Mike Moloney joined JoycePayne Partners as a Financial Strategist in our Bethlehem, PA office in February. He brings with him a set of skills and expertise that will be valuable to the clients he works with as well as our broader financial planning team. We sat down with him for a chat, and here’s what we talked about:
JPP: You have a lot of experience advising retirement plans and plan participants. What strikes you most about that industry?
MM: People are not saving enough for retirement. That, and people are not asking enough questions about their plans. When your employer holds benefits meetings you should attend those meetings and ask as many questions as you can. If you don’t want to ask in front of other people, take the plan representative’s business card at the end and follow up privately. I’ve always enjoyed helping people with this area of their financial lives.
JPP: What is one issue you are excited about addressing with clients at JPP?
MM: Using charitable trusts for gifting. As a Certified Advisor in Philanthropy®, I truly enjoy helping people fulfill their philanthropic goals. I like working with clients to understand their specific goals and come up with the best way to achieve those goals. I hope to address this topic with all of my clients who have an interest and also serve as a broader resource to the JPP team.
JPP: You’ve worked with larger, family clients. What issue do you think worries them the most?
MM: How to motivate their children and involve them in the responsible transfer of wealth. A lot of my previous clients built their wealth themselves. They don’t always see the same entrepreneurial drive in their children. To get the next generation engaged, I like to have family meetings. If the children are sitting at the same table as the parents or grandparents and openly discussing these issues, it is easier to convey the message of responsibility. I like to tell my clients this: You’ve done a great job preparing the money for your family. Now prepare your family for the money.
JPP: What is the most interesting financial planning issue you have ever dealt with?
MM: Assisting a client with the succession plan for a $1 billion business. He had three very specific goals he wanted to accomplish with the sale, and helping him consider the best way to transition the company to accomplish those goals was very interesting, not to mention complex. I was happy to help him think through all of the specific issues in detail to ensure his goals were being met and he was paying the minimum amount possible in taxes.
JPP: So it sounds like you’re ready to dive right in and get to know your clients here.
MM: Absolutely. I’ve enjoyed the client meetings I’ve had so far and look forward to meeting the rest and helping them continue on the path to accomplishing their financial goals.