How to Build a Resilient Financial Plan with Connor Strouse
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Connor Strouse brings a wealth of expertise to his role as a financial planner at Financial Partners Group, where he helps clients achieve financial stability and build their future. With certifications like Bloomberg Market Concepts and a Series 65 license, Connor has developed a keen understanding of financial markets and investment strategies. Since starting as a financial services professional in 2022, he has quickly made his mark, specializing in personal financial and estate planning, as well as independent advice. In this interview, he shares insights on everything from risk management to navigating a volatile investment market.
In this article
Overlooked elements in financial planning
Joy Wallet: What are the key components of a comprehensive financial plan that people often overlook?
Connor: Creating a strategy involves setting goals and a budget while considering tax strategies and retirement planning. However, many individuals tend to neglect the importance of estate planning and guiding family members through the process. This is especially crucial when facing uncertainty after losing a loved one. Taking care of tasks such as notifying the Social Security Administration, acquiring death certificates, and applying for death benefits in case of marriage can offer significant comfort during a challenging emotional period.
Guiding clients through these responsibilities beforehand helps prevent confusion and stress later on. As financial advisors, we prioritize integrating these commonly overlooked tasks into the overall strategy, which greatly influences the ease of a family’s transition during difficult times. Taking a proactive stance on estate planning creates trust and ensures that clients’ loved ones are adequately prepared when they need it most.
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Balancing growth and protection
Joy Wallet: In today's volatile market, how can individuals balance growth and protection in their investment portfolios?
Connor: It requires a diversified approach, blending growth-focused assets (e.g., stocks) with stable investments (e.g., bonds or dividend-yielding stocks). Techniques like regularly adjusting portfolios to maintain desired asset allocations based on risk preferences and incorporating hedging strategies can help limit losses in downturns while still allowing for participation in market upswings.
Tactical adjustments
Joy Wallet: What tactical strategies do you recommend for making decisive changes during market fluctuations?
Connor: In times of market changes or fluctuations in the prices of assets or securities actively being bought and sold (stocks, bonds, etc.), different strategies, such as regularly investing fixed amounts of money (dollar-cost averaging), shifting investments between various industry sectors (sector rotation), and making strategic decisions about asset distribution (tactical asset allocation), can be considered.
The suitability of these strategies depends on an individual’s financial goals, risk tolerance, and overall financial situation. These methods can help investors remain flexible by adjusting their portfolios based on long-term market trends rather than reacting to short-term uncertainty or emotions.
For example, some investors might choose to focus on defensive sectors during market downturns or increase their holdings of undervalued assets during these times. It’s important to note that these strategies involve risk, and no investment approach guarantees profit or protection from loss.
The need for regular financial plan updates
Joy Wallet: How important is it for people to regularly update their financial plans, and what triggers should prompt a review?
Connor: Regularly updating financial plans is essential because personal circumstances and economic conditions evolve over time. Significant life milestones, such as marriage, having children, career changes, or receiving an inheritance, should prompt a review. Additionally, changes in tax regulations, inflation rates, or market conditions may require adjustments to investment strategies, tax planning, or savings targets to ensure that the plan remains aligned with one's evolving goals.
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Retirement pitfalls
Connor: A common mistake is underestimating the length of retirement and not saving enough to ensure that funds last. Another is failing to account for inflation and rising healthcare costs, which can erode purchasing power. Additionally, some individuals neglect to diversify their retirement portfolios, relying too heavily on a single asset class, such as company stock or bonds, which increases risk.
Finding the right balance
Joy Wallet: How can someone determine the right balance between retirement savings and current spending?
Connor: Balancing the need to save for retirement while managing current expenses calls for careful budgeting. Following the 50/30/20 rule — allocating 50% to essentials, 30% to discretionary spending, and 20% to savings — can offer guidance. Projecting future retirement income needs, factoring in inflation, and automating retirement contributions help create a secure financial future without sacrificing the enjoyment of the present.
Tax-efficient wealth management
Joy Wallet: What tax-efficient strategies do you recommend for managing wealth, especially for high-net-worth individuals?
Connor: High-net-worth individuals may consider various tax-efficient strategies to help manage and preserve their wealth. Strategies such as tax-loss harvesting and contributing to tax-advantaged accounts like IRAs or 401(k)s can be effective in deferring taxes. Additionally, using strategies like qualified charitable donations (QCDs), establishing trusts, or forming family partnerships may help reduce estate taxes and facilitate wealth transfer to heirs. It’s important to remember that these strategies should be tailored to an individual’s specific financial situation and long-term goals. Consulting with a qualified tax professional and legal advisor is essential to ensure compliance with current tax laws and to maximize potential benefits.
Starting strong
Joy Wallet: What advice do you have for individuals just starting to build their wealth in today’s economic environment?
Connor: The key is to remain consistent and disciplined. Start by automating your savings and taking full advantage of employer-sponsored retirement plans, like a 401(k) match. Build an emergency fund to cover unforeseen expenses and then focus on investing in low-cost, diversified index funds. In times of economic uncertainty, it’s essential to stay committed to long-term goals rather than trying to time the market. The earlier you start, the more time you have to let compound interest work in your favor.
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Smooth wealth transfer
Joy Wallet: How can families ensure that wealth is passed down smoothly across generations?
Connor: Ensuring a smooth transfer of wealth across generations typically requires comprehensive estate planning, which may include the creation of wills, trusts, and powers of attorney. It is important to work with legal professionals to ensure these documents are properly structured and compliant with current laws.
Open communication among family members can also be essential in avoiding future disputes. In certain cases, gifting assets during one’s lifetime may help reduce potential tax burdens for heirs. Additionally, developing a family mission statement may help align values and expectations regarding wealth, promoting family unity and understanding. However, it is critical to consult with legal and tax professionals to tailor estate planning strategies to the family's specific circumstances and goals.
Managing risk
Joy Wallet: What are the most effective strategies for managing risk within a diversified portfolio?
Connor: Effective risk management often begins with diversification, which can help reduce exposure to market downturns and sector-specific risks. This generally involves spreading investments across various asset classes, such as stocks, bonds, real estate, and alternative assets, based on an individual's risk tolerance and financial objectives. Regularly rebalancing the portfolio to maintain the desired asset allocation may also be beneficial. Some investors may consider using tools such as stop-loss orders to manage downside risk and including instruments like treasury inflation-protected securities (TIPS) and low-volatility funds to help provide additional stability during periods of market turbulence. However, it is important to note that diversification and other strategies do not guarantee against loss, and all investments carry risks.
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A balanced roadmap
Joy Wallet: How do you approach building a financial roadmap that accommodates both short-term needs and long-term ambitions?
Connor: A comprehensive financial plan should address all aspects of your financial life, from short-term goals like buying a home or funding education to long-term objectives such as retirement and estate planning. Prioritizing these goals based on their importance and timelines will guide your saving and investment decisions. Shorter-term goals might be met with low-risk, accessible assets, while longer-term aspirations may require higher-growth investments.
Finding joy
Joy Wallet: What brings you the most joy in life?
Connor: I find happiness in helping others achieve their financial goals and empowering them to manage their financial futures confidently. It’s deeply fulfilling to know my work positively impacts my clients’ lives. Outside of work, I enjoy watching the Kansas City Chiefs on Sundays, experimenting with new recipes in the kitchen, and solving puzzles — both in life and in building financial plans.
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