-: My name's Dave Zavarelli and I am a financial advisor
and certified financial planner with Raymond James
at Union Savings Bank here in Danbury, Connectict.
Raymond James is a Fortune 500 investment firm,
and very similar to the Merrill Lynch's and
the Morgan Stanley's of the world.
And what we do is provide a complete suite of
financial planning services
and options for our customers.
Basically what we do is try to help people prepare
for retirement.
When we're doing a retirement plan for a client,
I'll ask them simple questions,
when do you plan on retiring?,
what do you plan on doing in retirement?,
where do you plan on doing that?,
what are some of the dreams you have,
things you thought may not be realistic but certainly
you've dreamt about doing?.
So we plug all that information into our
comprehensive software package and
really what we get back is a probability score.
And we can say to a client,
based on everything you wanted to do in retirement,
and based on a certain projected life expectancy,
we think you have 73% chance of success.
So then we have a conversation,
well you said you wanted to spend $20,000 a year on travel,
we'll make an adjustment, if you cut that back to 10,000
your probability score goes from 73 to 80.
Are you comfortable with that?
Could you work a little bit longer?
So there's trade-offs, and the nice thing about that
approach is it's not like the old way of financial planning.
The old style was you came in,
you wrote us a cheque for anywhere from $1000 to $5000
to do a plan.
We made this really beautiful plan for you,
we bound it, it had tabs and everything and your name
custom printed, usually it was about that thick and we
handed it to you and we went through it.
It often was about,
80% fluff, generic information.
And then nobody ever looked at it again.
What we do now is really more dynamic,
we are building this out, we're utilizing technology
to measure our success on the way as we go on
and then sometimes we need to change course
and the technology allows us to do that
and feel comfortable that we're still gonna meet our goals.