When President Franklin D. Roosevelt signed the Social Security Act in 1935, it was to usher in “a system of Federal old-age benefits” according to the preamble of the official document. The United States Social Security Administration (SSA) reports that, at the time, life expectancy was age 60 for men and 64 for women.

Through the ensuing decades, a debate emerged about the chances of survival for the program itself. Baby boomers were the first to hear the notion that by the time they reached retirement, Social Security would be a dry well yielding them nothing, even though they had – by law – contributed to the fund their entire working lives. This threat looms even more heavily over Generation X and Millennials, especially since, decade after decade, people are living longer. Today, the SSA reports a life expectancy of ages 84 and 87 for men and women, respectively, assuming an individual reaches age 65. Twenty-five percent of those individuals will live past age 90 and ten percent will live past 95.

So how do threats of a collapsed Social Security system and issues of longevity affect a financial advisor's approach to client investment planning?

Joshua Scheinker, senior vice president of Scheinker Investment Partners of Janney Montgomery Scott LLC, believes that Social Security benefits will cease sooner rather than later and maintains that retirement plans alone must now be able to support people for 30 years or more.

“I think that Social Security itself will be gone – and anyone forty and under will not see Social Security income.   I think that the prolonged life of Social Security is certainly in question for those under 40 I also think that 99.9 percent of our population is not prepared. Now, that being said, people 60 and under are not ready for this conversation yet. They have under-saved in their 401(k) plans, they think Social Security is going to help them, they are just not prepared,” said Scheinker.

As a wealth management advisor, Scheinker specializes in creating retirement plans and designing investment strategies using options, mutual funds and other alternative investments. His advice to younger clients is to allot half of all pay increases they receive for deposit into their 401(k) plan. Programmed investments – including dollar-cost averaging for retirement plans, 529 plans (education savings plans with tax incentives), and monthly investments into taxable accounts, are typical strategies used by the firm.

“For every younger client we have walking in the door, we set these things up.  We want them to buy into this process of dollar cost averaging  It has to be systematic monthly investment. Everyone needs a plan and a path. Over the long haul, an old-school asset allocation is a smoother ride, and that’s what people want,” Scheinker explained, adding that international, fixed income and alternative investments create a well-rounded portfolio.

Scheinker Investment Partners manages assets of over $970 million for high net worth clients and has over 150 years of combined investment experience as a firm built on fostering client relationships. Working with individuals and families with investable assets of at least $500,000, their average clients are generally business owners, physicians and attorneys with some $4 million to invest who want to follow a sound investment plan. “Our clients don’t call us to trade their securities – that’s not the business we’re in. Truly, we are involved with their families. We are a family wealth manager,” said Scheinker, explaining that the firm also works with clients who have upwards of $30 million.

Most clients come to Scheinker Investment Partners via referral from accountants and attorneys. Scheinker, who is certified as a Wealth Management Specialist, also has a marketing degree and has implemented awareness strategies through his years with the firm, starting with high-end print ads in the late 1990’s. He ran ads throughout the state in prominent newspapers and publications, later expanding into television by running 30-second spots. Keeping pace with digital marketing, the Baltimore-based firm now has a presence on LinkedIn, Facebook and Twitter.

Scheinker has been featured in the Wall Street Journal, Businessweek and other prominent financial news platforms. “Everyone is doing background checks on you. When people put your name in Google and see that you have been in the Wall Street Journal, that helps you,” said Scheinker, explaining the importance of establishing credibility in the public’s eyes. All of these efforts, including hosting special client events, have proved successful in making new contacts and bringing younger clients into the firm.

While Scheinker’s commitment to his clients and career highlights are evident, he is equally gratified to be working with his father, Gerald Scheinker, who serves as an executive vice president with the firm. Long sought after for his expertise in stocks, treasury bonds and tax-free alternative investments, the senior Scheinker was ranked in Barron’s “Winner’s Circle” for four consecutive years, from 2006 to 2009. He was also named in Barron’s “America's Top Advisor Rankings” in the state of Maryland, positioned as number 13 and then at number 4 in 2012 and 2013, respectively.  And in 2013, the international daily newspaper, “Financial Times” named him as a top 400 financial advisor in America on their FT 400 list.

“Being able to work for the last 18 years side-by-side with my dad has been great. I love what I do and enjoy it even more because he is here,” said Scheinker.

For more information, visit: www.janney.com