When Clients Want To Spend Down, Advisors Guide Them To Do It Right

Excerpt from Investor’s Business Daily, published February 8, 2019

 
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At first blush, it might be tempting to label people as selfish who want to spend all their savings on themselves. But advisors know better.

"It can reflect a deep-seated feeling about how they are looking forward to enjoying their lives after years of hard work, particularly if they've been in a job that wasn't enjoyable," said Eric Walters, a certified financial planner in Greenwood Village, Colo. "Their children may be well off so they don't feel they need to leave an inheritance. It's not coldhearted; it's a feeling they've waited a long time for this."

Furthermore, advisors may not necessarily take a client's declaration to "die broke" at face value. Through gentle questioning, they might uncover deeper needs and motivations.

 
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