Jason talks to Alex Murguia and Wade Pfau, co-founders of RISA. It is an online questionnaire and tool for helping determine what an individual's retirement styles are like and specifically helping advisors steer them toward the type of retirement solutions that help ensure that they both succeed, but also that they are comfortable and their preferences on how they wish to retire or how they wish their income to be general in retirement come about.
Episode Highlights
- 01:05: The risk that people face in retirement is different from pre-retirement, with the sequence of returns, risk, and market returns.
- 04:46: Alex shares how they took reoccurring constructs and then wondered could they quantify them that were reliable and in a manner that was valid.
- 06:28: Jason is not a big fan of bucketing, but for some clients like visualizing and understanding that might be the difference between them panicking and being comfortable.
- 08:41: Alex informs that they have an implementation matrix, which is how someone prefers to implement financial advice.
- 11:07: You always have to overlay the numbers; the advisor has to help you sort of curate through that journey.
- 19:23: As per Alex there is no annuity proposal in much the same way that there is no like government worker puzzle in the United States.
- 22:23: The distribution of advisor preference largely comes down to licensing standards.
- 24:38: The best salespeople are the people that get to close loss the soonest.
- 38:12: As per Jason, people spend a lot of time these days talking about understanding client bias.
3 Key Points
- Alex explains how they kind of take a step back and say what strategy is the one you should begin with when it comes to retirement planning?
- People either need safety or they won't accept risk, and they are different degrees of willing to basically lock themselves into something, so it's static.
- The first step of retirement income planning is to identify your retirement style and then build your financial plan and then take your risk tolerance questionnaire and choose your asset allocation and so forth.
Tweetable Quotes
- "With COVID after reading a certain amount and collecting notes, we realized that there were certain constructs that seemed to be reoccurring motifs." – Alex
- "We all have different risk tolerances. We all have different preferences for security." - Jason
- "I may, as a consumer, have not known that there are different strategies that there are and here is the strategy that looks like it does fit best with my own psychological considerations and makeup." - Wade
- "The end consumer doesn't realize that there are options available to themselves for different retirement income strategies." - Alex
- "There are a few things that in research frustrate me more than trying to break an advisor value down to a percentage cases per year." – Jason
Resources Mentioned
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