Retirement Planning - It Starts With a Series of Questions and Honest Answers
Not long ago, I was talking to a registered investment advisor or what is known as a financial planner.
No, it wasn't mine rather I met the individual in passing at the local Starbucks.
In talking about all the ongoing educational requirements and all the new regulations in that financial sector I realized how difficult it was for the practitioners to deal with their clientele.
You see, everyone is so sketchy with their personal information, and so busy hiding everything so that it won't get stolen from identity thieves, hackers, or the next fraudulent scam artist that they don't always give the financial planner all the information they need to make a competent decision and come up with a workable strategy.
Of course, you cannot do retirement planning unless you ask all the questions, and those questions must be answered by the client truthfully and honestly.
If not, everyone is wasting their time and it would be impossible to come up with the best possible plan.
Is amazing how many questions a retirement planning consultant, or financial planner must ask these days to comply with all the federal and state requirements.
There are what they call; "know your customer laws," and therefore the practitioner must ask all the questions and fill out all the forms.
Then there are the questions that the retirement customer asks.
Sometimes they are silly things such as; "should I be buying gold?" Another challenge that retirement planners and financial consultants must deal with is that they generally work for a larger firm that also has rules to stay out of hot water with the SEC and consumer protection agencies.
Often this can get in the way of asset allocation when a given client wants to play it safe for their retirement, and then gets some wild hair up their rear end to go and make a silly and non-prudent financial investment decision on their own.
Of course, the financial advisor can indeed advise against it, but there is no way they can stop the individual from making a stupid decision or investing in a bad financial vehicle.
It happens all the time.
Worse, often these folks get themselves into trouble, lose a huge amount of their money, and then they call a financial advisor to help them fix everything.
Unfortunately, often it becomes too late, and they just don't have enough money in their nest egg to retire on schedule or live comfortably in that retirement.
If they only have a little bit of money left over after a bad financial hit, often the financial consultant doesn't even want to deal with them because the cost of compliance in taking on a new client is just too great, and there's not enough commission or fees to make it worth their while.
Be sure to be honest with your strategic retirement planning expert.
Indeed I hope you will please consider all this and think on.
No, it wasn't mine rather I met the individual in passing at the local Starbucks.
In talking about all the ongoing educational requirements and all the new regulations in that financial sector I realized how difficult it was for the practitioners to deal with their clientele.
You see, everyone is so sketchy with their personal information, and so busy hiding everything so that it won't get stolen from identity thieves, hackers, or the next fraudulent scam artist that they don't always give the financial planner all the information they need to make a competent decision and come up with a workable strategy.
Of course, you cannot do retirement planning unless you ask all the questions, and those questions must be answered by the client truthfully and honestly.
If not, everyone is wasting their time and it would be impossible to come up with the best possible plan.
Is amazing how many questions a retirement planning consultant, or financial planner must ask these days to comply with all the federal and state requirements.
There are what they call; "know your customer laws," and therefore the practitioner must ask all the questions and fill out all the forms.
Then there are the questions that the retirement customer asks.
Sometimes they are silly things such as; "should I be buying gold?" Another challenge that retirement planners and financial consultants must deal with is that they generally work for a larger firm that also has rules to stay out of hot water with the SEC and consumer protection agencies.
Often this can get in the way of asset allocation when a given client wants to play it safe for their retirement, and then gets some wild hair up their rear end to go and make a silly and non-prudent financial investment decision on their own.
Of course, the financial advisor can indeed advise against it, but there is no way they can stop the individual from making a stupid decision or investing in a bad financial vehicle.
It happens all the time.
Worse, often these folks get themselves into trouble, lose a huge amount of their money, and then they call a financial advisor to help them fix everything.
Unfortunately, often it becomes too late, and they just don't have enough money in their nest egg to retire on schedule or live comfortably in that retirement.
If they only have a little bit of money left over after a bad financial hit, often the financial consultant doesn't even want to deal with them because the cost of compliance in taking on a new client is just too great, and there's not enough commission or fees to make it worth their while.
Be sure to be honest with your strategic retirement planning expert.
Indeed I hope you will please consider all this and think on.
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