Your Architect & your Contractor – Part I

You need both an architect to create your plan and a contractor to implement it.

Who is the architect? Your advisor.

When speaking about retirement, a LIMRA report stated, “people need advice from a knowledgeable professional more at this point than at any other time in their life.” A qualified advisor is your architect in drafting your blueprint for retirement income. Using an advisor can be a significant factor in both successful planning and the resulting execution of the plan…but only if you are working with one who is truly knowledgeable in the area of retirement income planning. How do you find such a person?

The first issue is that you need to find them among a vast number of advisors, the majority of whom can’t help you efficiently. This is not a slight; it is really more a function of the fact that financial advisors tend either to be generalists or to focus on certain areas of business. You won’t likely get the detailed help you need from a generalist, and you need to make sure that the advisor you are using does have a primary focus on this area of retirement income planning. Allow me a comparative example: I have a fabulous doctor who is a general practitioner. If I required heart surgery, I would rather that it be done by a specialist, with all due respect to my GP, and the ‘specialist’ could not be a gynecologist or ophthalmologist or anything other than a heart specialist!

Just because you have accumulated your retirement assets with an advisor or an institution doesn’t mean they are necessarily your best choice when the time comes to transition to the withdrawal years. Basically, all of my clients had previously worked with another advisor or institution before I created a retirement income blueprint for them. This is a relatively new area of financial planning, and planning for the withdrawal years is a different art and science from planning for the accumulation years. My clients recognized that they needed a specialist in my particular area of focus to help them at this important juncture of their lives.

Watch next week for Your Architect & your Contractor – Part I. We’ll share the details on whom your Contractor is and how the two can work in tandem.

This entry was posted in Retirement Income Planning and tagged , , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Daryl Diamond's "Fixed-Payout Strategy"
as seen on BNN's Money Talk
click here

Download FREE - Chapter One hereYRIB Cover


joinus-linkedin  f   

Keynote Presentations

RBC Reunion - Toronto, ON - November 3, 2016

RBC Reunion - Toronto, ON - August 11, 2016

RBC Reunion - Toronto, ON - April 7, 2016

RBC Reunion - Toronto, ON - January 21, 2016