1. Doesn’t understand the client’s goals and objectives – The first question we ask clients is, “What do you want retirement to be like?” We discuss with you the eight most common concerns that retirees have. Then we work with you to build a Secure Future Plan to address your concerns.
2. Failure to communicate – Our Secure Future Plan process is built around communication. We have a three-step process:
- We meet virtually and talk through your vision
- We create a custom plan based on your goals.
- We implement the plan, and I keep you updated every step of the way.
3. Financial planning is just about selling products – The Secure Future Plan is a consultation service. It is not a financial product. Accomplishing your goals may involve financial products. But we do not sell investment products. Some insurance products are sold by our representative. You may or may not need insurance products. You are under no obligation to purchase any insurance product from our representative. If you do need insurance products, you can purchase the plan and acquire the products wherever you like.
4. Just charges commissions – Richards Financial Planning, LLC provides financial and investment advice. There are three ways that we charge for our services; an hourly fee, project-based fees, or an investment management fee. Van Richards is also a licensed insurance agent and may offer insurance services and products. Some of those insurance products may pay Mr. Richards a commission. The financial planning services and investment management services from Richards Financial Planning, LLC stand alone on their own merit. Clients are under no obligation to purchase insurance products from Mr. Richards. If a client’s financial plan includes insurance products, they are free to acquire the insurance products from any source they prefer. For more on the three ways we charge fees, click here.
5. Lack of an accredited designation – Van Richards is the managing member of Richards Financial Planning, LLC. He has over thirty years of experience in the financial services business. Mr. Richards was licensed as a securities broker with FINRA for 25 years. But he no longer maintains that license to buy and sell securities. Plus, he has no intention to reinstate the license. Mr. Richards does hold the designation of Chartered Financial Consultant® awarded from the esteemed American College of Financial Services.
6. Promising Unreasonable Returns – The Secure Future Plan can be designed in two different ways. First is a probability-based design. Second is the safety-first approach. The probability-based design is primarily be based on investments that have varying degrees of risk of principal. For the probability-based approach, we do not predict an expected return. We give you a possible range of returns and a projected probability of success. The probability of success is based on thousands of simulations derived from historical returns. Although the return on an investment is not guaranteed. There is a probability of loss of principal. For the safety-first approach, we will primarily use guaranteed products such as bonds or annuities. If a guaranteed product is used, the returns are clearly stated. Plus, we discuss the quality of the guarantee. We also research guaranteed product’s financial rating from companies such as Moody’s Investor Services or Standard and Poors. Our firm and its representatives are not responsible for the guarantees of any financial products that a client may purchase. The client bears the risk of loss of principle in all investments and insurance products.
Our Secure Future Plan service can help you overcome the anxiety of retiring and have a happy retirement.
If you’d like to learn more, click below to schedule a fifteen-minute conversation. We can discuss your questions and see if a get-to-know each other meeting would be appropriate.