Profile of the Best Client

All clients are valued by responsible advisors.  But for any one of a number of reasons some clients have more staying power.

Advisors lose clients for many different reasons.  A lot of these reasons can be suspect.  They are promised better returns, better tax savings, lower costs of investing and better servicing.  More often than not none of this is true.

Clients who have remained loyal to their trusted advisor for many years have achieved respectable returns in a very volatile and troubled market for the past 12 years.

My own experience is that for these clients I am able to not only look at their retirement and wealth creation needs but also closely look at all aspects of their estate planning that will apply to the generation following or often two generations.

So, over time, this approach covers off present  and future family estate needs

Markets being what they are, there are long periods of disappointment,  and when this occurs clients can be easily persuaded to change.

Those who remain loyal, satisfied and value TRUST  have been well served.   Over time their portfolios  have increased significantly in value.

The generation  following should be thankful.  And give thanks to mom, dad and their advisor.

 

Longevity Costs Outpace Senior Savings

I will summarize the comments from an article written by Wm. Scott Page posted in Huffingtonpost

Most of us will live longer than we expect, it will cost us a great deal and options are limited.

The average American lived just past the age of 40 in 1900. Today, that age has risen to more than 78. Since 1940, we have gained a year of life expectancy every five years.

Can you afford to live longer? It is estimated that a retiree will plan to spend 70% of their current annual income. They expect to withdraw 9% of their assets each year a rate that will put many at risk of running out of money.

Continuing to work is not an option for many, for many different reasons.

Recessions do not slow down the increasing costs of everyday items.. This includes groceries, gas and energy. Long term care and home health care are looming and increasing costs.

Cost for nursing homes, assisted living facilities, staying in your own home, medication, nursing and basic home health services are significant.

As longevity increases and the costs associated with living longer skyrocket, we are heading for a retirement crisis.. Private and public pension plans will take a hit.

Pre-retirement boomers have a long way to go in order to successfully retire. A large percentage of boomers lack confidence in being able to retire.

There, unfortunately, are few options. Planners will suggest the overly simplistic solution: Save More. Clearly if seniors and boomers could save more, they would. but rising costs and tattered savings vehicles have made this nearly impossible.

Many have to go off scrip and look at other non traditional financing strategies to help pay for retirement. Options need to be explored.

But what are they?

Longevity comes with a price tag which many boomers and others will not be able to afford.

Stompin’ Tom Royalties

The tributes to Stompin’ Tom were deservedly warm.

He was CANADIAN.

He wrote more than 200 songs and more than 60 record albums were sold.

He traveled our country on our roads countless times.

His songs always bring a smile to our faces.

He  is not a person who will be easily duplicated.
His tributes came from many high-profile Canadians who were either at his final service or who sent in their comments. When I see a performer like Tom who had a close relationship with his manager and with his recording label EMI (one of the largest if not the largest in the world) I am left wondering who is going to get the royalties from all his songs in the years yet to come?

Will it be his family and his wishes?

Or will it be others who are benefiting from his talent?

Nothing is ever mentioned during times like this. That is not to say that many are wondering about what has not been spoken.

One would hope that those he loved and cared for will be the long-lasting beneficiaries of his talents.
It is often otherwise.