Top 3 Advantages of Retirement Planning

By Daniella Rand

In the abstract, you know that it’s important to plan for retirement. Once you stop working completely, you can’t count on earned income to cover your expenses. Having a plan in place ensures that the cumulative income generated by your invested assets and other sources is sufficient to fund the lifestyle you’ve always envisioned for your post-work life — and to prevent you from burdening younger relatives.

Retirement planning has other advantages, too. Why don’t we take a closer look at some of the most important?

Daniella Rand

The Top 3 Advantages of Retirement Planning (In No Particular Order)

In no particular order, these are the top three advantages of retirement planning. They’re not the only three reasons to save for the future, though. What would you add to this list?

1. Increasing the Chances That You’re Able to Do What You Want in Retirement, When You Want to Do It

Isn’t this what retirement is all about? After you’re done with the daily grind, you deserve to be able to live life on your own terms. Making and adhering to a realistic retirement plan empowers you to do just that, when the time comes.

2. Preserving Assets for the Next Generation — Or a Very Long Retirement

Beginning the process of retirement planning today, while you’re still a ways off from hanging up your hat, is a great way to increase the chances that you’ll have a surplus to pass on to the next generation — if you have any heirs worth rewarding in such fashion, that is. Otherwise, you’ll ensure you have more than enough to see you through the remainder of what’s hopefully to be a very long life.

3. Boosting Your Self-Reliance (And Lessening Your Dependence on Benefits That May Never Come)

Lastly, putting in place a comprehensive retirement plan allows you to boost your self-reliance and lessen your dependence on outside sources of income — sources that may not be there when you’re ready to use them. Rather than rely on an overburdened corporate pension or an increasingly shaky government benefits program, you can reap the fruits of your labor: the nest egg that’s rightfully yours, now and for years to come.

What’s Your Reason for Saving?

As noted, these three top advantages of retirement planning aren’t the only reasons you should begin saving for the future today. Every investor has his or her own reasons for doing just that — some intensely personal and specific, some commonplace.

Regardless of your reasons for saving for retirement, you should never feel like you have to apologize for your sacrifice. The money you sock away and invest today will come in handy tomorrow. Indeed, it could mean the difference between a rewarding second act rich in novel experiences and self-discovery, and a tedious wait for whatever comes next.

Make the right call. Begin planning your retirement today.

Wealth Managers and the Concept of Enhanced Sales!

By Daniella Rand

“Wealth management” and “enhanced sales” don’t often appear in the same sentence. However, in a rapidly changing finance industry, wealth management professionals are increasingly cognizant of the importance of client prospecting. Word of mouth may no longer be sufficient to sustain a thriving practice.

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4 Tips for Better Client Prospecting

For wealth managers more comfortable with market research reports than sales calls, the good news is that attracting new clients doesn’t require an overly aggressive approach. This isn’t a car lot, after all. If there’s one consistent theme in these four tips for better client prospecting, it’s that a gentler approach still gets the job done. 

1. Represent Your Approach Honestly

Why hide who you are? If you’re willing honestly and forthrightly represent your approach to wealth management, you’ll find prospecting a far more efficient exercise. These frank early conversations help clients self-select into relationships that fit their needs and investing philosophies. That’s far preferable to the alternative: trying desperately to shoehorn prospects into relationships that fundamentally disagree with their priors (and yours).

2. Be Clear About What You Look For in a Client

By the same token, it’s important to be upfront about what you look for in a client. Without limiting yourself to any great degree, emphasize your strengths, whether that’s working with small business owners, younger investors with high student debt loads, or high net worth families with complex financial holdings. Your prospects will appreciate the honesty.

3. Don’t Push Prospects to Sign Before They’re Ready

At some point, you’re going to have to make the ask. But hold off until you’re sure the prospect is ready to pull the trigger. Discretion is the better part of valor.

4. Never Forget Who You Work For

Lastly, never forget who you work for: the clients who’ve entrusted you with their hard-earned money. Your dedication will shine through in prospect meetings, if you allow it to, and you’ll attract the sorts of clients that you’ll genuinely enjoy serving. Think of this as a softer approach to enhanced sales — a way to allow your practice to speak for itself, rather than the other way around.

A New Approach to Wealth Management

No one seriously argues that wealth management professionals should prioritize sales prowess over the myriad other skills demanded by the job. While reasonable people can differ on the precise emphasis, it’s generally understood that wealth management professionals do well when they’re able to balance a range of competing interests while maintaining an even keel. Clients tend to stick with steady hands.

At the same time, we can’t ignore what’s going on around us. As attention spans shorten and technological disruption threatens long-settled business models, the wealth management industry must adapt — as must every other profession facing the same inexorable trends.

If that means adopting a more, shall we say, outgoing style, then so be it. At the end of the day, any wealth management professional thrives on excellent client service. Whatever we can do to deliver on that promise — within ethical and practical bounds — is fair game.

Manage Your Wealth With 3 Amazing Tips!

By Daniella Rand

You know that your life has more value than the sum total of your bank and investment account balances. But you’re also painfully aware that life is easier and more enjoyable when you don’t have to worry about the dollars-and-cents impact of every single decision you take.

That’s why it’s so important to understand the basic principles of wealth management. No need to enroll in a four-year finance degree program or sit for your Certified Financial Planner certification, mind you — unless you’d like to make a full-time career out of it. Just a basic overview of the what, where, why, and how of money management. You’ll surely be a better saver for it.

We don’t have space here to go over everything you need to know to manage your wealth better. Instead, we’ll zero in on three things you can begin doing today to improve your financial footing.

Daniella Rand

3 Amazing Tips to Manage Your Wealth Better

Ready? Follow these three amazing tips to manage your wealth better.

1. You Must Spend Less Than You Earn

This is, arguably, the golden rule of personal finance. While there may be short periods of time in which it’s simply not possible to spend less than you earn, your default position should be cash flow positive — in other words, taking in more than you send out. Follow this rule and you’ll be well-positioned for what comes next.

2. You Should Always Take Advantage of Tax-Advantaged Accounts

They exist for a reason: to reduce your net investing costs and help your money grow faster. Pretty much everyone with a steady income should have and contribute to an Individual Retirement Account (IRA). Families with smaller children should have at least one 529 education savings account per beneficiary. And folks who expect to face serious medical expenses in the future should begin contributing to a health savings arrangement as soon as practically possible. If your employer offers a 401(k) and matches contributions, all the better.

3. You Need to Know Where You’re Going, and How You Expect to Get There

You don’t have to be a professional planner to appreciate the importance of long-term goal-setting. Take the time to lay out your life goals and financial priorities, and you’ll find it far easier to make the money moves needed to turn them into reality.

What’s the Secret to Wealth Management Success?

Despite what you might think, this question does not have an easy answer. There’s no single secret to wealth management success, no sound bite that applies across the vast universe of financial situations. 

The secrets to wealth management success, such as they are, are situation-specific. What works for you and your family might not work for your neighbor. That’s what makes life — and the wealth management business — so interesting.

With that said, these three tips to manage your wealth better really do have near-universal appeal. Why not try them out today and discover what so many others already know?

Life Changing Tips For Retirement Planning!

By Daniella Rand

When was the last time your life changed for the better?

Hopefully, this question brings back recent, pleasant memories. Think back: Did you feel as if you were responsible for that positive change, or that it was due to (fortuitous) forces beyond your control?

If the latter, perhaps it’s time you put yourself in the driver’s seat and made yourself the architect of a positive life change. What better way to get started than to implement some life-changing retirement planning tips?

Riveting, no. Essential to your financial future, and your family’s? Yes, absolutely. Consult with a financial advisor as soon as you can — see #1 — and begin implementing these six life-changing tips for retirement planning.

Daniella Rand

1. Connect With a Financial Advisor Who’s Committed to Your Success

First things first: Find a financial advisor whose investing philosophy aligns with your own, and who you can trust not to treat you as just another source of income. It’s important to take your time during this part of the process, as severing ties later on can be costly, time-consuming, and emotionally trying.

2. Learn the Basics of Saving and Investing

You can’t depend on your financial advisor for everything, of course. It pays to know the ropes around saving, investing, and general money management, even if you have no intention of managing your own portfolio anytime soon. Free financial education resources abound; take advantage of them!  However, a good financial advisor should be able to give you some sound advice in this area, too.  

3. Assess Your Risk Tolerance (With Help From Your Financial Advisor)

Work with your financial advisor to assess your personal risk tolerance, which may be higher or lower than others in your cohort. You’ll probably complete this step with your advisor during the onboarding process, but it never hurts to periodically reassess your tolerance after important life changes (such as the birth of a child).

4. Open Tax-Advantaged Retirement Accounts, If You Haven’t Already Done So

Set yourself up for financial success by opening an Individual Retirement Account (IRA) if you haven’t already done so and looking into any employer-sponsored retirement options for which you qualify. The more money you can grow in tax-advantaged fashion, the better positioned you’ll be to make the leap into retirement — or cover other major expenses, such as college tuition — when the time comes.

5. Take Advantage of Your Employer’s Qualified Plan Match, If Available

If you’re eligible for an employer’s 401(k) or other qualified plan and your employer matches contributions up to a certain dollar amount, take full advantage of that deal. Look for ways to maximize your contributions up to the match, even if it’s a stretch to do so.

6. Use Supplemental Tax-Advantaged Accounts to Further Grow Your Wealth

Health savings accounts? 529 education savings plans? Coverdell ESAs? If you’re eligible for these and other plans, and you can use the funds as intended to retain the plans’ tax advantages, talk to your financial advisor and determine how you’d like to proceed.

Give Yourself the Gift of Financial Security, Now and Tomorrow

Taken together, these tips offer something incredibly valuable: the gift of financial security. Even better, they’re well within the capabilities of the average consumer, especially when working closely with a seasoned financial advisor. 

The time is right for you to take control of your financial future, and you have all the tools you need. What are you waiting for?

Why You Must Have A Customizable Retirement Plan?

By Daniella Rand

You might have heard of retirement plan but you might not have heard of customizable retirement plans. If you are a regular audience of TV and/or a social media user, you might have come across a number of programs and ads of course, that put forward every effort to convince you to have a retirement plan.

Having a retirement plan is of great use as it helps you in having a balanced financial situation when you get old or get retired. Obviously, you have got a family to support even then and having a retirement plan can help you with your expenses. In addition to it, having a retirement plan that can be altered at any instance must be preferred. Such plans are called customized retirement plans and the terms and conditions can be changed or altered at different instances.

Daniella Rand

Important things to consider while making a retirement plan:

Like every other deal, there are a number of things that need attention. It is important to understand all the rules and requirements of any retirement plan. It is also important to understand the importance of different clauses that are a part of your retirement plan.

As a matter of fact, there are a number of clauses that cannot be changed even in the customized retirement plan. Even though you are from a different background and possess limited knowledge regarding wealth management, you can get in contact with any wealth manager as she or he will guide you in a better way.

Right plan for retirement:

Like every other thing, retirement must be planned at the right time, neither sooner nor later. It is also important to understand that people have different kind of ideas regarding their retirement plans and it is the duty of the wealth manager to get in touch with them in order to understand their requirements. In short, this is what a customized retirement plan looks like.

Why is it important to have knowledge about your tax situation?

Having a better understanding of your tax situation can help you in having a better and amazingly customized retirement plan without any hassle.

Why Are Investments Not Enough As Per The Wealth Managers?

By Daniella Rand

Wealth managers are quite helpful as they are great in guiding you regarding a number of financial issues. It is also important to understand that they are quite accustomed to all the different levels of wealth management and they can offer you solutions that you will not get on Google.

In addition to it, there is a huge debate regarding different clauses that are added in different retirement plans. In addition to it, it is also vital to shed light on a number of things that can cause issues as well.

Why are people so afraid of the retirement plans?

Yes, it is true that a number of people are afraid of retirement plans as they have heard a number of cases that resulted in fraud and deception. Without a doubt, there are a number of cases but hiring a wealth manager having a good repute. Therefore, wealth managers are great when it comes to financial planning.

Daniella Rand

Managing your wealth is very important and no one can guide in a better way other than a wealth managers. It is important to get in contact with a wealth manager and there are a number of reasons to support this case. Wealth management cannot be learnt online or through different courses and you will definitely need someone to help you out with your finances and different plans.

Why should a person go for a financial plan?

There is a difference between retirement planning and financial planning. Financial planning basically focuses on everything related to finances like taxes, incomes, salary, savings and a number of other things. In addition to it, this kind of planning can be done at every stage as this will help you throughout your life.

If we focus on the retirement planning, this kind of planning basically focuses on the period after retirement. This includes the sudden expenses that you might face in the later age. Having a wealth manager can help you in having the right kind of plan for your retirement. In addition to it, retirement planning is also helpful in dealing with tax situation that you might face afterwards.

Why Must You Have A Retirement Plan?

By Daniella Rand

If you are about to get retired, you might have a heard of a number of things from a number of people regarding the retirement plan. These retirement plans and insurances offer several benefits but a number of people are still confused about why they need a retirement plan when they have everything on their own so far.

Daniella Rand

There are a number of things that are important in terms of the retirement plan. This includes the right timings of the plan and many other things. The most important thing in this regard is timings. If you are looking for the right time in this regard, today is the right time for this purpose and delaying the process will offer no good to you.

Right time for retirement:

It is important to understand the significance of the right time for retirement as it can offer you a number of benefits. You will get extra time for planning and you will have more options to take into account. It is significant to notice that these plans can have life-changing effects and these can offer you a better and secure future.

  • There are a number of things that reflect your personality and the kind of financial planning you go for also reflect your personality. Having a retirement plan can help you in having the right kind of approach towards money and savings once you retire.
  • There are a number of retirement plans out there and you have to choose the most appropriate one for yourself. Thus, it is important to understand all of the options that are available to you.
  • Retirement is something that everyone has to experience and to make your life worth living once you get retired, you must get in contact with a wealth manager.
  • The next important step is to have a sound understanding of tax situation and how you will be dealing with them once you are retired.
  • Pensions and different financial plans can help you in having the right kind of financial strategy for your retired life.
  • You might have a number of people dependent on you and your financial plans must incorporate all the determining factors.
  • The best thing about this entire plan is that you can always customize your retirement plans.

5 Golden Rules To Manage Your Wealth!

By Daniella Rand

This topic has turned out to be the most amazing and most talked about topic in the recent times as managing wealth has become an important topic. It is certainly a hot topic that has managed to get the spotlight. Here are the five golden rules that are helpful in this regard and that can offer valuable information to manage your wealth via financial plan:

Monitor your pension

The question that arises here is why it is important to monitor the pension. It is important to understand the importance of pension and how keeping an eye on it can help you in having the right idea of the amount of money that you will be having once you are retired. This will help you in having the right kind of strategy so as to have a secure and protected future in terms of financial matters.

Daniella Rand

Keep an eye on the taxes

No one can deny the taxes and the overall impact that they have on your wealth. Therefore, it is important to have a plan that caters the effects of taxes as well. A man has to protect his family throughout his life and there must be some effective retirement plans that are designed specially by focusing on the income, taxes and savings plan.

Getting a good track of what you have got and how to spend is actually helps you in planning your financial goals. It is important to understand the importance of the financial plans as well and how it can affect your overall life once you get retired.

Frequently through your financial goals

If you have ever met a wealth manager, he or she will inform you about the periodic review of financial plans and different financial goals. Therefore, it is significant to frequently review your financial plans as it will give you an insight regarding how things are at the moment and what changes must be made to them.

This also offers you a chance to shed light on the several factors linked to financial goals. It is important to understand that planning for future through financial planning is of great help.

Ways to Hire the Right Investment Advisor

If you are searching for the best investment advisor, then you should know that there are various important things that you will have to keep in mind. Make sure that you are going through every single detail that will help you in the right way. Most of the time, people forget to pay close attention to the things that matter the most. If you are not going through every single detail, then you won’t be able to come up with a great solution. Make sure that you are always focusing on the things that will allow you to get the desired outcome. If you have no idea how you can choose the right investment advisor, then you are in good hands.

Daniella Rand

Daniella Rand – Managing Director, Wealth Management at Merrill Lynch

Make sure that you are paying close attention to the things that will help you in the right way. We will be sharing few important details that will help you in the right way. Let’s have a look at the details that will help you find the right investment advisor.

Get recommendations

When you are in search of the best investment advisor, then you should always look for the recommended options. Make sure that you are asking for the recommendations from friends or family members. If you are getting some good recommendations, then it will become a lot easier for you to choose the right investment advisor for yourself. It is one of the most important things that you need to focus on so you can avoid all the issues that you are facing. By getting a good recommendation, you will be able to avoid the detailed research process.

Understand your requirements

The next thing that you will have to do is to focus on your basic requirements. If you have few specific requirements, then it will become a lot easier for you to choose the right investment advisor. You can always interview different advisors but, you will have to select the one that will fulfill your basic requirements.

Experienced professional

Another important thing that you will have to do is to look for the experienced professional. If you are not searching for the experienced professional, then you won’t be able to get the desired outcome. These are the things that you should focus on when hiring an investment advisor.

Steps To Take To Prepare For Retirement

By Daniella Rand

If you are planning retirement, then you must know that there are various important things that you will have to focus on so you can avoid all the problems later on. It is always necessary for you to go through every single detail that will help you in the right way. If you are not sure how you can come up with a great solution, then you are in good hands. There are multiple important tips that you need to work on when you are planning your retirement.

Daniella Rand

Daniella Rand – Managing Director, Wealth Management at Merrill Lynch

Moreover, you will have to plan things early so you can avoid panic in the future. If you are not sure how you can plan your retirement, then you should start focusing on few basic steps that will help you in the right way. Here are few important things that you need to focus on so you can avoid all the problems.

Always plan for the long-term

First of all, you will have to plan long term. If you are not planning for long-term, then you are making a huge mistake. Make sure that you are getting all of your finances in order and start checking things one by one. Make sure that you are always calculating your income first so you can then move to the expenses. By reducing your overall expenses, you will be able to make things easier and better for yourself.

How much you need

The next thing that you will have to focus on is to calculate the amount that you will require. Make sure that you are planning things properly and know how much money you will require after retirement. If you are planning all these things properly, then it will become a lot easier for you to make the right move. You can always take help from the professional retirement planning service so you don’t end up facing a lot of problems in the long run.

Always plan early

Another important thing that you will have to do is to plan things early. If you are not planning your retirement early, then you are making a mistake. Make sure that you are avoiding all the common mistakes and focusing on the things that matter the most.