Prudential - Financial planning for a healthy, sustainable future
Highlighting Howard Co. Business
Healthy living seems to be a top priority for many as a new year rolls in. Every January, gym and fitness center memberships increase, and personal fitness coaches become popular internet searches. However, while many are planning for a healthier life, they often forget to plan for a healthy financial future. Financial advisors like Troy Tompkins work to help people in their communities prepare to meet life’s financial challenges.
“Financial worries can be stressful and in many cases, if you were able to take the financial stress away, it can make a difficult circumstance a little easier to handle,” Tompkins said. “I have encountered situations in which one spouse assumes they are financially set if their partner passes away, but lack of proper planning or an outdated plan results in a resource shortfall. For a surviving spouse who cannot work, that shortfall results in difficult choices, for example, being faced with the possibility of having to sell a home you can no longer afford to keep. “
Time can be your friend in achieving long term financial goals. Once a person begins to think about future goals for example retirement, it is a smart idea to begin financial planning. Those who begin planning in their 20s or 30s will have longer to execute the plan which can allow for a comfortable retirement. Those who begin planning in their 50s or 60s will have to be more aggressive with their savings rate, or be faced with making future lifestyle modifications – they may not have the lifestyle choices they had once hoped for. A major financial event, a chronic illness, for example, can further drain their resources.
“There is no bad time to start financial planning, but the more time you allow yourself, the better your financial future can look. My advice would be to begin setting long term financial goals and making plans to achieve them sooner rather than later,” he said.
Life stages can have an impact on what type of investment strategy would be most beneficial. However, whatever stage of life you are traveling through, Prudential has a range of products that allow us to offer solutions to meet client needs.
“One misconception is that Prudential only offers life insurance, but that’s not the case” Tompkins said. “Our primary purpose is to offer products and services to assist clients in meeting their long term financial security goals.”
Tompkins is a life-long Big Spring resident who chose to become a financial advisor hoping to help make a positive impact in the community. For the past 24 years, he has been offering financial services to the West Texas region. Over his career, he has seen clients progress and achieve financial wellness through planning and proper execution of strategy.
“I have clients who have been with me since I started in this industry. Those clients have become friends and it is rewarding to see them achieve their financial security goals. I truly enjoy helping people, and I try making a positive impact in the community,” Tompkins said.
Prudential advisors such as Tompkins provide a link and knowledge base to financial services that will benefit families in their future plans and help them reach financial security. Tompkins brings financial integrity and confidence to the profession and helps clients navigate the often tricky waters of working toward financial security. While each client will have different goals and time frames for them to be achieved in, the knowledge base provided by the financial advisors is unique and beneficial.
“The best piece of advice I can give my clients is to prepare for financial shocks. An unexpected period of unemployment, a premature death, or a sudden illness can wreck your family’s finances. We all probably know someone who has lost a job or had their business impacted due to the COVID economic shut down. The second best piece of advice I can give is not to rely only on your employee benefits to meet your financial needs,” he said. “Don’t just
assume. Understand your benefits, do your research and take the time to do some long range planning to ensure your financial stability is set.” There may be an need to fill in gaps the workplace benefits do not address. He continued, “While many may not lack the financial resources to prepare for retirement, they lack the planning, the knowledge and/or the discipline to execute a strategy to meet their future needs. Sometimes people just need a professional to guide them through the process to make plans to reach the financial goals they have set for themselves.”
For more information regarding financial planning, contact Troy Tompkins with Prudential at 432-263-0180 or stop by 401 Austin Street. Business hours are Monday through Friday 8:30 a.m. through 5:30 p.m.