|Donald Jay Korn|
According to recent
Boosel is a director and senior investment consultant in Baird’s
“Baby boomers are starting to retire and interest rates are low, so there’s a need for help with retirement income,” he told
Class attendees typically are in their late 50s and early 60s, Boosel said, on the cusp of retirement and concerned about finding sufficient retirement income. “When I teach the class,” he explained, “I’m careful to avoid any conflicts of interest. I don’t mention Baird or any specific products or services. I do tell people, however, that I’ll be available to answer their questions after the class.”
Generally, around 20 people are in these classes. Boosel said that about half of them come to talk with him afterwards; those who are interested receive a comprehensive financial planning questionnaire to fill out. “I’ve added over 100 new clients since I started this,” he noted.
Once questionnaires are filled out, they go to Baird’s financial planning department, which prepares a plan. “The process often will begin with the client saying something like, ‘When I retire I’d like
The entire process may take about a month, according to Boosel. Considerable back and forth is usually needed to complete a customized plan. Then Boosel arranges a two-hour meeting in his office, during working hours, to go over the plan. He charges fees based on assets under management, but no fee for the actual plan.
Once clients are on board, Boosel uses a total return strategy to deliver retirement income. “I emphasize asset allocation, diversification, and rebalancing,” he said. “Within asset allocation, I’m reducing traditional fixed income vehicles and adding alternatives such as REITs, MLPs, and floating rate funds. If current income from the portfolio is not enough to meet the client’s need, we’ll distribute some of the cash from rebalancing.” After Boosel explains the concept to clients, most are very comfortable with the idea of taking profits to maintain their desired retirement lifestyle.
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|Source:||Source Media, Inc.|