Most financial advisors want to help you build wealth, and that sounds great. Don’t we all want to build wealth and have more? It makes sense during your working life, but that does not mean it is best for retirement. Retirement usually means you have turned the point from building wealth to spending money on a fixed income. It is going from accumulation to “decumulation” and the different rules and regulations of retirement mean you need a different type of financial professional.
Wall Street is fast-paced and fluctuates up and down daily—it is both a bull and a bear—and you do not want to get stuck with the wrong animal. In retirement, you are much too vulnerable; you need consistency and safety rather than the risk of foreign markets or final closing bells.
The problem with big banks and brokerage firms is that they have a conflict of interest when it comes to making decisions about your money. They do not want consumers to know this. At Everest, we have been on both sides and know what the behind-the-scenes looks like at those companies.
Some of the biggest, most trusted names in the financial industry were at the crux of the problem when the markets tanked in the last major recession. Retired, hardworking people who put their trust (and all their money) in these institutions were forced to go back to work. If you need to be able to access your money and do not have the time (think years and years) to wait out the ups and downs of the market, you need financial products that are reliable.
Everest Wealth Management has built our business on insurance products that avoid the highs and lows of the market and provide consistency in their returns. Wall Street is based on a gambling mentality; and, just like Vegas, the system is rigged against the average investor. The industry is fueled by its own self-perpetuated myths and misleading information. Even most financial “experts” are only well-versed in the specific products they pedal.
The retirement specialists at Everest can help you understand what type of income you will need to rely on through your retirement, whether you live for five years or 40. We want to make sure our clients can rest easy at night, even if the Dow was down at the closing bell. Unless you plan to retire with the bulls and bears in a zoo, do not get caught by the ones on Wall Street!
*This blog is paraphrased from Everest Wealth Management’s founder, Philip Rousseaux’s book, The Wall Street Retirement Conspiracy. To read and learn more, click here.