Many of us spend our career with the idea hard work will accomplish our dreams. But, work alone does not guarantee success.
K-Mack Financial's purpose is to help you maximize your savings and investments to create a workable and easy-to-understand plan. The plan includes investment recommendations aligned with your goals and risk tolerance.
K-Mack's objective allows you to create your individual strategy and select investment choices with confidence.
No matter what financial goals you hope to achieve, it all starts with a plan. At K-Mack, financial planning is the bedrock of what we do. Working together, we’ll create a road map that considers where you are and where you want to go.
From young singles to growing families, we’ll create a retirement plan that outlines everything from how much money you need to save every month to how many years you need to work. We’ll consistently review and revise this plan to accommodate your evolving personal and professional affairs.
When it comes to preparing for college, you can never start too early. We’ll sit down and discuss your children’s dreams for higher education and then connect their vision to the resources you have available. Our goal is for you to spend less time worrying about tuition and more time looking forward to their exciting new chapter.
Whether the stock market declines or you have a death in the family, we’ll help you prepare for unexpected circumstances so you’re always one step ahead. From health and disability insurance to life and homeowner’s insurance, we’ll create a coverage plan that protects you and your family from any major setbacks later on down the line.
Financial planning is much broader than just your investments; it’s about leading the life you want. Want to buy that second house in the mountains or send your kids to a university? Let’s craft a plan to get you and your family there. At K-Mack, we don’t create one-and-done financial plans that collect dust on a shelf. Instead, it becomes an active blueprint that keeps you on track and leads you to where you want to go. In order to craft a blueprint as unique as you and your family’s needs, I like to follow a 3-step process:
In today’s investment landscape, it’s easy to get into overly complicated financial structures that are hard understand and don’t actually deliver. The investment strategy at K-Mack is based on four pillars, (1) diversify assets to lower risk, (2) keep costs and expenses low, (3) be mindful of taxes when making investment decisions, and (4) don’t be overly complicated with hard to understand and even harder to deliver financial solutions. We offer:
The following case studies are a composite of similar situations, not a true description of an individual or family.
David retired after 35 years with the Hotsky Company. All those years of hard work helped him be successful in his career, but did not give him time to prepare for retirement. David realized that hard work was not a plan and that now he needed to think of his own situation as if it was his full-time job.
David knew his situation was too important to do it himself. This was not a do-it-yourself Home Depot project, but would probably be the most important financial decision he would make. As such, he knew he needed someone to help give him a guiding hand. However, the challenge was who should he turn to for guidance?
His previous experience with financial advisors were stockbrokers who seemed to focus on a hot stock or would endlessly seem to want to impress him on their knowledge. David first looked for a CERTIFIED FINANCIAL PLANNER™ (CFP®) as a baseline requirement. A CFP® is a certification that requires not just a high-level of education in the financial field, but also a high level of integrity.
Next, he chose to find a CFP® who was also a fee-only financial planner. David knew that a fee-only financial planner would not sell on commission and would be compensated in a way that was centered on his needs.
The financial planner was able to put all of David’s financial information in an organized manner that made sense of his situation and allowed him to create a path and discipline on how to invest and spend his retirement money wisely.
Mary, a recently retired biologist, knew that her field of expertise was not financial. However, she’d had enough of so-called “experts” that talked around the subject, but never seemed to answer the question.
Mary wanted to be sure her investments were in-line with her comfort level, but could also produce the level of growth she expected. In addition, she wanted full disclosure on what she would pay for this guidance. From the advice of a friend, she found a financial planner that had the skill sets to look at her total situation and provide an overall risk level of her investments and could drill down into the detail and risk of every investment she chose to review.
The financial planner provided sample reports and discussed how the information would be provided on a timely basis. Mary was relieved to see that she could control what information she wanted to see and at the level of detail she wanted. She was also pleased to see that the advisor’s total compensation would be reported to her in a clear and timely manner.
Brian was a risk taker. He was taught that without risk, there can be no reward. But now that he was nearing retirement, he knew he needed to make a more calculated approach to investing.
The financial planner he chose had the skill sets and analytical tools to provide an investment strategy that would lower the risk over time without significant loss of opportunity. He also appreciated the ability to see his overall plan and investments in a single report.
David and Beth, mid 50s, had their last child graduate from college a year ago and are now beginning to focus on their own lives and retirement plans. They both work hard and have good careers, but outside of their 401(k) company retirement, they have not built any other financial assets. In addition, they have long had a dream of owning a mountain home as their second home.
The first step was to quantify their current situation. What assets did they currently own, how long did they expect to work, what level of risk were they willing to take?
With the facts and assumptions, a financial plan was created with the options and trade-offs needed to meet different objectives. It was determined that increasing their 401(k) contribution would make a significantly larger nest egg in 10 years.
With the facts and assumptions, a financial plan was created. The plan considered different options with different outcomes. Purchasing a vacation home now and renting it out became a viable option and a Certified Public Accountant (CPA) was consulted to review the tax implications of owning a rental home.
Creating an investment strategy that considered both 401(k) plans together provided a more logical approach to risk-taking. Finally, establishing a taxable investment account with only nominal monthly deductions provided enough of a nest egg for any unforeseen financial needs.
Advisors may be compensated in many ways, but are commonly grouped as Fee-Only, Commission-Based or Fee-Based (Hybrid). A Fee-Only investment advisor is a type of investment professional who charges a fee to the client based on a percentage of the assets under management (AUM) or charges a flat hourly rate.
A Fee-Only advisor cannot receive commissions or any other type of compensation from anyone and can only be paid by the client. In addition, a Fee-Only advisor must disclose the fees they charge to the client.
Commissioned-Based or Fee-Based (Hybrid) advisors receive compensation based on the specific financial products they sell to you. Because these advisors receive different levels of compensation based on different products sold, they may be incentivized to recommend a product that rewards them over one that may be the best choice for the client.
K-Mack Financial, LLC is a Fee-Only Wealth Management firm.
The CFP® certification process, administered by the CFP® Board, identifies to the public the individuals who have been authorized to use the CFP® certification marks in the U.S., have met rigorous professional standards, and have agreed to adhere to the principles of integrity, objectivity, competence, fairness, confidentiality, professionalism and diligence when dealing with clients. Find out more HERE.
Good old fashioned, face-to-face meetings can offer lots of benefits. However, we understand that you are busy and life gets in the way. We’re able to meet with you virtually or we can come directly to you. Your time is valuable to us and we look forward to working with you!
We can come to you or we can meet at one of our two locations.
942 Virginia Drive
Sarasota, Fl. 34234
Kevin McKenney
K-Mack Financial
kevin@kmackfinancial.com
941-209-9694
6151 Lake Osprey Dr.
Sarasota, FL 34240
Kevin McKenney
K-Mack Financial
kevin@kmackfinancial.com
941-209-9694
