Wealth Regeneration at Retirement Planning

Mainstream linear retirement planning approaches fail to meet this audience's needs. Their lives are not as simple as a number generated by a computer algorithm. Wealthy families and individuals and their trusted advisors know this instinctively and continue to search for answers. This is where wealth management firm Laird Norton Tyee's proprietary discipline, called ReGenU, comes in. Rather than a static roadmap - the traditional financial plan - the ReGenU strategy acts as GPS, meaning as change happens - and it will - the individual can readily "recalculate route" and keep moving forward. Regenerate Your Wealth describes Larid Norton Tyee's proprietary wealth management discipline in a digestible, actionable format. It provides a framework, as well as the necessary tools and techniques to incorporate the framework into a person's own financial plan. The book is heavily visual, including graphics/diagrams, worksheets, and exercises. ReGenU is based on the idea of a wheel and has four components: Know Where You are; Know Where You Want to Go; Know How to Get There; and Make It Happen. The key to this framework is continuous feedback, accountability, and measurement.

KAYCEE KRYSTY, CPA, CFP, recently transitioned from chief executive officer to President Emerita of Laird Norton Tyee. An accomplished writer and speaker, Kaycee speaks frequently on matters of personal legacy and the business of the family. She was a founding board member of Washington Women in Tax and a founding member of the WSCPA Personal Financial Planning Committee, and is the former chair of the AICPA Personal Financial Planning Division. She has more than thirty years of experience in financial planning.

ROBERT MOSER is President and Chief Executive Officer of Laird Norton Tyee. Bob has more than twenty-five years of private wealth management, financial services, and business management experience. Before joining Laird Norton Tyee, Bob was a senior executive at SunTrust Banks, Inc., where he worked for nineteen years. He has also served as a consultant to several private foundations in the areas of governance and strategic planning.

Acknowledgments xi

Foreword xiii

Introduction: Where to Begin? xvii

Could This Be You? xvii

Intense? Me? Really? Yes, You xviii

Now, It’s Your Turn xix

Standing on the Edge of the Cliff xx

PART I: REDEFINING RETIREMENT

CHAPTER 1 It’s All about You (Really It Is) 3

We versus Me 3

It’s Time for It to Be All about You 4

Real Life, Real Money 5

Wealth Regeneration, What’s That? 5

Old Money 5

New Wealth 6

The Principles 7

What’s Next? 7

You Have to Sleep at Night 7

Parting Thoughts 8

CHAPTER 2 The “R” Word 9

There Are Lots of Us 10

Now What? 10

The Hero’s Farewell 11

What about Me? 12

What We’ve Learned 13

Where Do You Fit? 14

Parting Thoughts 16

CHAPTER 3 The Grab Bag of Life 17

Change Has Impact 17

Managing Change 18

The New Rules 19

Parting Thoughts 23

CHAPTER 4 It’s Not Rocket Science 25

Strategic Planning 25

Change Management 26

Financial Forecasting 27

Risk Assessment 28

Building Teams 29

Holding People Accountable 30

Meaningful Work 30

You’ve Got This Wired 31

Parting Thoughts 31

CHAPTER 5 Leading in a New Way 33

What Is Generativity? 33

Generativity Is Leadership 34

Have It Your Way 35

It’s About Regeneration 36

Parting Thoughts 36

PART II: THE WEALTH REGENERATION DISCIPLINE

CHAPTER 6 The Concept of the Wheel 39

Circle to Wheel 40

Dealing with Change 42

What’s Next? 43

You Know How to Do This 43

Get It Rolling 44

A Kick in the . . . 45

Looking at What Happens 46

Profile: Tom Campion 47

CHAPTER 7 Know Where You Are 51

Defining Your Wealth 52

Lifestyle Analysis—How Much Is Enough? 58

How Sustainable Is Your Wealth? 60

Profile: Dick Pechter 61

Toolkit 63

CHAPTER 8 Know Who You Are 69

Recognizing the Crucible 69

Facing the Questions 70

Back to the Future 71

Seriously, Try This Now 71

And When You Have a Partner 71

Flow 73

So Enough Touchy-Feely Already? 74

Profile: Peter Nostrand 75

Toolkit 76

CHAPTER 9 Know Where You Want to Go 81

Embracing the Endgame 81

Getting Strategic 84

Your Purpose 85

Now for That Vision Thing 87

How Does It Look from the Top of the Mountain? 88

Profile: Bob Bunting 88

Tookit 90

CHAPTER 10 What to Do to Get There from Here 95

Keeping It Real 95

Begin at the Beginning 97

Purpose Is the Destination 97

What’s Nonnegotiable? 97

What’s Just Ahead? 99

Then, Get Going 99

What to Do If You Still Don’t Know What to Do 100

Finally, Let’s Talk about Money 101

What If the Scenarios Suggest I’m Spending Too Much Money? 102

A Word about Investment Policy 103

You Can Do This 103

Profile: Julie Weston and Gerry Morrison 104

Toolkit 105

CHAPTER 11 Rolling It Forward 109

Have a System 109

The Quick Look Check-In 111

The Sit-Down 111

Now for the Deep Dive 112

Keeping the Plan 114

Where the Rubber Most Likely Meets the Road 115

The Big Picture 115

When Stuff Happens 116

What to Share with Your Advisor 117

The Time Is Now 117

Profile: Steve Altmayer 117

CHAPTER 12 Legacy 119

There Are Challenges 120

What a Letter of Intent Looks Like 122

Seriously, This Isn’t That Hard 124

Legacy Is Generativity in Action 125

Profile: Beth Bazley 126

Toolkit 127

And in Conclusion 133

You Are in Charge 133

The Bare Essentials 133

That Being Said . . . 134

Pulling Yourself Up to the Top of the Mountain 135

Appendix 1: How to Choose a Wealth Advisor 137

Appendix 2: How to Vet a Personal Financial Forecast 145

Appendix 3: Cash Flow Management 149

Appendix 4: Wealth Regeneration Interview Format 153

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Wealth Regeneration at Retirement Planning for a Lifetime of Leadership

Summary

Author Biography

Table of Contents

Supplemental Materials