Andrew Hanson discusses overcoming financial fears and challenges
Listen to the interview on the Business Innovators Radio Network: Interview with Andrew Hanson Vice President of Generations Wealth Management Discussing Overcoming Financial Fears and Challenges
Andrew Hanson, Vice President of Generations Wealth Management. Andrew delves into the often-avoided topic of financial fears and challenges, emphasizing the importance of confronting these fears to build a solid retirement financial plan. Andrew discusses the initial hurdles clients face when acknowledging their financial concerns and the significance of taking an optimistic approach. He guides listeners on how to identify their goals and the potential obstacles that could impede achieving them.
Creating a solid retirement plan involves more than just calculating savings and investments; it requires a deep understanding of the financial fears and challenges that clients face. Addressing these fears is crucial for several reasons, particularly in preparing for potential market volatility and other uncertainties.
Many individuals hesitate to confront their financial fears, often adopting an “ostrich” approach by burying their heads in the sand. However, acknowledging these fears is the first step toward overcoming them. As Andrew Hanson points out, the hardest part is looking in the mirror and recognizing what truly scares us about our financial future. This vulnerability is essential for developing a comprehensive financial plan.
One of the primary concerns for clients, especially those nearing retirement, is market volatility. The fear of losing hard-earned savings can be paralyzing. For younger clients, time may be on their side, allowing them to recover from market downturns. However, for those closer to retirement, the stakes are much higher. A significant market drop can drastically affect their retirement lifestyle and financial security.
To address this fear, financial advisors must help clients reposition their portfolios to reduce exposure to market volatility. This involves creating a balanced investment strategy that includes safer assets, allowing clients to preserve their wealth while still participating in market growth.
Once fears are identified, the next step is to implement strategies that mitigate these concerns. Financial planning should be personalized, as there is no one-size-fits-all approach. For instance, fixed index annuities can be an effective tool for clients worried about market fluctuations. These products offer the potential for growth tied to a market index while guaranteeing the principal amount, thus providing peace of mind.
Additionally, advisors should educate clients about the concept of “negative compound interest.” This occurs when clients withdraw funds from a declining investment, leading to a double negative effect on their retirement savings. By understanding this concept, clients can make more informed decisions about their withdrawals and investment strategies.
Financial planning also involves preparing for uncertainties beyond market volatility, such as health issues or unexpected expenses. Long-term care is a significant concern for many retirees. Fixed index annuities can offer solutions that address these fears by providing benefits that can be used for long-term care without losing the principal amount if those services are not needed.
Andrew shared: “As a trusted family-owned firm, we blend our deep-rooted values of integrity, trust, and reliability with innovative financial expertise. With a commitment to excellence, we strive to be the beacon of financial stability for generations to come, fostering prosperity and peace of mind within the families we serve”
About Andrew Hanson
Two generations of trusted Hanson financial professionals serve multiple generations of clients concerned with financial goals, wealth management, safety, security, and estate planning. Richard Hanson, President of Generations Financial & Insurance Services, began his career in 1983. He is currently an educational speaker on retirement and money management. Mr. Hanson is Designated as a Certified Senior Advisor (CSA). He Currently Holds a membership with the National Association of Life Underwriters. 2011 Insurmark Hall of Fame Inductee. Andrew Hanson, Vice President of Generations Financial began his career in January 2016. He is the Head of Case Design Team & Digital Outreach. He hosts numerous Seminars educating our community on such subjects as; Social Security, RMD’s, Asset Protection, Legacy Protection, College Funding and IRA / 401(k) Analysis.
Learn more: https://www.generationswealthmgt.com/
Recent Interviews and News
- Richard Hanson discusses financial confidence in retirement: Richard Hanson President of Generations Wealth Management Interviewed on the Influential Entrepreneur Podcast Discussing Financial Confidence in Retirement
- Richard Hanson discusses living retirement to the fullest: Richard Hanson President of Generations Wealth Management Interviewed on the Influential Entrepreneur Podcast Discussing Living Retirement to the Fullest
- Richard Hanson discusses overcoming fears of market volatility: Richard Hanson President of Generations Wealth Management Interviewed on the Influential Entrepreneur Podcast Discussing Overcoming Fears of Market Volatility
- Andrew Hanson discusses finding the right investment vehicle: Andrew Hanson Vice President of Generations Wealth Management Interviewed on the Influential Entrepreneur Podcast Discussing Finding the Right Investment Vehicle
- Andrew Hanson discusses creating a financial plan for the future: Andrew Hanson Vice President of Generations Wealth Management Interviewed on the Influential Entrepreneur Podcast Discussing Creating A Financial Plan for the Future
