You need an advisor;

              More than $50,000 annually
YOU NEED AN
ADVISOR
by HERBERT M. PAUL, Partner, New York
Do executives on their way up the ladder of success still believe that as soon as they earn $50,000 or more a year ail their financial concerns will disappear? Experience says that nothing is further from the truth. The more a person makes and the more he accumulates, the more concerned he should become about family financial matters.
What were luxuries years ago have become necessities. The living style the executive now seeks on retirement—or for his family after he is gone—bears no resemblance to that style he dreamed of years ago. Moreover, he now has to deal with income tax and estate tax laws that may well deplete the funds he wishes to provide to his family.
Executives are busy people. Business and community responsibilities make enormous demands on their time. They often seem to have time for everything but taking care of their own financial affairs. In addition, an executive seldom has the required specialized knowledge. Income tax and estate tax laws, executive compensation packages, and tax oriented investments are very complex subjects.
As a result of this lack of time and knowledge, the organization and planning of the executive's personal financial affairs seldom gets done. To fill this void, a number of people offer financial planning services for executives. In fact, many business periodicals report that such counseling is one of the hottest fringe benefits being offered executives today by their companies.
To define financial counseling and state who is perform-ing the service is not as easy as it might seem. The services can be as narrow or as broad as the executive and his counselor wish. Limitations are imposed only by the wishes and needs of the executive or by the background, ability, and knowledge of the person or group rendering the
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