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Having a financial plan that adds strength and synergy to itself is paramount to maximizing what you receive in retirement. Building a plan that works to support itself and ultimately you is not so easy. Very few financial advisors are capable of actually designing a plan of this caliber.
This reminds me of a number of people who I have worked with in the past. Recently, I had been asked to complete a financial review for a couple who had been working with two separate financial professionals. The couple felt they were getting conflicting stories and wanted an objective outside opinion.
After reviewing how their accounts were positioned and the tools they were using, it was clear one professional was trying to undermine the other by making recommendations contrary to the other professional. It was even more clear that this was hurting the client.
This basically amounted to an insurance licensed only professional and a securities licensed only professional making recommendations congruent with how they were licensed and the type of products their could offer based upon their licensing. Both industries have very useful tools if structured correctly to meet the clients’ goals and needs. The problem comes from the right hand not working the left hand.
The problem was also compounded by the fact neither professional was a true retirement planning specialists. There are unique needs of pre-retirees and retirees and unique tools designed to address those needs.
I recommend to families who are close to or in retirement to work with an independent dually licensed retirement planning specialist. The result is that you are more likely to get unbiased objective advice.
It’s as unlikely you will receive unbiased advice about insurance tools from someone who can only represent stocks, bonds, or mutual funds, as asking for securities advice from someone who only works with insurance. It just won’t happen. This is the same as asking a dentist what you should do about your tennis elbow or asking a plumber how to fix your air-conditioner. We know you just don’t do that.
Stack the odds of getting the most in your retirement by working with an expert who can use the best tools the profession has to offer objectively and independently. You stand a much better chance of maximizing what you’ve saved for retirement.
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