We get the question quite a lot about whether someone needs a financial advisor so Dan Cuprill shares a real-life example of a couple he worked with to provide a case study for how the process plays out. We’ll call them the Parkers, and we’ll walk through their first meeting, goals, needs, and how we decided they were a fit for an advisor.
(Click the featured times below to jump forward in the episode)
For many people, deciding whether or not a financial advisor makes sense is a question that often gets asked. Many factors are taken into consideration before you decide one way or another, but how comfortable do you ultimately feel about an advisor.
If this topic has weighed on you at all, this episode of Solving the Financial Puzzle is worth your time. Dan Cuprill looks back on a real client to provide a case study on what goes into deciding whether you need an advisor and what Matson and Cuprill look for in a new client.
For this story, we’ll call the couple involved the Parkers. This husband and wife came to Cuprill as they were nearing retirement with some concerns about their income and lifestyle, but they also had a few issues they needed to sort out with family. Find out how the process unfolded from the first meeting, what questions were asked, what goals were revealed, the issues facing the family, and why they eventually became clients.
Sorting out a plan is only part of the retirement strategy. Sticking to that plan is where it gets challenging and you’ll learn in this episode that this is where an advisor can become a huge ally.
Listen to this episode to hear the entire story and use the timestamps below to skip ahead to specific segments of the podcast.
[0:50] – Why it’s so important to have a plan and why we’re talking about that on this episode.
[3:03] – Why I don’t off my advisor services to everyone.
[3:55] – Are you prepared to stick to the plan through the ups and downs?
[4:54] – Let’s take you through a case study using actual clients. We’ll call them the Parkers.
[5:23] – Who are the Parkers?
[7:46] – This is the question I start off by asking every potential client that comes into the office and what I found out about the Parkers.
[10:05] – There was fear from the Parkers despite having a sizeable net worth.
[11:04] – Here’s where a good financial comes in to play.
[11:50] – Here are their goals for retirement but they had an issue with their children.
[15:14] – Another big issue is they have family in a nursing home with Alzheimer’s and they don’t want to burden their children with that.
[17:06] – Another interesting thing that came up in our discussion was the use of annuities and whether they should utilize them.
[21:38] – If a client is just about the numbers, we’re not the firm for them. Those are irrational expectations.
[22:51] – The Parkers were seeking peace of mind and a sense of freedom. That’s who can benefit from holistic planning.
[24:03] – This is where your plan needs to focus.
[25:45] – We had a design meeting with the Parkers to let them decide if their current plan met their needs. Once that was done, we then wrote the plan.
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