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Wondering if his money will last.
David, 68, retired from a corporate position four years ago. He had been working with the same financial advisor for over a decade, but didn't have a real understanding of either how much he could afford to spend or how his investments would last him the rest of his life. David began asking friends about their relationships with their financial professionals. After an honest description of how Wiley Group works, David called to set up an appointment.
Here's How We Help David
Sometimes, prospective clients will approach us after their retirement. Occasionally they will have been separated from service involuntarily, and for this reason done no formal retirement planning. Some people will come to us after working with another advisor for several years, dissatisfied with the level of service they are currently receiving. For whatever reason, we will gladly run a complete analysis of your financial situation and give you honest, objective feedback on your retirement plan.
1) Run Financial Projections
The first step for David, as it is for all people with whom we meet, is to run a feasibility analysis. David had never seen a financial probability calculation before his meeting with us. He was happy to find out that he could spend just over what he was currently spending in order to give him an acceptable probability of success in retirement. Knowing exactly where he stood and how much he could spend was a source of comfort to David.
2) Cost / Benefit Analysis
We then ran a portfolio allocation and cost/benefit analysis of David's portfolio. We found that not only was David completely in the dark about how exactly his portfolio was allocated, he had no idea what he was paying for some of the investments that his previous advisor had recommended.
3) The Big Picture
David inquired as to our portfolio methods and cost. Once we explained everything and broke down the cost of our services, he decided to transfer his entire relationship to Wiley Group. After working with us for several months, we believe David now feels like he completely understands where his assets will take him in retirement. We have worked hard to ensure he has an understanding of exactly what he is able to spend for the rest of his life and is happy that his plan is being consistently monitored.