For those who just received a sobering Social Security retirement income statement and are floundering to figure out how to get enough money to retire, a San Diego-based financial advisor has written a book to help in planning for retirement.
“Values-Based Financial Planning , The Art of Creating an Inspiring Financial Strategy,” by Bill Bachrach, was published in July by San Diego-based Aim High Publishing. In it, Bachrach offers some basic tips on setting goals, assessing current assets and deciding whether or not to go it alone or find a professional financial adviser.
There are also charts to help the reader unfamiliar with financial planning decide on goals. It does, however, provide checklists to help the reader organize personal financial information into a coherent format.
The reader won’t find out about what investment vehicles such as what a stock, a mutual fund, or a bond is or the particular niche each fills in a personal financial plan.
What the book does is prompt some questions about why the potential investor wants to invest. It also asks the reader to prioritize financial goals, such as children’s education, retirement or financial independence and what is important to the reader as a person.
The book also goes into some detail on how to find a reliable financial adviser.
“The trusted adviser rarely advertises, makes cold calls or direct markets, so you are most likely to find one by referral,” the book states in summary.
One chapter in particular is aimed at those trying to find a trustworthy and competent financial advisor. He cautions that professional designations or length of time in the business are no indication of competence. Nor is the size of the firm the advisor works for, although that can sometimes indicate extensive training programs. If those training programs are devoted to sales techniques, it won’t help the customer, Bachrach said.
He also asks the question, “What kind of client will you be?” Bachrach divides clients into four types: The great client; people who are fun but financially hopeless; people who use advisors just to get information; and people who don’t trust anybody.
