171-Your Retirement Map™-with Steve Fricker

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Our guest today is Steve Fricker, a Certified Financial Planner (in Hamilton), and creator of “Your Retirement Map”.  

People support that which they create. 

Your Retirement Map™ was designed to fill a need.  To identify to a client the path they are on to retirement.  It gives them a glimpse into the future, and if they need to change it, they can see that, and identify if it needs to be changed.  It is a snapshot of the client’s current financial assets and liabilities, and then it takes into account what the client’s savings pattern is like.  Is the pattern repeatable?  It takes current status, past investment markets, current income tax rates and plays them forward.

Advisors should “stress test” portfolios in the retirement risk zone.  Can the portfolio survive a loss?  There needs to be a discussion about it. The program can handle any start year.  The indexes are recorded in the program.  Retirement Map isn’t just talking about numbers and projections, it is a deep dive into the client’s wants, needs, concerns, and anxieties.

Initially it is filling in the facts, along with a conversation and discussion, which helps discover the client’s risk tolerance, it is a collection vehicle in planning.  It gives them a trajectory, and are the investment choices they make today necessary.

This is best for the age group of 45+.  Mortgages aren’t always paid off at 45, kids aren’t out of school at 45, people’s income hasn’t necessarily hit its peak.  At 45 if there hasn’t been a commitment to debt reduction, or savings contributions, there is a big uphill road to climb.  

Steve’s “Your Retirement Map™”  was built out of need.  “Off the shelf” products, and planning tools, did not address client’s “what if” questions.  It was an organic development.  There is a benefit because it is based on “reality”.

There are two valuable products that the client receives, the report, and the conversation.

Retirement planning isn’t just a number, it is a lifestyle.

To contact Steve:

http://www.westdalefinancial.com

About the author, Jurgen

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