The World Will Never be the Same
As I said in the headline, the world will never be the same. My mother wants to know what we're going to do about it.
On my sister’s birthday, September 28, Hurricane Ian roared across the barrier islands off Fort Myers, Florida. In addition to the now incalculable damage to property and the horrific loss of life,?Ian stole my mother’s retirement.
At 88, my mom has been a force her entire life – a nurse in the Public Health Service and in elementary schools, a champion of women’s rights and a civic leader without peer in her adopted home of Sanibel – beginning with the cleanup and replanting after Hurricane Charley in 2004. She is safe but fully aware her life has changed.
Ian didn’t take all her money.?She has four annuities and a pension and a CCRC.?He stole her lifestyle.
Looking bigger across the world of retirement, there are disasters ahead for all kinds of retirees that don’t live anywhere near water. Failure to plan, trusting an advisor or product to do all the work, underestimating longevity – the potential for retirement miscues far exceeds the likelihood of success.
My mom?and dad?took care of themselves until they could not.
What’s in store for the rest of us – and what will we do about it?
This month, Next Chapter leans in to the challenge.
The race is on among top firms to develop fully integrated comprehensive advice platforms to attract and retain billions in retirement assets. Our panelists are setting the pace by developing sophisticated ecosystems that bring simplicity, speed, accuracy and improved financial outcomes for clients, advisors, and firms.?Jack Sharry, Chief Growth Officer at LifeYield leads a star-filled panel, featuring?Michael Liersch,?Head of Advice & Planning?at Wells Fargo,?Rose Palazzo?Group Head at Envestnet | MoneyGuide, and?Ainslie Simmonds,?President of Pershing X. Together they unpack the challenges associated with building these platforms and the lessons they learn as they go.
FinTech vs. FinTalk
I’ve seen five different causes of the disconnect between much needed innovation and actual success. They are all related and therefore can be either be the spark of rejection or the nail in the coffin of failure.
The Client Is Not Always Right
Navigating retirement is a bit like batting in a baseball game against a wild pitcher. Clients?expect the fastball down the middle. But life gets in the way and it’s really hard to prepare for the inevitable curveball. We, as an industry, need to be prepared for them.
Your Retirement Needs and Eco-System
Wikipedia says an ecosystem is “a community made up of living organisms and nonliving components.” A digital ecosystem is a “distributed, adaptive, open socio-technical system with properties of self-organization, scalability and sustainability.”?We apply this concept to?retirement planning.
Until next month,
Steve
Thanks much for sharing.
Identity Theft & Data Breach Recovery for companies, associations & financial institutions
2 年I ?? this article so much … bridging the gap. Aware. Responsible. Caring.
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2 年Steve, this is truth well spoken and pointed. Sharing with both personal and financial associates may make me a hero!!! Thank you looking forward to next issue. Sam