Research: What retirement issue has hit you or your clients out of left field, and how did you resolve it?
Robert Scott: Last year’s market issues were certainly something out of left field. What resulted was that we were proactive and made portfolio adjustments for our older or more concerned clients and adjusted them to the level of risk that they were willing to take on during these difficult times.
For those clients who wanted to take action, we typically made portfolio adjustments to reduce or remove small cap positions and move into cash in the first quarter of 2008 when it was clear we were in a recession.
What prospecting methods have been most successful for you in attracting retirement-planning clients?
I have solid relationships with three local CPA’s who refer clients to Main Street Wealth Management. Over the years, CPA’s have been the best and most consistent referrals source for us.
In my 18 years in this business, I have never made one cold call, sent a direct mail piece or conducted a seminar. I’m a firm believer that great client service and results speak for themselves.
Do you face any frequently occurring retirement-planning mistakes with prospects?
We see mistakes made by “do it yourself-ers” or clients from other planners that just didn’t put in the time and effort to stay in synch with the client’s objectives and life changes.