Wealth Regeneration at Retirement

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 xiForeword xiiiIntroduction: Where to Begin? xviiCould This Be You? xviiIntense? Me? Really? Yes, You xviiiNow, It’s Your Turn xixStanding on the Edge of the Cliff xxPART I: REDEFINING RETIREMENTCHAPTER 1 It’s All about You (Really It Is) 3We versus Me 3It’s Time for It to Be All about You 4Real Life, Real Money 5Wealth Regeneration, What’s That? 5Old Money 5New Wealth 6The Principles 7What’s Next? 7You Have to Sleep at Night 7Parting Thoughts 8CHAPTER 2 The “R” Word 9There Are Lots of Us 10Now What? 10The Hero’s Farewell 11What about Me? 12What We’ve Learned 13Where Do You Fit? 14Parting Thoughts 16CHAPTER 3 The Grab Bag of Life 17Change Has Impact 17Managing Change 18The New Rules 19Parting Thoughts 23CHAPTER 4 It’s Not Rocket Science 25Strategic Planning 25Change Management 26Financial Forecasting 27Risk Assessment 28Building Teams 29Holding People Accountable 30Meaningful Work 30You’ve Got This Wired 31Parting Thoughts 31CHAPTER 5 Leading in a New Way 33What Is Generativity? 33Generativity Is Leadership 34Have It Your Way 35It’s About Regeneration 36Parting Thoughts 36PART II: THE WEALTH REGENERATION DISCIPLINECHAPTER 6 The Concept of the Wheel 39Circle to Wheel 40Dealing with Change 42What’s Next? 43You Know How to Do This 43Get It Rolling 44A Kick in the . . . 45Looking at What Happens 46Profile: Tom Campion 47CHAPTER 7 Know Where You Are 51Defining Your Wealth 52Lifestyle Analysis—How Much Is Enough? 58How Sustainable Is Your Wealth? 60Profile: Dick Pechter 61Toolkit 63CHAPTER 8 Know Who You Are 69Recognizing the Crucible 69Facing the Questions 70Back to the Future 71Seriously, Try This Now 71And When You Have a Partner 71Flow 73So Enough Touchy-Feely Already? 74Profile: Peter Nostrand 75Toolkit 76CHAPTER 9 Know Where You Want to Go 81Embracing the Endgame 81Getting Strategic 84Your Purpose 85Now for That Vision Thing 87How Does It Look from the Top of the Mountain? 88Profile: Bob Bunting 88Tookit 90CHAPTER 10 What to Do to Get There from Here 95Keeping It Real 95Begin at the Beginning 97Purpose Is the Destination 97What’s Nonnegotiable? 97What’s Just Ahead? 99Then, Get Going 99What to Do If You Still Don’t Know What to Do 100Finally, Let’s Talk about Money 101What If the Scenarios Suggest I’m Spending Too Much Money? 102A Word about Investment Policy 103You Can Do This 103Profile: Julie Weston and Gerry Morrison 104Toolkit 105CHAPTER 11 Rolling It Forward 109Have a System 109The Quick Look Check-In 111The Sit-Down 111Now for the Deep Dive 112Keeping the Plan 114Where the Rubber Most Likely Meets the Road 115The Big Picture 115When Stuff Happens 116What to Share with Your Advisor 117The Time Is Now 117Profile: Steve Altmayer 117CHAPTER 12 Legacy 119There Are Challenges 120What a Letter of Intent Looks Like 122Seriously, This Isn’t That Hard 124Legacy Is Generativity in Action 125Profile: Beth Bazley 126Toolkit 127And in Conclusion 133You Are in Charge 133The Bare Essentials 133That Being Said . . . 134Pulling Yourself Up to the Top of the Mountain 135Appendix 1: How to Choose a Wealth Advisor 137Appendix 2: How to Vet a Personal Financial Forecast 145Appendix 3: Cash Flow Management 149Appendix 4: Wealth Regeneration Interview Format 153Recommended Reading 155About the Authors 157Index 161