As NCA Financial Planners in Mayfield Heights celebrates a milestone anniversary this year, President and CEO Kevin H. Myeroff reflects on the company’s growth.
“We’ve grown from managing no money to managing $1.5 billion and we’ve grown from three people to 30 people,” Myeroff said. “But the biggest difference has been in how financial planning has changed over those 35 years.”
What started as a product- and fund-oriented service has evolved in favor of a more holistic approach.
“It has more to do with what your goals and objectives are,” Myeroff said. “Investment management is just one piece of the pie.”
And according to Myeroff, changes in financial planning and estate planning now go hand in hand.
Noting estate planning laws have changed many times over the 35 years NCA Financial Planners has been in business, Myeroff said the premise hasn’t really changed.
“To me, there’s two tentacles of estate planning, which are to minimize costs and taxes at somebody’s death, and then to make sure the assets get to those you wish to receive them,” Myeroff said. “So those two things are the same, but I also think that the way that they go about it has changed sort of like financial planning has. It’s become a little bit more holistic in how they talk to people and the questions they ask.”
Myeroff said “in the old days” estate planning attorneys would create an estate plan for a client, but after turning in their list of suggestions, they would often be out of the picture.
“Very few clients ever did anything with what they were supposed to do, so they paid all this money for estate planning, but they never implemented any of the recommendations to make the tools they paid for work,” Myeroff said.
He explained estate planning attorneys and financial advisors work well together because the advisers make sure the attorney’s plan is implemented.
“I think people wind up with better estate planning today than they did 35 years ago,” Myeroff said.
But the certified financial planner and certified public accountant also said, when a new client comes to NCA Financial Planners, they have rarely thought about estate planning.
To remedy this, “we’ll sit down and we talk about, conceptually, what it is,” Myeroff said. “Then we will call an estate planning attorney that will work together with our client to meet those goals or if they have an attorney we’ll work with theirs.”
Myeroff was hesitant to provide an age by which someone should have an estate plan. Instead, he said it’s a necessity for adults who have children.
“If you have a child, the day you’re expecting a child, it’s really important that you see an attorney because now you have to start picking the guardian of your children and the custodian or trustee of the money if you and your spouse should die in a common accident,” Myeroff said. “When you do estate planning, you need an estate planning attorney, but to really properly implement your plan, it’s good to work with a financial planner as well ... to make sure everything gets done the way you want.”