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Anybody can run the numbers, but finding an investment advisor who makes his client relationships personal takes some doing. Mike Wilburn stresses that he is as much a family counselor (minus the degrees) as he is a financial advisor because he cares about the whole package; or in his case and line of work, that means his concern is for his client’s family affiliations on several levels – not just financial.
When young couples who are concerned about their financial future meet with Wilburn, they get his 30-plus years of broad-based experience in personal financial management and investments in insurance and banking industries. Wilburn was also a company representative in the corporate pension business implementing tax-qualified retirement plans.
“With all the technology today it’s not like the so-called Y Generation (1982-2002) can't Google for investment planning on their Smartphone or laptop. Easy access to information is a good thing, but today’s young people don’t need numbers, charts, articles or illustrations. It’s motivation and discipline they need. I seem to do more counseling about their lack of desire to achieve their goals and dreams than showing them a chart with numbers. Most are over-burdened with decisions about the here and now such as looking for a job, paying off student loans or buying a home or car. They spend too much and have too much credit card debt. Young people today are somewhat resistant to begin socking money away.”
“In 1983 I formed Wilburn Financial Group, an investment advisory and risk management firm specializing in high income individuals, primarily professional athletes,” Wilburn explained. “Since then I have managed contracts totaling over $200,000,000 for over 60 athletes in the NFL and Major League Baseball.” For several years he also was a featured speaker for "Physicians Perspective," a monthly seminar for area physicians covering various investments, tax and estate planning issues. J. Michael Wilburn, CFPR is currently a Registered Representative with SWS Financial Service, a national broker-dealer firm in Dallas, Texas.
Another side of financial planning is well-represented by Rainey Asset Management, Inc. (RAM). RAM president, Blake Rainey, takes a mentoring approach, offering clients free monthly educational workshops so he can teach them how to make wise investment decisions and avoid costly mistakes.
“People of all ages, and especially retirees who don’t want to go back to work if they lose too much money, need to be properly invested and diversified in well-managed portfolios to achieve peace of mind and out-pace inflation,” Rainey said. “For 15 years I’ve seen too many people who got really bad advice! It’s our passion to help clients achieve their financial goals. Many seniors have worked hard at accumulating assets; then when they get to retirement, their pensions are worth less due to inflation. Many live longer than they expect after retiring. Social Security tells us that a couple, aged 65 today has a 49 percent chance of at least one of them living to age 90 or beyond. Inflation erodes the purchasing power of cash. Some only have their Social Security income. With today’s low interest rates, many are eating into the principal they have to live on; it’s affecting their quality of life both financially and emotionally. Financially, they’re burning the candle on both ends. Emotionally, they could have a real fear of running out of money.”
“I sit down with potential clients every week and review their current portfolios. They typically don’t know what they’re invested in,” Rainey said. “They might know the name of the fund, but it ends there. They certainly can’t tell what their expected return on that investment should be and, even scarier, they have no idea what their worst case scenario could look like in a down market. If they want peace of mind, and to know that they’re prudently investing their money versus speculating and gambling, then we work to help them on that journey. All the buzz words out there can be intimidating and confusing. Too often investors are focused on the wrong things, or they may have no focus and no clue.”
Rainey describes RAM as dedicated to helping clients understand their portfolios and achieve peace of mind. It dovetails perfectly with his other firm under the same roof, S.A.F.E. Planning, which helps clients avoid losing everything if they go in a nursing home, even if they’re already in a nursing home. “After all,” said Rainey, “when you’ve worked hard all your life to build something, you don’t want to lose it all because of bad investments, inflation, or nursing home costs. There are few places that can address those critical needs under one roof. And we do it every day.”
By Elaine Marze