Recently, I took a short trip to St. Louis to visit the corporate office of Focus Partners (our key back-office partner for investment management here at Tamarind Financial Planning). I attended “Keystone,” an event focused on the nuts and bolts of account administration, operational best practices, and the institutional tools available to help us deliver excellent, holistic wealth management.
While much of the technical content was behind-the-scenes “plumbing,” two core topics stood out that directly impact our clients: cybersecurity and wealth transfer planning.
Here are the key takeaways you should know about.
1. Cybersecurity & Protection: Simple Habits, Big Impact
We’ve covered online security before, but cybersecurity threats constantly evolve. Here are five standout reminders from the trip:
- Password Managers: We rely on a password manager at Tamarind. Beyond dramatically improving security against breaches, it speeds up daily workflows. Because our industry requires long, complex, and frequently changed passwords, a manager is a lifesaver. If you need a recommendation for personal use, we have a few great options.
- Create a Verbal “Family Password”: The presenter shared a great strategy using a favorite family baseball memory. Whenever he receives a high-stakes or suspicious request from family members (or vice-versa), they ask a specific question about that game to instantly verify identity.
- Freeze Credit for the Whole Family (Including Kids): Children have pristine, unused credit profiles, which unfortunately makes them prime targets for identity thieves. Freezing their credit takes minutes and prevents unauthorized accounts from being opened in their name.
- IRS Communication Rule: The IRS will never email, text, or call you out of the blue to demand an immediate tax payment or announce a surprise refund. Official IRS outreach always starts with physical mail.
- Write Checks with Gel Ink: If you still write physical checks, switch to gel ink pens. Fraudsters who intercept mail often use chemicals to “wash” ballpoint ink off checks, altering the payee and the amount. Note: Stolen checks still carry identity theft risks, but gel ink prevents the check itself from being modified.
2. Wealth Transfer Planning: Aligning Your Legacy with Your Values
Let’s face it: none of us live forever. If you don’t spend every dollar you’ve worked hard to accumulate, that remaining wealth will eventually transfer to someone else.
Wealth transfer isn’t just about legal documents; it’s about reflection. As you think about what your life and money mean to you, consider these four principles:
- You only have three destinations for your wealth: Individuals (family/friends), Charities, or the Government (taxes). Thoughtful planning gives you control over which bucket gets what.
- Lifetime giving can bring immediate joy: You don’t have to wait until you pass away to transfer assets. Sharing your wealth during your lifetime allows you to see its impact and experience the fulfillment it brings.
- Plan for incapacity, not just passing: If an illness or accident leaves you unable to manage your affairs, do you have a plan? Are the right people assigned to the right roles? Are your legal documents aligned with your actual intentions?
- Personalize for your loved ones’ unique lives: Every family member has different financial capabilities and circumstances. Tailoring your estate strategy ensures your help is constructive rather than disruptive.
Bottom Line: It is never too late (or too early) to get intentional about how you wish to be remembered.
Looking Ahead
Events like this are a great reminder of why we do what we do. Every chance I get to sharpen my skills and connect with industry leaders helps me become a better planner, serve clients better, and keep your financial plan on track.
If any of these cybersecurity tips caught your eye or if you’d like to talk through your estate and wealth transfer goals, reach out anytime. We’re always here to help!