Meet Tim Riney of Family Wealth Strategies
Tim Riney of Family Wealth Strategies, FWS, aims to be a one-stop shop for those preparing for retirement or already retired. Comprehensive financial planning is not just about investments, although that is an important piece, but should also consider estate planning, income planning, tax planning, and healthcare planning. Much of the competition talks about tax planning or says they are holistic in nature, however many times they are just salespeople pushing products. How can someone make recommendations about what a person needs unless they really get to know that person's situation and goals? Not all plans are created equally and FWS strives to arm people with information to make better decisions for their future.
In August of 2016, Tim Riney and his family moved to Prospect, KY from Rock Hill, South Carolina after living there since January 2007. Both Riney and his wife, Somer, are from Owensboro, KY and still have a lot of family and friends there. The Riney family consists of four children: Jackson, Emma, Ruby, and Rhett. Jackson is 22 and a senior in civil engineering at the University of Kentucky, and will get his MBA next year. Emma is 21 and a junior in interior design at UK. Ruby is 17 and a senior at Assumption; she will be a freshman in pre-nursing at UK next year. Rhett is 12 and in the sixth grade at St. Albert the Great, where Tim serves as a lector. Tim shares that he has a huge family – his dad is one of 14, his mom is one of nine, and he is one of five, so he jokes that he is an underachiever only having four kids.
Tim attended Centre College and Brescia College and graduated summa cum laude in 1996 with a B.S. in accounting. He also graduated from Murray State University in 2005 with an MBA. In addition, Riney received the CPA professional designation in 1999. Riney began his career in public accounting in 1996 with a regional firm in western Kentucky. The last nine years of his seventeen-year career in the global manufacturing world were spent in the Charlotte, North Carolina area. He started in the broker/dealer side of financial advising but found in that role and firm he was limited to providing only investment advice. Because of this, he decided to join an independent financial advisory firm called Family Wealth Group where he was able to lean more into comprehensive financial planning, plus utilize his background as a CPA. He also could utilize his experience as a leader in business, finance, and accounting. Family Wealth Group was headquartered in Lexington, KY, and in January of 2022, the company split off to become Family Wealth Strategies, headquartered in Louisville. Riney is now the owner of FWS and he is focused on growing his business in Louisville with an excellent team aspiring to work within their holistic planning approach.
In August of 2016, Tim Riney and his family moved to Prospect, KY from Rock Hill, South Carolina after living there since January 2007. Both Riney and his wife, Somer, are from Owensboro, KY and still have a lot of family and friends there. The Riney family consists of four children: Jackson, Emma, Ruby, and Rhett. Jackson is 22 and a senior in civil engineering at the University of Kentucky, and will get his MBA next year. Emma is 21 and a junior in interior design at UK. Ruby is 17 and a senior at Assumption; she will be a freshman in pre-nursing at UK next year. Rhett is 12 and in the sixth grade at St. Albert the Great, where Tim serves as a lector. Tim shares that he has a huge family – his dad is one of 14, his mom is one of nine, and he is one of five, so he jokes that he is an underachiever only having four kids.
Tim attended Centre College and Brescia College and graduated summa cum laude in 1996 with a B.S. in accounting. He also graduated from Murray State University in 2005 with an MBA. In addition, Riney received the CPA professional designation in 1999. Riney began his career in public accounting in 1996 with a regional firm in western Kentucky. The last nine years of his seventeen-year career in the global manufacturing world were spent in the Charlotte, North Carolina area. He started in the broker/dealer side of financial advising but found in that role and firm he was limited to providing only investment advice. Because of this, he decided to join an independent financial advisory firm called Family Wealth Group where he was able to lean more into comprehensive financial planning, plus utilize his background as a CPA. He also could utilize his experience as a leader in business, finance, and accounting. Family Wealth Group was headquartered in Lexington, KY, and in January of 2022, the company split off to become Family Wealth Strategies, headquartered in Louisville. Riney is now the owner of FWS and he is focused on growing his business in Louisville with an excellent team aspiring to work within their holistic planning approach.
According to Riney, having a plan is vitally important. So many people do a great job of accumulating and saving for retirement but they do not have a plan. With taxes at
historically low rates yet scheduled to go up, some considerations should be on the table now. In retirement, it is sometimes a real challenge for people to switch gears from saving and accumulating to spending and enjoying. Riney notices too often how not having a plan can cost people in retirement.