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years that are likely to be significantly more active and last much longer than previous generations. Brady does not want his retired clients to withdraw more than four percent per year from their retirement savings accounts. “If a portfolio, on a rolling four-year time frame, dips down lower than in the previous four years, it means the withdrawals are eating into the principal – and the probability of running out of money in 20 years is quite high,” Brady said. “That is a very important measurement to watch out for. It is something I really watch.” Yet, he continuously monitors the accounts because the “sleep at night” factor is very important to him – and because it matters to his clients’ well-being. He is a fan of using annuities with guaranteed withdrawal benefit riders. These generally provide an annual return of the base principal as a baseline security, no matter what market activity may occur. “It can work well for some people,” Brady said. “It should not be overused, but is a tool in the tool box that can help build a more secure retirement.” Brady easily recognizes client insecurity regarding financial matters. He entered the financial services industry in 1991 and worked as a junior partner in an RIA firm for several years, leaving the industry in 2006 for a two-year hiatus doing charity work in Africa. When the market crashed and the housing bubble burst, he was completely out of the industry. But he had done a lot of serious thinking during those two years in Africa, and came to the conclusion that most people want to do good

things in the world with their finances, but simply do not know how to make that a reality. He formed Generosity Wealth Management in 2008 for two reasons: His former clients were scared by the unfolding of the Great Recession, and he wanted to help them create financial futures in which they could be generous with themselves, with their families and with their communities. To make this happen, Brady seeks clients who are serious about their financial goals. “I am looking for attitude and behavior,” Brady said, regarding the characteristics he seeks in his clients, “I will work with those in their 30s who might not have many assets now, but who are serious about treating themselves like a business, because I know that over the next 20 to 25 years, it will be a mutually beneficial relationship. On the other hand, if someone in their 60s has lots of money, but they have unrealistic goals or their attitude is not serious and they are not interested in a relationship with me, then I step back. I am not a vendor. I am here to work with people long term to add value.”

www.generositywealth.com

THE SUIT MAGAZINE p.31

Issue64  

The arrival of January seems to bring out the list-making in the media. There are reviews of the previous year and predictions for the one w...

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