Building Your Own Financial Fortress

By Christina Hilsenrath

In 2003, Ward Brickner and Michael Palazzolo left Wall Street to form Fortress Financial, a successful financial services firm. I sat down with them to learn how and why their approach to financial planning to high-net-worth individuals is unique

CH: What makes your approach to financial planning different from others?

MP: Most people are not finacially organized. Moderate-to-high-wealth individuals may have pieces of their financial lives in place, but they don't have an integrated financial roadmap that connects the dots. They may be maximizing their 401k plan contributions, but have inadequate life insurance protection. We take a holistic approach to financial security and create a roadmap that coordinates all of the key components of a financial plan.

CH: What are the common mistakes high-net-worth individuals make?

WB: People have purchased various products over the years, but without an integrated plan, they will have a false sense of security. In addition, most business owners are not aware that they might be able to defer substantially more income than what the traditional 401k profit-sharing plans allow. This is where advanced pension planning can possibly help a client defer more income for retirement while possibly lowering the current tax liability.

MP: We have a team of experts that include CPAs, lawyers, insurance experts, and financial planners. It is important that your will and your trusts are in line with your taxes, insurance, and investments. High-net-worth individuals often have various advisors, but they rarely talk to one another.

Real financial planning requires a team of qualified people working together. That is what we have. That is our approach.

CH: How do you assess your clients' needs?

WB: At Fortress Financial, we have software that allows us to input a client's financial DNA. Using this tool, we can get a comprehensive view of where they are financially and where they may be headed. It shows us everything from the protection component, tax liabilities, and growth opportunities, as well as possible income sources. We use this big-picture view to show clients where they are and where potential problems may lie.

Each client is different, and each life stage is different. Inheritance, death, selling a business, caring for an older parent ... all of these life events are opportunities to get your financial roadmap in place. Divorce is an event that forces people to re-evaluate their financial picture. People have told us that they feel empowered when they know they have a team of experts looking out for their best interests. We help them make informed decisions.