It is not uncommon to utilize a product such as an annuity or insurance policy to solve a specific issue. But, it is also not uncommon for clients to be sold these products without any solution in mind.

Being an independent, fee-based firm means we do not have monthly goals to meet. It also means we are not going to sell you a high-commissionable product you don’t need. Instead, we prefer to charge for our advice. 

After spending more than two decades as a high school teacher, Ms. Anderson was only a few years away from retirement with a full pension from the California State Retirement System (STRS). Most school teachers rely heavily on the state pension as their primary source of savings. However, in order to cover potential retirement shortfalls from STRS or reduce income taxes, teachers are encouraged to participate in a supplemental 403(b) retirement plan. The problem is how many 403(b) plans are supported by each district and how they are sold to the teachers.  

Each district establishes the regulations and selling practices around the allowed 403(b) products.  When we met Ms. Anderson for the first time to do a complimentary review of her retirement plans, we discovered eight separate 403(b) accounts. We noted that 6 of the accounts were sold to her (two contracts approximately every other year over a 5-year period) by the same representative. It was obvious to us that the representative was focused more on sales goals and high commission products than helping Ms. Anderson. 

How ProCore Advisors can help.

Here are some of the ways we guide you in making critical decisions and taking control of your finances:

• We start by educating and making sure you understand every strategy we are trying to incorporate from start to finish.
• We keep things as simple as possible.
• Look at alternative vehicles or solutions that benefit you
• Continue to monitor your investments to keep you on track for a successful retirement