The Preview
You know the old expression about customer service, right? Well, when it comes to financial planning, the job of the advisor isn’t to agree with every decision the client wants to make. Sometimes we have to step in and help the client understand why an action might be ill-suited for their goals. Let’s look at a few examples of that on this episode.
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The Game Plan
Some of the most successful businesses across the country apply the mantra ‘the customer is always right.’ It’s a way to build trust and loyalty as you work to grow a business.
But is that the best approach for a financial advisor to take? Think about our role. Our goal is to establish trust and loyalty as well, but allowing a client to make any decision without helping them understand the consequences would do them and their future a disservice.
Let’s go into this idea a little deeper on this episode of the Retirement Game Plan podcast. We’ll look at two specific examples of times where the majority of investors react in the wrong way. Without any guidance and advice from a financial professional, these actions could cause a lot of destruction to a retirement plan.
The first is something we’re dealing with a lot right now. As the stock market begins heading down and we see a big selloff, many clients will want to sell and get out of the market altogether.
Mark will tell us about the conversations he has with the people that come into our office and how we structure income plans differently based on where you are in retirement so you don’t have this reaction. The key is to make sure clients who are retired don’t have any of the money they need each month – rent, bills, etc – isn’t exposed to the stock market.
The other example we want to use is people that want to constantly scrap their plan and start over. It doesn’t happen much when you work with an advisor and trust that process, but this idea of never sticking to your plan can lead to little or no progress towards your retirement goals.
It’s important to remember that most good financial advisors aren’t going to make you do anything so if you are set on a decision, then go ahead. But what they will do all they can to protect your portfolio and put you in a position to be successful later in life.
Listen to the full episode in the player above or check out the timestamps below to hear Mark’s answer to a specific question.
The Plays
0:44 – Here’s why we’re asking the question today.
1:23 – The reaction from most investors when the market goes down isn’t usually beneficial.
4:15 – When we set up an income plan for you, we ask you these questions.
5:44 – What do you do in a market like this?
6:37 – You never want to keep scrapping the plan and restarting.
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J. Mark Truttman: Published Author of
Retirement Roulette: Are You Putting Your Retirement Years at Risk?
