It is a given that a financial advisor must not only understand numerous aspects of financial and estate planning, to name a few, but he/she must also develop a detailed understanding of how each of the insurance and/or investment products’ features and benefits are designed to work in order to address client problems.
A “general” knowledge of how a specific financial product or investment strategy works isn’t sufficient if you are going to address and resolve complex financial challenges as the financial services profession is a blend of both art & science as every client situation (while familiar) is unique.
“Most importantly, a financial advisor should never dismiss an entire class of investment tools (or product line) merely because these financial products may not be available through his/her firm.”
If you are working with an RIA-only firm they are limiting their product offering and this may imply that either your current investment firm will not be able to resolve all of your financial issues or they knowingly only promote their own investment strategies and are merely looking for clients that fit into their particular investment offering.
At BFF Financial we look for creative ways to address the financial challenges that our clients face. One such solution we refer to as an Engineered Retirement Income Plan™ or ERIP™ for short. What is ERIP™? Quite simply... it's a way to "catch up" on your retirement savings in a more safe manner where you can achieve market-like returns without risk of loss of your principal or earnings, have access to your money if needed, but most importantly receive a tax-free income during your retirement.
This is NOT a Roth IRA strategy although some in the financial media have referred to this as a "supercharged" Roth. But like having the Roth IRA's tax-free income, so too does an ERIP™ investment allow you to "catch up" if you find yourself with less in retirement savings than you had intended.
Click here or use the button below to read more about our Engineered Retirement Income Plan™ or ERIP™ strategy in a reprint of Brad’s chapter, “When is $1 Million Worth More Than $4 Million?” (reprinted from this 2015 Amazon Best-Selling Book), which further details how this supplemental retirement income savings strategy works and how it might help you achieve a better retirement.