Rachel Gustafson
We sat down with Women to Women Network member Rachel Gustafson of Financial Investment Team, and here's what she had to say…
Who are your clients/customers?
There aren't many women in the financial industry, so a female client base is drawn to me. I tend to work with single women, widows, divorcees, and self-employed individuals. These women often have complex financial needs like taking advantage of social security opportunities, planning for retirement and consolidating accounts.
I also work with a lot of couples. These couples are generally in two spectrums: Young, wealth-building, high-income earners looking to save for their future and couples preparing for retirement.
For example, I have a fun group of clients competing about who can retire first. These couples are looking at a pension, social security, money saved in Roth, spread-out assets, etc. I run plans for all of them, and they joke with me that the pressure is on to take the retirement lead. I reassure them by saying, "This is what your plan can sustain, these are your goals, and this is how we'll reach them."
How do you help your clients/customers?
I'm a CERTIFIED FINANCIAL PLANNER™. I give my clients peace of mind as an accountability partner and help organize their financial house by looking at all the pillars to make sure it is well supported.
We believe there are six pillars in financial planning. We start with cash flow to understand your income vs expenses. In retirement these expenses include when to turn on social security, how to prepare for medical expenses and which "buckets" you should withdraw from to pay your bills. If you have a surplus, we'll decide where that money should be going based on your goals.
Every plan is looked at with a tax planning lens. Our goal is to answer questions like, "How do we mitigate taxes now, and how do we prepare for taxes in the future based on where you're saving and investing?"
Next, there's investment planning. Our team is passionate about socially responsible investing, meaning we look at companies' ESG scores (environment, society, government) and invest accordingly. We believe that if you have money to invest, we should grow it in a way that feels good and is doing right for the world we live in.
Retirement planning is a goal that touches everyone, regardless of their age. Most people come to me with pieces of this puzzle, but they aren't sure how to put them together. Are they going to run out of money? Are they saving in the right places? We answer those questions and more.
I help with risk management planning through life insurance. Another aspect of risk management is liability and disability insurance. A robust risk management plan is especially crucial for self-employed individuals.
The sixth and final pillar is estate planning, including wills and trusts. Do you have a will or trust? Do you need one? We want to ensure that your assets are distributed the way you want.
What brought you to this line of work?
I was a preschool teacher for eight years and an elementary teacher for four years. When I became burned out, a friend and mentor who worked in finance suggested that I'd be good at it. I wasn't sure if numbers were for me, but she insisted that I'm a people person, and this job requires clients to trust you with their financial life. Clients tell you things they don't even say to their families. I tell my husband every day that in another life I was a therapist.
I worked at Merryl Lynch and stayed with them for seven years. That is where I discovered that financial planners truly help people. I had a misconception that it was about picking and choosing stocks, and you had to be rich to do it, but I realized how far from the truth that is.
I personally got myself into a lot of credit card debt when I got out of high school and into college. I realized that there's not enough financial education in America. We should teach kids to build credit, have a budget, and be financially savvy. My educational background helps me explain complicated financial processes so people can understand. My work gives me a platform to do that.
What brings you joy?
When I was a teacher, I had my kids for a year. I hoped to give them skills to be successful in the next year. What I love about what I do now is that I'm with my clients for much longer—hopefully, the rest of their lives. I get to see all of the hard work we put in come to fruition. Retirement day is a celebration. We go out to dinner and say, "WE DID IT!" Being a part of their lives and even their kids' lives brings me joy.
What defines you and your business?
One of the big reasons I joined FIT (Financial Investment Team) is because our industry doesn't have many women. Previously, I was in a highly male-dominated place. I wanted to work where women were empowered and supported in what they do.
FIT is a women-owned, women-run business, and I have the support of the other amazing women on my team. We're really helping people. We do educational webinars and seminars and support people where they need it. Giving people peace of mind and education is so important to me.
What's the most important thing you want people to know about you and your business?
It's never too late and never too early to talk to a financial planner. Our industry hasn't done the greatest job of telling people you don't have to be rich to have a planner. The earlier you can start, the better off, but it's never too late to get your financial house in order.
Financial Investment Team