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trade winds Money Matters michael pellman answers questions on what you should know about fnancial planning What should people know about fnancial planning? Simply, how important it is. Other than your health, having your fnances in order is the most important element in one's life. Should everyone have a fnancial advisor? People need good, solid fnancial advice. That's not something you can get from a website or your friend at the gym. Could you share several tips on smart, fnancial planning? Hire a good accountant, estate lawyer, and wealth adviser. Defne your goals and then let your advisers advise. Should fnancial planning be a concern mainly for adults over 30 years old? No, people under the age of 30 should be saving 10% of their salary and investing for growth. In what area, do most people tend to be vulnerable? People often fail to save enough or defne their fnancial goals. How did you know that you wanted to become a fnancial advisor and portfolio manager? I got interested in economics in high school, and thought a career that combined fnance with personal relationships would be ideal. I love working with people. What do you think is the greatest misconception about fnancial planning? That it's a straight line. Many things change throughout your life. The importance of revisiting your goals over time cannot be overemphasized. How do you feel about socially responsible investing? It is one of the fastest growing segments of the investment world. Aligning one's values with one's investments is a growing concern and it's something our team spends a lot of time on. 12 | SUMMER 2013 | FAIRWEATHER Is there any other advice that you think would be important to include? Surround yourself with ethical and intelligent advisors. Ending up in a solid fnancial position is the result of smart decisions. michael pellman, CFP, ADPA, is a vice president, fnancial advisor and portfolio manager at the Vector Group of Morgan Stanley. His clientele include individuals, family trusts, pension plans covered under the federal Employee Retirement Income Security Act and both not-for-proft and for-proft institutions. The views expressed herein are those of the author and may not necessarily refect the views of Morgan Stanley Smith Barney LLC, Member SIPC, or its afliates. wendy nadLer Are families often unprepared for the inheritance tax? What are some steps people can take to better prepare for it? Unfortunately, yes! Hire a qualifed estate attorney and allow him or her to guide you.