Chandna advocates for the "bucket approach" in investment strategy, which protects short-term needs with cash and fixed-term annuities, while allocating growth-oriented investments for the long term. This strategy ensures stability regardless of market unpredictability or global events. An ongoing advisory relationship reassures clients about their financial stability during retirement, allowing them to focus on enjoying life rather than worrying about funds running out.
Ashley Tilston, Principal Financial Adviser at Spectrum Wealth Partners, echoes these sentiments, noting the psychological hurdles that clients face in spending money. He highlights how annuities can alleviate these concerns by providing guaranteed income. According to Tilston, the concept of adequate retirement funds is relative, often influenced by clients' satisfaction and comfort.
Similarly, John Stallman of StallmanIQ stresses the importance of understanding what constitutes risk, as opposed to volatility, for retirees. He challenges the traditional notion of holding depreciating assets like cash, advocating instead for investments in real assets like land and gold. Stallman’s insights underscore the need for financial strategies aligned with clients’ mindsets and backgrounds.
Stefano Duro of Pure Private Wealth adds that clarity in retirement expectations is crucial. He emphasises a goals-oriented approach, tailored to each client's unique situation. By leveraging technology, Duro aims to enhance client engagement and value throughout the year, ensuring alignment with personal objectives.
Overall, the roundtable discussion reflects an evolving consensus that personal lifestyle considerations should take precedence over sheer wealth in shaping retirement strategies. This perspective is increasingly significant in the financial advisory landscape, offering clients more personalised and effective retirement planning.
Looking ahead, financial advisors may increasingly prioritise lifestyle-driven strategies in retirement planning. As clients benefit from this personalised approach, the financial sector is expected to see growth in advisory services that emphasise client education and engagement in financial decision-making processes.
