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Is Your Retirement Plan “Airworthy?” Thumbnail

Is Your Retirement Plan “Airworthy?”

Recently, I took a friend up in my plane for a short lunch trip. As we were cruising along, he asked me, “Bill, how do you know that this plane is mechanically safe? Is the battery charged up? Do you ever check the engine and other systems? How do you know that, structurally, this plane is sound and airworthy?”

At first, I thought he was kidding. But then I realized that with no training or aviation experience, my friend was asking some very good and pertinent questions.

In the world of aviation, we go to great lengths to make sure that our airplanes are airworthy for every single flight. Not only do we do a checklist-driven “pre-flight” before every trip, but we also are required by the FAA to have a thorough annual inspection of all our planes’ systems. Some aircraft owners are irritated by the degree to which these “annuals” are carried out, but I am grateful that my airplane is inspected with a fine-tooth comb each year and before every takeoff. When I’m piloting my plane, I want every advantage available when it comes to the safety of myself and my passengers. And I don’t just want to know that my plane is airworthy for my own peace of mind, I want my passengers to know it too.

Thinking about my plane’s inspection process reminded me of the similar approach we take at Keen Wealth to reviewing our clients’ financial plans. When it comes to financial planning (and flying), my mantra is and always will be: we must control the controllable and be “out in front” of every issue that we can be. A checklist-driven process for your financial plan, coupled with a thorough and deep annual review with a competent fiduciary advisor, is key to keeping your investments airworthy.

Looking for “A Certain Kind of Pilot.”

All our clients have unique lifestyle and family dynamics that affect their financial plans. Combine that complexity with the rapid developments in economics and politics these days, and the dangers to, opportunities for, and strengths of your investment portfolio can change in a heartbeat. Our clients deserve to have a pilot in the captain’s seat who gives them the very best odds of overcoming unexpected challenges.

“Technology is no substitute for experience, skill and judgment,” explains Chesley “Sully” Sullenberger. When a flock of Canadian geese jammed the engines in Sully’s Airbus A320, he and first officer Jeff Skiles couldn’t rely on their plane’s highly-automated controls to keep their passengers safe. The “Miracle on the Hudson” was the result of two pilots putting their lifetimes of flying experience, preparation, anticipation, and focus to the best possible use under the direst circumstances.

Well-trained pilots are every bit as valuable to airlines as airworthy planes. Matthias Kippenberg, a former captain with Lufthansa who runs the company’s Airline Training Center Arizona, says, “We are looking for a personality that ensures good communication skills, that ensures leadership potential, the ability to work as part of a team, and low risk-taking.”

Equally important is the ability to compartmentalize and remain focused under pressure. Hugh Schoelzel hired hundreds of pilots when he worked at TWA (now American Airlines) as vice president of corporate safety. “If the wife filed for divorce or the kid was smoking pot or you had a bad score on the prostate test, the pilot can set that aside,” says Hugh. “It’s not that they don’t worry, but you can’t worry about that while making a takeoff on a 777. Not everybody can do that, but virtually all pilots can.”

I expect that same kind of level-headed focus from my team of fiduciary advisors at Keen Wealth. You have every right to be emotional about the money you work so hard to earn, and the long-term plans you have in place. But all too often, investors let their feelings about current events, politicians, or market volatility affect their investment strategies. In fact, according to a recent Vanguard study, one of the ways fiduciary advisors add real value to their clients’ investments is by acting like a financial coach, preventing their clients from making rash decisions based on external factors and keeping them focused on the big picture.

My team at Keen Wealth knows what to do when unexpected turbulence hits, and which levers to pull so your plan adjusts accordingly and remains airworthy.

A Successful Journey Requires Strong Equipment and the Best of the Best at the Controls.

Whether you are boarding a flight or navigating your personal financial journey, you always want the odds in your favor, and the probability of success high. But at the same time, investors and their advisors have to be nimble and prepared for every situation. A purposeful, up-to-date financial plan, administered by a caring and knowledgeable fiduciary expert, is as sturdy and reliable as Sully at the helm of an airworthy aircraft – especially when times are difficult.

Click here to read more about Why Airplanes Are Safe and the “certain kind of pilot” the big airlines want at their controls.

About Bill

Bill Keen is a CHARTERED RETIREMENT PLANNING COUNSELOR℠ and independent financial advisor with more than 25 years of industry experience. As the founder and CEO of Keen Wealth Advisors, a registered investment advisory firm, he specializes in providing personalized retirement planning designed to help people thrive before and during their retirement years. With a passion for educating others, Bill regularly blogs about retirement planning, hosts the podcast Keen on Retirement, and has contributed to U.S. News and World Report, Reuters, Wall Street Journal’s Market Watch, Yahoo Finance, and other publications. Based in Overland Park, Kansas, Bill and his team work with clients throughout the greater Kansas City area and across the nation. To learn more, connect with him on LinkedIn or visit www.keenwealthadvisors.com.

KWMG, LLC’s dba Keen Wealth Advisors (“company”) is an SEC Registered Investment Advisor located in Overland Park, KS. The company and its representatives may only conduct business in those states where registered or where excluded/exempt or from licensure. For registration information please contact the SEC or the state securities regulators for the states where the company is notice filed. A copy of the company ADV is available upon request. Advisory services are only offered to clients or prospective clients where the company and its representatives are properly licensed or exempt from licensure. No advice may be rendered by the company unless a client service agreement is in place. This information is not intended to be investment advice or construed as a recommendation or endorsement of any particular investment or investment strategy and is for illustrative purposes only. Clients and prospective clients must consider all relevant risk factors involved with each strategy, including costs or fees, and their own personal financial situations before trading.

The views outlined in the book, Keen on Retirement Engineering the Second Half of Your Life, are those of the author and should not be construed as individualized or personalized investment advice. Any economic and/or performance information cited is historical and not indicative of future results. Economic forecasts set forth may not develop as predicted.

The Amazon Best Seller ranking listed on marketing materials is specifically referring to Best Seller rankings for the Kindle Top 100 Paid Lists under the subcategories of: Budgeting and Financial Risk Management, based on data as of September 5, 2019. Amazon rankings although relevant on how a product is selling overall doesn’t necessarily indicate how well an item is selling among other similar items or similar item categories. Amazon may choose the most popular categories or subcategories within which an item has a high ranking to determine its best seller rankings. These rankings are updated hourly and as a result, should be expected to fluctuate as such. Keen Wealth Advisors and Amazon are not affiliated entities. For further details on Amazon rankings please visit https://www.keenwealthadvisors.com/important-disclosures.

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