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Approaching Retirement? 3 Signs You Need a Personal Banker

Dawn Papandrea, First Republic Bank
September 1, 2021

Here’s what we’re covering:

  • Planning for retirement? It's an exciting milestone to reach, but there are a lot of financial factors to consider.    
  • Apps and bots can be useful but often aren't tailored to your unique financial needs.    
  • Personal bankers backed by a team of experts can tailor their financial advice to your needs — here are 3 signs you need one.       

As an older adult, you’ve likely been through a number of financial milestones in your life, such as buying a home or starting a family. As you approach your retirement years (even if they are far off), it can leave you asking a lot of big questions. How long should you keep working? Will you downsize your home or relocate? Are you ready to live on a fixed income? Have you adequately saved to fund your lifestyle, healthcare and travel? How will your taxes and investments change?

There isn't simply “an app for that” when it comes to making financial decisions during your pre- and post-retirement years. What you really need is someone you can reach out to when you have questions or need information about a financial product that might work well for you. 

If you're looking for one-on-one financial support as you enter a new stage of life, it could be the perfect time to consult with a personal banker who can connect you with a team member who can help. Here are three signs that you may benefit from a personal banking relationship.

You prefer to talk through financial decisions  

There’s been a push by financial institutions over the last few years to move toward a more digital experience, putting the onus on customers to set up and monitor their own accounts. This can be very convenient for basic transactions and bill paying, and it’s great to have access and control of your cash flow when you need it. For some things, though, such as a question about opening a new type of account, you'd prefer getting on the phone and talking to an expert. 

Unfortunately, most customer service phone interactions these days offer a frustrating experience in which you have to follow a long-winded menu of options before even getting a live person on the phone. All the while, the pre-recorded messages encourage you to hang up and log onto your online account to solve the issue yourself.

This won’t be the case if you partner with an institution that sets you up with a personal banker. Working with someone who takes the time to understand the complexities and intricacies of your personal financial situation is an amazing benefit to take advantage of. A personal banker is accessible by direct phone, email or for more complex questions, you can even set an in-person meeting — what a novel idea, right? 

The generic financial advice you’re finding online or reading doesn’t apply to you

There's a reason it's called "personal" finance – it's because people have vastly different financial obligations, risk tolerance and philosophies when it comes to money and retirement. Depending on your finances and where along the retirement journey you may be, you don't want to forge forward without a detailed game plan. The ability to sit down with a personal banker to discuss your thoughts about how long you plan to stay in the workforce, what you want your retirement to look like or how you would approach estate planning is a valuable resource.

From making sure your expenses can be managed, to deciding if and how you will support your children or grandchildren, a personal banker can kick off big picture conversations with you, and walk you through some questions and scenarios you might not have even considered. From there, they can connect you with colleagues and bring in other experts who specialize in areas such as investment advising or succession planning, so you can implement the right plan for you.

You need an objective opinion about your finances

Your grown children or money savvy friends might have strong opinions on different investment vehicles, annuities, wealth management strategies or other financial topics related to your late stage career and retirement years. While your loved ones may have sound advice, a personal banker and team can offer an outside perspective with no strings attached. This different lens can help you discover other options, or it might help you feel more confident by reaffirming your own instincts or other advice you’ve been given. 

A personal banker allows you to share some of the burden of financial management with someone you can trust. In short, it takes some of the pressure off of you so you can spend more of your time enjoying life.

Ready to start a personal banking relationship? Contact First Republic bank to get started.

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