Finding financial security: An interview with Brock Alspaugh, owner and retirement planner at Innovative Financial Solutions

Brock Alspaugh began working at a bank after college, and he couldn't get enough of the world of stocks, investments and compounding. He enjoyed the career field so much that he opened his own financial firm in 2007. At Innovative Financial Solutions, Alspaugh and his team help clients of all ages and backgrounds meet their financial goals, from the early stages of retirement planning to being able to enjoy those retirement years with financial security. Alspaugh also is a husband and father of two and is active in the community, including Big Brothers Big Sisters and the Cape Girardeau Area Chamber of Commerce. Read on as he discusses the ins and outs of retirement planning:

__Business Today: Why did you choose finance as your career, and what do you love about it?__

__Brock Alspaugh:__ I chose finance as my career because I started working at a bank right out of college and was absolutely fascinated with the stock market, investments and the power of compounding. Now that I have 13 years of experience, I still love coming to the office every day. I love it because we get to help people "see the light at the end of the tunnel." I get an extreme amount of satisfaction helping people not only reach their retirement, but truly enjoy it. That's what its all about -- helping people do what they want, when they want to do it.

__BT: Tell us how you came to open your own financial firm. What is your vision for your business?__

__BA:__ I opened my own firm in April 2007. I felt like this was the best opportunity for me to reach my personal goals. The vision for my business is to have the most complete and comprehensive retirement income planning financial firm in the region. For example, we just brought on accounting services as an additional service for our clients.

Brock Alspaugh with Innovative Financial Solutions in Cape Girardeau. (Laura Simon)

__BT: Who are your typical clients and what are they hoping to achieve, financially?__

__BA:__ Our typical client is near or in retirement. Our primary focus is retirement income planning. Although we have many clients who are younger, most of our clients are between the ages of 50 and 75. We also help small-business owners plan for their retirement. Everyone has different goals, but for the most part, everyone we talk to has the general goal of doing what they want, when they want to do it. It's our job to help them find the financial security to make that happen.

Brock Alspaugh with Innovative Financial Solutions in Cape Girardeau. (Laura Simon)

__BT: How can you help business-owners with their financial goals? How is it different working with businesses vs. individuals?__

__BA:__ Working with business owners is a little bit different from working with individuals. First, they have to decide which business exit strategy works for them at retirement. For sole proprietors, maybe they want to pass the business on to the next generation. One example of a challenge we came across is where we had a business owner and the son was involved in the business, but the two daughters had no desire to be involved. How to handle that exit strategy for the business owner and be fair to all three children can be overwhelming, not only financially, but emotionally as well.

__BT: How has the Affordable Care Act affected the way you work with your clients? Are you seeing an uptick in business from people who need help navigating the new guidelines as they relate to insurance, taxes and finances in general?__ And, any advice for people during this year's tax season?

Brock Alspaugh with Innovative Financial Solutions in Cape Girardeau. (Laura Simon)

__BA:__ The Affordable Care Act has not really affected the way we work with clients, except that if someone retires before being Medicare-eligible, they are paying triple for health insurance coverage now vs. five years ago. Once they are eligible for Medicare at 65, the plans are standardized from company to company; however, the price varies, so people need to shop those rates every year. Yes, IRA planning is something I take very seriously; in fact, I am a member of Ed Slott's Elite IRA Advisor Group. Recently, there have been some changes to IRA rules, and people need to be aware of their options and restrictions when it comes to distributing those assets for income in retirement.

__BT: In addition to your work here in Southeast Missouri, you are an editorial contributor for Fox Business. How did that role come about and what does it involve?__

__BA:__ Yes, I had the great privilege of writing an article for Fox Business titled "It's Not Rocket Science: 3 Simple Steps to Manage Your Finances." I think sometimes, we in the financial planning business tend to make things too complicated for people when communicating. It doesn't have to be that way, so I wrote an article that I felt was relatable and understandable to a broad audience. It got selected by a marketing company and ultimately appeared on Fox Business. I am proud to have this contribution and hope many people read it, and if it helps one person, it has served its purpose. That article has actually inspired me to write a book later this year.

__BT: What's your best or favorite bit of financial wisdom to share with others?__

__BA:__ I would say my best advice when talking to most people is taking a hard look at the expense side of your budget and really determining if what you are spending your money on is a need or a want. There is nothing wrong with spending money on things you want, but oftentimes it's at the cost of saving money for your future. The second bit of advice is about debt, specifically credit cards -- you know, those cards that come with red horns. Get rid of them. In addition, for people getting close to electing Social Security benefits, be sure to make the right decision. It's not uncommon for a married couple to have more than 500 different strategies available to them. Get with someone who understands Social Security benefits and can help you get the most in benefits over your lifetime.

Brock Alspaugh with Innovative Financial Solutions in Cape Girardeau. (Laura Simon)

__BT: You also do a lot of things in the community. Tell us more about that and why community involvement is important to you.__

__BA:__ Yes, I am involved with many organizations in Cape. I make a living here and feel like I not only have a duty, but a vested interest in making sure it and the people living here succeed. Simply, I love the Cape Girardeau area and want to help out wherever and however I can.

__BT: Is there anything else you'd like to add?__

__BA:__ One last thing: Retirement income planning is not as easy as just saving money in your 401(k). People need to plan, execute that plan and monitor it on a yearly basis. My advice is to work with someone who is a planner, not just an investment manager or an agent. Focus on your retirement income vs. a lump sum of money in retirement, and I think you'll find it more rewarding.