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June 2005
A Boon for Boomers
Planner serves the ‘sandwich generation’—those caring for both kids and aging parents
Del Valle and son Noah (both in dark jackets)help extended
families like the Cloweses plow through financial challenges.
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THEY MAY NOT BE LIVING UNDER ONE BIG ROOF like television's Walton family, but more and more of today's 78 million Baby Boomers are "sandwiched." They’re juggling the demands of raising children and helping aging parents by providing physical, emotional and, in many cases, financial support.
Financial planner Ronna Del Valle, CFP®, of Pittsburgh, is taking a fresh approach to helping her "sandwich generation" clients cope with this squeeze by offering Generational Continuity planning, an uninterrupted financial connection between generations. It incorporates the concept of living for today and planning for tomorrow, with the common thread of family security.
"The challenges are complex," Del Valle says. "We deal with clients' emotions about their families, but also focus on how to allocate finite
resources to competing generational needs: retirement, college, long-term care. One of the most important things we do is help clients make
difficult, but ultimately satisfying, choices."
Arlene Clowes turned to Del Valle when she was widowed at 42, had aging parents, three kids to educate and money skills limited to writing
checks. Del Valle got Clowes on her financial feet, and during the next 18 years has worked with Clowes' mother, siblings and their families.
Clowes' mother was 85 and still driving the tractor on the family farm when she was finally ready to do some estate planning. "Ronna has
been there for my family through many life passages and stages," Clowes says. "She's been able to link our financial and family goals."
Del Valle is practicing her own generational continuity. Not only does she help care for her elderly parents in Florida, but her son, Noah
Farberow, has joined her firm."Our role is to create family financial plans that have a positive impact on current and future generations," she says. It’s a concrete way to bridge the generation gap.
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Page disclaimer
This series profiles financial planners who take a fresh approach to help their clients or the community. To nominate a financial planner, click here.
Jeff Gitterman offers securities through ING Financial Advisers, LLC. Member SIPC. Gitterman & Sacks is an independent agency and is not a corporate affiliate of ING Financial Advisers, LLC. Neither ING nor its companies are affiliated with FPA or the CFP Board of Standards, Inc. In addition, ING does not endorse the financial planners featured in this article. This article is provided for informational purposes only and the views expressed may not be suitable in every situation. Consult your tax, legal and/or financial professional concerning your own situation. CFP® is a certification mark owned by the Certified Financial Planner Board of Standards, Inc. © 2005 TIME INC
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| TIMELESS TIPS FOR FINANCIAL PLANNING |
Financial planning does not have to be complex or confusing. Here are some tips to help you get started:
- Set clear goals. Consider the financial aspects of any goal you set. Write them down.
- Discuss the goals with your family. Loved ones will be affected by your goals and they can also help motivate you.
- Create a financial plan. All financial actions affect other financial actions. Create and follow through with the plan. Don't be afraid to seek advice.
- Review previous years. Has a major change occurred in your life? How will you accommodate that change financially?
- Establish a spending plan. Track your spending and prioritize. Don't spend more than you make.
- Reduce debt. Pay off high-interest debt first and refrain from accumulating new debt.
- Educate yourself. The more you learn about finances -- from budgeting to investments to insurance -- the more confident and motivated you will be to take the right steps.
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FOR MORE INFORMATION ON THE VALUE OF FINANCIAL PLANNING AND HOW TO FIND A FINANCIAL PLANNING PROFESSIONAL, PLEASE VISIT WWW.FPANET.ORG/PUBLIC.
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