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Meeting With The Wife Too Both spouses must be equally involved Donald E. Bentley, Advisor LUTCF, IAR, CRPC, CTS 2704 Old Rosebud Ln. Suite 180 Lexington, KY 40509 Phone: (859) 309-0349 More spouses who are not the primary breadwinners – mainly wives – are now doing just as much retirement planning as the spouse who brings home the lion’s share of the family bacon. A fall 2013 University of Missouri School of Social Work study documented the planning process of married couples, 45 and older, as they began pondering what their retirement years would be like. Researchers discovered that even when husbands have greater earning power than their wives, the wives still take equal part in planning the couple’s retirement. This notion – that the input of today’s wife is just as valuable as that of her husband – is part of the reason one financial planning group won’t hold a second meeting without her present. Donald E. Bentley, a partner of the based in Lexington, Kentucky, knows the longevity statistics for men and women. He knows that most wives outlive their husbands, and he has seen the ramifications when a widow does not have a single clue as to the state of the finances her deceased husband has left behind. “One of the things we require for our second meeting – the one in which we begin planning – is that both the male and female of the relationship must be present,” Bentley explained. “Moving forward from that point in time, all meetings have to include both parties. We know that at some point later in time, all that money may end up becoming only hers. So, what we do from the beginning is we make sure that not only he – but also she, – understands what they have, where it is kept, how THE SUIT MAGAZINE - JULY 2014
it is invested, what its purpose is and how it functions to provide for their financial needs.” Bentley said that he often hears some version of this statement from husbands, “I am not concerned while I am here, but if something happens to me, who does she turn to who has the experience, the background and the education to help her?” “It’s an excellent question,” Bentley said, and he has an answer. Turn to people such as himself, with more than 18 years of experience and industry certifications to prove his credentials and his partner, G. Kevin Metzler, chief advisor and president of Family Wealth Group, with more than 35 years of financial and retirement planning under his belt. After the financial debacle of 2008 and 2009, aptly dubbed the Great Recession, Bentley and Metzler put together a firm brochure insightfully titled, “Who Can I Trust?” The brochure details various methods and agencies prospective clients can search to do background checks on the financial advisors they are vetting. Readers are directed to the federal Securities and Exchange Commission, the Better Business Bureau, the National Ethics Bureau and Dunn and Bradstreet to seek information regarding financial advisors. “Anyone can tell themselves and their clients, ‘Hey, trust me,’” Bentley said. “But trust takes time to build. Clients should start by making sure their chosen advisor has the appropriate background. Unfortunately, the rules are just not set in place that one has to have this background, this education and that certification to be able to call themselves a financial advisor. Someone can just walk off the street, put up a sign on a building and call themselves a financial advisor.” This alarming trend is part of why he supports the establishment of a uniform national fiduciary standard governing the work of all types of financial advisors, whether they be compensated via a commission model or a fee-based only model. Bentley believes a nationwide standard would force a clear definition of what standards a financial advisor must meet. He thinks this would drastically increase the client’s ability to understand what qualifies someone to claim to be a professional financial advisor. Bentley and Metzler run their firm as what he describes as a “true fiduciary” in which the standard is a management process dedicated to overseeing the client’s accounts with their best interests only – and not that of the firm – as the guiding principle. They provide the gamut of financial planning services – income, tax, estate and Social Security – under their one roof, creating a complete suite of services for their clients. In his opinion, clients have too much at stake for both partners not to *Investment Advisory Services offered through Global Financial Private Capital, LLC, an SEC Registered Investment Advisor. www.thefamilywealthgroup.com be fully involved in all aspects of their financial lives employing their full fiduciary standard in all decisions.“Money makes people do crazy things,” he said. That unfortunate fact is part of why he and Metzler seek investment growth between five and seven percent for their clients while still in the accumulation phase. It’s a steady, realistic goal that does not dramatically increase risk. Post 2008 and 2009’s Great Recession, Bentley said that it took many of the now-retiring baby boomers five years to recover from the losses sustained. “They haven’t forgotten that experience, either,” he said. They are worried; his over 700 different clients are far more cautious than in previous decades. “It used to be you were able to just throw a dart at a board and the investment it hit would yield an average of ten or 15 percent or even more,” he recalls, adding the sour truth that perhaps such easy success spoiled investors for the realities of coming bear markets. “I think investors are beginning to see that their expectations of the market were a bit skewed due to all the good times we had and that now it is time to switch to a capital preservation mode instead of a capital appreciation mindset.” THE SUIT MAGAZINE p.27
Page 1 and 2: Issue 61 JULY 2014 exclusive interv
Page 3 and 4: publishers note ISSUE 61 | JULY 201
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Page 41 and 42: part of why he attained a certifica
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