Wednesday, Aug 16th

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You are here: Business Finance Growing Old Is Inevitable, Growing Up Is Optional
Garnering the wisdom and knowledge for developing a solid retirement plan doesn’t automatically come with age. The planning process requires the good advice of a wealth advisor. Eventually the client and the advisor must work hard together to chisel out a well-tailored retirement plan.

Investors also don’t grow savvy when they reach retirement unless they put in the time to understand how their money works. The market can be chaotic, investment products can present unexpected complexity for lay investors, and a trained advisor often is needed to guide newcomers in getting started.

“The 401(k) plan is also one of those investment tools that isn’t set-in-stone for clients who need to be savvy in order to save for retirement” exerted Brian Lockhart Chief Investment Officer of Peak Capital Management, LLC.

Peak Capital Management, LLC, is a Denver-based firm that provides a research-driven and team approach to portfolio management. The company believes effective portfolio management begins with understanding each client's goals and integrating this into every investment decision.

“A lot more work needs to be done on creating plain English disclosures to 401(k) participants, and really all investors in general,” Lockhart said. “We should be treating anyone with an IRA or a brokerage account in the same way as a 401k participant.”

Case in point for market complexity – 401(k) disclosures. Many investors think the current disclosures require everything to be in black and white, but it’s not as straightforward as they assume.

Lockhart believes there is too much interpretation needed within a 401(k)’s rules and regulations, and not enough people know how to interpret it. Advisors such as those in Peak Capital Management have the proficiency needed to decipher these rules.

“The disclosures are not written in plain English that allows the general public to understand. There remain a lot of hidden costs that are not disclosed in a manner in which the average client can comprehend,” Lockhart told The Suit Magazine.

With many Americans relying on a 401(k) as their primary investment tool, disclosure changes will be necessary in coming years. Until then, investors will need a trustworthy advisor like Lockhart, who knows the ins and outs of retirement savings, 401(k), and other worthwhile products that can help clients make it across the finish line and enjoy their golden years. It’s easy to be lead astray by confusing disclosures and advisors driven by self-interest, conveying the need for a trained advisor.

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