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RETIREMENT Planning Fiduciary Advice Toward Your Life Goals  

Scott F

“Investment performance alone rarely determines your financial success. Instead, your financial success will be determined through careful planning that reconciles your financial resources with your goals, needs and obligations.”

— Scott Floersheim

Trusted Advice — from A Trusted Professional — 

About

Scott Floersheim CPA/PFS, CFP®, RMA®, AIF®

Scott Floersheim is a life-long New Mexico resident and a graduate of both the Albuquerque Academy and the University of New Mexico. After graduating from UNM, he became a Certified Public Accountant in 1986 and subsequently became a CERTIFIED FINANCIAL PLANNERTM practitioner in 1999 after introducing financial planning to his tax-practice clients. 

He is a member of the National Association of Personal Financial Advisors (NAPFA), the AICPA's Personal Financial Planning and Tax Sections, and the Investments and Wealth Institute. 

He is the sole owner/advisor of both Meridian Wealth Advisors, LLC (a New Mexico registered investment advisor firm) and Meridian Tax Advisors, Ltd. (a New Mexico registered CPA firm). Scott is committed to life-time learning and consistently well-exceeds the annual continuing education requirements of each of his certifications.

Years of Client-Centered Commitment

Serving clients throughout Central New Mexico including Albuquerque, Rio Rancho, Santa Fe and Los Alamos, Meridian Wealth Advisors, LLC. (MWANM) is uniquely qualified to provide ongoing financial guidance for clients nearing - or already in - retirement.  Founded in 2006 by Scott Floersheim, MWANM prides itself on its fiduciary, fee-only structure with services relating to Wealth Management, Retirement Planning and Investment Advisory.

Investments

MWANM manages and monitors client investments held primarily in custody at Fidelity Investments utilizing low-cost, well-diversified mutual funds and ETFs. MWANM manages those investments in a "non-discretionary" manner, meaning that all trade recommendations are approved by each client beforehand, so that there is an ongoing collaboration and an understanding of why a trade may be advisable. Additionally, MWANM generates compliant, quarterly performance reports for each household showing the recent - and from inception - performance of the client's managed investment accounts as well as detailed information on account holdings and allocations. Those reports are provided through an online, secure portal available through our Tamarac software, but for any clients that prefer to still receive paper copies by mail, they can elect to do so.

Financial Planning

MWANM provides ongoing financial planning to clients through its eMoney software to develop both cash-low based and goal-based results. Each client can securely access their financial planning assumptions, data and results through a secure portal with a Vault for important documents and reports. Client's bank, credit card, loan and investment accounts can be linked to the eMoney software, so that the financial planning data remains complete and accurate. 

Taxes

The related CPA firm - Meridian Tax Advisors, Ltd. - was founded in 1991 and provides wealth management clients with annual tax preparation and ongoing tax planning services to better integrate consistent planning outcomes for each client in a cost and tax efficient manner. By preparing each wealth management client's annual tax returns, investment decisions for what to invest in, which accounts hold certain types of investments and how best to access those investments for distributions is optimized. 


At Meridian Wealth Advisors, the practice revolves around the following ideals…

Fee-Only, No Commission

Advice is un-biased and completely tailored to each client. The only form of compensation are those fees that clients have authorized and never any form of commissions or other benefits provided by third parties. Each client is provided with personalized service with professional, independent, and confidential advice.

Prudent Solutions

By working with my clients, I develop a unique strategy and set up meetings whenever needed to actively manage and provide solutions that will gather a desired end goal.

Distinctive & Tailored Advice for each Client

I believe that each client is unique in their own way. That means, that each client has their own unique needs and goals, so I work with each of my clients to develop advice tailored to their unique circumstances.

A Retirement Plan that Meets all Needs

Our clients work hard for their life savings. We strive to create a plan that best handles their life earnings, so that they can reach their goals, and live a comfortable, worry- free life.


Financial Guidance— Every Step of The Way —

The Planning Process

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Step One: Discussion

Our initial phone call will help me to better understand your current circumstances and what you wish to accomplish. During this call, I will be able to determine if your planning needs are a good fit for my service offerings and services fees, and then - if they are - we will schedule a Discovery meeting at my office to further explore our potential collaboration.

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Step Two: Discovery

The Discovery meeting is an opportunity:

  1. For you to ask any questions that you may have about my methodology, background, affiliations and fees; 
  2. For me to gather some basic demographic information about you & to review your most recent tax returns and investment account statements; and
  3.  For us to see if we would mutually like to work together on your retirement planning and wealth management. 
The primary purpose of this meeting is for me to discover your goals, resources, obligations and concerns, and also to provide you with an understanding of my approach to developing solutions for your financial planning, investments and taxes.
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Step Three: Commitment

Once we have committed to moving forward, I will provide you with an agreement for your review and approval that confirms the specific responsibilities and deliverables for your engagement. To facilitate our collaboration, I will then setup a secure client portal in my financial planning software for us to begin developing your comprehensive retirement plan.

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Step Four: Presentation

Once an initial draft of your financial plan is ready, we’ll meet in person to review it for its completeness and accuracy. I will present you with a preliminary assessment of the achievability of your goals for us to discuss and fine tune. Based on this meeting, we each may have additional tasks to accomplish before we meet again to finish tailoring your plan. We will also focus on prioritizing each of your financial goals, computing various “what if” scenarios and assessing what’s possible by stress testing the potential outcomes.

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Step Five: Implementation

Once the plan is finalized, you will be provided evidence-based, best practices on how to the plan should be implemented. If you have decided to continue with my ongoing assistance, we will adopt an investment implementation plan and  investment policy statement governing the management of your accounts, implement your investment plan and over the coming months I will further assist you with insurance reviews, tax planning/preparation, estate planning, or any follow up tasks that arise.

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Services & Fees

Your Comprehensive Plan for Retirement

Retirement Planning is the process through which each client develops their roadmap based on their unique resources and goals. As part of the retirement planning process, the following matters must be considered and integrated:

  • Funding Lifestyle Expenses - many people are able to spend within their means while still working, but once they retire certain expenses will decrease or even go away, while other expenses may increase or even originate with time to now pursue interests and hobbies. It is critical to understand how much is needed to fund each client's ongoing preferred lifestyle and to consider the effects of future inflation, all without the benefit of still receiving wages from working to defray any unexpected costs.
  • Identifying Financial Goals - although certain large financial goals are common among retirees, the extent and frequency can vary considerably for such items as travel, home improvements, vehicle replacement, gifts to children, and donations. A sound retirement plan must not only identify but also quantify the amount and timing of such large future outlays to avoid the risk of outliving one's money. 
  • Social Security Claiming - since eligible retirees can claim Social Security as early as age 62 and as late as age 70, the lifetime value of their benefit must consider not only their current health and expected longevity, but also their other available resources for funding a delayed claim for benefits. This decision is further complicated by the options that married couples can make to optimize their combined lifetime benefit from Social Security, since a surviving spouse effectively retains the higher of the two benefits. For those who are widowed or divorced, the potential claiming options are further complicated and must be assessed.
  • Medicare Claiming - since the cost of a retiree's healthcare-related expenses may in fact be their largest cost in retirement, it is vital to understand the eligible retiree's responsibilities for filing for and selecting among Medicare in its A, B, C and D components, possibly in conjunction with a Medi-Gap insurance policy if they do not choose Medicare C - an Advantage plan. Failing to file on-time can cause all future premiums to be higher than they would have otherwise been and also could result in non-covered expenditures. Just like other aspects of the retirement planning process, some selections are irreversible choices that may result in higher lifetime healthcare costs for a retiree.
  • Pension Income Determination - although not as common as they once were, still many civil employment retirees will have earned the right to lifetime income from a pension plan, and they must make irrevocable decisions among various claiming alternatives, which must be considered based on their expected mortality, marital status and other available resources.
  • Investment Allocation and Location - a retiree may have not only savings from an employer's retirement plan, but also additional lifetime savings in the form of IRA, brokerage, bank and insurance accounts that together make up their household's portfolio. In coordination with all of the retiree's other planning considerations, the portfolio will need to be invested meet the their cash flow needs, to maintain their purchasing power and to minimize their income taxes while not exceeding the retiree's capacity, ability and need to with stand investment risk in the form of the volatility of the portfolio's daily valuations. 
  • Insurance Review - a retiree should review all insurance coverages for adequacy and necessity to avoid accepting unwarranted risk or cost. This entails reviewing current policies for life, health, long-term care, property and casualty on home/vehicles/boats and umbrella coverages for adequacy of coverage and affordability of premiums and then making necessary adjustments to those polices.
  • Estate Planning Review -in addition to reviewing the accuracy of all beneficiary designations for life insurance policies, IRA accounts and pension balances, the estate planning review should determine the existence, adequacy and recency for the retiree's wills, trusts, powers of attorney, healthcare directives, burial instructions and other legal matters while the retiree is healthy, so that when they eventually are not, their instructions will be implemented.
  • Tax Planning - income taxes are generally unavoidable but never-the-less manageable. By carefully crafting a multi-year income tax plan, a retiree can seek to minimize the cost of income taxes and extend the longevity of their portfolio through careful utilization of the marginal income tax brackets, tax deferral, and preferential tax rates for long-term capital gains and qualifying dividends. Accessing the various investment accounts in an optimal manner will provide tax-efficient withdrawals for ongoing cash needs. Due to annually increasing rates of required minimum distributions from IRAs and pension balances once the retiree reaches age 70 1/2, a retiree should consider whether to elect to make pre-70 1/2 distributions to fund the possible delaying of Social Security benefits, to electively make partial Roth-IRA conversions and to maximize their utilization of low marginal income tax brackets, all of which become more difficult to justify after age 70.

The Retirement Planning process is developed through a collaborative relationship considering most if not all of the factors detailed above. Together with our clients, we craft a retirement plan that best meets their objectives.

Wealth management is far more than just managing your investments - truly understanding your goals, interests, family, and assets is necessary to best advise you.

The Wealth Management service aims to optimize four main areas:

Wealth Enhancement 

Seeks to achieve the best after-tax, investment returns consistent with your tolerance for investment risk.

Wealth Protection

Seeks to protect your wealth from the potential claims from creditors, litigants, ex-spouses as well as children's spouses.

Wealth Transfer

Seeks tax-optimized transitions of wealth to your children and their decendants.

Charitable Giving

Seeks to achieve your charitable goals in a manner that may simultaneously enhance, protect and transfer your wealth.

Wealth Management

For ongoing wealth management services, the annual minimum fee is $6,000 (plus applicable NM gross receipts tax) billed quarterly in advance. Fees are typically deducted directly from your financial accounts held at Fidelity.

first $1M in Assets Under Management (AUM)
1.00%
next $4M in AUM
0.50%
above $5M in AUM
0.25% 


Retirement Planning

For a project-based retirement plan, the fee will be between $3,000 - $6,000, depending on your circumstances, but in most cases the fee will be $6,000 unless to a client far from retirement as a "Check-Up" service. The fee is billed directly with 50% due upon the commencement of the engagement and the balance at the completion of the engagement. The engagement terminates upon the acceptance of the financial plan. Upon the completion of the engagement, the client can elect to apply the entire Retirement Planning fee toward the first year's Wealth Management Fees should they decide to continue with Meridian on an ongoing basis.

Stay In Touch with Your Finances

Client Center

Contact

Address

9400 Holly Ave NE, Bldg 4
Albuquerque, NM 87122-2969

Email

scott@mwanm.com

PHONE

505.828.2220

FAX

505.212.0010