Why You Must Have A Customizable Retirement Plan?

By Daniella Rand

Surely, you’ve heard of a retirement plan. You might even have one through an employer or union.

Do you know the difference between your typical, cookie-cutter employer-sponsored retirement plan and a living, breathing, customizable retirement plan that addresses your personal needs and goals?

If not, it’s high time you reached out to a licensed financial advisor to learn more about designing and implementing your customizable retirement plan. If you need more convincing before you make that leap, consider these six reasons to have a retirement plan that actually works for you.


It Accounts for Your Unique Needs and Goals, Not What Some Distant Portfolio Manager Thinks You’re After

Your custom retirement plan is the product of multiple conversations with a seasoned financial advisor — someone who’s paid to act in your best interests and help you navigate the pitfalls of modern planning and investing. 

By contrast, non-customized plans come off a glorified assembly line. They’re designed to be just good enough to remain viable, and they may not even match the market over time. They certainly don’t account for your unique needs and goals.

It’s Flexible and Resilient, Built to Adjust to New Inputs and Facts on the Ground

Those unique needs and goals are subject to change, as any retirement investor of a certain age knows. Whether due to major life changes, like the arrival of a new child or a looming college tuition bill, or market forces beyond your control, it’s a safe bet that you’ll need to adjust your retirement plan over time. A custom approach makes that easy.

It’s More Likely to Leverage Active Management Strategies That Consistently Outperform the Market

Your custom retirement plan isn’t only resilient. It’s also designed to outperform the market on a consistent basis, using active management strategies rarely employed by cookie-cutter plans. 

It’s Backed by the Expertise of an Experienced, Human Team

The advent of automated portfolio management software has been good for investors and financial advisors. 

Unfortunately, it has also removed the human element from the lower end of the retirement planning market. When you choose an assembly-line retirement plan, you put your financial destiny in the hands of a complex algorithm, not a living, breathing human. For this reason alone, investors who prefer hands-on service have every incentive to develop a custom plan in consultation with an expert team.

You Can’t Predict the Future, But Your Custom Retirement Plan Is There When You Need It

No one knows what tomorrow will bring, but investors with custom retirement plans know this much: Their strategies will follow wherever their lives — and the markets — take them. Can you say the same for your cookie-cutter retirement plan?

Invest for What’s to Come

Every investor must chart their own course. Some truly believe that a cookie-cutter retirement plan offers the best value; more power to them. But most recognize the appeal of a customized plan that aligns with and responds to their unique needs, goals, and tolerance for risk. 

Are you among them? If so, today’s the day to take control of your retirement once and for all.

Why Are Investments Not Enough As Per The Wealth Managers?

By Daniella Rand

If you’re like most Americans with steady, salaried jobs, you probably have access to an employer-sponsored retirement plan. You’re legally entitled to an Individual Retirement Account (IRA), and possibly to a Roth IRA as well. And, of course, you’re free to open a self-directed brokerage account at any time.

Your wealth management strategy is in good shape, then?

Not quite. All experienced wealth managers advise their clients that, actually, investments aren’t enough to form the basis of a complete, resilient wealth management plan. More is required.


Components of a Comprehensive Wealth Management Strategy

These five components form the basis of a comprehensive wealth management strategy. As we can see, investments aren’t enough — you’ve got to cover all your bases. How many do you have locked down already?


  • A Thoughtful, Customized Retirement Plan. Your retirement investing strategy starts with — what else — a thoughtful retirement plan customized to your unique goals, needs, and tolerance for risk. When you begin working with your financial advisor, you’ll talk through your long-term plans and goals, take a risk tolerance assessment, and complete other steps necessary to create a fully customized plan.
  • An Active Investment Management Strategy Designed to Outperform the Market. Passive investing strategies are designed to match the broader market. This is fine, if that’s all you’re after. But why wouldn’t you want to enjoy maximum upside potential? An active management strategy is key here; look for a financial advisor with experience designing and implementing such strategies.
  • Tax Minimization Strategies That Leverage IRAs and Other Instruments. The only sure things in life are death and taxes, but that doesn’t preclude you from taking every legal step to minimize your tax burden and preserve more of your wealth. Talk to your financial advisor about using tax-advantaged instruments like IRAs, 529 education savings accounts, and health savings accounts to protect what’s yours.
  • A Flexible Retirement Income Strategy. Do you know how much income you’ll need to preserve your lifestyle in retirement? Your financial advisor can help you figure this out while designing an income strategy that protects your wealth and preserves upside potential.
  • Multiple Forms of Insurance. Most investors need life insurance, which provides a safety net for loved ones in the unfortunate event of the policyholder’s premature death. Everyone needs health insurance, which covers the cost of needed medical care (and may prevent financial ruin after a serious illness or injury). Disability insurance is important for working-age investors, as well. Your financial advisor may recommend other forms of insurance, too. Once they’re in place, you’re sure to sleep better.


What Is Your Wealth Management Strategy Missing?

If your wealth management strategy is missing any of these components, don’t lose hope. To get back on track, reach out to an experienced financial advisor or wealth management team. The conversation won’t be as painful as you imagine, and in short order, you’ll find yourself in a far more confident position vis a vis your personal finances.

A secure financial future is calling your name. Are you ready to answer?