Fourth Quarter, 2021

Turning Money Into Wealth

This year-end has been a time of reflection for me.  After such a successful year for our clients at W&A and our firm, I think about “Why I do what I do?” And my conclusion is: helping clients turn money into wealth.  To paraphrase a famous Winston Churchill quote:  “We make a living by [the money] we get, but we make a life by [the wealth] we give.”

Here are just a few of my year-end reflections on how together we have been “Turning Money Into Wealth” over my 28 years at W&A.  

– Keeping the wish alive for a dream car while at the same time taking care of aging parents.

– Feeling the pocketbook pain of paying taxes early from a Roth conversion turn into a tax-free source of cash years later to move and buy a home to be closer to family.

– Being financially able to divert RMDs to QCDs and see the impact of supporting your favorite charitable causes in your lifetime, and save taxes at the same time.

– Having sufficient assets to move to a retirement community so your family would not have the financial and emotional burden of making that decision for you, and loving it!

– Keeping a business going and staff paid during the pandemic with CARES Act distributions from a personal IRA.

– Testifying in an arbitration case pro bono and making a friend and client for life.

– Growing investment assets sufficient to potentially lock in a mortgage re-fi at 2.875%.

– Transforming inheritances and investments into legacies to take care of a surviving spouse, and in several cases, minor children, and another to fund 529 plans for 7 grandchildren.

– Juggling financial help that your children need in your lifetime, and still leave a future legacy.

– Feeling secure enough to transfer some of the financial legacies left to you by making irrevocable gifts in your lifetime to next generations.

– Watching over the finances of a family member for distant relatives and advising on care.

A W&A colleague recently shared this quote from Donald Adams regarding client service:  “To give real service, you must add something which cannot be bought or measured with money, and that is sincerity and integrity.” 

So, last but not least, I do love a good spreadsheet, making “some” money turn into “more” money and ultimately passing the gift of wealth to future generations.  Thank you for the privilege of working with you and your families to make that happen now for over 28 years at W&A.

– Phyllis

Author: Senior Vice President Senior Wealth StrategistPhyllis had been associated with W&A for a number of years before joining the firm, acting as a consultant to the company in its formative stage and subsequently as a client. Prior to joining W&A, Phyllis served as Vice President, Corporate Finance at Morgan Keegan & Company, Inc. She was involved in all aspects of its investment banking activities, including mergers and acquisitions, valuation studies, and initial public offerings. She earned registrations in NASD Series 7 (Registered Representative) and Series 63 (Blue Sky). Phyllis holds an MBA in Finance as well as M.Ed and BBA degrees from the University of Memphis. She is a Chartered Financial AnalystTM(CFA®) and a Certified Financial PlannerTM(CFP®) Licensee. She is past-Chairman and past-President of the Mid-South Society of the Financial Planning Association (FPA) and served on their Board of Directors from 1995 to 2000. During her term as President in 1998, the Mid- South Society of FPA was chosen the Outstanding Society of the Year by the national FPA organization. Her community volunteer activities include MIFA and the Women’s Foundation for a Greater Memphis, where she served as Treasurer, Chair of the Finance Committee and currently chairs the Investment Committee. She also serves on the Board of Governors of The Seaside Institute in Seaside, FL.

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