People tend to forget that retirement is part of life, and more than just a postcard picture of a drink sporting a tiny umbrella. Retirement planning really means life planning. It is preparing for those next milestones: establishing your income in retirement, which investments to draw from, survivorship needs, healthcare needs, children and even death. All these need to be done holistically.
“I get compensated primarily on investments and investment solutions, but I am involved intricately in the lives of my clients,” said John E. Thompson, CFP®, CLU®, CES®, CFS®, the managing principal and senior financial advisor of Thompson Wealth Management and Life Planning, Inc. “That’s the most rewarding side, the life-planning side.”
Thompson Wealth Management and Life Planning provides clients with investment planning, estate preparation, tax management, and more services through the Wells Fargo Advisors Financial Network. The firm, which is based in Mobile, Alabama, does not maintain a minimum to invest, and Thompson plans to expand in the coming year seeking out potential team members and/or hiring a junior associate to handle smaller account sizes and millennial age clients.
Thompson focuses on client education and building trust with investors. He believes the first step to developing a comprehensive life plan is educating his clients.
“Clients want clarity and understanding to an ever-shifting list of topics from ongoing trade tensions in China to what an electronically traded fund (ETF) is. We need to get those complicated news events and financial terms/products into a digestible format for our clients. They need to be able to see how these investments fit in their portfolios and how their portfolios will react to various news events over near and longer time periods. We help them become and stay educated in these matters to help to assist in their decisions and also feel comfortable with their unique game plan,” Thompson told “Advisors Magazine” in a recent interview.
The desire to help others achieve long-held goals prompted Thompson to follow his father into the financial industry. Thompson immediately gravitated away from being a stock broker and toward planning and education. He is most passionate about helping others. Thompson is a lifelong learner and is committed to staying up to date with current certifications and designations that will benefit his clients. He desires to incorporate his faith and beliefs into his advice. Every client’s needs are unique and require a thoughtful process that leads to a prepared solution.
When asked about robo-advisors and do it yourself investors, Thompson grinned and said, “We have a few of those, but mainly we deal with clients who want face to face interaction and personal service. We sit across kitchen tables and desks and talk about real issues that go beyond investments which leads into long term trusted, professional relationships. We are always trying to raise the bar on service, advice and meeting client expectations and needs. This is what helps to differentiate us from other competitors.”
“We want to see our clients on a regular basis,” Thompson said. “Anybody who’s actually doing planning knows its labor and requires time. The job requires preparation and asking many ongoing questions. Our goal is to make sure each client is on target with a clear understanding and confidence in their plan. Making a positive impact on our customers, clients and friends is our client service philosophy at Thompson Wealth Management and Life Planning.”
For more information, visit: thompsonwealthmgt.com
Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN), Member SIPC. Thompson Wealth Management and Life Planning, Inc. is a separate entity from WFAFN.
