I am an independent financial advisor that specializes in working with higher education faculty and staff. There are a number of reasons why I have chosen such a niche; one of the main reasons is that I believe that higher ed faculty is being underserved. Many of the institutions that professors, administrators, and staff work for have robust benefits packages that include generous 403(b) plans. These plans often include matching options, or better yet, an annual percentage of contribution on your behalf regardless of any employee contribution. Contributions to the plan are often plentiful, but the service and portfolio construction within these plans is often lackluster. Oftentimes, the 403(b) “advisors” for these plans are not even allowed to give specific investment advice because of conflicts-of-interest. As a planning-first advisor, I specialize in helping my clients remove the guesswork from their financial equation. This includes crafting a sound 403(b) investment plan, one that works efficiently within your overall portfolio and is aligned with your goals.
Startling Statistics from a Fidelity Study on Higher Education Faculty:
Faculty Under 55
- Only 53% are confident they will have enough money to live comfortably in retirement.
- Only 17%(!) have a formal investment plan in place.
- 40% are unsure of their asset allocation.
- 61% say they “often worry about their financial situation.”
- Only 54% feel confident they are doing a good job financially preparing for retirement.
- 55% say they need financial guidance on choosing specific investments.
- 88% report needing some form of financial guidance.
Faculty Over 55
- Only 17% have a retirement income plan created.
- While better than their younger counterparts, still only 32% have a formal investment plan
- Despite nearing retirement, 75% report needing some form of financial guidance.
- Only 47% are working with a financial advisor.
It’s easy to see now why I say that higher ed faculty is underserved. Statistics show that guidance is wanted, and now it is readily available. Many 403(b) plans are now offering a great feature for higher ed faculty to have more flexibility when choosing investments while also getting personalized advice from a financial advisor. Most don’t even know that this is an option! As an independent advisor, I am able to use this feature to help my clients craft a sound investment plan.
I can help you to:
- Create and review a financial plan that is custom-tailored around your goals
- Provide guidance on your overall investment picture, including your 403(b)
- Put a retirement income plan in place as you approach the day you decide to “roll over” instead of “rolling out”
- Gain confidence knowing that you have a professional who is passionate about helping you reach your goals while always putting your best interests first