Navigating Retirement Investing and Publicity Success: Insights from a Financial Advisor and Smith Publicity CEO | Ep. 10 Not Just Numbers Podcast

In the latest episode of “Not Just Numbers, Honest Conversations with a Financial Advisor and Lawyer,” hosts Madison Demora and Mike Garry offer retirement investing tips and discuss common misconceptions about retirement investing. They specifically focus on asset allocation for retirees, ensuring that listeners understand the importance of proper portfolio management in retirement. They also dive into the success story of Smith Publicity with CEO Sandy Smith.

Addressing Retirement Investing Misconceptions and Asset Allocation for Retirees

With over 20 years of experience as an independent financial advisor and CFP® practitioner Mike Garry, takes issue with a recent Wall Street Journal article titled “Older Americans Invest like 30 Year Olds.” The article highlights data points from Vanguard and Fidelity, showing a significant portion of older investors holding a high percentage of their portfolios in stocks. However, Garry argues that these data points don’t necessarily paint an accurate picture of overall retirement investing strategies and asset allocation for retirees.

Garry explains that most people over 50 have multiple accounts, often consolidating them when working with a financial advisor. A high percentage of stocks in one account doesn’t necessarily reflect the investor’s overall asset allocation. Additionally, investors may have recently shifted to more stocks due to low bond returns or may be holding significant cash savings in other accounts.

When it comes to appropriate portfolio allocations for retirees, Garry emphasizes that it depends on the individual’s situation. While a 50/50 stock-bond allocation was commonly used for retired clients in the past, Garry’s firm now often uses a 65/35 allocation for current retirees and those close to retirement. Adjustments are made based on client risk tolerance and circumstances.

The Success Story of Smith Publicity and Asset Allocation for Retirees

Shifting gears, the podcast welcomes Sandy Smith, CEO of Smith Publicity, a company that helps authors create awareness for their books. Smith shares her journey of joining the company in 2005 when it was a small operation. She grew it into a thriving business with a team of 30 people.

Smith highlights the importance of offering flexibility to employees, especially for working mothers looking to re-enter the workforce. By providing a work-from-home and hybrid model, Smith Publicity has been able to attract and retain talented professionals who value work-life balance.

The pandemic brought both challenges and opportunities for Smith Publicity. While business slowed slightly during the summer, the company used the downtime to update training manuals and provide extra support to existing clients. The shift to virtual interviews and PDF book copies also brought efficiencies and cost savings.

Smith’s favorite part of her job is connecting with authors and learning their stories. From world-changing scholars to passionate individuals making a difference in their communities, Smith finds inspiration in the diverse range of people she works with. Looking ahead, Smith sees opportunities for growth and is exploring new service offerings and partnerships. However, she also recognizes the challenges that come with scaling a business, such as navigating HR and IT needs.

Key Takeaways on Asset Allocation for Retirees

• Be cautious when drawing conclusions about retirement investing strategies based on limited data points, as investors often have multiple accounts with varying asset allocations.
• Appropriate portfolio allocations for retirees depend on individual client circumstances and risk tolerance.
• Offering flexibility and work-life balance can help attract and retain talented professionals, especially working mothers.
• The pandemic brought both challenges and opportunities for businesses, requiring adaptation and creativity.
• Connecting with clients and learning their stories can be a source of inspiration and motivation for business leaders.
• Scaling a business comes with challenges, such as navigating HR, IT, and strategic growth decisions.

For more information on Smith Publicity, visit their website at www.smithpublicity.com or connect with Sandy Smith on LinkedIn. To learn more about financial planning and wealth management, visit Yardley Wealth Management’s website or follow them on social media.

Article referenced by Mike at the start of the episode: https://www.wsj.com/articles/it-isnt-just-boomers-lots-of-older-americans-are-stock-obsessed-ca069e1a?st=1z8oqqq7xkbp2f8&reflink=desktopwebshare_permalink

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