Planning for your financial future is about more than choosing the right stocks or mutual funds.
At a time when there are more products to choose from and decisions to make have become increasingly complicated, managing finances and planning for the years ahead has never been more important.
Led by senior and principal financial planner Scott Kahan, Financial Asset Management Corp. ensures that its clients receive the personalized attention they need to not only manage and grow their portfolio, but also to ensure that it matches their goals, lifestyle and temperament.
For Kahan, a Chappaqua resident, it’s about helping people make the right decisions for themselves and their families.
“The idea of being able to help people, and when customers come in and we do data collection and they bring all their documents, people tell me when they come out that they feel better from the start because ‘they left all the worries on my table, and we can help them,’ he said.
Kahan, a 30-year-old professional who founded Financial Asset Management in 1986, said his practice provides the roadmap for where a client wants to go. Not only is there a full range of investment products, but Kahan, who is part of a team of four professionals, ensures that each client is protected with the appropriate insurance, including life and disability coverage, documents of estate and the three to six monthly emergency cash funds available.
He is aware that financial planning is an emotional matter. But it’s more about managing lives, not money, he said. Two families could have seemingly identical circumstances, but based on a myriad of factors, very different strategies could be devised for them.
“It’s the financial planning process and it’s financial planning, sitting down with someone,” said Kahan, whose company manages about $150 million and has offices in downtown Chappaqua. , which opened in September, and in Manhattan. “What are your goals? What are your goals? When do you want to retire? Do you want to pay for college for your child? Do you want to buy a house? long-term.
Kahan said he wanted his business to be held to a higher standard. Registered with the Securities and Exchange Commission, Financial Asset Management’s fee structure is not based on the common arrangement of approximately 1% of a client’s assets. Instead, clients pay a retainer fee based on their net worth, not including real estate, and that fee is locked in for three years.
Under the more conventional fee structure, there could be a conflict of interest, he said. For example, for a particular client buying a house, it may make sense for them to put down a larger down payment, but this would affect the planner’s commission.
Kahan, a graduate of Syracuse University, briefly worked for an insurance company out of college, but didn’t like what he saw. In the 1980s, financial planning as a career was still in its infancy, and many planners and companies steered their clients toward investments that weren’t necessarily in their best interests.
“I never wanted to work for a big company because what I saw was that it was all about what I was selling, not what was good for the customer,” Kahan said.
In 1986 he started Financial Asset Management in Manhattan. Today, there is a vast amount of choice, including mutual funds with varying fee levels, exchange-traded funds, and all kinds of alternative investment types. Add the sheer volume of information available at your fingertips and how people reacted to the market implosion of 2008-09, and there is bound to be confusion. But Kahan hopes to remove the level of intimidation from planning.
“(Financial) planning is a process of getting from point to point in life and all the stops along the way,” he said. “We help customers make the right decisions.”
Kahan’s Chappaqua office is located at 26 S. Greeley Ave. You can reach Financial Asset Management Corp. at 914-238-8900 or visit www.famcorporation.com.