There is a world of uncertainty out there. The fiscal cliff, the president — Congress impasse, unemployment, the problems of the European Union, the Middle East conflicts — all of these can weigh in on the health and stability of the U.S. economy — and it makes people worry.
Will I lose my job? Will I find another? What about my investments? Will there be money for my kids to go to college? Will I have enough when I retire? Will I be able to retire?
Many people are seeking the advice of professionals to help them with these and other financial concerns. It is more and more of a specialized world today, and most people need help navigating its twists and turns.
Elizabeth and David Scafa, partners in Scafa Financial Services LLC, have been helping their clients for 30 years, first in New York and then in New Jersey. They consolidated their practices in 2004 in West Windsor, and recently moved to 54 Route 31 North in Pennington.
They are both Certified Public Accountants (CPAs), and also investment-licensed and insurance-licensed. Elizabeth Scafa is a certified financial planner (CFP), and David Scafa is a personal financial specialist (PFS). Wealth management areas they emphasize in their practice are investment management, cash flow and debt management, family risk management, retirement planning, education planning, estate planning, business planning, and special situations planning.
“We focus on being our clients’ financial quarterback,” explains Mr. Scafa. “Our relationship with them is deep-rooted. We’ve had clients for many years, and we are looking after their best interests. 95 percent of them are more worried than they were before. We hear more about their fears and what is important to them.”
“The key is that there is always worry, fear, and uncertainty,” adds Ms. Scafa. “You have to have a plan. The challenge is to try to explain to clients the possibility of what might happen and how to plan so they can weather the storm, if there is a problem.”
A diversified portfolio is essential, agree both partners. “Investment is based on a time horizon. Investments for a 20 year-old can be more aggressive; as people get older, the investments are more conservative.”
Number One Concern
Retirement is the number one concern of most clients today, they add. “People want to be sure they will have enough money. We are living in an age where people need help managing their retirement assets. Employers are not doing this now. And, people are living longer. You have to focus on ‘how do I project what I will need in the future?’”
Assisting their clients with these and other financial issues is very satisfying for both Scafas, who are also husband and wife, and each has a specialty. Ms. Scafa focuses on financial planning, and Mr. Scafa on taxes. They are also licensed to provide life and disability insurance and long-term care insurance.
“Tax preparation and tax advice dovetails together with financial planning and management,” points out Mr. Scafa.
“A lot of clients are knowledgeable today, and they want to know what is happening and often make suggestions. We always keep clients informed about their investments,” says Ms. Scafa, who has enjoyed working with numbers from the time she was a child. “I knew in the eighth grade, I wanted to be an accountant.”
She has recently been recognized by H.D. Vest Financial Services as one of its most successful advisors, and she received the prestigious H.D. Vest Excellence Award. She is also a member of the New Jersey State Society of Certified Public Accountants, the American Institute of Certified Public Accountants, the Mercer County Estate Planning Council, and member and former secretary of the New Jersey Association of Women Business Owners.
Mr. Scafa has had long experience working with the New York City government, holding several positions. He was formerly deputy chief accountant for the City of New York. He is also a member of the American Institute of Certified Public Accountants, the New York State Society of Certified Public Accountants, and the Mercer County Estate Planning Council.
Scafa Financial Services has been recognized for the past four years in the “Accounting Today” publication as a top firm in the business of financial services combined with public accounting.
Helping clients achieve their goals is their biggest reward, says Ms. Scafa. “I enjoy the satisfaction we get in helping people. We can come up with an actual plan based on the client’s goals and objectives and manage the program, adjusting it along the way. We feel we are helping them with their money and also understanding finance.”
“We are always the voice of reason for our clients,” adds Mr. Scafa. “We always have their best interests in the forefront. We are involved in continuing education, keeping up with new regulations and trends. This is a very challenging profession. You put in a lot of hours, but we really enjoy it. We also have had great word-of-mouth from our clients. We operate our practice with a focus on personalized service and attention, and our clients know they can count on us.”
Scafa Financial Services can be reached at (609) 750-0002. Website: www.scafafinancial.com.