Victory Wealth Services

Retirement: Loneliness Can Sneak Up on You

Even people who have spent a lot of time planning for retirement may encounter unexpected challenges once they’re in those golden years. They focus on retirement income planning, which is, of course, important and appropriate — and we can help you there. They also focus on things they want to do while they’re still in good health, such as traveling or playing pickleball. They look forward to spending more time with their spouse and good friends. It can be quite joyful, but the less joyful realization often sets in when a spouse or a close friend passes away. That’s when many retirees truly understand they are facing the reality of their mortality. Apart from that, they’ve also lost a best friend and companion.1 Sometimes the pain of loss causes us to want to avoid that pain altogether, which can lead to an even unwitting desire to isolate ourselves. Unfortunately, this can be particularly problematic during retirement, when people are less likely to have scheduled daily interaction with others outside the household. Studies in the U.S. and Britain show the prevalence of loneliness among people older than 60 ranges from 10 percent to 46 percent.2 Additionally, people with low levels of social interaction can experience brain changes that cause them to see other human faces as threatening and, therefore, are less likely to seek social ties.3 It’s all kind of ironic, isn’t it? With so many people experiencing the same malady, you would hope we could find each other, since companionship would certainly help. One social scientist — Robin Dunbar, an evolutionary psychologist at the University of Oxford — summed... read more

Why We’re Different (In a Nutshell)

Dear Reader, Recently, I’ve changed our business model here at Victory. I have listened to our clients and am now able to do a whole lot more for a small number of clients. I’ve now built a team of Subject Matter Experts to coordinate all the personal financial affairs for a small community of clients. Previously, I would listen to your situation and recommend financial products and services. I was paid by commissions or by a percentage of your “assets under management”. Periodically I’d sit down with you to discuss your investments, provide a market outlook, and recommend changes from time to time. I was a Subject Matter Expert delivering a narrowly defined service of Investment Management Services and Insurance Services. Now, I create a comprehensive written lifetime financial strategy with my team and coordinate all of your personal financial affairs. We provide oversight over the financial people in your life and ensure every financial recommendation is perfectly aligned with your overall plan. We pay close attention and whenever you drift off-course (and every one does), I recommend course-corrections so you remain on-track. We watch your back for potential conflicts and protect your assets and strategy. We provide this incredible amount of value all for a simple fixed or flat-fee, regardless of your net worth. Today, I am proud to say that I deliver truly comprehensive financial services and oversee all areas of your personal finance through a skilled team of Subject Matter Experts. Once we acquire 75 Ideal Clients, we’re closing our business to new clients so we can focus 100% of our time on this “Ideal Client... read more

The Old World vs. The New World

What can you expect from being a member of our community of Ideal Clients? You will be served and not “sold to”. As a result you get even better, more tangible value from our relationship. It’s because of this relationship that your life will be simpler. Working with a Trusted Financial Advisor is the difference between the Old World and the New World. In the Old World… The typical “old world” financial advisor has too many clients. In fact, they usually have so many that they can’t provide the level of service that any of their clients deserve. You may be alarmed to discover that your current advisor has hundreds of clients. This is hundreds more than he or she can serve at the high level that’s necessary for you to live your Ideal Life. Typical Old World Financial Advisors: Are paid more like an agent or broker of products than as an advisor for their clients. Spend too much time searching for new clients instead of investing their time to serve their existing clients. Sell products to meet today’s needs rather than preparing for tomorrow’s needs with a smart, in-depth financial plan. Use financial planning processes to discover a need. From this they sell you a product rather than do any real financial planning. React to events in the markets, the economy, and in the world. Most of these are outside of their control. Often focus on short-term performance without paying attention to long-term goals. In the New World… Life is much better! You are not “sold to” as you once were. In the New World you are... read more

What’s More Important In Life Than Money?

To choose the approach that’s right for you, keep this question in mind: How will my decision impact my ability to create the quality of life I desire? Remember: That’s what it’s all about. It’s not money per se. It’s about managing your money in a way that allows you to fulfill your values, achieve your goals, and make your life the way you really want it to be. The exercise you’re about to do is designed to focus you on what’s most important in your life, and to help you further discern what activities will contribute the most to your quality of life. The “Quality of Life Enhancer Worksheet™” is based on two principles: 1) The more you can align your behavior with your core values (what’s important to you), the happier, more satisfied, and fulfilled you’ll be; and 2) the more you delegate what’s less important, the more time you have for what’s more important. These principles follow two basic facts of life. There are only 168 hours in a week, no matter your age, how much money you make, what you’ve invested, how attractive you are, or how much information you can access on the Internet. No exemptions. Your quality of life is a function of how you choose to spend that time. Some things cannot be delegated, and some things can. Question: Is delegation a privilege reserved for the elite? Answer: Hardly! Did you or any of your friends receive an allowance for doing chores around the house? That’s “parental delegation.” Did you notice your dad never paid you to go fishing or play golf... read more

What You Can Expect From Your Trusted Advisor

At the beginning of our relationship you will have to disclose some very personal information, including your entire financial picture and what’s most important to you. Once we’ve agreed to work with you to create a plan for your financial future, you will be investing much more than money; you will be investing your trust. What should you expect in return? First and foremost you should expect excellence: competence and thoroughness in preparing you plan, professionalism in presenting it to you, guidance in implementing it, and regular follow-up to monitor your progress toward your financial goals. You will know that we have done a good job in preparing your plan when the following occur: Everything you’ve talked about has been taken into consideration. It is obvious that we listened to you and constructed a plan based on what we discussed. You feel compelled to take action. The plan is understandable, doable, and inspiring. The plan is clearly tailored to your values and goals—but we also make recommendation based on our expertise, too. For example, risk tolerance can be a slippery issue. If you said you felt comfortable seeking x percent return on your investments, but we realize that you need to seek y percent to reach your goals, we will explain this and suggest strategies. With the plan in hand, you have once crucial job: Implement it. You may have to purchase recommended financial products, allocate assets based on our advice, adjust your insurance as indicated, start a cash savings plan, manage your debt in a new way, and take care of some legal matter, such as a will,... read more

Find a Trusted Advisor and Avoid Salespeople

If you’re going to reveal your entire financial picture, including your values, goals, assets, and liabilities—and delegate the creation and implementation of a tailored financial plan—you want to work with someone you can trust. You want someone who is not only competent and caring, but professional and proficient. A person who wants more than to sell you a mutual fund, an insurance product, or investment management service. Someone you can count on to keep the big picture in mind, the needs of you and your loved ones foremost, and the details of your personal finances confidential. What you want is a Trusted Advisor. A Trusted Advisor is a person who has the desire to find and serve people who want a relationship with an expert rather than a transaction with a salesperson. A Trusted Advisor has to earn and maintain the trust of clients. In your search for the right person, you may encounter three types of individuals: the “scientific” salesperson who uses a firehose of knowledge to impress you, the so-called consultant (who is actually a salesperson pretending to be a financial planner), and the genuine article: the trustworthy and competent advisor. It’s unfortunate that they don’t hang out a shingle to let us know which group they fall into. Their titles are no indication, either. Stockbroker, insurance agent, financial planner, financial advisor, financial consultant, estate counselor, CFP, CFS, CIMC, CLU, ChFC: none of these labels is a clue. Neither is the big-name company they might represent. So you must assess each individual based on a set of characteristics and, ideally, recommendations from a friend, family member, or... read more

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