Case Study #3: Retiring in the Carolinas and Hiring a New Investment Advisor
Because your time is important Global View’s family-office-style services can help. And we can help you get better results. Our team is set up to provide optimal results. We helped this couple smoothly transition into retirement life in the Carolinas, something they dreamed of doing.
The Challenge: Moving to a new state, ensuring you’re on the right path to retirement and locating an investment advisor who focuses on your specific needs.
Our clients, a finance manager, and a school teacher, both in their mid-60s, had successful careers and helped their children get through college. With an empty nest, they are now realizing their dream to move to the Carolinas. They did some research and found Greenville, SC and Durham, NC listed in several “Top 10” lists for places to retire. World travelers, this couple enjoys spending their hard-earned money more on experiences than things and wanted a team of like-minded individuals to manage their retirement funds.
The couple searched online for the best place to retire and continued that search when looking for an advisor. They knew they wanted a fiduciary but didn’t understand the difference between the various advisors calling themselves fee-only. The finance manager had also retired from the Navy and knew that every state treated military (and other government) pensions differently.
Knowing a few people in the area, they did get a few names of advisors from friends, but they didn’t want to rely solely on recommendations.
Strategy and Solution
Global View’s team of planners, accountant, and estate attorney looked at their situation, collected relevant information and found a number of things that could help the couple.
- We had a recent governor of South Carolina substantially reduce the amount of military pay that was subject to state tax ($30,000 in 2020 for people over 65).
- We offered the couple a complimentary test drive to ensure they were, in fact, ready to retire, on the right path to living the retirement life they had planned and actively protecting their retirement nest egg.
- We worked with them and analyzed their situation to make the best recommendations for them.
- We described the difference between fee-only and fee-based financial advisors and explained why working with a fiduciary is so important.
- Being one of just a few true family offices in the Carolinas, we were able to offer them additional services, such as an in-house attorney, accountant and investment managers, saving them time and stress during their move and as they settled into their new home.
This couple interviewed five advisors. We were the only advisor to:
- Fully explain the difference between fee-only fiduciary and fee-based “part-time” fiduciary.
- Give the client a valid risk assessment.
- Have a presentation ready on the importance of downside risk and picking investments that snap back.
- Proactively discuss options for working part-time to delay retirement (but still move) thereby increase odds of getting retirement income by 6%!
- Divide desired retirement income into needs and wants and put this in a timeline. When the client said he needs an additional $50,000 per year in income, he really meant $35,000 for retirement income and $15,000 for travel. And because the travel is only expected for ten years, this dramatically increased odds.
With the help of the Global View team, this couple was able to comfortably settle into their new home, start their retirement the way they had always planned and had all of their financial needs met in one place. Regular phone calls and emails ensure they’re still on the right track and have enough funds to maintain the lifestyle they had envisioned.