GETTING TO KNOW
Owner/President, Payne Financial Solutions
Paul Payne’s passion has always been helping people improve their lives through learning. As a former educator, coach and Major League Baseball scout, it was a natural fit for him to channel that passion into helping people learn how to better manage their finances.
Paul founded Payne Financial Solutions in 2011 because he wanted to develop a more modern, education-based practice. “I tell clients that the knowledge they have today will determine where they will be five to 10 years from now…and especially at the time they retire,” he says. “I teach them how money works and let them make their own informed decisions.”
To empower his clients’ learning, Paul connects them with specialists at Payne Financial who focus on different aspects of financial planning. “Unlike other advisors, I don’t feel you can be an expert at everything,” he says. “So, when I designed Payne Financial Solutions, I brought people into my organization who focused on key areas of financial health. I specialize in life insurance and using annuities to protect your wealth.”
Paul says having enough money to retire on is a common worry facing seniors. “Most people show up 10 days before they retire to start their retirement planning. I believe retirement planning should start the first day you are employed,” he adds. “That allows you to go through all of the stages of accumulation, safety and then spending at retirement. Some people don’t realize that accumulation should start long before you retire.”
In addition to protecting the current wealth of his clients, Paul also focuses on legacy and estate planning, to ensure the wealth created today is passed down to the next generation in the most strategic and financially beneficial ways possible.
No matter what stage of planning they are in, client education begins early. “My goal when meeting a client for the first time, is to find out what they want from their retirement plan,” Paul says. “On the second visit, I want them to have more questions than answers for me. That is the way they learn.”
Paul feels consulting with a professional like him is valuable because it gives clients a chance to revise their plan if it isn’t going to get them where they want to go. “Most people say they want safety, liquidity, and some protection for their families, should they pass away,” he says. “They tell me they have a 401(k), which really doesn’t provide any of those things. So many people are doing the exact opposite of what they say they want financially.”
For nearly two decades in the life insurance and wealth planning industry, Paul has accrued a treasure trove of educational material developed by experienced professionals, including attorneys, CPAs, tax professionals, authors, financial experts and pension, employee benefit and retirement experts. Paul has trained more than 130 agents in 38 different states in the ways of implement life insurance and annuities to help clients achieve their financial goals, and he continues to grow his network of agents to date. Throughout his career, Paul has issued more than 4,000 life insurance policies totaling more than $3 billion in coverage to families and business.
Paul is married to his lovely wife, Meaghan, and the two are proud parents to their three daughters; Alizay, Sailor, and Reagan. Paul loves spending quality time with his family and his dog, Ripper. In his spare time, this lifetime Porter County resident likes to travel with his family to tropical destinations and has a passion for deep-sea fishing. He enjoys attending sporting events – especially Cubs games at Wrigley Field.