If you ask Ryan Murray, CAS®, CFS®, CRPC®, retirement should be similar to a “second career.”
Ryan is a financial advisor with Marshall, Murray & Associates in Langhorne, and he suggests people should think of retirement this way: Whatever you decide to pursue in your retirement, you should earn a salary while doing it.
For many of us, regardless of our financial position, this concept stirs up multiple questions and concerns: “How do I get that security without wealthy benefactors?” “After the 2008 financial collapse, would my money be better off under a mattress than in any kind of financial portfolio?” “With my expected retirement age being so far away, why are we even talking about retirement?”
Ryan and his business associate, William P. Marshall, CFP®, ChFC®, CLU®, CRPC®, financial advisor, believe it’s possible for investors to retire in the way they’ve always dreamed—even with the financial markets’ lingering volatility—and it’s never too early to start planning to shape these dreams into reality.
Ryan and Bill have built a client foundation based on the benefits of thinking “long term.” “There's a lot of emphasis on that now, but not enough emphasis placed on how what you do now and how it impacts your future when you retire,” says Bill. “The reason why people delay retirement is the fear they will lose the security of the steady income from their job.”
Such dependence isn't mandatory, especially if eliminating it moves up the next phase of one’s life. "Time is your best friend when planning for retirement," says Ryan.
The advisors of Marshall, Murray & Associates, which have been in practice for more than 15 years, believe they can be an ally in managing this process. The practice’s advisors understand that everyone’s view of retirement is slightly different. Marshall, Murray & Associates values—and celebrates—such individuality.
“We will sit down with you and discuss fundamentally what your goals and dreams are,” says Bill. “Once we know what's important to you, we then talk about financial aspects of what you need to do to retire.
“We will take a look at your income needs and expenses,” he continues. “We'll look at what your sources of income will be in retirement, such as Social Security or a pension. And then we take into account all of your personal goals and unexpected expenses. Once we have a good sense of your state of affairs, then we help to manage those needs by applying certain strategies.”
The practice delves in deep to gather a strong understanding of each client’s unique situation, according to Ryan. In crafting a client's dream retirement, Marshall, Murray & Associates is “conservative,” he says. The practice assumes clients will live to age 100 and will add 15 to 20 percent to their expenses. This caution, coupled with preparation, is done so the clients don’t view investments that tend to fluctuate—stocks, for example—as “a detriment.” Helping clients attain peace of mind in their planning is a full-time endeavor.
When the market does change, “we will show them what the impact of that shift in the market will do to their investment,” says Bill. “Many advisors will spend a lot of time reviewing and discussing investments and making sure that you have the right allocation of investments. While we feel that’s very important, we find there's not a lot of emphasis placed on what you do with these investments in retirement. How do you take distributions from these investments? What might be the tax ramifications? How do I take withdrawals from my investments when the market is volatile?”
Knowing what's available now is paramount to a happy and secure tomorrow. “There are products out there that can guarantee income for investments, if used properly," says Ryan, adding that it may be wise to explore investments that make certain guarantees and provide some measure of protection from market fluctuation.
As retirement comes more closely into view, well-positioned investors may find it advantageous to rely on a team such as Marshall, Murray & Associates to help them examine the most useful ways to get money from a portfolio, including tax-friendly strategies that could protect more of a client's savings from unnecessary taxation.
“The focus is on your happiness during retirement,” says Bill, “but to do it in the most sensible way.”
This listen-first, act-thoroughly philosophy extends into all of Marshall, Murray & Associates’ areas of experience, which includes asset-management strategies and charitable giving, as well as estate and tax-planning strategies. It’s also garnered some impressive honors for Bill and Ryan, who are also longtime friends.
In 2010, Ryan received a 94 percent Client Satisfaction Score, at the same time as Bill earned a score of 91 percent.1 In the survey, Ameriprise advisors are rated on overall satisfaction, financial knowledge and other criteria. The scores are based upon responses from the preceding two years. Ryan received the FIVE STAR Wealth Manager Award in 2010 and 2011, as featured in Philadelphia magazine.2 This award, given to less than two percent of wealth managers in the Philadelphia area, acknowledged his high level of customer service, integrity, knowledge and six other key areas of satisfaction based on clients’ personal experience. Advisors were reviewed in terms of regulatory and judicial actions as well as by a panel of others in the financial industry.
Although honors and awards are important, Marshall, Murray & Associates takes greater pride in the fact that the majority of its new clients are introduced as referrals. Prospective clients are often skeptical that they can build the retirement of their dreams, but their doubts are often put to rest after meeting with the financial craftsmen at Marshall, Murray & Associates.
“Our job is to plan with you to help make you rich slowly,” says Ryan, “over the long term.”
In other words, your second career is waiting.
Marshall, Murray & Associates, a financial advisory practice of Ameriprise Financial Services, Inc. is located at 2300 East Lincoln Highway, Suite 705, in Langhorne. For more information, or to schedule an appointment, call 215-757-7600 or visit www.ameripriseadvisors.com/ryan.d.murray.
Pete Croatto is a freelance writer based in Newtown.
Brokerage, investment and financial advisory services are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC. Some products and services may not be available in all jurisdictions or to all clients.
Ameriprise Financial and its representatives do not provide tax or legal advice. Consult your tax advisor or attorney regarding specific tax issues.
All guarantees are based on the continued claims paying ability of the issuing company.
Investors should conduct their own evaluation of a financial professional as working with a financial advisor is not a guarantee of future financial success. Brokerage, investment and financial advisory services are made available through Ameriprise Financial Services, Inc., Member FINRA and SIPC. Some products and services may not be available in all jurisdictions or to all clients.
1 The survey score is based on responses gathered within the preceding two years. The survey rates Ameriprise advisors on overall satisfaction, financial knowledge and other criteria. A score averages all responses and may not represent a particular client experience. A minimum number of responses are not required for a score. Working with this advisor is not a guarantee of future financial results. Investors should conduct their own evaluation of a financial advisor.
2 The FIVE STAR Wealth Manager Program (“Program”) research was conducted from March through June 2012. All identified broker dealers, RIA firms and FINRA-registered representatives in the area were contacted to gather wealth manager nominations. Fewer than seven percent of wealth managers in the area receive the recognition. The quality of client service provided by nominated wealth managers was evaluated using ten objective criteria, but results may not represent a particular client experience. Not all wealth managers use discretionary control to manage clients’ assets. Five Star Professional manages the Program but does not endorse listed wealth managers. Investors should conduct their own evaluation of a financial professional as working with a financial advisor is not a guarantee of future financial success. For details go to: www.fivestarprofessional.com/wm2012researchoverview.htm
