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I still remember a turning point early in my career. I was working at a financial firm that had a strict minimum asset requirement for clients. One day, I met with a couple who had about $250,000 to invest, which was below our firm’s threshold.
I knew we could make a meaningful difference in their retirement plan. But when I brought it up with the firm’s owner, his response was short and final: “That’s too bad, but they don’t meet the minimum. We have to move on.”
That moment stuck with me. Turning someone away — not because we couldn’t help, but because they weren’t “wealthy enough” — felt wrong.
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I argued that people with limited assets needed our help more than those with higher asset levels. It was clear that if I ever had my own firm, I would do things differently.
Fast-forward to today, and I’m a financial adviser and managing partner of a firm I co-founded called Reverent Asset Management. The name “Reverent” comes from the Latin word for respect, and that concept is at the heart of everything we do.
Respect is not just a branding choice; it’s our guiding principle.
Regardless of income, people need to understand how to get the most out of their dollars. In the United States, many people approach or reach retirement without accumulating the amount of retirement savings they would prefer.
For example, as recently as 2022, the median retirement savings for those ages 55 to 64 was $185,000, according to the Federal Reserve.
For ages 65 to 74, it was $200,000. And remember, that’s the median, so half of the people in those age groups have less than those amounts. In some cases, much less.
When I’m working with clients, there are principles that guide my approach. These principles also translate into ways in which you can plan for your retirement regardless of how much your portfolio holds.
Principle No. 1: Respect every plan, no matter its balance
Whether you have $10 million or $10,000, it’s important for you to understand how to help protect yourself and grow your money. Wealth does not determine worth.
Money can be an emotional and sensitive topic, and people should never feel embarrassed about asking basic questions or discussing modest portfolios. Asking questions and seeking help isn’t a sign of weakness; it’s a smart move.
If you’re preparing for retirement, start with the basics:
- Tally your monthly income in retirement from all sources (Social Security, pensions, savings and part-time work).
- Estimate your monthly expenses.
- Compare the two. If there’s a gap, look for solutions: reduce spending, delay retirement or explore additional income options.
Everyone has goals, and everyone deserves a plan.
Principle No. 2: Educate yourself
My 25 years of experience in the financial services industry have taught me that when people truly understand why a strategy makes sense, decisions become clear and comfortable — and they feel more confident making them.
Educate yourself as much as possible about retirement and financial topics. Fortunately, ample books, magazine articles, webinars, podcasts and other sources are easily available.
Just make sure you are getting the information from credible sources. If you have the opportunity, attend workshops or other events that financial professionals offer in your community.
My firm regularly holds free workshops and seminars on retirement planning because we want our community to learn, not just hear a sales spiel.
During individual meetings, we use plain language and whiteboards to break down concepts. We encourage questions. The more you know, the more empowered you are to make confident choices.
An educational approach also means a slower, more thoughtful planning process. By educating first, we let the plan’s value speak for itself.
Principle No. 3: Honesty and transparency are crucial
As an investment adviser representative, I am committed to putting clients’ interests first when providing investment advisory services. Some industry slogans sound good in ads but tell you nothing about what actually happens.
I start by understanding your goals, then show you, in writing, how I’m paid and whether lower-cost options meet those goals just as well.
For example, many advisers charge fees based on assets under management (AUM), which means they earn more if a client’s investments increase in value.
While there is nothing wrong with that in principle, it makes sense to ask how those fees influence the level of risk chosen and whether that risk matches your goals.
With any investment, you will want to know what fees are associated with it. Ask about and factor those in as you determine whether a particular product or portfolio is right for you. Will that investment provide the return you expect and/or need to achieve your financial goals?
Advice you can rely on is built on trust, and trust is built on honesty and transparency.
Principle No. 4: Plan for distribution, not just accumulation
People spend decades building their nest egg, but they may not be prepared for the “distribution phase,” when it’s time to turn those savings into reliable income.
And while many financial advisers are great at helping clients grow wealth during the accumulation phase, retirement is a whole new ballgame. This is the distribution phase.
It’s one of the most important (and often overlooked) parts of retirement planning, when you start drawing down those savings to create an income stream for life.
Why is distribution planning so key? Because once you retire, mistakes can be magnified. You no longer have a paycheck to cover errors or market downturns.
Taking too much risk or withdrawing funds in an inefficient way can quickly derail a retirement plan.
The No. 1 fear I hear from retirees is running out of money. That’s why at my firm we create detailed, personalized income plans as part of the financial planning process.
We look at all income sources — Social Security, pensions, investment accounts — and determine the optimal order and amount to withdraw from various accounts. The goal is simple: Make your money last.
Some of that goes back to education. The better you understand how all the pieces of a financial plan work together, the better you can make decisions that are right for your situation.
Whether you’re a schoolteacher with a modest 401(k) or a business owner with a multimillion-dollar portfolio, the most important factor in your financial plan is you — your values, goals and life circumstances.
Work with someone who respects that. Choose an adviser who listens, educates and puts your interests first.
When we focus on helping people, not just managing money, we create clarity and confidence for the road ahead.
The appearances in Kiplinger were obtained through a PR program. The columnist received assistance from a public relations firm in preparing this piece for submission to Kiplinger.com. Kiplinger was not compensated in any way. Ezra Byer contributed to this article. Ezra Byer is not affiliated with Reverent Asset Management, LLC or AEWM. 3402624 – 10/25