust will not take care of this. You have to fill out the proper form and send it back to the insurance company.

 

Once you have the basics down, you'll want to look at the details of the policy so you understand how the benefits work, and what restrictions may apply. Looking at the details can help you spot areas where you may have duplicate coverage, too much coverage, or areas where you are under-insured.

 

 To conduct a thorough insurance review, call your advisor, or set an appointment with him.  Below is a brief overview of the details you'll want to review for each type of insurance you may have.

 

 Life Insurance Policy Review

 

Keep track of the total death benefit, and any additional riders such as a waiver of premium in the event of disability, or the ability to access the death benefit early in the case of being diagnosed with a terminal illness. If you have a term policy, put a reminder on your calendar the year the policy is set to expire. You'll need to evaluate options at that time and see if you still need the life insurance coverage.

 

 If your policy has a cash value, track the performance of investments inside it, and call the insurance company to request something called an "in-force illustration." An in-force illustration will project how the policy should perform from now throughout the rest of your life. If the policy has performed well and is expected to continue to do so, you may be able to forego premiums. If the policy has not performed well, you may have to pay higher premiums to keep it in force. Reviewing policies on a regular basis can help you anticipate these future changes.

 

 Long Term Care Insurance Policy Review

 

Know the “per day” benefit, and how long the benefit would last. For example, your policy may pay $100 per day for up to 500 days in the event that you qualify for long-term care benefits. You'll also want to know if your policy covers in-home care or only services provided in an assisted living facility. To be eligible for benefits, most policies require that you need assistance with two out of six activities of daily living and will have some type of waiting period such as 90 days or 120 days.

 

 The longer the waiting period, the more of your own funds you'll want to have set aside so you could pay out-of-pocket if a short-term care need occurs.

 

 Health Insurance Policy Review

 

Make sure you know your deductible and maximum out-of-pocket costs. For example, if the policy has a $3,000 deductible and a $6,000 max out-of-pocket cost, you'll want to have $9,000 set aside in an emergency fund or Health Savings Account to use for that purpose. You'll also want to know details such as “policy pays 80% of covered services after I make a $50 co-pay.”

 

 Disability Insurance Review

 

You want to know the monthly benefit that is payable, how long it would pay you, and how the insurance company defines disability. A policy that only pays if you lose an arm and a leg is not very useful for most people. Many disabilities are not of that nature.

 

 Professionals want a policy that protects their ability to work in their specific career. For example a surgeon needs all ten fingers; if they were to be injured and lose the use of a finger, perhaps there are many jobs they could still do, but the best disability policy for them will still provide a benefit at least for a period of time, because they can no longer perform surgery.

 

 Property and Casualty Insurance Review

 

Take a look at your total coverage relative to what you own, and to your net worth. As your net worth grows, the amount of insurance protection you have should also increase. If someone were to be injured on your property and sue you, would your coverage hold up? It helps to know what items are excluded from coverage. Best to review this with your insurance agent and adjust coverage as needed. If you run a business out of your home, be sure to bring this up to your agent.

 

 Yes, additional coverage may be needed, but it is better to pay a small premium to have things covered than to experience a devastating uncovered loss.

 

Reviewing policies isn't exciting, but it is part of a sound long-term financial planning process.

 

 

Pumpkin Prayer

 

Cut off the top

 

Lord, open my mind and fill me with your wisdom and guidance.

 

 Scoop out the yuckies

 

Lord, take out all my fussies and frownies and fill me with your love.

 

 Carve Out the Nose

 

Lord, help me to be a sweet, sweet fragrance for you.

 

  Carve Out the Eyes

 

Lord, open my eyes to see all of the beautiful things you have made.

 

 Carve out the mouth

 

Lord, help me always speak Your words of love and kindness.

 

 Place a candle

 

Lord, let me be a light to others for you have filled me with your light.

 

 

Securities and advisory services offered through Triad Advisors LLC.

 

Member FINRA & SIPC. Parable Financial Network and Triad Advisors are not affiliated.

 

 

 

 

Refer a friend

 

 

IMPORTANT DISCLOSURES Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, legal, or retirement advice or recommendations. The information presented here is not specific to any individual's personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

 
 


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