Having been in the financial services industry for over 32 years I find serving the needs of people in their late fifties and sixties and beyond, not only my strong suit but also where most people want and need a trusted, seasoned, Financial Professional. Here are just a few client examples:
Case #1 - Two men, equal partners in a thriving machining business worried that if one or the other became disabled or else died neither wanted to be partners with the other’s surviving spouse. I designed a plan providing capital and living benefits in the event of either man’s disability or death and as a bonus the plan augmented the retirement of either or both partners as well. The men went about their daily affairs for the next seven years but unfortunately one partner contracted cancer and eventually died. However, because of the plan, the deceased man’s widow received value equal to the company stock she inherited, while the surviving partner received 100% ownership and control. The company survived the tragedy and is still providing steady jobs for its employees and quality service to its customers.
Case #2 - A widow client had a life insurance policy she no longer needed because her children were all quite successful and had no need of her death benefit. She now desired to turn that insurance policy into an income producing vehicle for her immediate and long term needs. In her situation turning her life insurance policy into an annuity providing income she could not outlive, was the ultimate solution for her.
Case #3 - A single female with no children came to me after being cheated by a man she had to sue to reclaim some of the money he had swindled from her. She now needed continual income to take care of her current needs and those during her advancing years. A blue chip municipal bond fund plus an annuity with an A++ carrier were determined to fit her needs.
Case #4 - A fairly well to do retired physician with no children met with me wanting to set up a Long Term Care Program that wouldn’t cost an arm and a leg and yet provide benefits whether he was at home, in a care facility or even if he desired to move to a foreign country. After carefully evaluating his situation I recommended a program that not only provided the wanted Long Term Care Protection, but if the doctor never used the plan it also provided him a reasonable return on his capital, live or die.
Case #5 - A pediatrician with five employees wanted to set up a retirement program but scorned a traditional 401k plan. Understanding her concerns I designed a plan that would not only give her tax benefits during growth years but those employees remaining loyal to her would also be greatly rewarded. Furthermore if any employee died before the plan fully matured, their loved ones would receive the full retirement benefit in advance. A fully insured pension plan providing investment options was put into place and remains healthy and growing to this day.
Steven D. Nielsen is a published author and has been with Guardian & Park Avenue Securities since 1983.
These scenarios are for illustrative purposes and are not intended to suggest a particular course of action or represent the performance of any particular financial product or security. The information presented should not be used as the basis for any specific investment advice. Individual situations can vary. Therefore, you should consult a financial professional regarding your individual situation.
Registered Representative of Park Avenue Securities, LLC