{ "media_type": "text", "post_content": "Got a client in their late 30's who already fully funds their 401k's, paying down the mortgage at a really fast pace, no kids, funding a non-qualified joint investment portfolio, have plenty...con't", "post_id": "5baaca6fcfa18b00121d1dbe", "reply_count": 31, "vote_count": 4, "bowl_id": "599feb177c057d0010be0554", "bowl_name": "Financial Advisors" }

Got a client in their late 30's who already fully funds their 401k's, paying down the mortgage at a really fast pace, no kids, funding a non-qualified joint investment portfolio, have plenty...con't

like
Posting as :
works at
You are currently posting as works at
Highlighted IconHIGHLIGHTED

They obviously have a ton of their overall portfolio at risk in the market today! I would talk to them about starting and funding two new pieces of their puzzle. 1 is a DAF and mapping out a 10 year plan for growth in order to begin their gifting plan while in their 40’s! The second would be a deferred participating income annuity that would function in their risk profile as bonds in their overall portfolio and guarantee them income to run their household at retirement. The annuity would allow them to be more aggressive in their at risk portion and still have a time horizon to keep them in a safe place. I work in the upper middle age highly affluent market and this is hindsight from working many of my current cases! My clients wish they had set themselves up in this way in their 30’s so that they could have been more aggressive in their early years! They say hindsight is 20/20

While NYL reps may be the only reps with FMI Mass and NWM have a participatory annuity product even though they don participate to the degree of our policies. Not all reps have CWL either and not all CWL ‘s are as consumer friendly as a NYL policy. Just thought relaying this analogy was an easier sale for IA1 and that the annuity took interest rate risk out of his bond portfolio piece. Sure sell CWL as a hedge against market risk in an interest rate rising market. All proceeds in retirement are tax free but if it hinders his sale because of fear of life insurance put client in something what will function the same with the smallest tax consequence.

like
Recent IconRecent

10-Pay whole strictly as tax free retirement income would be a good option. Fully paid up in 10-years, tax exempt growth and with the right company will gain impressive float over the next 25 years

like

Any charitable inclination? Could start a DAF

like

Maybe look at ROTH Conversions? I assume their income exceeds the limits to contribute directly.

like

Perhaps something to explore, although it may be too early. But I always think it is good to explore thoughts with clients, even if the thoughts might be years in to the future. It sounds like you are doing a great job for them.

likeuplifting

Trying to figure out how to edit my company info tbh. Uggh

like

Only ones that include dividend participation and non-direct recognition in their policies without adding riders and that I would entrust my clients money to.

like

I don’t think it’s too early to look at LTC. My cousin was in a car accident in her late 20s and her parents drained their retirement for long term care. I got an LTC in my early 30s, and I’m so glad (in late 40s now). They don’t even have the kind of policy I have anymore. By the way, I don’t sell insurance, but I do believe in it. Like others have discussed, looking into a LIRP (life insurance retirement product) or an insurance that has a good LTC rider may be options to consider. If she looks at a 10-pay, then if her income situation changes in the future (kids, divorce, job loss), it’s done and in the bag.

likesmart

If applicable, long term care? What kind of profession? Any need for asset protection?

like

Does she have a pension?

like

Disability insurance? Possible VUL for life insurance and growth need as well as passing on a legacy someday.. just some thoughts

like

Backdoor Roth.. Roth conversions..start a side hustle (SEP)

like

Straight VA, talk about 1035ing it when she's closer to retirement can supply guaranteed income

like

Fountainhead (your website has expired btw) - only two companies you can trust to do it - Mass Mutual and New York Life. Others aren’t structured correctly. Exactly my thought above with asking what type of Life Insurance. Thinking any CWL schedule could work (5,6,7, etc pay if the OP knows how to structure it properly.)

like

@NYL2! No one else has access to an FMI and it’s not the same as a bond portfolio, it’s buying a pension. CWL - bond like and Clear would be more similar due to the liquidity...

like

Thanks for all the great ideas everyone. They currently each have a whole life policy that seems to fit well. We have talked about gifting in some fashion and that's on the radar, as well as some sort of annuity to broaden their options a little too. When rates are a bit better, I'd love to build them a tax efficient bond portfolio like we could've done years ago. We wont touch ltc policies until their mid 50's. I saw someone said early 40's but I'm guessing it is someone who sells them. Seems super early to me and I find nothing o line to suggest differently.

like

Disability? Long term care? Protect the income she is making. Succession plan/trusts? You may not make a lot but you could gain a valuable client.

like

Yup, that's on the calendar but they're about 38 now. That will be in the works in their mid 50's or so.

Shes a VP at a large company and is the breadwinner. By asset protection, you mean annuities? I'm not sure if they need it really. I dont see a natural fit at this point.

What type of life insurance? Help them diversify their stock options (if vested and able to transition to other holdings)

Related Posts

Hello fishes, I currently work for one of Deloitte's Asian member firms and recently received an offer to move to their London office. Supply Chain offering, Senior Consultant level. 65k base + 5k benefits. I have 3.5 years of experience in the same offering with Deloitte. Can I push for 70k base?

like

Oliver Wyman 🐠, does anyone know how, if at all, the three primary health insurance options cover mental health, e.g. therapy, psychiatrist?

like

Have an offer on the table at a startup that’s $35K more than current big 4 salary for a Senior Manager role. Benefits package is very comparable (401k match, healthcare costs, fringe stipends for WFH). Startup has been around for 5+ years and has secured a solid, 9 figures of investor dollars. Is it worth the move and having to leave my extremely secure “network” and role at a Big 4?

like

Did you transfer your 401k from your ex-employer to your current employer? If not, what did you do with it? I’m so lost. It’s my first time switching jobs. I have money in my spending account too. How should I spend it in the last 2 weeks?

like

Can you get fired / let go while being on project?

like

Question for anyone who handles UCC article 2. / Magnuson moss disputes. I’m a transactional attorney for luxury assets. A client has decided to bring in his own Amlaw 50 financial services litigation team to handle this highly specialized warranty dispute (lol). But anyway, these guys seem to be telling client that instead of holding onto the asset while he litigated the revocation, he has the right to resell the asset now and then sue the seller for any shortfall. The lit team seemed insult

like

Any advice for a newly pregnant consultant (6weeks in)? Do people usually go for appointments and scans without telling anyone at work till the required time to give notice? Currently on a busy project so a bit worried going through first trimester without work’s support, already struggling with energy levels and nausea

like

I am a relatively new Project Leader at BCG and have a very crazy and packed schedule with no time to care for my food, exercise, etc. I just found out I am pregnant and I am nervous about how I will take care of myself and the baby with this busy lifestyle. I would love tips on how some of you navigated through this phase. How to ensure you are eating/exercising right? When/how to tell your bosses/team so that they are mindful? General tips for the first trimester? Should I change jobs?

like

Is the working hours mentioned in my workspace correct? I have recently been allocated to a project and it shows timings from 11 pm -9 am..

like

Best books on Agile project management?

like

Is it worth being staffed on a firm’s product offering team? Seems like the product management of start ups without the fun benefits.

like

My current CTC is 25 L , bellow is the package I got of 37L , they have calculated hr on bench pay , does any one has any clear idea about project pay , is this good idea to join epam anywhere , I heard that epam systems also provide remote work , let me know all of your thoughts

Post Photo

Those who just left ibm, what did yall do with your 401k?

like

How to diplomatically quit while in the middle of a project? Junior-ish and not going to a competitor (I understand we’re all replaceable...)

like

I am expecting a promotion this year from C to SC. Should I wait to hear back on the news before I initiate my roll off from the current long term project that I've spent 1.5 years on? Dyingggggg

like

HATE this senior consultant on my project. He is so busy trying to be a know it all that it is hard to refocus him on his specific work. He wants to know the plan but has no context to understand it.

like

What is your ratio of your money is invested into cryptocurrency vs. in a traditional brokerage account in the market? Referring to expendable income after 401K/IRA contributions

like

Zscaler sales position vs EY? I’m a technical guy and I’ve been at EY 2 years and can’t stand that they AGAIN made the mistake to staff me on a non-tech compliance audit rather than a technical or strategy project. I hate it. Recruiter reach out for a technical sales position at zscaler.. would y’all consider? long term what would be the best? figured out I don’t wanna be in a compliance role. but I like leadership (e.g. would love to be a CISO in a manufacturing company-but not a tech co/bank)

like

What are the SM roles like in EY performance improvement advisory? Is it delivery + business dev or mostly POV, thought leadership, project Mgmt ? Is it a good culture/environment? Thanks

like

I think this coming Monday will be the very first time in all my years of tech consulting that both my employer & my client will recognize MLK Day as an official holiday. I’ve been doing this for twenty years (not all of it at IBM).

like

Additional Posts

Is 68k USD/annum enough salary to survive in North Carolina? I have 8YOE in SAP BW

like

MBB folks, what’s the glamour with FAANG to you? I ask because I have done multiple strategy projects for/with FAANG, and could likely get an offer, but I still want MBB 🤨 Am I missing something?

like

Ropes & Gray - when will you actually announce the pay raise that every other V50 did a whole month ago?

likefunny
like

CMT vs CAIA? I currently work in sales for an asset manager and have an MBA. Would like a designation, one that’s applicable to asset management and has some status/recognition. Appreciate any thoughts or insights. (Also dont want to take CFA)

like

Been asked to present my current client’s plan and PCA in second interview for a role. Am I being over cautious by not feeling comfortable with this?

like

Are MM or BB IB positions realistic out of Big 4 FDD?

like

Anyone got advice on taking care of a sick parent? I’m 29, my dad passed away a few years ago and right now my mom is having some really troubling health issues so I’ve come home to support. Any advice at all is welcome, I feel in over my head

like

what's the best car you've been upgraded to? mine was a BMW X5 at SFO and a Mercedes GLE at LAX

like

I own my own company and helped manage up to 10 employees at one time while working full time. I have now hired a manager to help with the effort, so that I can focus on my full time work here at ACN. I feel like I could easily be a manager or even a consultant but I’m an analyst because I’ve never had full on consulting experience. Any advice on how to sell myself more without being forceful? P.S. i know I could focus on entrepreneurship and forget about ACN but i do believe I can learn a lot.

funny

What is grace period for H1b? Is it 60 days or 6 months?

Any business affairs managers/PBMs available for remote hire for a fast growing Atlanta agency on an iconic brand? Must be knowledgeable with production, social media/influencers, talent management. DM me for more info.

like
like

Is investment banking really that pathetic as a career? Thinking of getting into IB. I have 1 year in tech consulting, and 1 year in strategy consulting. I’ve been working with financial services and automotive clients. It seems easier to break into EB IB than MBB, and my goal is to exit into PE, preferably without getting a top MBA. Is it worth getting my wlb hit for 1-2 years?

like

Did not get promoted from Staff to Senior last year and this year the utilization is low because of a couple projects ending prematurely and difficulty in finding new projects even though-

like

Hi all, I had a phone screen with a recruiter on 11/23, and he said his coordinator would reach out in scheduling an interview with the practice manager. I haven’t heard from the coordinator and emailed the recruiter this morning but nothing yet. My application is in “interview” status. Should I just move on?

like

Do you think Apple and Amazon fight over who's the first A in FAANG like BCG and Bain over MBB?

likefunny

Best consulting companies for Healthcare related projects ?

So are you getting your kids covid tested when they have runny nose (no fever)?

like

Hi Fishes, Looking for a referral at EY. Note: I have given the interview in Sept for a client & they didn't offer the role to me.

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
Download Fishbowl to see what others are saying
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the Fishbowl app

Get realtime notifications and see
what's happening in your industry
from the palm of your hand.

For account settings, visit Fishbowl on Desktop Browser or

General

Legal