How is a travel agency like an Investment Advisor?

In exchange for paying a travel agency, you got advice and recommendation on the best travel practices. Travel agents could tell you where to go and what to avoid. They are having a resurgence as a “Concierge”. Back in the day, a stockbroker charged you big commissions on a trade. Today must Stock Brokers cannot live off of commissions. How do pay for services in the investment business these days? Some people don’t want  to research their investments. That is what you hire an Investment advisor to do.

You have to be a Guide for the client.

An Advisor that provides a Reality Check- “You might have to work a few more years.”

We are trying to guide someone thru the end of a career to death.

-What are your goals?

-Setting expectations realistically.

Once expectations are set you can move to the execution phase. And then sometimes mid-course corrections are necessary. Oftentimes, it is when you hit rocky patches you need “boots on the ground ”- Someone who has been thru this before. It needs to be explained to you what needs to be done, why, and what the expected outcome is. It is a way to negotiate the obstacles in the most efficient way.

We enjoy educating an entire Group.

Everyone needs to understand what is going on.

Human interaction is key.  A big part of an experience is a result of the people you engage with. The investment business is a human business. It is not a computer business. You do not get investment advice from a screen. You get them from a person somewhere that a computer is putting thought in touch with. A person is providing a good or service. If you are meeting with a person face to face, there is an extra layer of accountability.

It is time for a mid-year review of your finances?

You are either a money person or you are not. Some people just need some help in this area. If if you are into it is still not easy. The foundational things are so important.  We provide that framework and accountability. It can be intimidating for those just starting out. It is so important just to get started and to put a framework in place so time can do the heavy lifting. Let time to the compounding. Warren Buffet says saving is important but you also have to select good companies. People do not pay enough attention to what their money is being invested in. Good common sense often helps with the selection of these companies and then knowing when to hold and sell is very important too.

Recent Retirements throw a wrench into Fed’s Economic recovery plans. The pandemic accelerated this. People are not going back to work for various reasons. We may be in a period where unemployment does not decline. We may have high unemployment for some time. It doesn’t seem like people are gravitating towards work. There is a work attitude, A culture of work. What are the best cultures for fostering a good work habit? Who avoids it and who gravitates towards it and why. Are you working at working? Some seem to not want to improve their lot in life.

You need to have conversations with an advisor about where you are in life to make sure you are on track to living the life you want to live in retirement. You want to be able to retire with options.

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