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Power Checklist

  • Do you have the time to define your goals, research your options, implement your strategy, and do all the ongoing research to maintain and fine-tune your plan?

  • Are you qualified enough to do all this legwork without the perspective of advisors who makes these issues their profession?

  • Most people who engage in their own financial planning will either knowingly or unknowingly compromise their goals, their investments, or both.

  • Most of us don't think we need any help with anything until someone or something proves otherwise.

  • Failure to succeed at any step of the planning process can lead to the overall risk of failure to achieve the goal.

  • Rather than seek assistance, some people assume they can carry the load only to find out at some point that the load is too heavy and the road too long and difficult. By the time they seek help, valuable time that cannot be recaptured is no longer available.

  • Butch Harmon probably does not tell Tiger Woods how to play golf; rather, he coaches him on ways he could improve his game with minor adjustments.

  • Although the way products are sold by the major banks and brokerage houses has changed significantly, you still need to ask the right questions and be comfortable in the product choices that are recommended to you. You should always ask for more than one product choice and you should document the differences.

  • My definition of the concept of “objective of selling” is to properly match the characteristics of the needs of the consumer with the characteristics of the product. If properly executed, the sale will result in a win-win-win situation in terms of price and value for the consumer, the salesperson, and the product manufacturer.

  • The five steps to creating and managing your way to retirement gathering data about your goals, analyzing and evaluating your financial status, developing your own list of recommendations, implementing your recommendations, and monitoring and modifying your plan regularly.

  • You may need an advisor for only certain aspects of your plan. The professionals who can help you include an investment advisor, a tax advisor, an estate planner, and an insurance advisor.

  • Look for advisors experienced in the industry who have a CFP designation and a clean record. Ask them a lot of questions to get comfortable with them.

  • Make certain that you understand what you are buying, ask for details, and get terms in writing—you won't regret it.



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