A panel of experts offers tips to help advisors prepare for client meetings with the goal of strengthening existing relationships and generating new business. Asking specific questions according to the client's status and situation, checking their social media sites beforehand and refreshing the format for showing investment performance are among their suggestions.
Not saving early in your career, counting on Social Security to keep you afloat and making no plan to occupy yourself when a job no longer provides a sense of purpose are among stumbling blocks that prevent achievement of your dream retirement, writes Maurie Backman.
Economists for major US companies increasingly doubt that the Federal Reserve will stick with its plan to raise interest rates three times in 2018. More than half of the economists participating in a survey by the National Association of Business Economics expect two or fewer rate hikes next year.
Money managers and asset owners can gain protection from market disruptions through illiquid investments that are not correlated to the markets, consultants say. "Illiquid diversifiers such as royalties, life settlements, annuities and other investments that tend to do well in times of weak economic growth and continued exposure to more traditional alternatives like private equity and venture capital will be important in protecting investors' downside during difficult market periods," said Celia Dallas, chief investment strategist at Cambridge Associates.
Financial advisor T. Michael Martin outlines a number of reasons why retirement plans may fail to meet their objectives. In addition to not saving enough, he cites having adult children who still depend financially on their parents and being tempted to launch a business venture.
It may be tempting to file for Social Security benefits before age 70, but there are three reasons to wait, writes Maurie Backman. According to her, they are higher monthly payouts, a bigger benefit for survivors and a longer period to add to your retirement savings.
Your 60s are prime time to lay the final groundwork for a secure retirement, writes Christy Bieber. While still working, she advises pre-retirees make catch-up contributions to their retirement account, calculate what Social Security benefits will be based on the age they plan to file and adjust their portfolios for lower risk tolerance.
John Pojeta, vice president of business development at PT Services, discusses techniques that financial professionals offering annuities can use to accelerate the growth of their businesses. He advocates for partnership avenues that can help keep marketing costs in check.
The majority of nurses feel uncertain about financial planning, according to a Fidelity Investments survey, and that raises the question of who will care for them in retirement. Beth Kotz offers pointers, such as learning different types of savings options and committing to saving, if only a little at a time.
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