Change is difficult. And I’m not talking about the shirt I changed this morning because my wife said the buttons were holding on for dear life. No, I mean the kind of change that reinvents the very foundation we have grown accustomed to for so many years. The foundation that maybe we helped create and have used to thrive under for the better part of our careers.
We know it’s necessary. It’s the right thing to do.
Many believe we’re nearing a crossroads in the retirement services industry. Participants simply aren’t saving enough. And despite the bells and whistles each service provider is coming up with to support employee education, the reality is that if left to their own device, individuals are not making the necessary decisions to control their own retirement destiny. Read more
Since this is my final blog in my “So You’ve Frozen Your DB plan – Now what?” series, I’m wondering if you are humming any songs in your head yet? Any guesses on what song I’m connecting these blogs to? I’ll give you two hints. Hint #1 – Sir Paul wrote it.
As I’ve been discussing, there are generally three steps a plan sponsor can consider when winding down their frozen defined benefit (DB) plan (that’s your #2 hint!). Today, I’d like to discuss the third step – develop an asset allocation strategy.
Truth be told, most of us take the easy way whenever possible. There are those among us that choose to look beyond what is easy and take alternate paths. This hit home for me with my oldest daughter, Megan. She recently participated in the Basic Airborne Course at Ft. Benning, Georgia as part of her training through the United States Army Reserve Officer Training Corps (ROTC).
Only about two percent of ROTC cadets participate in the Basic Airborne Course. It is physically demanding (and there is the whole height thing as well). When she first mentioned it, I thought this too shall pass. After all, she is majoring in dietetics in college. I don’t expect that there is a big demand for dietitian paratroopers. But, Megan has never taken the easy way (too boring for her). Read more
Safety is often thought about in terms of the present: keeping children out of harm’s way, protecting family, wearing a seat belt…the list could go on forever. But, how often do we ask ourselves, how is the safety of my financial future?
Employer sponsored 401(k) plans and other work site retirement plans have helped millions of workers save trillions of dollars. These dollars not only help create security, but also peace of mind that medicine can be paid for and unforeseen situations can be taken care of. And most importantly, these dollars help ensure quality of life can be sustained long after retirement. Read more
For a while now, I’ve helped advisors and financial professionals develop their “story,” or their value proposition, and then helped them incorporate it into a marketing plan and their everyday practice. It’s a privilege listening to someone’s story and I really enjoy doing it – absorbing a heap of information, understanding the challenges, and then creating a plan that addresses their challenges and takes their story to the next level. But as much as I enjoy the process, a couple of years ago I learned an important lesson about getting too comfortable.
I know what I’m doing – listen, learn, create, repeat.
I had gotten to the point that I felt like I’d done so many advisor and financial professional consultations, that I was in a groove – listen, learn, create, repeat. I assumed I could simply listen for a few key words, review some of their existing material and slap a plan together.
One day, I dialed into a call with an advisor and shared what I considered a great plan. His response? “This isn’t what I was looking for at all.”
But you know what they say about assuming… Read more
One thing is for sure – we are shaped by our experiences. And when I look back over the past 14 years of my career in the retirement industry, I’ve had some amazing experiences working with many of our industry’s most influential advocates, hundreds of plan sponsors and committees, and thousands of plan participants.
I’ve been so blessed, to learn so much from so many, that I feel obligated to pass on what I learned from these experiences and the wisdom that was shared with me. My blog will focus on practice management and development, mostly for retirement plan advisors and financial professionals, but occasionally broad concepts on marketing, sales, and service.
I’ve been working with advisors and financial professionals for nearly my entire career, but here’s what you need to know about me: