Consider the Source

4 days ago
3 min read

Updated: 4 days ago

Thomas R. Kestler

In this world of social media and artificial intelligence (AI), we can be

overwhelmed by information – some good, some bad. The problem with financial

information is that while something could be a life saver for one client, it could

also be disastrous for another. The difference comes down to two things –

questions and qualifications.

Questions – Has your advisor asked enough questions to fully understand

your situation, needs, risk tolerance, and aspirations? And have you asked

enough questions to ensure you have a thorough understanding of the

recommended plan of action?

Qualifications – Ask yourself, am I looking for a quarterback to manage my

whole financial plan, or do I just need a specialist to handle one specific

need? And, can I tell the difference?

My name is Tom Kestler. I’ve been involved in the financial industry for over 45

years. I’m now fully retired but still have a passion for financial education. So,

considering the title of this article, let me give you a little information about the

“source” of the information I intend to provide in the future.

I have a degree in earth sciences with a major in marine biology (excellent

background for a financial planner.) After a few years in the restaurant business,

I took a job with an insurance company in 1978. I realized very quickly that I

wasn’t cut out to be a “salesman” but, it turns out, I’m a pretty good teacher.

I quickly moved into sales management and eventually started my own business. I

realized that clients I worked with and the advisors I hired would be skeptical

about taking advice from someone in their 20’s. So, I made up the difference in

knowledge. Over the next several years, in addition to my insurance license, I

added some impressive credentials:

Certified Financial Planner (CFP)
Chartered Life Underwriter (CLU)
Chartered Financial Consultant (ChFC)
Chartered Mutual Fund Counselor (CMFC)
General Securities License (Series 7)
General Securities Principal (Series 24 Supervisory)
Registered Investment Advisor (Series 65)

The business grew rapidly and our insurance operation, Kestler Financial Group,

became the go-to source for advice and product recommendations to thousands of

advisors nationwide. Our Securities operation, Branch Development Partners,

became the largest Office of Supervisory Jurisdiction (OSJ) in the state of Virginia

with over 100 affiliated registered representatives.

Meanwhile, I served on the board of several insurance companies and helped

design and distribute new products in the marketplace.

The reason I mention all this is that these experiences have put me in a unique

position. In addition, to the many years personally working with families, I’ve had

to supervise hundreds of other advisors doing the same job. Through this, I’ve

seen five recurring truths:

1. Very few families have a thorough understanding of their financial position.

2. About 80% of the families I met with were moderately or severely under

insured.

3. About 90% of the households have no clue how much they will need to

accumulate to maintain their lifestyle throughout retirement. They fail to

recognize that time can be their biggest advantage (or enemy).

4. Of the thousands of insurance agents and advisors I’ve met over the years,

most are well-meaning. However, there are always a few who seem intent

on selling the next “big thing” that, coincidentally, pays them a fat

commission.

5. Few understand how inflation, longevity, and sequence of returns (during

accumulation and distribution) can affect their overall situation.

My goal is not to provide all the answers, but rather to equip you with all the

questions to ask so that you can be confident in your financial plans, and hopefully,

provide helpful information to the next generation to come.

***

Tom Kestler has been involved in the financial planning field for over 45 years. He is a graduate of Millersville State University and the College for Financial Planning in Denver, Colorado (for which he has acted as an adjunct instructor) and carries the Certified Financial Planner (CFP) designation.

He has also been awarded the Chartered Life Underwriter (CLU),

Chartered Financial Consultant (ChFC) and Chartered Mutual Fund

Counselor (CMFC) designations from the American College in Bryn Mawr,

PA. He was the founder of Kestler Financial Group, Inc., a firm which

specialized in the marketing of financial products and services to over 5,000

independent representatives throughout the United States. Kestler Financial

Group was acquired by Highland Capital in 2018.

Mr. Kestler carries Life, Health and Variable Products licenses in several

states and provides consulting services to insurance companies on product

design and development. He also acts as an expert witness in securities and

insurance litigation cases.

Prior to his retirement, Tom served as VP Advanced Sales at Highland