Listen: Chief Investment Officer, Mark Elliott And O'connor discussed on Retirement Rescue
"Let's sit down and discuss retirement and get you on a better course, choice sharp is the CEO. Vo Okara financial group is also a certified financial planner Chris Perez with us. He is the chief investment officer at Okara rest. I'm Mark Elliott. So glad you're with us today for the retirement income show, and you know, one of the challenges I think for somebody like me that doesn't work in this financial role that you and Chris work in Troy is that a few years back. I was doing basketball on the radio for a division two program. We went to Vegas. I play will. I one hundred bucks. All I was going to gamble. A hundred bucks. I'm not a gambler. So I thought well I'm going to participate whether it's twenty minutes or an hour and then. Out in that first hour, I took that hundred dollars and turn it into. I think it was almost four hundred. I got up and left. Now, they don't build new hotels because of people like me, and that's almost like the stock market because greed and fear come in. You know in two thousand eight the markets are tanking. Everybody's selling it a low when we're supposed to buy high sell low because fear, we're scared release everything. So we sell at the wrong time. And then the markets are going great. So we buy in maybe at the wrong time because of greed, how do you look at that? How should we approach this? And I know that every single client that you guys have at O'Connor's financial their situations are all different. So there's no blanket statement here. But it does seem to me to be the challenge of how and when to pull out to adjust here there. How do you go about figuring that out? I don't want to beat a dead horse here, Mark. But it comes down to planning if you're saying plan planned, you're saying plan, don't panic. Yes. Kind of. Okay. Definitely don't panic. I'm absolutely saying that. But here's here's what I mean by retirement plan, retirement planning. It's so generic it's so cliche. You turn on all these accumulation phase firms like fidelity and Merrill, Lynch J, P, Morgan and Wells Fargo and Schwab and Morgan Stanley and all these firms you turn their commercials on TV they all tell you that their retirement planners. Right. But none of them are doing retirement planning. They have a brokerage firm. And then they have an investment adviser firm what they do is investment strategy. They do investment strategy that is one part of a retirement plan. It's not a retirement plan in and of itself. Putting sixty percent of your money in stocks forty percent in bonds and then taking four percent a year that is not retirement plan. Okay. That's an investment strategy. When I use the word plan. I know many people they is such a cliche word and so generally used. By people who really don't do any planning that it doesn't convey the level of sophistication that is needed in your retirement plan to truly have success and to optimize your retirement when you have a true plan like what we do here though, Carver's financial for our clients in retirement, then through that process of understanding your retirement vision, discussing goals, talking about strategies going through various tools, besides just stocks and bonds that are available to you. Once you go through a thorough retirement planning process, the amount of money that you should have in stocks becomes apparent parent becomes very clear for some of you that."