When Life Changes, Money Changes… When Money Changes, Life Changes
From Chaos to Control
Transitions are messy. You may find yourself overwhelmed, confused, unable to make decisions, feeling your whole life is in disarray.
The Enrichment Group offers transition planning and financial planning services for transitions. For more than 26 years, our team has successfully coached individuals and families through life’s challenging transitions, including:
- Loss of a Spouse
- Financial Windfall
The Enrichment Transition
At the Enrichment Group we use a step-by-step process to deliver our financial planning services for transitions, and to guide you during these difficult situations (illustrated in the graphic below).
Step 1: Evaluate
Assess the Situation
The beginning of a transition is confusing and messy. At this step we don’t want to attempt to organize the mess, we just want to take inventory. That means we’ll ask you questions and make notes of everything you can think of that needs to be done. We’ll make memos but we won’t attempt to prioritize them. We will take note of your worries, but we won’t address them yet. At this step, we just want to get to know you and understand your situation.
Step 2: Organize
Categorize into Logical Groups
After the initial assessment our team will begin to create order out of chaos. We’ll help you organize your lists into logical groups, while coaching you how to eliminate the items that are not critical to the success of your transition.
Step 3: Prioritize
Define what is Urgent and Important
Our next step will be to help you prioritize the items that remain on your list. We’ll start by putting the list in order of importance – then deal with the most urgent issues first. Since it’s important not to make unnecessary decisions while going through a transition, we’ll help you decide what needs to be dealt with now and what should be put on the back burner.
Step 4: Stabilize
Deal with the Most Critical Issues
At this point, we will start working through the most critical issues to stabilize your environment. Do you have enough cash to pay bills? Who needs to be notified? Complete the most urgent issues on your list.
Step 5: Insulate
Create a Decision-Free Zone
If your transition is traumatic you will need time to recover, rest, grieve, and begin thinking clearly again. At this point it’s important to reinforce your progress with ongoing coaching and support. During this time, we will encourage you to postpone making any major decisions. Only when you are ready will we help you gently advance to financial life planning.
Step 6: Financial Life Planning and Investment Management
Start Planning & Living Your Goals
Now is the time to begin to create new goals, visualize the future, and to plan for your “new normal.” You will be ready to begin assessing your need for cash flow, spending and savings, insurance and risk management. You may need to revise your estate documents. We will help you define your required rate of return, your tolerance for risk, and your requirements for cash flow in your investment portfolio. We can manage your investments to help you reach your goals.