Financial plan services offered by local advisor
Bill Miska spent 15 years in the 1980s and early '90s as a steam fitter welder, making solid connections.
These days, Miska helps create solid financial futures for others as an independent financial advisor. Offering the products of Woodbury Financial Services, he's based at his Ellsworth home and usually visits clients at their residences, mainly within an hour's radius of the village.
"I find it works better (to go to them)," he said Tuesday, explaining the primary members of the household are often both there and they normally have access to the information he needs there.
Miska focuses on retirement planning, assisting clients with their decisions about how much money to set aside for that time. He said his clientele includes the employed looking ahead to being retired as well as those who are already retirees.
"It's evening work, but I can sometimes meet with retired people in the morning," he said.
The advisor specializes in profiling, a data collection enabling him to serve his clients effectively. He said the process starts with an initial consultation lasting 45 minutes-to-an-hour, typically over coffee, when he gets to know them very well. If they decide to proceed, he then does a profile of their financial conditions, bringing along a laptop computer for this session of up to three hours.
"We cover their incomes, expenses, purchases and repairs," he said about an effort he provides on a complimentary basis, which might otherwise cost around $2,500.
He devotes approximately 16 hours to processing the data, he said, charting a course on computer. If his clients are actually saving at the rate they tell him, he can determine when they'll run out of money, he added, noting that's important in an era when living to age 90 has become fairly common.
He returns with an hour-and-a-half presentation, he said, estimating the entire process takes a month-and-a-half, as perhaps a week elapses between each step. Money is then moved; if all of a client's accounts come over, he organizes them to be accessed in one place on the computer internet to be easily tracked.
Read more in the print version of the Herald Nov. 28.