FA-IQ reached out to advisors to ask: How can advisors think about retirement seminars differently, in an actionable way?
Jerry Davidse is the chief executive officer of Presilium Private Wealth, based in Radnor, Pennsylvania. He has been in the financial services industry 21 years, and manages $300 million in client assets.
“We are creating a variety of short, topical videos at Presilium Private Wealth instead of the traditional wide-ranging, long-form retirement seminars,” Davidse said. “Our clients can then choose from a variety of 2–3-minute videos most relevant to them at that moment rather than sitting through a long seminar.
“Our videos have already been watched thousands of times and our goal is to add at least one per week to the library on our website and YouTube Channel,” he added.
Andy Arnold is the CEO of Centerline Wealth Advisors, based in Louisville, Kentucky. He has been in the industry 29 years, and he manages $250 million in client assets.
“I think the general investing public is skeptical about the retirement ‘dinner seminar’ approach and the idiotic invitations they are carpet-bombed with. It may still work to help advisors attract clients to some extent, but likely doesn’t attract the type of good, long-term relationships the best and most serious wealth managers are looking for,” Arnold said.
“Thinking about seminars as purely educational, without a product-centric push, is likely a better long-term strategy, but most advisors don’t have the endurance or desire to allow that approach to bear fruit over the longer-term,” he continued.
“It’s a shame as the general public needs quite a bit of education surrounding the complexity of navigating a long retirement with a mix of pitfalls and benefits. Tax planning, Social Security and Medicare planning, addressing long-term care needs, [decumulation] of retirement savings portfolios and retirement plans all converge to make retirement planning a nightmare in this century,” Arnold added.