Pam Krueger: Hi everybody, I’m Pam Krueger. I’m the founder of Wealthramp, and I’m joined today by Matt Roberts who’s […]
This month’s Advisors in the Spotlight series features financial advisor Joyce Streithorst, CFP®, MSFS, CDFA. Joyce has over 20 years of experience as a financial planner and money manager. She is also one of very few female financial advisors with a Master’s degree in financial planning. With deep experience in asset management and divorce financial planning, Joyce sits down with Wealthramp founder Pam Krueger and shares her experience and unique challenges she is constantly navigating in her practice.
It’s a pleasure to have you here today Joyce and learn more about your passion for financial planning and helping others, specifically your interest in assisting divorcees and individuals dealing with loss of spouse. To begin with, tell us a little more about your practice and how you came to be a financial advisor.
Thank you so much for having me Pam, I’m happy to be here. For as long as I can remember I’ve always known that I wanted to be a financial planner. Since entering college my entire career has been focused on learning to be the best financial advisor that I possibly can be. Now as a part owner in Frisch Financial Group, we take pride in implementing our three core values into our everyday lives: Caring, Trust, and Expertise.
I care for all my clients by taking the time to get to know and listen to each and every one of them and their families. Their concerns are my concerns. I try to build trust by quickly becoming their partner; they know that if I say something that it will get done promptly and the right way the first time.
Lastly, I share my expertise of over 20+ years of experience in the field helping others with similar needs, while also drawing on my Master’s education and formal studies. I’m at my very best when I’m helping someone face a new financial situation; teaching them about their money as we work to protect and grow it.
And that describes a lot of people!! Those are really important values to infuse throughout your practice to deliver truly excellent results for your clients. Joyce, do you have a specific client profile or a certain type of client you work with most?
At Frisch Financial Group I specialize in financial planning and tax planning. Throughout my career, I’ve developed a certain empathy and really love to solve problems especially for those about to retire, or someone who has gone through a divorce, or recently widowed, and for the women whose husbands are struggling with failing health. These are very vulnerable times for those individuals and making complicated decisions about their money (or taxes) that will impact their entire families. The last thing they want is to worry about their finances.
Another interesting focus for me is helping people who have suddenly received a windfall. There are so many people working at both public and private companies who are exercising employee stock options, or they’ve received a large gift or inheritance, or even won the lottery! This too, becomes a vulnerable time when some unforeseen event has happened that affects their finances and lifestyles. I really work hard to ensure that my clients with new-found wealth continue to prosper.
What are some of the most typical challenges you uncover while working on divorce planning?
As you can probably imagine divorce planning can be somewhat of a touchy topic filled with lots of emotion from various different parties. It can be challenging working alongside both sides’ divorce attorneys and trying to plan around each party’s “fair” share. Money can be an extremely difficult topic to discuss between their friends and family, and a lot of the time I become a bit of a mediator– and sometimes it’s exactly what all parties need. Divorce cases can be even more challenging if the couple has children together because of the emotional impact on the children. Overall, clear communication, active listening and understanding are crucial skills you need as a financial advisor to properly and effectively assist with divorce planning.
Throughout your career you’ve been able to spend the time it takes to help countless individuals and families, each with a unique problem or need. Is there any specific story you can share that looking back on it stands out to you or really impacted you?
Yes, of course! Over the years, I have helped a lot of clients looking for help taking that first step in the divorce planning process. One client I remember distinctly came to me looking for help to map her divorce finance plan. She knew she was going to be filing,, but also felt she wasn’t very financially savvy because her husband had primarily handled the finances throughout their marriage. The divorce process was prolonged for a very long time because her husband did not want to settle. The two divorce attorneys went back and forth to sort everything out. This is where I can help save time to shorten that process. And at the same time, my client gained a whole new sense of confidence that she would be okay and financially secure. She needed someone who would fight on her behalf for her fair share. Her situation was a little tricky though–she was in her 60s, needed to sell her house that she co-owned with her husband and didn’t even have her own bank account.
I’m happy she came to me for support and guidance through that tough time. With my knowledge and expertise I was able to listen and quickly understand her wants and needs. We put together a plan right alongside her divorce attorneys that made her feel a sense of relief. I walked her through how to file her taxes, which she did by herself for the first time. We put together an outline of how much she could spend on furniture for her new home. In the end she was extremely grateful for using my services, as she now felt like she was finally able to regain her confidence and start taking the necessary steps forward as a newly single adult.
Thanks for giving us a little glimpse into what you really do Joyce. I appreciate you educating us more on divorce planning.
That will do it for this month’s advisor in the spotlight story. You can learn more about the fiduciary financial advisors in the Wealthramp network, and our advisor vetting process. Whether you need help with general financial planning or divorce planning, you can answer some quick questions to see your best advisor matches.