Are you Retirement Ready?

Oct 31, 2023 | Estate Planning, Retirement Planning

Are You Retirement Ready?

When it comes to living the life you imagine in retirement, the earlier you prepare, the better your chances of reaching your goals. Just like planning a wedding or building a new home, there are a lot of decisions to make and variables to consider.

Find out where you stand with our Retirement Readiness Checklist. Don’t panic if you’re just getting started or have a lot left to do. Our team’s step-by-step process, the Cornerstone Experience®, provides one-on-one attention and guidance to help you enjoy life today and take care of the people you care about for the long-term.

FINANCIAL

Where will your monthly retirement income come from?

79% of workers plan to keep working in retirement, while 34% of retirees actually do work in retirement.1

Work $_________
Assets $_________
Social Security $_________
Insurance $________
Pensions $_________
Other (inheritance, etc.) $_________

 

Do you know how much you’ll need for living expenses when you retire?

I know what my monthly essential expenses will be: $_________
I know what my monthly extra expenses will be: $_________

 

Do you have a contingency plan to take care of yourself and those you love if you can’t work as long as you intend to at your current position?

46% of retirees leave the workforce earlier than planned because of a hardship, such as a health problem or disability. Another 31% say they retired due to changes at their company.1  

Yes
No

 

How will you handle healthcare costs?

While it’s impossible to precisely predict out-of-pocket expenses, a retired couple can easily spend $10,000 a year above and beyond what’s covered by traditional Medicare.2

Medicare
Long-term care insurance
Health Savings Account (HSA)

LEGACY

Are you planning to provide for others or do any charitable giving during your retirement or after you’re gone?

College fund for heirs
Gift to charitable organization(s)
Inheritance

Which essential documents do you have in place to ensure your wishes are carried out if something were to happen to you?

Trust
Living will
Power of attorney
Medical power of attorney
Will
Ethical will
Personal property memorandum or disposal list
Organized records, including contact information for your attorney, wealth advisor, tax advisor, etc


Are you planning to provide for others or do any charitable giving during your retirement or after you’re gone?

 College fund for children/grandchildren
 Leave an inheritance
 Gift to charitable organization(s

 

Have you communicated your wishes to the people responsible for carrying them out?  

Guardian
Executor
Family

LIFESTYLE

What will you do with your time?

 Travel
 Work part time
 Volunteer
 Spend time with grandkids
 Master a hobby or start a new one
 Take classes or go back to school
 Keep doing activities I’m currently doing

Is there anything you’ve always wanted to do “if you had the time” or if money was no object?

Have you always wanted to own your own plane? Do you feel called to volunteer building housing in Rwanda? Did you miss your true calling of being a kindergarten teacher or university professor? Lawyer or social worker? Anything is possible with the right plan and support! ______________________________________________________

___________________________________________________________

Who will you spend your time with?

 Current group of friends
 Plan to meet new friends
 Continue attending professional groups I’m involved with
 Join a new organization
 Time with family will keep me busy

Click Here to Download the Questionnaire
1 2023 Retirement Confidence Survey, Employee Benefit Research Institute and Greenwald Research
2 Ready to Transition to Retirement, Raymond James, March 2019

Blogs and Articles

Subscribe to our Weekly Market Update

* Please complete all fields to submit the form.
Thanks for signing up for our Weekly Market Update Email!

We're committed to providing you with valuable information and insights.

Your Plan Can Create Meaningful Outcomes In Your Life

Our team will analyze your income needs for today and tomorrow, then help you develop and implement a plan to help you achieve the life you’ve imagined in retirement.

Retirement Planning

Gain confidence with goal setting and monitoring, comparing scenarios to understand how factors impact your plan.

Estate & Charitable Planning

A basic understanding of estate planning can help you preserve your assets, take care of the people who are important to you, potentially reduce taxes, and avoid common mistakes.

Tax Planning Strategies

Keeping your tax liability to a minimum is an essential part of maintaining your Cornerstone financial plan.

Investment Management

Our advisors will help design a strategy that is clearly defined, matches your goals, and aligns with your risk preferences and lifestyle.

Risk Management / Insurance Planning

We use best financial practices, built on an industry-renowned framework, to help us understand YOUR acceptable levels of risk-and-reward with unparalleled accuracy.

Hear Directly From Our Team

Shelby Bierema Client Relationship Manager

❝

I was immediately drawn to the team and atmosphere at Cornerstone. With my first step in the door, I felt accepted, seen, and valued. I am proud to be part of an organization that truly believes in placing people over profit.

Shelby Bierema, FPQP®                                      Manager of Client Relations

Andrew Ulvestad AAMS Wealth Advisor Financial Planner Sioux Falls, Huron, SD

❝

It wasn’t about sales; it wasn’t about money. Cornerstone displayed a genuine love for their clients and I knew it was something I wanted to be a part of.

Andrew Ulvestad, AAMS®                                      Wealth Advisor

Hear Directly from Our Clients

“Gordon, you have built an outstanding organization, and have selected qualified professional employees to serve your clients. The hallmark to your success is dedication, honesty, integrity, trust and your personal faith. Your leadership has established for your clients a sense of pride and belonging to your organization. Pauline and I will always be grateful for what you have done for us during our retirement years. We are grateful to you for being our Financial Advisor and friend during the past 20 years.”

 

~Eldon and Pauline Nelson, Clients since 1999

The statement is a testimonial from current clients as of March 13, 2023, and may no longer be applicable or a client. No compensation was paid in exchange for the testimonial, it was not solicited by the advisor, and client consents to use of this testimonial in the advisor’s advertisements.

The testimonial is not representative of all client’s experience with the advisor, not based on performance, and not a guarantee of future performance or success. Investing involves risk and isn’t always profitable.

The advisors at Cornerstone Financial Solutions, Inc. provide an outstanding client experience and integrated, full-service financial planning in a family-like culture. The practice focuses on client education and coaching with frequent reviews to help ensure clients are on-track to realize their financial goals.

The unparalleled level of service is best suited for those with a minimum of $500,000.00 in investable assets, who want to work with a fiduciary specializing  in comprehensive financial planning.

The Cornerstone team has over 140 years of combined team experience and 30 years in business, and is backed by the power of Raymond James, one of the top financial institutions in the US.

Learn more about The Cornerstone Experience®.

Mammograms a Crucial Part of Self-Care

Oct 31, 2023 | We Invest In People

Cornerstone Client Relationship Manager, Stephanie Gerrits, FPQP®, recently talked to staff at Huron Regional Medical Center (HRMC) about their campaign to promote the importance of mammograms to women. A wife and proud mom to three amazing boys, she had her first mammogram at age 40 – a recommendation that all women don’t follow. She believes early detection through regular mammograms is a crucial part of self-care, saying, “I want to be in charge of my health so I can live my life to the fullest and be with my family.”

Her willingness to share her experience to benefit this crucial health advocacy campaign is a testament to Stephanie’s belief in the potentially life-saving health screening and her commitment to the community. And it brilliantly reflects Cornerstone’s core value, Invest In People, which drives us to build genuine connections and make a positive impact.

Here’s Stephanie’s Mammogram Story:

Q: Do you have any friends or family that have been affected by breast cancer?
Stephanie: Yes, including a few who have lost their battle. They have all been diagnosed at different stages of life – 20s, 40s, 60s and beyond. And several of them, like myself, have had no close family history of breast cancer.

Q: Why did you get a mammogram?
Stephanie: During my annual physical in 2022, shortly before I turned 40, my doctor recommended that I schedule my first annual mammogram. I wasn’t looking forward to it, so I kept putting it off. However, in June of 2022, I lost a classmate and friend to metastatic breast cancer. It hit me hard because she was a wife, a mother, and 40 years old just like me. Her passing, combined with close relationships with others who’ve battled this disease, pushed me to get an appointment scheduled.

Q: Was it hard to schedule or get an appointment?
Stephanie: For whatever reason, I felt awkward about calling to schedule an appointment. So, I used Huron Regional Medical Center’s online form to make my first mammography appointment (I’ve had two now.) I provided my information, chose appointment dates and times that would work with my schedule, and then they called me with available options that met my criteria. The day of the mammogram was just as easy, I simply checked in with Admissions and went back to the Radiology department. I would guess I didn’t have to wait more than 10 minutes either time I’ve had a mammogram.
Both times I have scheduled a mammogram I’ve been offered an appointment within two weeks of the scheduling phone call. They work with you to find a time that works best for your schedule. I was only gone from work for around 30 minutes for my appointments.

Q: Does having a mammogram hurt?
Stephanie: It isn’t the most comfortable experience, but it isn’t anywhere near as bad as I had imagined. I think that there are a lot of things that women do for the sake of beauty that are far more painful. It is just a little discomfort for the sake of your health once a year.

Q: What would you tell other women about getting a mammogram?
Stephanie: I wholeheartedly recommend getting a mammogram! The brief discomfort of a mammogram is significantly outweighed by the potential benefits of early detection. It can save lives! As moms, we often put everyone else’s needs before our own. But we need to do better, especially when it comes to our health. Making our health a priority gives us the power to be there for our loved ones.

Call HRMC at 605-353-6334 to schedule a mammogram. Or, visit https://www.huronregional.org/services/radiology-imaging/3d-mammography  to learn more or access the online appointment request form.

Cornerstone team at Huron’s Annual 1 Mile Walk for Breast Cancer
Alyssa Kirk, Associate Advisor
Lori Mack, First Impressions Director, CFS, Branch Associate, RJFS
Liz Opfer, Personal Assistant, CFS, Branch Associate, RJFS
Stephanie Gerrits, FPQP® Client Relationship Manager

 

Stephanie’s “Why”

Husband Trevor and sons
Logan, Evan, and Dilan

Raymond James is not affiliated with and does not endorse Huron Regional Medical Center. 2023.10.17 #312962

7 Revealing Questions You Should Ask Your Financial Advisor

Jan 25, 2023 | Financial Planning, Retirement Planning, Services

Jill Mollner, MBA, CFP®
Wealth Advisor, RJFS
Branch Operations Manager, CFS

You’ve worked hard for your money and choosing who to trust with your finances is a big decision. Finding the best financial advisor might seem intimidating at first, but it doesn’t have to be.

Here are 7 questions to ask when interviewing potential advisors:

1. What services can I expect?

While some advisors only offer basic investment planning, we cover all 5 areas of wealth management, so nothing falls through the cracks.

The 5 areas of wealth management are:

        • Investment Management
        • Risk Management
        • Retirement Planning
        • Estate Planning
        • Tax Planning Strategies

2. What type of education, accreditations and licenses do you have?

Most people think all financial planners are “certified,” but the fact is anyone who is licensed to sell these products and give advice can use the title “financial planner.” The wealth advisors at Cornerstone Financial Solutions have committed to hold the CFP® (Certified Financial Planner) designation or be working to complete the rigorous certification process.

The CFP® designation is considered the standard of excellence in financial planning, requiring a college degree. CFP® professionals have developed theoretical and practical knowledge by completing demanding education, examination, experience, and ethical requirements, and agree to continued monitoring and continuing education.

3. How long have you been in business?

Most people only retire once in their life, but through helping our clients, our team has essentially retired thousands of times. It is easier to avoid a mistake than correct one, so let us provide our knowledge and lessons we have learned over the years (140 years combined team experience and 30 years in business) to help you.

4. How many people are on your team?

Team-based wealth advice offers many advantages over a solo-advisor approach. More advisors and team members mean having access to a broader scope of knowledge, expertise, capabilities, and service offerings, and you won’t lose years of valuable planning to someone you don’t know.

5. Are you a fiduciary?

Advice from our advisors is conflict-free and is never related to the possibility of earning a potential commission. Acting in a fiduciary capacity, our advisory clients’ best interests are always at the center. We don’t offer products designed to generate unnecessary or excessive fees. Our advisors offer comprehensive financial planning and make investments that are consistent with your risk tolerance and goals.

6. What are your fees? 

We believe in full transparency and full disclosure – especially when it comes to fees. At Cornerstone Financial Solutions, we offer mostly fee-based planning. Simply put, we are on the same side of the table as you, we participate in the gains, and we participate in the losses. When you do well, we do well.

7. What is your succession plan?

A succession plan ensures that a business can continue to run smoothly after an important role becomes vacant. At Cornerstone, we have an internal, built-in succession plan so that any transition will be smooth.

When choosing a wealth advisor, you are likely starting what will be a life-long relationship. You will be sharing personal details about your financial situation, dreams, and goals, so it’s important to work with someone you trust and feel comfortable with.

We’ve created a guide, “How to Choose a Wealth Advisor,” to empower people like you, who want to dream big, build wealth, and lead a life of impact. The guide includes a full list of questions and considerations to use when interviewing advisors. Download the guide or call our office at 605-357-8553 to request one.

I’d love to visit with you about your dreams. Feel free to contact our office at 605-357-8553 or cfsteam@mycfsgroup.com.

Sometimes less isn’t more – Learn Why Having a TEAM of Advisors and Professionals is Beneficial

Jan 25, 2023 | Financial Planning, Services

Jill Mollner, MBA, CFP®
Wealth Advisor, RJFS
Branch Operations Manager, CFS

I’ve been in the financial planning industry for a little over 17 years and when making the decision to join Cornerstone one of the things that attracted me was the team-based wealth management versus a solo approach. 

Team-based wealth advice offers many advantages over a solo-advisor approach. With a large team of professionals in place, we can say, “This is how we are going to take care of you,” so that you have comfort and reassurance even if someone you normally work with is out of the office. 

Team-based wealth management means:

    • A broader scope of knowledge, expertise, and skills from multiple advisors and team members
    • Confidence that our internal Investment Committee structure ensures your investments are managed, even if your primary advisor is out.
    • A simple and smooth transition when your primary financial advisors retires, thanks to a built-in succession plan and established systems. You won’t lose years of valuable planning to someone you don’t know.

We often say that “Helping you build a financial plan to achieve what’s truly possible is what we do – Empowering you to pursue greater dreams is who we are.” Having a large team in place allows us to do just that.

You’ve worked hard for your money. Our team of wealth advisors has a deep understanding of financial planning, allowing us to give you the highest quality of service there is. 

While some advisors only offer basic investment planning, we cover all 5 areas of wealth management, so nothing falls through the cracks. Those 5 areas include:

    • Investment Management
    • Risk Management 
    • Retirement Planning
    • Estate Planning
    • Tax Planning Strategies

You don’t have to settle for the status quo. When your life and wealth are built on a Cornerstone, you can pursue greater dreams and make the impact you’re truly capable of making – in your life, in the lives of those you love, and in your legacy. If you’re ready to begin living the life you’ve imagined contact us at 605-357-8553 or at cfsteam@mycfsgroup.com.

 

Sitting On The Same Side Of The Table

Jan 25, 2023 | Uncategorized

As I reflect on last year, I’m reminded of the saying, the only constant in life is change. We faced a global pandemic, volatile financial markets, political and social unrest, the Russian invasion of Ukraine, and the loss of Britain’s familiar face of royalty just to name a few.

After such significant events, I want to thank you for placing your trust in the Cornerstone Team. We don’t take the responsibility lightly. And, for those of you with whom we have an advisory relationship, we want to remind you of our fiduciary responsibility and commitment to you.

Advice from our advisors is conflict-free and is never related to the possibility of earning a potential commission. As fiduciary advisors, we don’t offer products designed to generate unnecessary or excessive fees. Our advisors offer comprehensive financial planning and make investments that are consistent with your risk tolerance and goals.

We believe in full transparency and full disclosure – especially when it comes to fees. As independent fee-based financial advisors, we offer brokerage and advisory services through Raymond James Financial Services. That means that we have an open platform which gives you options to engage with us in the most cost-effective manner.

Different people have different needs and we’ve created an accessible model that allows us to serve you in a way that best suits you. Compensation works in one of the following ways:

For investment and portfolio management clients, we charge an annual percentage based on the amount of assets we’re managing. The advisory fee comes out of your investment account automatically, which makes it simple, trackable, and transparent.

OR

For clients who don’t utilize our investment management services, we have created a Fee for Advice Service platform where we work together to create, maintain, and review financial plans. Call our office for fees and more information regarding this platform.

We offer mostly fee-based planning. Simply put, we are on the same side of the table as you – we participate in the gains, and we participate in the losses. When you do well, we do well. Monthly statements detail your fees, so your standing is always clear.

We know you’ve worked hard for your money and our team of wealth advisors have a deep understanding of financial planning which allows us to give you the highest quality of service there is. We can’t predict what will happen in the coming year, but we know we can plan. Thank you again for placing your trust in us. Don’t hesitate to contact us if you have any questions.