Though the world is full of titles, they don’t always mean much and, in fact, can be misleading. Take Chris Plummer, who is a Wealth Management Advisor with Northwestern Mutual (NM).
“When I tell people my title, most people think of a glorified stockbroker, but if I say ‘financial planner,’ they envision a guy with pocket protectors sitting at a desk turning out documents,” says Plummer. “They hear tax planner and assume their CPA handles that, though in my 32 years in this business, I’ve never found a CPA who does the work we do.”
The financial services industry has crafted how investing is done- everything from the process and the products to even compliance- and they have done so to benefit the institution, not the individual. The Plummer team, however, embraces an entirely different approach.
“We cut through all the noise and ask our clients when they would like to retire. Then we do some research and find a way to save our clients money,” says Plummer. “It’s a mortal sin to suggest that someone not put money into their 401k, but my suggestion to invest it instead may keep from costing your heirs a million dollars.”
There’s another thing to consider as you approach retirement. Consider this: the tax you pay between today and the day you retire is “x” and the tax you pay between the day you retire until the day you die is “y.”
“At some point before you retire, ‘y’ becomes greater than ‘x,’” explains Plummer. “At that point you have to stop thinking about the tax you’re paying today and start worrying about the taxes you’re going to pay tomorrow. I can calculate that for you.”
What sets the Plummer team apart from other companies is that they ask questions others don’t ask and look at things others don’t look at. In short, they execute tax-efficient strategies to help their clients minimize taxes, recognizing that a lifetime plan is more effective than year-over-year analysis.
“Ask anyone you know who is retired how far out they plan their income. Most smart people will say 24 months in advance. So, when they retire, they might do it 15 or 30 times,” says Plummer. “We look at a 30-year period of time one time.”
In doing so, volatility flattens out and taxes become more predictable, among other benefits.
Time and again, clients have told Plummer that working with his team has been a night-and-day difference from other companies. For instance, one client said, “My other advisor only cared about the future and putting money in products that paid him money. You guys are involved in my day-to-day life and help me make decisions to ensure I’m going to be okay tomorrow.”
Plummer concedes that though most people can’t conceive of this kind of relationship, it’s the crux of who they are.
“We are in the business of changing lives, and we do that by becoming our clients’ advocate, their cheerleader and their protector,” says Plummer. “We are all about doing the right thing.”
Northwestern Mutual is located at 3805 Edwards Road, Suite 200, Cincinnati,OH 45209. For more information, call 513.366.3600.