"As you work with higher and higher net worth clients, you are not selling anymore; you are building relationships," declares Christopher Jones, founder and president of Sparrow Wealth Management, a fee-only firm based in Las Vegas. A former consultant, Jones initially built his client roster on existing relationships with former colleagues and their families. Now, he steadfastly avoids explicitly promoting his firm. "I don't talk about what I do unless someone asks me about it, and I let it come up organically, as part of the normal conversation," he says. "I generally feel if people have the need for an advisor, they will usually bring it up themselves. Talking about what you do doesn't help the cause. If people want to work with you, it's not because you are the best advisor, it's because they know you."
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Even a part-time job can allow you to draw down your savings more slowly. "For a lot of people, the definition of retirement is not 'not working,' but not doing what they don't like and doing some kind of work that they love," says Christopher Jones, a certified financial planner for Sparrow Wealth Management in Las Vegas.
Savings accounts and CDs are a major source of retirement income for 14 percent of retirees. A quarter of workers are hoping these FDIC-insured accounts will help fund their retirement years, including about half (49 percent) of people in their 20s. "If you put all your money in fixed income or bonds or CDs, you are guaranteeing yourself very low returns that in many cases barely equal inflation. The majority of people need to grow their funds to at least outpace inflation," Christopher Jones says.
When it comes to choosing the best state in which to retire, some people look beyond traditional needs like nice weather and recreational opportunities. In some cases, the deciding factors are taxes and staying close to family and friends. For some clients, that means retiring to a neighboring state. Christopher Jones, who built his advisory firm, Sparrow Wealth Management, said he has helped about 70% of his clients retire.
Two real estate investment groups have purchased 18 Wendy's restaurants in Las Vegas for $23.7 million, continuing a trend of investments in single-tenant retail property with safe long-term returns. "While a lot of investments may look like a "shoo-in" with strong past performance, they need to be evaluated for risk and return," advised Christopher Jones, president of Sparrow Wealth Management in Las Vegas.