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David Macchia believes that the various segments of the money services business should be part of the beginning of a daring new era of regular revenue growth in payments.
Macchia's mission is to help what he calls "restricted investors" -- those UN agency investors who are retiring with cash but whose total wealth isn't great compared to the financial gain they have to make funding a lifestyle they think minimally acceptable.
Restricted investors share Associate in Nursing's absolute reliance on their savings to earn a large portion of the financial gain they have to fund their retirement vivendi.
Macchia believes pensions are key to managing risk for people who have systematically saved for retirement but want those savings to last them for a while.
Wealth2K Founder and Chief Executive Officer Macchia created Women & Financial Gain, the premier financial gain solution for retirement designed specifically for female investors. Macchia is also the team that developed the widely used financial gain solution for retirement, called the Financial Gain Forever Model. It enables money advisors to capture a total of $70 billion in assets while providing fancy, enhanced retirement security to thousands of retirees.
In this interview with publisher Paul Feldman, Macchia discusses the notion of financial gain forever and why the advisory community should embrace it to help more Americans achieve safe retirement.
PAUL FELDMANN:
You have had an illustrious career as an Associate in Nursing. Tell the US how you got into the business.
DAVID MACCHIA:
I started out as a life insurance agent with what was then the newest royal line Mutual Life Insurance Company. That got me into wholesale life insurance products and eventually an organization called EF Hutton Life, which was the pioneer of universal living.
By chance I returned to a consulting career. I was a young man when the 1986 Tax Reform Act went into effect. I had the notion that life insurance could be used as an alternative to what was created by this law, which was the non-deductible individual plan.
I said, "Wouldn't it be better to use a life insurance policy that doesn't have government employment records and you're not limited to $2,000?" Also, you're taking life insurance money untaxed. This led to the way life insurance is still today, bullying them to make untaxed financial gain through policy loans.
I had a parallel career counseling project at the time, followed by a life insurance plan, and I was a jobber. This lasted a long time, until about 2007, after I oversubscribed the agency and my freelance sales organization and immersed myself in the business of designing annuity sales deals practically full-time.
In 2004 I was introduced to the notion of mortal progression - the 76 million people approaching the UN Retirement Agency should take their trillions of greenbacks into collective savings and turn them into financial gain that lasts their entire lives lasts long. I used to be very intrigued by this challenge. I noticed too soon that individuals were unable to turn accumulated wealth into financial gain. I have also found that almost all money advisors are not very proficient at serving clients, try this.
I saw an opportunity to find a solution for shaping financial gain in retirement. In 2005 we introduced the first decision, the lifetime income model, which remains stable. That's what I've been focused on day and night ever since - focused on the business of creating financial growth in retirement.
FELDMANN:
Income for all time is a remarkable thought. tell me more about it
STAINES:
We have learned a lot in the years that I have been working in this field. One of the things that we tended to come up with was the idea of bucking or time segmentation because the teachers would probably grapple with that.
This bucket approach offers a lot of advantages over a full comeback approach, where you only withdraw an exact amount per year -- what's commonly referred to as the four-dimensional rule.
The bucket approach had some real advantages, but also an obvious weakness. The obvious weakness was that you definitely eliminated risk early in the strategy. However, you're probably risking later in the strategy because in those later buckets, which are additionally heavily endowed, you don't know what the performance will be when the person is older.
About seven or eight years ago, we tend to incorporate a layer of time-bound financial gain into this strategy through regular payments from Associate in Nursing. We tend to develop a hybrid strategy - which I think is the best hybrid strategy I've seen. I'm not astute to design a more robust strategy than this. It protects the consumer from longevity risks; it protects the consumer from temporal order risks.
It offers the most effective mechanism for consumers to stay equipped throughout their retirement to hedge against the risk of inflation. It conveys investment discipline, is clear and understandable. It just works, and thousands of UN agency monetary advisers use it.
They realize that it offers a high level of satisfaction to their buyers. and that they usually win 100% of the client's fortune once they bring this method to them.
FELDMANN:
They work with tons of registered investment advisors. But can you get them to imagine that annuities are an honest part of a client's portfolio?
STAINES:
I've written articles trying to get the RIA community to know that their approach to designing financial gains in retirement is subpar. And for an outsized phase of investors in us, it hurts them by not giving them a method to mitigate the risks that could reduce, or perhaps eliminate, their retirement incomes. As such, I'm a big proponent of RIAs' annuities.
I think it's important, and I suppose if that happens, it's going to bring a lot of benefits to the rental business as a whole, because if RIAs embrace pensions in a big way, it's going to boost the buyers' press. which can generate buyer demand. And annuities can achieve the vision I have for even them, which is to become injectables -- not unlike index funds or exchange-traded funds.
There should be tremendous customer demand for annuities. However, we tend not to have it and I suppose that has to be a change.
It starts with the fact that the people who are enemies of pensions are not enemies.
There is no reasonable objection by, for example, Associate Degree RIA to mistreat Associate Degree Pension today, as they receive Associate Degree Pension that is fully in line with RIA's business model, culture or philosophy.
These annuities are created and appear in your portfolio management system as multiple alternative positions. There is no reason to give up pensions in any way. To the extent that people work with forced investment - to the extent that the majority of people are retiring and the World Health Organization has been saving systematically - these people should be protected from longevity risk.
You also want protection from the timing agreement risk, which I think is the scariest problem in the short term.
I'm being aggressive in my assertion here because it stems from absolute associate degree conviction. Once Associate Degree RIA responds to consumer style and fails to address at least longevity risk, they are failing their legal obligation to the consumer.
FELDMANN:
What about discussing alternative types of insurance that deal with longevity such as B. Long-term care or something similar? Doesn't that also address your fiduciary responsibility?
STAINES:
I think it's complete. And it is similar in that it is an incident that will happen to a non-worker that will result in his wealth being reduced fairly quickly along with a reduction in his normal lifestyle. therefore it should be raised. The concept that you only want to address a challenging target, such as B. Designing financial gains in retirement while not a toolkit is a thing of the past. I don't suppose it's viable in the future.
FELDMAN: You use the term "constrained capitalist." Can you tell the United States of America much about this?
MACCHIA: Here are the remedies I feel about retirees. The square measures 3
I like to inform history about the risk of timing. For stocks that reverse instantaneously, timing risk is the rest of my concern. So let the American government explain: Timing arrangement risk is what the business calls consequence-of-returns risk. It's another example of overcomplicating something.
My plea for it is as follows: Imagine you had ten people during a space and they were financially identical. all had a similar amount of cash - $500,000. all had a similar investment portfolio. all were able to push exactly the same amount of financial gain into retirement. so what is different? just a timing.
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