That’s a great question. Since I entered the industry in 2010,  it’s been rare for me to have an initial meeting with someone who had a documented strategy for meeting his or her income needs; let alone one that is adjusted for inflation.

In many cases, I think it all boils down to being overwhelmed with information. There’s so much easily accessible information and advice at people’s fingertips. You have the internet, radio gurus, TV gurus, magazine gurus, etc., but people still don’t know who to turn to. It can get really confusing for folks because some of those media personalities have differing opinions on the same subjects. It’s enough to make your head spin, which can ultimately lead to inaction.

There are other factors as well. I think many people do a great job of maxing out their retirement contributions and getting good returns on their investments. As they get closer to retirement, however, it’s also important to consider their asset’s ability to produce additional cash flow. More often than not, people will need to tap into their assets to support themselves at some point during retirement. I think looking at an asset’s ability to generate reliable income often gets overlooked.

Before I got into this industry I had a bad experience with a financial advisor.

The advisor had a very persuasive presentation and sold me a product that didn’t align with my financial objectives. It wasn’t an inherently bad product, but it wasn’t right for my circumstances. Looking back on it, I filled out the application paperwork the same day he introduced the product to me. He only highlighted the benefits of the product without discussing any of the potential drawbacks. What was also missing from our conversation was a genuine effort to understand my situation and what I was trying to accomplish with the funds that I was investing. I ultimately lacked the knowledge needed to make an educated decision. In the end, it was too transactional and the product turned out not to be right for me.

That experience is what really shaped my overall approach to doing business.

My meeting process is largely centered on getting to know the client’s specific situation. Throughout the process we determine, together, if their finances are aligned with their core priorities. If their finances do not align, I assist them in exploring additional options to bridge the gap. I believe clients appreciate my inclination to be candid, and willingness to openly discuss both the pros and the cons of everything we talk about.

Many retirees and people nearing retirement do a great job of planning for the things they know they can expect, however I think they sometimes overlook the unexpected things that can occur over a 20–30 year retirement. Some of those things might include nursing home costs, rising healthcare costs, major health issues, or having to care for an elderly parent. They know in the back of their mind that these things can happen, and have probably witnessed them happen with someone they know, but they deny the possibility of it happening to them and therefore fail to plan for it. People are so busy working and dealing with other distractions that it causes them to procrastinate as well.

In addition to personal circumstances, some other key variables are market volatility and inflation. What if there is a market downturn at the beginning of retirement? How will that impact your income moving forward? Not planning for rising prices often sneaks up on people. A well designed retirement strategy helps prepare for those variables and builds in the flexibility to shift and change if need be.

I want to work with people who are serious about improving their situation. That means they may have to make changes. I’ve met with many people over the years who had big financial problems, but were too afraid to make the necessary changes to improve. That is a difficult scenario to handle.

It’s really hard for me to imagine any other scenario for my business.

When I was first considering getting into the financial industry, I had an interview with a district manager of a well-known financial services company. I asked him if I would have access to the products of other companies, aside from theirs. He said, “definitely, we have access to more than 30 other companies that you can use if we’re not the right fit.” I sat there for a second and thought about it, a little surprised at how easy that sounded. Then I asked him what the process was for using products from other companies and he told me that he would make the final decision and have to sign off on it. Keep in mind this guy would have been my manager’s boss, meaning it would have to be cleared by not one, but two higher level employees.

Being captive to one company can translate into limited product offerings. Being independent means that I have the ability to choose the very best options for my clients each and every time. It also means that I’m not subjected to the external pressure of having to sell more of something to hit company goals.

In college, I took several upper level Exercise Science courses and I briefly worked as a personal trainer. Even though it’s been a long time since I left that line of work, I still maintain  a passion for health and fitness.

I live close to the Appalachian Trail, which makes it easy to pursue my passion for being outdoors and hiking.

Before getting into the financial services industry, I worked for a medical device and pharmaceutical company. I called on Orthopedic Surgeons, offering a product that helped relieve knee arthritis pain. I really enjoyed it and built some great long-term relationships.

 During my meetings I listened to several physician clients tell me about how badly 2008 affected their retirement, usually because they didn’t make the necessary adjustments as they approached retirement. There was one meeting in particular that I remember, where a doctor was telling me about how the market downturn was going to delay his retirement by 5 years because of his heavy losses during the downturn. Later on in our conversation, I mentioned my strong interest in money and finances and he told me that he thought I would do really well in that field if I ever pursued it as a career. After that I started researching the financial industry and decided to make the transition. My goal since then has been to help people nearing retirement better prepare for scenarios like 2008. 

Cash flow is king. Can your anticipated income support what you’re typically spending each month? Don’t forget to build in lifestyle expenses like eating out and vacations. If your anticipated income will support your expenses, you’ll have less to worry about and the main thing that you will need to be aware of is inflation down the road. However, if your anticipated income can’t handle your anticipated expenses, you’ll have an income shortfall. If you have a shortfall, you want to figure out how to manage the deficit. Aside from part-time work, the other main option is to utilize personal assets to make up the difference.

It’s also important to position your assets around the shortfall amount. What percentage of your assets will you need to withdraw on a regular basis to supplement your Social Security and other income sources? Knowing that will help determine where your assets should be. The other main factor with asset positioning is personal risk tolerance.

If income will be a core priority for your assets, it’s important to structure them for that purpose. In my experience, many people intuitively know when their finances are not properly aligned and it causes them to worry. Making sure your finances are properly aligned with your core priorities will help give you more confidence.