Ep 20: Fill in the Financial Blanks

February 3, 2022

Did you have a favorite type of test in school? Some people liked true/false, while others preferred multiple choice. We have Alan and Troy fill in the blank on several financial questions for today’s pop quiz.

The best way to be sure to not run out of money is to do what? Both Alan and Troy agree the answer is to have a plan. So many things can be missed if you jump into retirement without a plan. When doing a plan with Alan and Troy, they make sure that not only the plan will be a success but also the relationship will be a good match. The unknown is hard to plan for, but it’s important to stress-test different scenarios.

For instance, the stock market has the ability to make or break your retirement. You have to be careful as to how you use the stock market going into retirement. The market is guaranteed to go up and guaranteed to go down. You want to make sure your portfolio will be a success no matter what.

When should you go running from a financial advisor? If they say to always “stay the course,” this might not be the right advice. The job of the advisor is to pay attention to what the client is concerned about. Sometimes you should stay the course but other times you need to pivot. Is your portfolio allocated properly? Do you have protected assets, growth assets, and alternative assets not affected by the market?

Most people when they visit for the first time express concern about what? The number one concern Troy and Alan see is people fearing they may run out of money. Going into retirement can be scary because you are no longer adding to that account. Instead, you’re taking money out. The only way your account increases is if the market increases, so you want to make sure that it’s going to last.

Finally, what’s most gratifying about the work Troy and Alan do? From working together to reviewing plans that are successful, there’s a lot that they find gratifying about being financial advisors. It’s a good team to work with and the success stories make it all worthwhile. Reach out today if you’d like to review your financial plan with them.

Listen to the entire episode or skip ahead using the timestamps below.

2:06 – The best way to not run out of money is?

5:22 – The stock market has the ability to…?

7:30 – When should you run the other way from a financial advisor?

11:30 – What is a new client most nervous about?

13:41 – What’s the most gratifying part of Troy and Alan’s job?

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