The Fallacy of the Financial Advisor

I can’t help but wonder when I meet retirees, with a total net worth between $200,000 to $400,000, who have a financial advisor that is either an annuity sales person or a lower echelon stockbroker.

Instead of using these asset gathers, these retirees could benefit more from simple income and income planning advice about income and income planning.

Most super affluent retirees have CPAs, attorneys and multiple financial advisors, while affluent retirees either have a quality financial advisor or handle it themselves.

An Emphasis on Education

One of the great things about the MoneyShow is the emphasis on education. The people I’ve met through the MoneyShow are more advanced and knowledgeable than the people I meet at retirement seminars.

This is a true testimonial to the service the MoneyShow provides to hundreds of thousands of people.

Everybody today needs to be a specialist. There is simply too much going on and too much regulation.

My specialty is annuities and tax-free wealth transfer which is known as the anti-annuity. I also do a tremendous amount of long-term care and home health care planning even though I do not sell those products.

Keep it Simple

There are experts who write covered calls for income, there are bond experts, and there are dividend paying stocks experts.

It’s a complex world and nobody can be all things to all people. Most of the time I find that a little common sense goes a long way.

People who are retired should have simple goals. Don’t run out of money; prepare for health costs, provide what legacy benefit you want and most of all have a great time!

If I can help you with any of that feel free to email or call me!

For more info, contact Phillip Wasserman:
Pwasserman@aol.com or 800-254-9567.

The Best Retirement Planning Advice Ever

Phillip Wasserman retirement planning

My hobby is playing tournament poker. I’m lucky enough to get to play once in a while with a lot of the people you see on television. The nice thing about tournaments is that you can only lose what you paid to enter.

A few months ago, I went very deep in a large tournament. I called a close friend of mine who finished second in the World Series of poker a few years ago. My friend was lucky enough and skilled enough to win almost $6 million at the age of 25. The purpose of my call was to ask him advice for the next day and he had one sentence for meā€¦don’t do anything stupid.

The more I think about this the more I realize this applies to retirement planning. Most people have won the game and they just need to enjoy retirement and not do anything stupid.

What they should really do is guarantee their income and make sure they have extra income if a spouse dies or a pension is lost. They should also make provisions for long-term care expense and home health care. After that they should enjoy their retirement.

They should certainly avoid ridiculous products with very high fees like variable annuities and should always ask whoever they’re dealing with what their fees are.

If retirees want to leave money to their children, they should do it through legacy planning because people are living longer than ever before and retirees might need their money for income while they are in their 80s and 90s.

I do income planning, legacy planning, long-term care, and home health care planning through the use of hybrid insurance products. I don’t sell long-term care coverage but I can show you how to get it through a hybrid insurance product with no medical questions and no extra expense.

Around a year ago, Barron’s published a great article about this and I’m happy to send you the link. Email me or call me and just remember don’t do anything stupid and have a good time!

For more info:

Pwasserman@aol.com or 800-254-9567.