Advisor Spotlight: Including the next generation

October 26, 2009 at 08:00 PM

Share & Print

Philip D. McMullin, RIA, Financial and Insurance Advisor
McMullin, Stone & Associates, Fayetteville, Ga.

1. What is your primary advisory specialty, or the focus of your practice?
High-net-worth financial planning for clients 55 and over, plus tax controlled unwinding of IRAs and annuities.

2. What are the biggest challenges facing you in this market, and how are you addressing them?
The ability to convince my clients and their children of the value of this process, in order to minimize the tax effect on next generation and beyond.

3. What led you to focus on the senior market?
I began because of the abuses of selling annuities to people over 65 that don't need them, and the fact that they lose the step-up of their non-IRA accounts.

4. What is the best advice you would give to other advisors?
Do what is best for the client and the next generation. Too many times I have seen scenarios where the next generation is completely left out of the planning.

NOT FOR REPRINT