Question 1

Do you have a customer satisfaction or refund policy?

Accepted Answer

Yes.

Question 2

Why should I choose you as my financial advisor?

Accepted Answer

You can get traditional, low-fee management anywhere, if that is all you are looking for. However, you are a person, not a portfolio, and at the end of the day it's not really about the money, it's about empowering you to live the life you want to live---confidently.

The first step is to create a workable plan to help you get to your goals. What's important to you? What do you want to be a part of your life and your future? How do we make that happen? We know retirement issues, and we can help you anticipate risks, mitigate them, and consider the options you have in front of you. It's worth mentioning that over the course of your retirement, your goals and priorities will change, opportunities will arise, and choices will need to be made. This plan is a living document that we can continue to refer to and update as your needs evolve. We continue to be a resource for you and your family, every step of the way.

Question 3

How are you compensated? How will I pay for your services?

Accepted Answer

We can be paid through an asset management model, a commissions-based model, or a flat fee for a plan.

In an asset-management or commission-based environment, complete transparency is how I maintain my fiduciary status to you.  I'll inform you of exactly how much I'll be paid for anything you buy where my compensation is built in.  That keeps me honest. It's not invasive to ask what I get paid, it's your right to know.

The the environment I most often operate in is one where you simply pay for advice. This consulting arrangement is meant actually to accomplish an outcome that you value. When we charge a fee for advice, we're taking a fiduciary duty to your outcomes--not to your assets or your portfolio performance.  It's about the finances supporting your life, not your life supporting the finances.

You can implement that advice with us, do it yourself, or take it to a third party.

Question 4

Will you be the only person working with me?

Accepted Answer

I will remain the primary advisor on your account. However, I have a fantastic team who you will interact with over the course of our working relationship, and who will often join in on our meetings. They are capable to answer any and all questions you have.

Question 5

Do you offer any guaranteed results?

Accepted Answer

Although it's difficult to quantify the value of advice, recent studies from Vanguard, Fidelity, Morningstar, and others have all concluded that getting financial advice can add as much as 4% to your potential returns, even after taxes and fees. Advisors help their clients maintain a long-term perspective and discipline.  As you near and enter retirement, you simply do not have the runway left to recover from expensive mistakes, and abandoning a well-planned strategy can be costly.

Our fees start at $5,000, based on complexity. My advice will create at least 10x the value of my fee over the course of your life. If I don't believe I can create that kind of value for you, we will not engage you in planning.

Question 6

Have you ever been charged with any breaches?

Accepted Answer

No.

Question 7

What services do you provide?  What are your specialties?

Accepted Answer

The service that I primarily focus on is retirement decumulation-how do you turn your nest egg into income that you can live on through retirement. Historically, retirement income planning was related to dividends and interest. If you've heard of the old 4% rule, it states that the most you can pull out of a portfolio safely is about 4% a year to last you through retirement. Well, according to the Wall Street Journal, that number is no longer 4%. It's 2.3%. So you need close to 40 times the income you want to spend in your retirement portfolio. That's a pretty big pot of money--and most people don't have that. What I do is help people figure out how we actually make retirement work and feel confident retiring.

Question 8

What is your approach to financial planning?

Accepted Answer

Most clients come to us having already done some financial planning, either on their own or with other advisors. However, financial planning strategies in retirement should look different from what you've done before. Having spent years accumulating your portfolio, how do you spend it? You may want to weigh the risks that are unique to retirement, and which you may not have previously considered. Some things you can do for yourself. Some things are impossible for you to do.

You've likely done a lot of research already. While some of what you read sounds great, some is too good to be true.  Sometimes, it is not balanced. Sometimes an idea works, but only in certain situations. Other times, an idea works mathematically, but real people lack the intestinal fortitude to use it and still be able to sleep at night.

Our job is to educate you on the things that are unknown and help you find the best possible solution for your unique situation.

Tom Morris