Broker Check

Welcoming Process

Retirement Planning

New Client On-boarding Process

At Retirement Income Specialists (RIS), we believe it is imperative to have a process for every aspect of our business, including the process of welcoming new client relationships to our family.

Maximizing Social Security

We believe in an education-centric process of learning about the various threats and opportunities each prospect may face in retirement.  As it is an education, we refer to people who are engaged in this process as students.  We charge a nominal fee to each student to attend any classes and by paying the tuition fee, the student is not obligated to pursue our process.  Any knowledge gained from attending the class as well as class materials may be retained by the client.  The initial class that each client will attend is a Maximizing Social Security (MSS) class. 

At this class, the student will learn the importance of claiming benefits at the right time and the value of claiming in conjunction with other retirement resources.  Overall tax drag is commonly incurred by new retirees who do not properly withdraw their investment funds in a tax-efficient manner and can create significant strain on the investment returns which in turn create a higher tax obligation than is necessary.  Every dollar spent from retirement resources can result in running out of money prematurely.  At RIS, we enable our clients to avoid this risk by running a detailed tax analysis, a detailed cash flow analysis and an intensive investment asset analysis to determine the proper withdrawal order to create a sustainable or predictable income stream for the remainder of their lifetime.  At the end of each MSS class we make two offers;

  1. Schedule a no-obligation, no-cost strategy session in one of our offices.
  2. Attend our advanced education class, Principles of Retirement Planning.

Strategy Session

A strategy session (commonly called a Discovery session) is something not frequently seen in the financial community but is a mainstay in the legal community.  During a strategy session at RIS, there are no decisions being made, no product or services offered or available to purchase.  In a strategy session, we delve deeply into a students’ financial life; looking at the monthly expenses, current and projected income, Social Security benefit options, Pension options, and a discovery of all assets the student can use to generate income in retirement.  We utilize checklists to ensure all financial criteria are explored to determine where the student currently sits in their own personal timeline and learn where and when they want to be in the future. 

This marked difference, and why we label it as a strategy session, is that we will explore the ramifications of when and how to claim the Social Security benefits the student is eligible to receive and create optimal strategies specifically for each student.

Principles of Retirement Planning

 The Principles of Retirement Planning (PRP) class is a 4-hour class that takes a deep dive into many if not all of the financial-based issues a retiree will face. It is currently only offered on Saturday mornings. The PRP is an advanced planning class that involves economics, fiscal policy, taxes, investments, insurance, cash flow analysis, and estate planning along with understanding how these various tools work as well as dispelling myths and misconceptions.  This class is where the student will learn the facts of how and why insurance and investments are created and sold. 

Upon completion of this class the student will have a clearer understanding of the fiscal economics of retirement issues and will have the basic skills to begin creating their own retirement plan.  The purpose of teaching the PRP is to give the student the critical facts to be able to make sound financial planning decisions AND the template to empower the student to ascertain critical information for future decisions.

Graduates of the PRP class will be encouraged to avail themselves of a Strategy Session, if they have not already done so, to learn how the information they received in the MSS class as well as the PRP class, can be used for their personal benefit.

 Engagement Letter

At the end of the Strategy Session, if both parties agree, we will ask for the opportunity to build a retirement plan for the student.  At this point the student becomes a prospective client and we request they sign an engagement letter. This letter is an agreement between themselves and Retirement Income Specialists that RIS will begin the arduous process of data entry and building the first generation of the prospect’s detailed retirement plan. The prospect will complete the design process with an open mind with the understanding that if we can together  build the plan to satisfy the goals of the prospect that the prospect will hire RIS to be their retirement advisor.

 Design Session

Upon completion of the Strategy Session, with a signed Engagement Letter, RIS will begin the process of designing a retirement plan for the prospect. This plan will include a monthly expense plan diagnostic, existing investment analysis, current cash flow analysis, future cash flow projections, current taxation status with potential tax reduction opportunities, a long-term care analysis and cost/reward projections, life insurance cost/reward projections, detailed estate planning and legacy opportunities and an “RGB Investment Plan” recommendation. The results of this will be examined by both parties for data accuracy, redline projections and solutions, tax reduction strategies, income protection strategies and controlled spend-down diagnostics.  At this point, when the results of the proposed plan equal the determined goal, RIS will ask for a commitment to begin deploying the plan and its components. 

 Deployment Session

In the Deployment Session, we will begin the official process of converting the prospect to a client by asking the new client to complete and sign the Investment Policy Statement, The New Client Agreement, and new account applications for the products and services both parties have identified and agreed should be implemented as integral components in the plan design session.

 Follow Through

During this portion of the process we continue tracking the investment and asset protection selections through the application and activation processes.  Transferring of assets, application for asset spend-down strategies, altering of registrations, development and implementation of tax reduction strategies, application and coordination of Social Security and Pension benefits, and proper alignment of withdrawal strategy components for optimal value are all critical functions in creating a successful retirement plan.

 Plan Completion

When the various components of the plan have been placed, we then ensure the client can access their accounts online through registration and login to the investment, insurance and asset protection and income protection services that the client applied for. In addition, we establish the investment monitoring system by assisting the client to register and login to our proprietary investment communication application.

Ongoing Reviews We will periodically discuss the accounts progress with each client in a timely manner.  At each of these times we are able to make adjustments to the plan as needed.