John Olson believes everyone needs a solid financial plan.
What’s why he specializes in retirement and estate planning in his role as first vice president at Janney Montgomery Scott, LLC, in South Whitehall Township, Lehigh County.
Founded in 1832 Janney Montgomery Scott employs over 1800 people and is a regional boutique wealth management firm, with more than $115 billion in client assets under advisement, the firm’s website said. Janney is an independent subsidiary of The Penn Mutual Life Insurance Company.
From creating wealth and remaining financially independent to understanding the legal documents necessary for a smooth transition of assets and estate planning, Olsen believes this service is an important aspect of his job.
“Think there’s a gap, and retirement and estate planning is an underserved segment,” Olson said.
“It’s not just about selling a product for the minute or this year, but to dig into the details and find out where they want to be in five, 10 or 15 years and to help them reach those goals,” Olson said.
“Advice beyond investments, that’s the key term,” he said.
When shopping for a financial planner Olson recommends making sure the candidate in consideration has appropriate education and is a certified financial planner [CFP]. A CFP is also a fiduciary, and must put the client’s best interests first and foremost. Certified financial planners are a professional designation conferred by the Certified Financial Planner Board of Standards, Inc.
A CFP is recognized to have expertise in such areas as financial planning, taxes, insurance, estate planning and retirement planning and investments. Olson received his CFP in 2020.
Olson said people often don’t realize that risk management – including having legal documents like a will, financial and medical powers of attorney and named beneficiaries, among others “…comes before the investment of a true financial plan.” While sometimes uncomfortable to begin, Olson uses education to help buffer the emotional toll discussing wills and a medical power of attorney can trigger.
He recommends revisiting and reviewing documents – especially wills – every 5 or 10 years, or after a major event such as marriage, divorce, birth or adoption of children, retirement, hitting the lottery, or receiving a major asset windfall.
Having legal affairs in order can provide not only peace of mind, but a welcome relief to family members and caregivers. “I frame it [in the context] of education, and I illustrate what can happen when you don’t have these documents in place by sharing my own personal experiences,” Olson said.
Relieving the burden of making difficult decisions during disability or after death – because those decisions were made by the individual – is a priceless gift available to anyone to give.
As a life-long learner, Olson understands the value of receiving, as well as sharing knowledge. And he genuinely enjoys teaching others.
Olson completed a Master’s Degree in Personal Financial Planning in 2019. He spends time annually keeping pace, taking classes to further professional development.
“I try to do one professional development item a year. I think it should be part of your job, and mission to educate clients,” he said.
Next up, Olson plans to become a Chartered Life Underwriter. This expert designation in life insurance planning will go hand-in-hand with estate planning issues, he said.
A Chartered Life Underwriter is a professional designation of expertise in life insurance, estate planning and business planning. An Upper Bucks Chamber of Commerce member for more than 15 years, Olson is a past chamber board president. He spent 10 years chairing the chamber’s legislative committee.
Olson served as an Infantryman with the 2nd Battalion 14th Infantry Regiment “Golden Dragons” from 1995 to 1998. Highlights of his duty included training West Point cadets in land navigation skills, and serving in the NATO mission Operation Joint Guard in Bosnia as part of the stabilization force. Olson and his family live in Richland Township.
For more information on Janney Montgomery Scott contact John Olson at 610.674.6983 or log onto https://advisor.janney.com/johnmolson/.
|Upper Bucks Chamber of Commerce