"Individuals have always needed to know how to make their money last at least as long as they do, but have avoided the discussion and action because the numbers can be depressing. This must–read book for advisors provides a road map for getting to the discussion, the key issues to discuss, and the keys to successful outcomes. The definitive guide for achieving retirement income security has arrived."
Dallas L. Salisbury, President and CEO, Employee Benefit Research Institute
"Understanding the opportunity for addressing baby–boomer retirement needs is an interesting opportunity. Having the insight of how to connect the right baby boomers to the right solutions turns that interesting opportunity into a compelling mission. That is what this book will do for you."
Steve Moore, author of Ineffective Habits of Financial Advisors (and the Disciplines to Break Them)
"Too often, discussions of retirement income are thinly veiled product pitches. Someday Rich is different. Solid, research–based analysis is coupled with practical implementation and process. Your clients and your business will be better off because of it."
Russ Hill, CEO, Halbert Hargrove
"The two authors are veterans, with many decades in the business of individual financial planning and helping wealth advisors in two ways: how to do more sensible things for their clients and how to run an efficient practice. And their experience shows in the wisdom that this book contains."
From the Foreword by Don Ezra, Co–Chair, Global Consulting,Russell Investments
"In Someday Rich, Noonan, Smith, and their contributors provide an insightful and meaningful way for the advisor to answer the ultimate client question, ′How am I doing?′ In a forthright and accessible way, the book shows that the question can be answered with more than platitudes and poorly understood and often misinterpreted simulations. It also demonstrates how an advisor can add true value to their clients instead of playing ′beat the market′ as the measure of advisor worth. An important contribution to professionalizing an industry in need of rigor and redefinition."
Randy Lert, Principal, RPL Consulting
CHAPTER 1 Time for a Real Conversation 11
CHAPTER 2 How We Got Here 27
CHAPTER 3 The Right Clients 43
CHAPTER 4 Connecting the Dots 61
CHAPTER 5 The Personal Asset Liability Model Funded Status 79
CHAPTER 6 The Personal Asset Liability Model Investment Plan 101
CHAPTER 7 Making a Good Business of Giving Good Advice 133
CHAPTER 8 Investor Archetypes 161
CHAPTER 9 Tripping Over the Finish Line 171
CHAPTER 10 On Shaping One s Future 191Albert Bandura
CHAPTER 11 Building a Simple and Powerful Solution for Retirement Saving Russell s Approach to Target Date Funds 203Grant W. Gardner and Yuan–An Fan
CHAPTER 12 Investment Aspects of Longevity Risk 223Don Ezra
CHAPTER 13 Mismeasurement of Risk in Financial Planning A Lesson in Risk Decomposition 237Richard K. Fullmer
CHAPTER 14 Modern Portfolio Decumulation A New Strategy for Managing Retirement Income 249Richard K. Fullmer
APPENDIX A Lessons Learned from Retirement Income Research 273
APPENDIX B The New Language of Retirement 277
About the Authors 283