What We Do
For most, experiencing a comfortable, fulfilling, and secure retirement is a top priority. Having a detailed and sophisticated plan in place can be the difference between a retirement that works and one that doesn’t.
With rising healthcare costs, unfunded Social Security benefits, and an overall low interest-rate environment, retirement planning is so different today than it was just one generation ago. Our Certified Financial Planner (CFP) and Chartered Financial Analyst (CFA) professional, Jason Siperstein, works closely with our clients, guiding them through this ever-shifting landscape.
At Eliot Rose Wealth Management, we place special emphasis on “sequence of return risk” – a very real risk for the new retiree. Quite simply, sequence of return risk is the idea that market declines in the early years of retirement coupled with ongoing withdrawals could lead to a retirement funding shortfall. So even if returns average out in the long-run, ongoing withdrawals could deplete the portfolio before the “good” years arrive.
We mitigate this risk by rigorously stress-testing client portfolios and optimizing asset allocations for retirement spending goals. It is essential for our clients to know that even if we experience a market downturn that their retirement is secure.
As detailed below, our financial planning process is composed of four key steps. We have found that this design makes the financial planning process more effective. During each step, we discuss key topics crucial in forming your financial plan.
Step 1: Learning Your Story
Our first meeting helps us understand matters that are important to you. In this session, we hope to learn about your passions, hopes, and fears. We ask questions like, “What do you want your future to look like?”, “What keeps you up at night?”, and "Who would be affected if you had a change in your financial health?". Once we gain a strong understanding of what matters to you, we have the building blocks that form your plan’s foundation.
Step 2: Putting the Pieces Together
This step happens internally. We work as a team to discuss and analyze all information you have provided in order to develop a personalized strategy for you to make the most out of the resources you have. We compare and contrast different strategies and develop the ones that we believe will have the greatest impact on your financial life.
Step 3: Recommendations & Implementation
We present you with our carefully vetted list of different options and recommendations and give you time to reflect and follow-up with any additional questions or considerations you may have. Once we jointly identify the best option, we begin the implementation process. The implementation process may happen over a period of six to nine months depending on your circumstance.
Step 4: Periodic Review & Update
We review, assess, and modify the plan as needed. We will schedule regular meetings to ensure that you feel that everything is moving along smoothly and as expected. We review at least annually or sooner if your situation changes.