Guiding Financial Futures With Simplicity

Keep it simple.

That’s how Lee Pierce, CEO of Pierce Financial based in Memphis, Tennessee, approaches his work helping clients determine what strategies may be the most efficient in achieving their financial goals.

We live in a world of ever-increasing complexity in all facets of our lives, but most definitely including financial planning. Complexity leads to confusion, which often leads to intimidation, which in turn, leads to complacency because when one is confused the path of least resistance is attractive,” said Pierce. “But when it comes to retirement and financial planning, not making a decision is a recipe for disaster. That is why our goal is to keep it simple.”

Simple doesn’t mean sparing time to educate a client. In fact, simplicity often affords the greatest opportunity for advisors to improve a client’s financial literacy, and Pierce believes that this is important to help the client achieve success.

“It is very common for people to avoid dealing with their finances because of a lack of education. Through the use of clear and concise communication, we educate our clients regarding how their finances and investing relate to their unique situation,” said Pierce.

His passion to help others achieve successful retirement outcomes is what led Pierce to become a financial advisor after spending decades in public accounting and other areas of the financial services industry.

Committed to building client relationships, Pierce works to convey the reality that any investment does come with risk, but that he strives to minimize those risks whenever possible. This is something he knows that working one-one-one with a client can achieve, and that do-it-yourself online financial tools cannot.

“Robo advisors and many of the different online tools out there each come with their own risks that are not related to traditional market risks in terms of their effectiveness and reliability,” said Pierce. “There is nothing wrong with a robo advisor as a general guideline, but it should be used just as that: a general guideline.”

Today more than ever, so much is on the line when planning a financial future in light of the increased longevity Americans now experience.

As baby boomers retire, they do so facing the possibility that living longer presents opportunities and costs that generations before rarely faced. Retirement for today’s generations isn’t a short-lived affair as it has become commonplace for one’s golden years to last two or three decades, and for some even longer. That’s a lot of time to live without collecting a paycheck.

“With the tremendous health care we enjoy in this country also comes a tremendous cost that requires careful planning and asset accumulation,” Pierce said, adding that what makes it even more complicated is the unpredictability of retirement.

“One thing we have in common is that none of us know how long we are going to live,” Pierce said.

People can make educated guesses based on family history and current health, but no one knows if their retirement will stretch in to their 80s or 90s, or even past 100 years of age. That is a lot of time to account for in terms of ensuring a steady income stream.

“Even though the time frame is unknown, one still has to realize how important it is to understand just how long that time frame could be,” Pierce said.

The same thought process applies to the acquisition of long-term care insurance.

Often times, long-term care insurance is viewed as a gamble – you don’t know for sure if you are going to need it, but if one does eventually need long-term care, it can be financially draining without insurance.

“If you have assets to protect, I recommend considering the purchase of long-term care insurance being viewed as any other coverage to protect yourself from a potential financial burden,” Pierce said. “You have to view it as a potential liability. Are you going to insure against it, or hope you are in the position to write a check to cover it?”

Being able to help clients navigate through these types of financial questions is the motivation for Pierce’s work. Whether he is summarizing a prospectus of a potential investment, explaining the fees a client will pay for opting to invest in a specific plan, or outlining the monthly requirements of a retirement savings plan, Pierce’s goal as a fiduciary is putting his client’s needs before his own to ensure they understand the path he is paving for their financial success.

“A referral is the highest compliment one can receive in this business,” Pierce said. “Knowing that another individual thought highly enough of me and my reputation to put their name, reputation, and integrity out there on my firm’s behalf is the biggest success for me.”

Learn more about Pierce Financial online at piercefinancial.org, or contact Lee at [email protected]

Registered Representative - Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Investment Advisory Representative – Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and Pierce Financial are not affiliated.