To truly be successful, today’s financial advisor must strike
the right balance between effectively engaging with his or her
clients and finding meaningful ways to maintain their financial
security. By framing your mission in this way, you can help your
clients clarify their vision, build a plan to achieve it, and
manage that plan so they stay on track.
Nobody understands this better than authors Timothy Noonan and
Matt Smith–two seasoned financial professionals with over
five decades of combined experience working in the asset management
business. And now, in Someday Rich, they show financial advisors
with clients who are rich, or have the opportunity to become rich,
how to sustain a client’s desired lifestyle to, and through,
retirement.
Engaging and informative, Someday Rich provides the context,
description, and implementation suggestions for the Personal Asset
Liability Model–a process that will allow you to determine a
client’s funded status relative to their future spending
needs as well as develop and monitor their investment plan
accordingly. While the methods in the Personal Asset Liability
Model may not have been practically accessible to past advisors
with a large number of clients, this model now brings together the
technical methods to answer important client questions in a way
that is feasible and includes the communication strategies that can
make the delivery of the advice model more effective.
Along the way, this reliable resource discusses the business of
giving good advice and addresses how to incorporate these steps
into a client engagement road map. Insights on various other issues
associated with this discipline are also included, such as how to
develop client trust and deliver personalized service when you have
so many clients, and contingency risks–life, health,
disability, and long-term care–that need to be considered in
the financial planning process. And in later chapters, single-topic
essays, contributed by experts in the financial planning field,
cover issues ranging from target date funds and the investment
aspects of longevity risk to modern portfolio decumulation.
Building more valuable relationships with your clients is a
difficult endeavor. But with Someday Rich, you’ll discover
what it takes to achieve this goal as you put them on a path to a
sustainable financial future.
Inhoudsopgave
Foreword ix
Preface xi
Acknowledgments xv
Introduction 1
Chapter 1 Time for a Real Conversation 11
Chapter 2 How We Got Here 27
Chapter 3 The Right Clients 43
Chapter 4 Connecting the Dots 61
Chapter 5 The Personal Asset Liability Model–Funded Status 79
Chapter 6 The Personal Asset Liability Model–Investment Plan 101
Chapter 7 Making a Good Business of Giving Good Advice 133
Chapter 8 Investor Archetypes 161
Chapter 9 Tripping Over the Finish Line 171
Chapter 10 On Shaping One’s Future 191
Albert Bandura
Chapter 11 Building a Simple and Powerful Solution for Retirement Saving–Russell’s Approach to Target Date Funds 203
Grant W. Gardner and Yuan-An Fan
Chapter 12 Investment Aspects of Longevity Risk 223
Don Ezra
Chapter 13 Mismeasurement of Risk in Financial Planning–A Lesson in Risk Decomposition 237
Richard K. Fullmer
Chapter 14 Modern Portfolio Decumulation–A New Strategy for Managing Retirement Income 249
Richard K. Fullmer
Appendix A Lessons Learned from Retirement Income Research 273
Appendix B The New Language of Retirement 277
About the Authors 283
Index 285
Over de auteur
TIMOTHY NOONAN is Managing Director of Capital Markets Insights for Russell Investments and a leader in the U.S. private wealth management industry. He is responsible for shaping client service strategies and delivering capital markets analysis to advisors in the U.S. and around the world. Noonan is currently Chairman of the Russell Strategic Advice Committee and has been the architect of Russell’s Helping Advisors initiative, which since 2008 has offered advisors in the U.S., UK, and Australia insights to help advisors and their clients cope with retirement investing in a hostile economic climate.
MATT SMITH is an independent consultant and author and coauthor, respectively, of two other Wiley Finance books, Managing Your Firm’s 401(k) Plan: A Complete Road Map to Managing Today’s Retirement Plans and The Retirement Plan Solution: The Reinvention of Defined Contribution. He was formerly senior vice president and defined contribution practice leader in the United States for Aon Consulting. Prior to Aon, Smith was managing director of retirement services for Russell Investments. He has been involved with the design, implementation, administration, consulting, and asset management of retirement plans for over twenty-eight years. Smith has written and spoken widely on topics involving retirement plans during his career.
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