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Ep 6: The Challenges Of No More Paychecks, Part 3

On This Episode

It’s time for part 3 of our discussion about one of the most challenging parts of transitioning into retirement, dealing with the fact that you’re no longer receiving a paycheck from work. Today, we’ll discuss specifically how to turn your nest egg into paychecks with strategies like living off of dividends and using an income floor.

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Disclaimer:

PFG Private Wealth Management, LLC is an SEC Registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. The topics and information discussed during this podcast are not intended to provide tax or legal advice. Investments involve risk, and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed on this podcast. Past performance is not indicative of future performance. Insurance products and services are offered and sold through individually licensed and appointed insurance agents.

Here is a transcript of today’s episode:

Marc Killian: Hey everybody, welcome into Retirement Planning Redefined with the guys from PFG Private Wealth, John and Nick, financial advisors here with me once again as we talk about investing, finance, and retirement on the program. Anytime you’re listening to the podcast and you’ve got a question or concern, jot it down, jot this number down, give them a call and talk to them about it before you take any action with anything you’re listening to that’s financially related, 813-286-7776. Well, that’s a mouthful. Let me do that again, 813-286-7776 is the number to call, and of course you can go online to PFGPrivateWealth.com. That’s PFGPrivateWealth.com, and while you’re there, subscribe to the podcast so you can get upcoming episodes and check out past ones and all that good stuff.

Speaker 2: John, what’s going on man? How are you?

John Teixeira: I’m good. How are you doing?

Speaker 2: I’m hanging in there. Trying not to melt. At the time of this podcast, it’s about 8 million degrees, I think, on the outside. Nick, what about you buddy? You hanging in there?

Nick McDevitt: Yeah. Yeah, we’ve had a ton of rain lately-

Speaker 2: Which just makes it worse.

Nick McDevitt: Giving me flashback of living up north, but …

Speaker 2: Well, aside from the heat and all that fun stuff, what else is going on with you guys? Do you guys got anything cooking, no pun intended.

John Teixeira: Yeah, so tonight we’re actually excited to, we’re doing some volunteer work tonight, and there’s a group that Nick and I are part of. It’s called the 13 Ugly Men. That’s exactly the response whenever people hear that name. But no, it’s a great organization. It’s about 30, although it’s 13, there’s 35 guys in it. We throw events and donate to local Tampa Bay charities. And part of the donation, we actually do hands on work. So we’re donating to a charity called Gigi’s Playhouse, which Nick and I actually interviewed, and he’s on the charity committee for, for our group.

Speaker 2: Nice.

John Teixeira: And we’re throwing a Halloween event. The goal is to donate about $25,000 to them. And tonight we’re doing some hands on efforts, which Nick can kinda touch on, cause he set it up.

Nick McDevitt: Yeah, man. The organization supports people with Down Syndrome, and so they have a lot of different programs that they have. So tonight we’re going to go in and kinda run an evening of Bingo and bring in some food, and kind of play Bingo, and there will be a broad range of ages there and stuff like that. So, so we’re looking forward to that tonight.

Speaker 2: That’s awesome. That’s really cool. I appreciate you sharing that with us. That’s very cool that you can do that.

Speaker 2: And maybe what we can do is we can talk on another podcast about how you can get involved with that particular thing if you’d like to help. But that’s awesome that you guys are doing those extra things out in the community here in the area. So, well, with that, let’s turn our attention to this week’s podcast, which is to continue our conversation about strategies to turn that nest egg into a paycheck. We covered several things last time to your cash reserves, bucket strategy, so on and so forth. What are some other things we need to think about?

John Teixeira: Yeah, so you know, like we talked about last week, there’s a lot of different strategies and really we let our financial plan kind of dictate which is best for the individuals based on needs and goals.

John Teixeira: So as you mentioned last, week we did go over the two year cash reserves bucket strategy. Another one that we’ve been utilizing, and depending on the situation, is basically just living off of your dividends and interest. So that’s where you have your principal and whatever dividends interest is spun off either monthly or quarterly, that goes into a spend account, and that basically becomes your paycheck moving forward. Some of the benefits of kind of utilizing this would be you don’t have to worry about your money running out, because you keep your principal intact, and you’re never really dipping into into it. So, the fear of money running out goes away.

John Teixeira: And also we see this a lot where someone’s interested in leaving some type of legacy to somebody.

Speaker 2: Right. Sure.

John Teixeira: Basically like, “Hey John, Nick, I have this money here. I want to leave it to my kids, I want to leave it to whoever. So I’m just going to live off of the interest in dividends.” So that’s kind of one way to look at it.

Nick McDevitt: And I would say this is a strategy we wanted to talk about, because we get asked about it. However, with how the markets have changed over time and how people spending in longevity has changed over time, it’s become less of a common strategy, with one of the big reasons being yields are down significantly over the last 20 years. Where years ago you could get a really good CD rates and things like that, where you can get a decent paycheck from that.

Nick McDevitt: So some of those challenges are, it’s tough to find a yield, whether it’s via dividend, whether it’s via fixed securities, to give people the amount of income that they need. And so what’ll happen is they’ll chase that yield and give up growth opportunities, which then essentially makes it difficult for them to keep up with inflation over time. So dividend rates will change over time and at the onset people kind of see it as, “Hey this is what my parents did,” but maybe their parents had a pension or their parents expenses were a lot lower.

Nick McDevitt: And we like to talk about it because, and it’s interesting, it’s usually men that bring it up and more focused on like individual stock or individual bond investing, which is less common now. So although it is a lot more rare, we do like to bring it up at least to address it, so that people understand how it works that depending upon their overall situation it can be, but most likely some of the other strategies we’re going to discuss are probably going to make more sense for them.

John Teixeira: Yeah. And kind of who this works for is really someone who has a very large nest egg and…

Speaker 2: Okay.

John Teixeira: …and necessarily doesn’t need more than the dividends interest will spin off. And as Nick mentioned, this environment does make it very challenging because interest rates are low, and then people will kind of go to stocks for that to try to find some extra dividends.

Speaker 2: Right.

John Teixeira: But we [inaudible 00:06:24] some of the equity corporations, they’ll actually change the dividend on you. So that’s a big risk where, and I know Nick touched on it, but I’ve seen where some companies will have a specific dividend and then recession hits or the stock isn’t doing so well, so they need some growth, so they’ll go ahead and lower their dividend, which could really affect your monthly income.

Speaker 2: Okay. All right.

Speaker 2: So that’s kind of a living off a dividend type of strategy to turn that nest egg into a paycheck. What’s another one? Is there something else we can also share with the listeners?

Nick McDevitt: Yeah, so another one again, depends on the situation, is kind of creating an income floor.

Speaker 2: Okay.

John Teixeira: So this is where you look at, “Hey, what’s my guaranteed income that I have coming in?” And most people, clearly social security is number one. But some other people might have a pension and what they’ll look at is saying, “Okay, what’s my guaranteed income?” And we’ll do an exercise and do all their expenses, but we’ll divvy it up where we have our fixed expenses and then our discretionary. And what we’ll try to do in this situation is match up their guaranteed income with their fixed expenses. So no matter what happens, it gives them peace of mind to say, “Hey, no matter what happens in the market or health, I know that my fixed expenses are covered.” And we make sure that those fixed expenses are covered for life.

John Teixeira: The risk of running out of money necessarily for those fixed expenses really isn’t there. And then some challenges to this, what we see in why. Again, it’s not perfect every situation, but some challenges with it is, does that leave you with enough liquidity? Do you have enough money? What if you need to tap into a little bit more. And then also the big one with this I would say is inflation. I don’t know if you want to add anything to that, Nick.

Nick McDevitt: Yeah. So, realistically there’s only a few ways to kind of create the guaranteed income floor, and we’ll end up talking about that kind of later on down the series of a podcast. But, John mentioned the social security. They may or may not have a pension, and so the only other way to create, essentially a guaranteed income, would be through some sort of annuity, and there are different sorts of annuity.

Nick McDevitt: So when John refers to the not having enough liquidity, meaning that, to provide the guaranteed paycheck that they may be looking for, there may not be enough in assets to do it in a large sum of money. So usually if we’re looking at something like that, we only like to attribute up to 20% of their overall nest egg into a strategy like that.

Nick McDevitt: So typically it’s people that, where something like this would make sense is somebody that may be a conservative investor, somebody that has maybe a lot of longevity in their family and they have a significant fear of running out of, or outliving their money. Maybe they’re only guaranteed source of income is social security. So they’re looking to kind of build on and have some additional security from that standpoint. So, going through and trying to find other ways to help increase that floor is a pretty typical process that we use with people.

Speaker 2: Okay. Yeah.

Speaker 2: So again, each of these strategies may or may not be the right fit for the individual. It’s a matter of going through and talking about some different things and looking at stuff to see which is going to work best for you.

Speaker 2: You mentioned kind of earlier on that you’re just living off the dividends. What about somebody who might be in a situation where they do need to sell off the investments, maybe as needed type of thing. So more of a withdrawal strategy, I guess.

Nick McDevitt: Yeah. So what we’ll kind of refer to that as is like a systematic withdrawal. And frankly this is pretty much the most common way.

Speaker 2: The norm kind of thing.

Nick McDevitt: Yeah. How people handle their income from their assets in retirement. The majority of people, their nest egg is comprised of some sort of combination of funds, whether it’s mutual funds, exchange traded funds, in some sort of diversified portfolio.

Nick McDevitt: And what we’ll do is, kind of after we go through the planning, and we figure out – Hey, your plan kind of tells us that we need to pull out, we’ll call it $3,000 a month from the nest egg, and they want to receive it on the first of the month, each month. And from the standpoint of their advisors and kind of portfolio managers, we’ll structure it so that that money deposits automatically into their account. We decide which investments that kind of sweeps off of, and we do it via kind of an automatic quarterly rebalance to make sure that we’re keeping the portfolio diversified in what the overall objective of the account. And then, realistically, this helps them deal with the ups and downs of the market. And really they’re only spending what they need.

John Teixeira: So, one of the things that Nick kind of said here…it’s important that you have a very good advisor, because you are looking at your advisor to make sure they customize the portfolio to deal with some challenges like a market downturn. So, that is a big risk with this, because if the market goes down and you need to sell off your investments, the worst thing you can do is really start selling off big chunks in a down market.

John Teixeira: So it’s important that your advisor has some strategy in place for that. And then also, again, a challenge with this would be depending on the person’s mindset, they might get afraid of spending too much, because the risk of running out of money and the kind of spiral down effect of tapping into your principal is always there.

Nick McDevitt: So it’s really important. I think you’ll notice as far as who the strategies work for is really who’s saved a lot of money. So it’s important to save as much as you can, because it allows you the ability to really use any of these strategies and be comfortable with it depending on your situation.

Speaker 2: All right. Well there you go.

Speaker 2: So there’s a few things to consider, to think about. We were, again, continuing our conversation about ways to turn our nest egg into paychecks and retirement and if you’ve got some questions, if you’ve got some concerns you’d like to talk with the team about how to do that, talk with John and Nick, give them a call at 813-286-7776, that’s 813-286-7776, to talk with John and Nick, financial advisors at PFG Private Wealth, serving you in the Tampa Bay area.

Speaker 2: Go to the website, PFGPrivateWealth.com. Again, that is PFGPrivateWealth.Com – check them out there, as well as subscribe to the podcast, and give us a chance to share a bit more of these things with the each and every week by subscribing on whatever platform it is that you happen to like. Apple. You can find us on Apple podcasts, on Google play, Stitcher, iHeart, various things like that. Thanks for listening to this edition of Retirement Planning Redefined. For John and Nick, I’m Mark, and we’ll see you next time here on the program.

Ep 5: The Challenges Of No More Paychecks, Part 2

On This Episode

It’s time for part 2 of our discussion about one of the most challenging parts of transitioning into retirement, dealing with the fact that you’re no longer receiving a paycheck from work. Today, we’ll discuss specifically ways to get more comfortable with the transition from working to retirement.

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Disclaimer:

Here is a transcript of today’s episode:

Speaker 1: The rules of retirement have changed. No longer can most of us rely on social security or a single pension to fund our futures. We’re living longer in retirement, doesn’t just last a handful of years anymore. Instead, you might stay retired for 20 or 30 years and maybe even more. We need to look at retirement through a new lens with fresh eyes, with a new approach and plan of attack. Here to answer the call are financial advisors, John Teixeira and Nick McDevitt at PFG Private Wealth Management, serving you throughout the Tampa Bay area. This podcast is retirement planning redefined, and it starts right now.

Mark: Hey, welcome into another edition of Retirement Planning – Redefined with John and Nick, financial advisors at PFG Private Wealth, serving you here in the Tampa Bay area. We’re going to talk about investing, finance and retirement as we usually do here on the program. And you can find John and Nick at their website at pfgprivatewealth.com. That’s pfgprivatewealth.com. Of course, you can also give them a call and come and see them in their office in Tampa Bay at eight, one three, two, eight, six, 77, seven, six. That’s eight, one three, two, eight, six, seven, seven, seven, six. If you hear something useful, interesting nugget on the program and you want to talk more about it before you take any action, always check with a qualified professional. Reach out to John and Nick, give them a call at that number. Eight, one, three, two, eight, six, seven, seven, seven, six. Guys, how you doing this week?

John: I’m doing good. How are you?

Mark: I’m hanging in there. Doing all right. Just surviving the summer, the dog days. How about you Nick? You doing all right?

Nick: Yeah, doing pretty well. One of the things that we like to do is present on different retirement topics. And earlier today we did a lunch and learn or what we can refer to as a financial wellness presentation over at the University of South Florida at their College of Public Health.

Mark: Oh nice.

Nick: So that’s something that we enjoy doing and covered a specific topic and something that we’re looking to do more of.

Mark: That’s very cool. So yeah, lunch and learns. What’d you call it, financial wealth class?

Nick: Wellness. Financial wellness-

Mark: Wellness, I like that.

Nick: Yeah.

Mark: Was the turnout out, good people enjoy it?

Nick: Yeah, it’s usually a small, at those sorts of things it can be tough for people to get away. So usually we have somewhere between eight and 15 people in the room and we present for 45 to 50 minutes and just try to keep it light and really focused on a single subject at that period of time. We like to do that with different local companies as well. So it’s something we enjoy doing.

Mark: No, that’s very cool. So if our listeners to the podcast want to be involved in those in the future, is that something they can reach out to you guys or find that on the website at all, or just give a call if they’d like to attend those things? Or are they kind of closed door deals?

Nick: We usually go through the employer.

Mark: Oh, okay. Oh, I gotcha. Okay.

Nick: So if they are an employer, really no cost to the employer and it’s definitely a benefit for their employees.

Mark: Sure. Yeah.

Nick: And we bring in lunch and go over a couple of different topics. But they can absolutely reach out to us and I’ll let us know and connect us with whether it’s an HR department or their employer.

Mark: Yeah. Okay.

Nick: Cover different topics.

Mark: Very cool. Well, yeah. So if you’re listening to the podcast and you think that might benefit your fellow employees or you’re an employee yourself, give them a call. Eight, one, three, two, eight, six, seven, seven, seven, six. Ask about the lunch and learns or the wellness classes. So you guys, John, have both of you guys presented this thing or do you guys take turns?

John: This one here we both did.

Mark: Okay. Very good.

John: We do a lot of stuff as a team.

Mark: Nice. Very cool. Well good. That’s exciting. We’ll have to talk more about those in the future coming up. But I do want to address what we mentioned last week since we teed that up and I want to kind of go back to that conversation. We talked last week about just the stresses and some challenges of not having a paycheck anymore when we transition from working years to retirement years. And so let’s talk a little bit now as I had mentioned about just some strategies on how to create that paycheck, if you will, from our nest egg.

Mark: Now I think most of us realize we have to do this, but it becomes kind of … It becomes daunting for people who just obviously don’t do this all the time to think, “Well, how do I turn my IRA into income,” and so on and so forth.

John: There’s a lot of different strategies to use. And when we do planning, we don’t just say this the only one that worked. There’s a lot of different ones and it’s really depends on kind of how the person ticks, kind of what they’re comfortable with and what their goals are. So we’ll go through, we talk about a few of them, but we’re not … Whatever we talk about today, it’s not going to be all of them.

John: But you know, one that a lot of people feel comfortable with is where we do two years of cash reserves where we’ll basically set up a separate account and almost be like a payroll account where that’s where their money’s going to filter from for the next roughly two years or so. And again, that number can change depending on the individuaL. But that’s where if hey, they have social security coming in and pension, we’ll look at, hey, what your income gap. So if their expenses are 50,000 and let’s say social security covers 20,000 of that, basically we’ll have this account that generates 30,000 a year and that might come up monthly.

John: And that’s one strategy. And what that will do is it’ll provide a little bit of peace of mind, which we discussed last week, where hey, if the market does turn down, you have a special place where you can go and not be worried about, “Hey, do I need to pull on my investments while the market’s down?”

Nick: So the way that we’ll kind of have that conversation with them is almost back into it and take them through a situation of, even if we go back to kind of 2008 where there was the great recession. And we go through and look at historical market and show them here’s how long it took the market to bounce back. Even if we were to run into this sort of situation, how much would they specifically individually need? What would make them feel comfortable to hold in cash so that they wouldn’t make a rash decision.

Nick: And one of the things that we have kind of seen is that two year number seems to be a bit of a magic number for people. But ultimately it’s getting them to start to almost program themselves to remind themselves that, hey, this is here. If these things happen, this is here. But overall, our goal is to have this mini strategy to help us implement our overall broad base strategy.

Mark: We talked in the prior podcast when we were discussing this a little bit about the market and how it can affect people and make people nervous when they’re first making that transition. And one of the pieces that I know that also gets when you’re building the strategy to deliver that paycheck, you also have to plan for this to evolve through retirement. Because you got to plan, you got to put inflation in there. That’s something that you’ve got to make sure that you’re working on. You’ve got to look at all those little extra pieces that come in there. And that’s why getting together with a good team to build to that good strategy is going to be helpful.

Nick: Yeah. One of the ways that will … It’s become pretty popular and in the more in-depth retirement classes that we do teach, the six hour classes that we do at the local community colleges, refer to it as a bucket strategy, which a lot of people are familiar with. It’s in a general sense. So the way that they’ll identify with it is, we essentially say to them that, “We’re going to task your money with different jobs.” There’s going to be a short term, mid term, a longterm. Those short term money is where we don’t want to take the risk but that longterm money is the money that we want you to kind of think and remind yourself that we’ve got this 2030 year plan for you. And if you look in reverse in how you invested your money 20 or 30 years ago, this longterm money needs to be invested in the same sort of way. Focused on longterm growth to help make up for the money that you’re going to spend in those shorter time periods.

Nick: And we found that people definitely relate to that. They understand that and when they think about it from the standpoint of, instead of them working their money, that bucket of money is working longterm for them. People have been able to grasp that pretty well.

Mark: I got you. Yeah, because we’re talking definitely longterm. I mean obviously the number one fear is people running out of money before they run out of life. And just to veer off for a quick second. Do you happen to know who the oldest, not the … No. But you take a guess at the age of the oldest person in the world right now. Either one of you.

John: [inaudible 00:07:50] seven.

Mark: What’d you say? One oh seven?

Nick: Yeah, I’d probably go like one 15.

Mark: Yeah, Nick, you’re the winner. Actually you’re closer. It’s actually Mr. Tanaka, he’s 116 years old. 116, can you imagine that? So I know that’s like totally not the norm, it’s the exception to the rule. But we’re getting there more and more where when you guys are doing this, kind of to Nick’s point a minute ago, you got to plan this stuff out a much longer to have these income streams past 80 or 85. You’ve got to be pushing this into the nineties a lot of times or maybe even a hundred, right?

Nick: Yeah. When we plan, we always start off our plans planning to age 100. And we used to get heckled quite a bit from potential clients and existing clients about that strategy. But actually, because a lot of people that we work with come through our class, they see the importance of planning for longevity. And I would say probably in the last 18 months we’ve actually had people asking us, more than one, asking us to plan past a hundred. So I think that sentiment is actually starting to kind of permeate people’s thinking and if they have longevity in their family, people have started to focus a little bit more on that. And making sure that they’re focusing on being able to kind of stave off inflation and plan for longterm.

Mark: Yeah, I just, I don’t know if I’d want to be a 116. either one of you guys?

John: I’m going to say no to that depending on what technology brings at that point.

Mark: Right. I guess that’s true. Yeah.

John: As of now, no.

Mark: What about you, Nick?

Nick: I’d have to ask Mr. Tanaka what it’s like.

Mark: That’s probably a good idea. I don’t know, man. I just, I couldn’t imagine it. But yeah, I mean that’s going to become more than norm the more technology continues to go.

Mark: So yep, well really good conversation here with the guys talking about the fact that you you’ve got to create a paycheck for retirement and you got to make sure that that nest egg is going to [inaudible 00:09:38]. So we covered a couple of cool things to think about. The cash reserve, the two years, the bucket strategy, the dividends, keeping the principle, income floor, all these kinds of things we touched on. So if you have some questions, if you have some concerns, you have some thoughts about it, make sure you reach out to the guys, give them a call. If you’re interested in some of that wellness classes and lunch and learns, give them a call. Reach out to them at eight, one, three, two, eight, six, 77, seven, six. That’s eight, one, three, two, eight, six, seven, seven, seven, six to talk with John and Nick, financial advisors at PFG Private Wealth, serving you in the Tampa Bay area, here from their office as well as in Tampa Bay. And pfgprivatewealth.com is where you can find them online. That is pfgprivatewealth.com.

Mark: Guys, anything else you want to touch on this week before we go or shall we wrap it up until next time?

John: I think we’re good.Till I think we’re good.

Mark: All right, well with that I’ll say thanks for tuning into the podcast. You’ve been listening to Retirement Planning – Redefined for John and Nick. I’m Mark. We’ll catch you next time you’re on the program.

Ep 3: Why The Role Of Your Financial Advisor Isn’t What It Used To Be

On This Episode

As the financial industry has changed, the role of the financial advisor has also changed in order to fit the needs of today’s retirees and pre-retirees. So let’s talk about some of the crucial elements that your advisor should be providing you with in a retirement plan, as well as how you can spot an advisor that may not have your best interests in mind.

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Disclaimer:

Here is a transcript of today’s episode:

Marc Killian: Hey everybody, welcome in to another podcast edition of Retirement Planning Redefined, with financial advisors John Teixeira and Nick McDevitt of PFG Private Wealth, an independent RIA serving you in the Tampa Bay area. Their office there is in Tampa Bay. If you want to get on the counter and come in for a consultation or a conversation, or you know someone who needs a little help, give them a jingle at 8132867776, that’s 8132867776 to give them a call and always, you can check us out online, check out the team and there’s some good tools, tips, and resources to be found at PFGPrivateWealth.com, that is PFGPrivateWealth.com. You’ll be able to click on podcast and also subscribe to the program, catch past episodes, and future episodes as we continue to put these out. Hopefully you’ll extract a useful nugget or two of information to help you along your retirement journey. PFGPrivateWealth.com.

Marc Killian: And guys, welcome in this week. Thanks for being here, I hope you’re doing well.

Nick McDevitt: Doing well. And how are you doing, Marc?

Marc Killian: I’m doing very well, thanks I appreciate you asking me that. John, how are you, buddy?

John Teixeira: I’m great, how are you?

Marc Killian: Doing pretty good. How’s the weather been here lately? It’s been pretty hot in my neck of the woods. You guys are starting to roast a little bit, or at least it’s coming anyway, right?

John Teixeira: It came.

Nick McDevitt: You know, it’s actually pretty nice and then all of a sudden the next day it’s like mid-90s.

Marc Killian: Just bam, huh? Out of the blue? Well that’s Florida, right? And as they say, if you don’t like the weather wait five minutes, it’ll change.

Nick McDevitt: Winter’s not coming here right now

Marc Killian: Yeah, winter’s not coming. That’s right. A little Game of Thrones thing there, uh-oh. So let me ask you guys a question this week if you caught our previous podcast last week folks you know we talked a little bit about industry overview, just, I guess, how things have changed in the last decade. I kinda threw this bull market we’ve been on, honestly it’s been a lot going on the last ten years so we’ve teased up the fact that we were gonna talk about how the financial advisor’s role itself has changed. So let’s kick it off and talk about that. Over the last decade what have you guys seen that’s changed for your specific role as financial advisors?

Nick McDevitt: Yeah, so, in the classes that we teach, one of the things that we talk about quite a bit are that seeing that the majority of the clients, and the majority of the people that come through our class, are kinda that and that, 50-55 years and up range. Many of them have, at one time in their life, maybe earlier on but maybe still, have worked for an employer where there was a pension plan or maybe a significant benefit packages, and their lives are very closely, have been very closely touched by one company’s head pensions for everybody and one really employer took on the major amount of risk from the standpoint of a person having a respectable retirement. So, [inaudible 00:02:43] transition from the worker having a pension plan, having really good benefits, to them becoming more responsible for their retirement.

Nick McDevitt: So that’s kinda driven the changes as an advisor where maybe before, the advisor really only had to worry about managing the investments, where now it’s much more planning and strategy focused. And really it’s trying to take all of these different decisions that have to be made like maybe it’s a couple situation, one of them has a pension, they’re both in the social security system, they haven’t paid off the house yet, they’re trying to determine, “Do I pay off the house? Do I save? What age should we retire? Shall we both take social security at the same time or should one of us wait? What sort of options should we take on our pension plan?” And so it’s taking all these different decisions and putting them together, and then making sure that the risk that they’re taking with their investments lines up properly with what they’re actually comfortable taking as they approach retirement.

Nick McDevitt: That transition of what we’ll kind of talk about as accumulation, where they go to work, they save money into their retirement plan, and now, all of a sudden, they’re starting to realize that, “Hey, I need this money to start to generate income for me. How do we work through that transition and how do we give ourselves, how do we empower ourselves with the information that we need to make the right decisions, and also feel comfortable so that we don’t derail that plan if, let’s say there’s a pull back in the market or something like that.”

Marc Killian: I gotcha. Okay, so, if we’re gonna talk about some of these variances when it comes to how these roles have changed, let’s talk a little about advice and planning versus investment management.

Nick McDevitt: Sure, so it’s always an interesting kind of experience as we will go through and teach these classes where just like any sort of situation you have certain people that are very comfortable asking questions that are particular to them, and other people are quiet. So, we’ll have people that will raise their hand and will say to us, “Oh, I’m going to retire in two years, and I’m a teacher, and I’m gonna have my pension. And how much should I take out of my retirement account?” And John and I kinda typically joke with them, and we just oftentimes say, “It may be frustrating for you to hear it, but what you’re gonna hear from us a lot is it depends.” And that’s where we really try to shift people into having that mindset of building that plan and trying to walk through the decisions that they’re trying to make in the basis of a plan, and then that plan then dictating how they manage their investments. And even if they’re gonna have us managing investments or they’re gonna manage them themselves, they need to have a broad based plan and we want the risk that they’re gonna take in the investments to be dictated by the overall plan.

Nick McDevitt: We’ll oftentimes make a joke that, “I’m sure that your mailman, or your plumber, or your electrician, or your cousin, or your brother have great advice for you but their situation is different than yours. And they may have a much higher ability to handle risk, they might have a pension, they may not have kids that they want to leave money to, they may have a house that’s paid off. And so everybody’s situation is different and how they develop their investment strategy should be based upon that plan first. Where, in the past, most people have just said, “Hey, I wanna achieve some arbitrary sort of way to return their investments.” And there’s no rationale or rhyme or reason behind how they’re doing that.

Marc Killian: You’re listening to Retirement Plan Redefined podcast with John and Nick from PFG Private Wealth. And so John let me get you in on this conversation a little bit. Let’s talk a little bit about focus on the strategy and broad based planning and how that’s changed over the last few years.

John Teixeira: Yeah, so, most people that we meet with we like to call if they have the financial junk drawer.

Marc Killian: Right. [crosstalk 00:06:46]

John Teixeira: It’s kinda going through work and they’re really just purchasing financial vehicles and there’s really no rhyme or reason to it. So we make sure that whenever we meet with someone or we’re going through the classes, that we really focus on A) establish what your goals are, let’s put a strategy in place to hit those goals; and then second, is really then let’s put the investments in the products that are appropriate to make sure that you do [inaudible 00:07:10] those goals versus vice-versa where a lot of people will just end up, “Hey, let me get all these things.”

Marc Killian: Right.

John Teixeira: And then really no strategy to make it happen. The negative to that, or what could be bad is that you back yourself into a corner where you can’t adjust. So it’s important, when you’re doing the plan, as Nick mentioned, the plan really dictates how you should be investing your money, what type of rate of return should you shoot for. So example, we’ve seen some people where their plan looks good and they’re investing very aggressive, shooting for 9%, and in reality they can hit all their goals with a 4-5% expectation in the portfolio. And what that does is if your plan works at 4-5%, why take the risk of 8-9%? [crosstalk 00:07:51] We really want our clients to be able to sleep at night. So that’s kinda part of focusing on the strategy, which ultimately will let you focus on what investments in your strategy to go into.

Marc Killian: Yeah, and I think that makes a lot of sense. Especially when you’re talking about time horizon because as you’re aging and getting close to retirement, if you don’t need to reach for those higher return rates, I mean I get it, everybody wants to make as much as they can make but why take the risk? Especially as you’re getting closer if you don’t need to.

Nick McDevitt: Yeah and where planning can actually help with that is, so let’s say for example, because people tend to think about all of their money in one pot, so there will be times where we’ll have conversations, and sometimes it’ll be referred to as bucket strategy or something like that, and so while we’re having our conversation we’ll say, “How about we carve out, let’s say, 10% of the overall nest egg and that 10% we can invest for a long term growth and that’s gonna have a little bit more ups and downs, but that’s gonna replace the money you’re gonna spend in the meantime.” So that lets them get that kind of exposure that they may want just on a smaller scale. And it makes the whole transition a lot smoother for them.

Marc Killian: Okay. Well I think we’ll finish up this week’s podcast, we talked about some of the financial advisor role changes here. And a lot of times, guys, people just are a little overwhelmed, as we touched on. There’s the kind of wondering, well this person has this designation, and that designation. All the little stuff that goes on your business card, right? And so it can get a little overwhelming. So John, is there some things we can do when we’re doing a little research, when we’re looking at people we want to talk to, maybe sit down with, some ways we can kind of do our own homework on if it’s maybe the right fit or not?

John Teixeira: Yeah, so we always recommend that if you’re interviewing or looking at advisors, you wanna do a broker or adviser look up. So you can look at Finnvera.org, you can look up, put in their last name, their location, and you can do a broker check and then also the SEC advisor website has an advisor lookup that you can do. And what that will tell you is where have they worked? So you can kinda see how long they’ve been in the industry, where they’ve been, and more importantly are there any complaints or any issues with that advisor.

John Teixeira: So we like to tell stories, and Nick and I had a meeting with someone and something wasn’t right. It was an initial consult to really get to know who we’re sitting with. We could tell that something was off, and Nick likes to google quite a bit, so he went on there and pulled up the advisor’s history and there was a lot of complaints and there were actually, Nick, jump in if I miss something, they were actually kicked out of the industry. So it raised a lot of red flags, had those people looked him up prior they would have saw that and maybe not backed themselves into a corner kinda going back to just focusing on what we were talking about, just focusing on products versus strategy. It’s just important to really know who you’re dealing with.

Nick McDevitt: And more specifically, when you do that lookup you can see what sort of license they have, and that license will tell you what kind of role that they can have as far as, are they able to provide advice or are they simply a broker where they’re just selling products? And so as John mentioned, you can see if there’s been suspensions, you can see if there’s been complaints, you can see if they’ve had to settle financially, if they’ve had to pay out money to maybe a past client that’s complained about them.

Nick McDevitt: And it will also will show if they’ve had any personal financial issues. So a lot of people, especially back through kind of the 0809, one of the things that popped up that we’d have questions on from people where they or their advisor had gone through some sort of bankruptcy or something like that. And that doesn’t necessarily mean that that person’s no longer a good person or they’re not trying to do what’s best for the client.

Nick McDevitt: But, they way that we approach it and they way that we think about it is that it’s important for people to arm themselves with as much information as possible to help them make smart decisions. So being able to look up that information, seeing what kind of licenses they have, see if there’s been any complaints, see if they’ve been at a different firm, if they’ve been at five different firms for one year at a time then that’s usually a red flag [crosstalk 00:12:01] that’s something they should be asking questions about. Again, it’s just one of those things where it’s good to know things like that.

John Teixeira: Yeah [crosstalk 00:12:09] sorry, so one thing I do wanna mention on this and I kinda feel passionate about, so I do wanna jump in on it. We’ve run into some people where they thought they were working with an advisor that, let’s say, had all the licenses, but they were only insurance license. So basically, what I mean by that is, they can only sell certain insurance products so, specifically, certain types of life insurance and annuities. And basically, what they did with this one person I was working with is they just jammed him into all annuities and life insurance because they couldn’t sell anything else or offer advice for anything else. So important where you are looking up someone, make sure that they can offer you everything that comes into the financial planning world.

Marc Killian: Yeah, and I think, when you’re doing your homework, folks, do a little bit of research again, it’s one of those situations where it’s your money, it’s your retirement obviously you need to care about it more than the person you’re hiring. But you wanna hire someone who is gonna have your best interests at heart. Which is we talked about that last week as the fiduciary versus the suitability. But do a little homework, check some things out. The guys gave you some good places to consider to take a look when you’re kinda checking someone out. And because we all are gonna have that gut feeling as well. So when you sit down and talk with someone, you’re gonna also be able to decide if they give you the warm fuzzies, so to speak. So do a little bit of homework, sitting down and checking out some different people, certainly a good way to go when you’re trying to find that right advisor to build that relationship with.

Marc Killian: And if you’d like to come in and talk with John and Nick, and have that conversation with them, feel free to do so. Give them a call at 8132867776, again 8132867776. They do classes throughout the year as well, there’s more information you can find on that at the website PFGPrivateWealth.com. You can learn about when those are gonna take place, and how to get involved, and all that good kind of stuff. And while you’re there make sure you subscribe to the podcast on iTunes, Google Play, and whatnot.

Marc Killian: And, John, Nick, thanks for your time here on Retirement Planning Redefined. I hope you guys have a great week or two, and I’ll see you the next time we do one of these.

Nick McDevitt: Thanks, Marc.

John Teixeira: Alright, thanks. Have a good one.

Marc Killian: Take care of yourself and enjoy yourself, and have yourself a fantastic day, and we’ll see you next time here on Retirement Planning Redefined, with John Teixeira and Nick McDevitt of PFG Private Wealth an independent RIA. We’ll talk to you next time, bye bye.

Ep 1: Getting To Know Your Hosts – John Teixeira and Nick McDevitt

On This Episode

On this inaugural episode of the Retirement Planning Redefined podcast, we’ll get to know your hosts a bit better. We’ll find out how they got involved in the industry, how their partnership formed, and what experiences have shaped their financial and investment philosophies.

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Disclaimer:

Here is a transcript of today’s episode:

Marc Killian: The rules of retirement have changed. No longer can most of us rely on social security, or a single pension to fund our futures. We’re living longer in retirement, doesn’t just last a handful of years anymore. Instead, you might stay retired for 20 or 30 years and maybe even more. We need to look at retirement through a new lens, with fresh eyes, with a new approach and plan of attack. Here to answer the call are our financial advisers, John Teixeira and Nick McDevitt of PFG Private Wealth Management serving youth throughout the Tampa Bay area. This podcast is retirement planning redefined and it starts right now.

Marc Killian: Hello and welcome into retirement planning redefined. Thank you for tuning into our podcast with financial advisers from PFG Private Wealth, an independent IRA. Joining us here is Nick McDevitt as well as John Teixeira. We’re going to be talking about the role of investing, finance and retirement, and they’re serving you here in the Tampa Bay area. Make sure you go to the website pfgprivatewealth.com, that’s pfgprivatewealth.com. John, Nick, guys, welcome into the kickoff podcast. How are you?

John Teixeira: I’m good. How are you doing?

Marc Killian: I’m doing very well and Nick, how are you?

Nick McDevitt: Doing well also.

Marc Killian: Very good. How’s the weather going in Tampa right now?

John Teixeira: It’s raining quite a bit, more than usual, we usually get about 10 minutes, 15 minutes span. It’s been going all day.

Marc Killian: Oh yeah. Well that’s Florida for you, right?

John Teixeira: Yes, it’s true.

Marc Killian: Now see that through the power of the Internet I don’t have to actually be in Florida to do a show with you guys. I’m actually in North Carolina, we’re usually are kind of the same way. Just wait five minutes and the weather will change if you don’t like it, same kind of thing in Florida. Got a lot of friends and family down there, so I’m used to that as well. But that’s not what we’re going to talk about here today on the podcast is the weather. Just trying to kick things off a little bit. But what I wanted to do on our first episode is just to kind of get to know you guys a little bit and get some information out there. So as we start archiving more and more podcasts and folks are finding us, whether it’s on iTunes, or Google Play, or iHeart, or Stitcher, or whatever your podcasting platform of choices, they can kind of go back and get to know you guys a little bit as well through this.

Marc Killian: So I’ve got a couple of basic questions for this initial a show just to kind of get to know you guys and I’m going to toss these out. Just feel free to… whoever wants to tackle this. But first question is, well, how did you get into doing what it is that you do?

Nick McDevitt: This is Nick. I’ve been an advisor now since 2007, Fall of 2007, and it was something that I was always interested in kind of in high school and then throughout college, but after moving down to Florida in 2003 and starting off in a different industry and more of a sales capacity, I kind of came full circle and decided to move into the profession.

Marc Killian: And what about you John?

John Teixeira: Yeah. I moved down to Florida, Tampa area from Boston in 2006. I graduated in 2005 and just really actually wanted to understand how money works. I started reading some books on financing and banking and then just started diving more into the stocks, actually more of a learning thing and then I was wanting to kind of help people, so really as I started learning more about finances, figured this would be a good avenue to kind of do both.

Marc Killian: I got to know, you said when you moved down to Florida, where are you from originally?

John Teixeira: I’m from Boston, Massachusetts.

Marc Killian: Okay, no accent at all, so you’ve definitely long since shed that, so that’s pretty good.

John Teixeira: I did.

Marc Killian: Yeah.

Nick McDevitt: And Nick from Upstate New York-

Marc Killian: I was just getting ready to ask because I was going to say, Nick are you a Floridian by default there or no? But I guess not so.

Nick McDevitt: No, Rochester, New York moved to Tampa Bay in 2003.

Marc Killian: Now did you guys… well, I guess I’ll just move around there and all my list of questions there and I will just kind of keep this little more conversational. How did you guys get to working together then?

John Teixeira: A good question. I joined MassMutual in 2006 and then Nick joined in 2007, right Nick?

Nick McDevitt: Yeah, the fall of 2007.

John Teixeira: From there just kind of in the same training, became friends and just kind of really stayed in touch. I had left MassMutual in 2009, 2010 and Nick was still there and in 2016 we actually teamed up. We’ve been friends for over a decade. It’s been a good friendship and good working relationship as well.

Marc Killian: Very cool, well, that always helps. So you guys met through there and decided to kind of branch out. So when you set up this partnership working together, what’s kind of the each other favorite part? Is that the same favorite part? Do you kind of both tend to do different avenues of the Retirement Financial Planning side of things? Or how do you guys go?

Nick McDevitt: I think the good part or a strength of ours is that we are both pretty well rounded. I would say John’s a little bit more analytical than I am, but we’re both pretty well rounded so we’re able to pick up the slack for each other if one of us is out of town or John’s having babies like he has been over the last few years or able to kind of pick up the slack and adapt and adjust whenever the other person kind of needs a pickup. It’s not that our duties are totally segmented, where it’s more complimentary and we’re able to work together pretty well, which is what’s made it work for us.

Marc Killian: That’s very cool. So John, aside from having babies and Kudos to you for that, what kind of is your favorite part of what you do?

Nick McDevitt: Really it’s just working and helping people. We meet a lot of people and I’d say, after we’re done kind of building a plan and putting a strategy in place, people leave with peace of mind of that they’re on the right track and once we hit that goal for each client, it’s fulfilling. I really enjoy, every day’s a little different and we do get to meet a lot of different personalities and the clients end up becoming friends so I enjoy that part.

Marc Killian: Yeah. I host a lot of podcasts and radio shows on the topics across the country and a lot of times we do get that response from people is that, it’s definitely different all the time, you see so many… I think we all share commonalities when we’re talking about finances and retirement planning. There’s definitely generalities that go into it, but at the same time everyone is so uniquely different that it winds up branching off pretty quickly and then of course you get the different personality types and all those kinds of things in there. That works out really well to kind of keep your day interesting, I’m sure. Kind of get back into this partnership here a little bit. So you guys org… either one of you guys is numbers junkie because I think for a lot of us that listen to these types of podcasts and types of shows, maybe Math isn’t always our strong suit and so we kind of assume that a financial advisor is really into numbers and so either one of you guys that way or is it really more the love of trying to help people?

Nick McDevitt: I think that it’s a little bit of combination of both. This is nick. For me, there’s… I’ve always had a strength in the Maths space but what’s interesting about our field is that from what we have found, and I don’t know if it just happens to be how most of our clients come to us, but our ability to communicate with them and not talk, are not used to much jargon and be able to help them. Yeah, see the big picture and then work with them, you with different tools and with kind of the planning process that we use, to then slowly start to bring it down to a common denominator is what’s made people feel more comfortable. And so that’s part of why we’re looking forward to doing this podcast is to provide them with additional tools to help them to continually learn, almost like a continuing education sort of program for them.

Marc Killian: No, I think that’s a good way of looking at it because I… and I think a lot of people, and that’s kind of why I phrased it that way, do tend to… because you guys see the biggest thing that comes with people coming in and talk with a financial advisor’s procrastination, right? A lot of times they’re like, well, I don’t know, I guess I could do it myself, or that’s not my thing, or I don’t like talking about my money, or whatever the case is. And so people tend to get a little hung up there. But I think when you’re working with somebody who can talk to you and make it relatable and make it to where you’re comfortable with it, that goes a long way in helping you feel better and understand your plan and enjoy your plan. Would you agree with that, John?

John Teixeira: Yeah. Most people I think just want to know how things work and just want to make sure that you’re really just advising best for them.

Marc Killian: Yeah, I would agree. Alright, so let me turn the attention that we kind of talked about you guys and the and the partnership a little bit, how that kind of formed in your own personal things, but let’s talk a little bit about the firm. So what kind of makes PFG Private Wealth a little different than the rest?

Nick McDevitt: So we are what’s called a… we’re an independent firm so we’re an SEC registered investment advisor firm. There is a team of about six advisors and then we have some staff members, and the firm itself has been around for… really just the original founder of the firm just hit his 50th year anniversary actually a couple of weeks ago. And so the firm’s really kind of transformed over the years and continually updated and adapted to try to be in the forefront of what’s going on in the industry. And so there’s always been a focus on an advice-driven practice, whether it’s been through strategic business with… there’s a good strength on the insurance side, executive level, sort of insurance planning. Then over the years that transformed into more of the investments as Jeff Perry, who’s the portfolio manager, became more involved in the practice.

Nick McDevitt: Over the last probably five or 10 years, it’s really shifted more towards the advice side so the actual fee-based financial planning and independent investment management internally. We’re clearing custody with TD Ameritrade, so everything there is third party. And that’s something that we always try to emphasize with the people that we’re working with or the people that are coming in to talk with us is that from a conflict of interest standpoint and from a fiduciary standpoint, we do believe in having that basis, and that’s really how we’re structured.

John Teixeira: Yeah. What the practice… one thing I think that separates our business model here is that we do work as a team. So Nick and I really focus on the planning end of things. If there’s something where we need some assistance, whether it’s asset management, we have specific guys that strictly do asset management, Bob Perry, which is the founder of 50 years focused on the state planning so he’s a great resource and someone to talked to for that. It’s a collaborative effort, we all work well with one another and we enjoy working with each other too, so I think that adds to it. Being independent, which nick mentioned, no proprietary products, which is very important nowadays so there’s no one telling us, hey, this is… you have to use this fund, you have to use this product. It’s really geared towards our client and what’s best for them.

John Teixeira: Yeah. I always kind of enjoy talking to the folks that do a lot of the independent advising. Sometimes when you think about the big box thing, I sometimes make the analogy of Walmart and sweaters and it’s like a certain time of the year they get the sweaters out even now you’re thinking, why a sweaters out right now, it’s summertime, right? But they’re trying to push him for the roll up or vice versa when the season’s over, and they’re just trying to get rid of them, and they try to jam everybody, I you should buy one of these, or whatever the case is. Same kind of deal sometimes when you’re working with those big box cookie cutter things where they want to jam everybody into the same whatever vehicle it is because that’s the hot topic that they want to get pushed that month.

John Teixeira: A lot of times when you’re working with an independent advisor, you do get, I think a little bit more holistic, if that’s a good word, kind of view of everything. That works pretty well.

Marc Killian: Alright. Nick, you kind of touched on this. I’m going to let you… I’m going to ask one more question here and then we’re just to be about out of time for our first podcast but you kind of touched a little bit on the podcast. I was going to say, why are you guys looking at doing a podcast? What’s kind of the overall theme that you’re wanting to carry out through this?

Nick McDevitt: Sure. What we found is that because most of our clients come to us through the classes that we teach. The classes are typically over two weeks and it’s two sessions, three hours per session. We cover a broad base of topics and don’t really have a ton of time to get in depth on them and when those people that decide to work with us after the class, they go through our planning process, it is fairly intensive and so we want to help and we want to have this podcast allow them to be able to touch on and remind themselves about certain things.

Nick McDevitt: An example of one of the things that we found is, maybe a husband and a wife come to the class, Maybe they’re 60 years old and they come to the class, about to focus on themselves, but during the class we mention a couple of things about experiences that we’ve had working with clients whose parents are becoming ill and starting to go through, and mistakes that they make from the standpoint of what their parents do with their money, and it’s an additional problem, it’s an additional phase that they’re going to enter into, and it would be great for them to be able to listen to things in a convenient manner, be able to increase their level of knowledge a little bit so that then they can come in and sit down with us and chat with us, and they’ll feel more empowered by having a higher degree of knowledge on different topics and subjects. That’s really how we’re… what we’re focusing on is trying to give people an opportunity to increase their level of knowledge and be able to feel more comfortable having those sorts of conversations with us.

Marc Killian: I got you. Well, that makes a lot of sense. Actually I guess I do have a quick follow up and then I’ll let you guys get back into your day. So, John, with the class just kind of give us a quick overview. Nick touched on it a little bit of it, but this is something you guys offer a pretty periodically throughout the year and is it pretty easy for folks to get involved if they do want to choose so?

John Teixeira: Yeah, so we offer it twice a year, Spring time usually falls right around January to March. Then we offer it in the Fall starting around late September, October. Most people hear about it, read about it through our mailers. And then also we have a lot of clients that will refer colleagues to the class and then also coworkers. Hey, I want… we hear all the time, “Hey, I passed your invitation on along to a couple of friends of mine. Is that okay?” And we always say, yeah, so what we’ll do is we’ll follow up, send them a link so they can register and register for their friends as well.

Marc Killian: Okay, well, you can always tell the difference depending on obviously a lot of our listeners are going to wind up being in this area anyway, but I love the fact you’re like springtime January to March, and it’s like, I used to live in Michigan and there is no say I used to live in Boston. There is no spring in January. It’s just known gold. Right?

John Teixeira: It is. Yeah. The nice thing about being in Florida, especially in the winter time, it doesn’t get dark at 3:30.

Marc Killian: Yeah. Right? Yeah. My first year in North Carolina, when I moved from Michigan, Christmas time, it was 65 degrees on Christmas day and I was playing basketball. I was, yeah, alright, I can deal with this. It was much better shot than my friends back in Michigan. Go ahead now.

Nick McDevitt: Now I was just saying that’s similar experience after moving down from Rochester, which is very similar to weather in Michigan. You adjust quickly.

Marc Killian: Yeah, you can enjoy that sunshine a little bit more. Well, there you go so that’s our first podcast. Just kind of getting to know the team a little bit @pfgprivatewealth. Well the.com is where you can find them. That’s not the name of the company is PFG Private Wealth, but if you want to check them out online go to pfgprivate wealth.com. They are an independent RIA as nick mentioned, and of course I was talking with John Teixeira and Nick McDevitt and the guys are going to be on with me from time to time. We’re going to talk about various things. We’re going to do a lot of different stuff on the show. We’ll talk about some of the things you might hear in the class. I’ll have some fun, interesting topics, kind of some oddball things all through with the guys from time to time. You can send an email questions that will cover, some news topics, lots of different things as it relates to finance, investing, retirement and all that good stuff.

Marc Killian: As always, if you have questions or concerns, make sure that you reach out before you ever take any action. You always want to talk to a professional and John and nick are available if you need to reach out to them at 813-286-7776, that’s 813-286-7776 and just share that with friends or family that you know might have a situation as well. And of course, when you’re on the website, don’t forget to click on the podcast that’ll be coming soon and you’ll be able to click on subscribe, whether it’s iTunes or Google Play or whatever your platform is.

Marc Killian: Alright, so we’ll catch you guys next time here on retirement planning redefined with John and Nick, financial advisors at PFG Private wealth. We’ll talk to you next time. Bye.

Jeff Perry Earns the Certified Investment Management Analyst® (CIMA®) Designation

We are excited to announce that Jeff Perry recently obtained the Certified Investment Management Analyst^® (CIMA^®) designation. The CIMA® designation is delivered by Investments and Wealth Institute^TM (Institute) and taught in conjunction with the Yale School of Management.

Certified Investment Management Analyst^® (CIMA^®) certification is the peak international, technical portfolio construction program for investment consultants, analysts, financial advisors and wealth management professionals. The CIMA^® program is distinctive as one of only a few global certifications in financial services to meet international accreditation and quality standards (ANSI/ISO 17024) for personnel certification programs.

The CIMA^® certification identifies individuals who have met extensive experience and ethical requirements and successfully completed advanced investment management consulting coursework provided through one of three top-20 business schools in the United States: The University of Chicago Booth School of Business, The Wharton School at the University of Pennsylvania, or the Yale School of Management. CIMA^® professionals must pass a qualification and certification exam covering a wide range of in-depth investment topics. Additionally, those who earn the certification must agree to meet ongoing continuing education requirements and adhere to the Institute’s Code of Professional Responsibility.

CIMA^® advisors have completed a rigorous process and have demonstrated knowledge and competency in a variety of investment management and portfolio construction topics. The CIMA^® advisor learns sophisticated, technical investment concepts and how to apply them for individual and institutional clients. Fewer than four out of 10 candidates who start the program successfully pass all requirements to earn the certification.