As an Iowa-based Fiduciary, Matthew P. Johnson of Johnson Wealth and Income Management is committed to helping people just like you create solutions for their retirement assets. But what some people don’t realize is his compassion and dedication for putting his clients first, and always acting in their best interests first and foremost. Here, a member of our marketing team sat down with Matthew to find out more about him, his passions and his quest for bringing a wealth of knowledge to his clients…
Q: Good morning, Matthew! Let’s start with a bit of your background and how you came about Johnson Wealth and Income Management…
So my father was a financial advisor for 50 years. You could go as far as to say, I grew up in the business, because I literally did. On the weekends, my dad had me working in his office, filing, stapling and alphabetizing files. Fast forward to the late 1990’s and my dad’s health began failing because of a number of health issues, so I studied and became licensed and began taking over his business to maintain continuity of service for his clients.
Q: Why was it important for you to stay in Iowa and not move to a larger financial market?
I’ve been blessed to travel and explore many parts of our country. They’re all beautiful and they all have something unique to offer but Iowa is where I was born and raised and where I wanted to raise my kids. There’s something genuine about the people in Iowa and the heartland in general. They’re hard-working and honest and somehow I think that deserves some credit. That deserves someone like me returning the favor and working hard for them; giving them the same opportunities those on the East and West coasts have.
Q: Not all of us are familiar with the word Fiduciary, and how it’s different to a “normal” financial advisor. Could you explain?
Generally speaking, I think most financial advisors and brokers want to do good for their clients, however as society and technology has changed, it’s allowed many firms and advisors to get away from the very thing that they’re hired to do in the first place. Advise! Today firms and brokers have become more and more focused on selling products which has led many investors and retirees to overpay for their investments and not really receive the advice they need to solve their problem.
A fiduciary is held to a higher set of standards within the financial services industry. Fiduciaries are typically “fee-based” and are required to provide advice, planning and investments which are in the clients’ best interest, not that of their firm. This all but eliminates the conflict of interest that’s involved when commissions are charged. Clients can have confidence knowing that their advisor is on the same side of the table as they are. If the client wins, the advisor wins. If the client loses, the advisor takes a cut in pay.
Q: How has financial planning changed over the years for Iowans?
Before we can discuss changes within the financial planning world, we need to observe the changes that have taken place
For most of my clients their parents and grandparents were farmers. They worked the farm and passed away on the farm. Today Iowa has grown and expanded; attracting industrial and technology businesses from all over, and bringing with it new opportunities.
The children of those farmers are no longer working on the family farm as their parents did. They’ve explored other types of careers, reached new highs in income and have pensions, retirement plans and 401(k)s which their parents never had.
This societal shift creates a new set of challenges for today’s retirees. They have more to think about and have to now strategize Social Security, their retirement plan, their pension (if they have one), their RMDs and a host of other things to make sure they’re more safe and more secure in retirement.
This has created a demand for new ways to invest and make money for retirement, but it has also created a demand for safe and reliable ways to take what’s been saved and turn it into income. Today, Fiduciaries are in high demand. Retirees no longer settle for a product salesman or saleswoman; they need a plan. A solid plan and a person they can rely on to execute on that plan. Someone who isn’t limited by their company’s business model in what they can invest in or what services they can offer. Retirees and “up-and-coming” retirees are now demanding their advisor be an advocate for them, providing them sound advice and working for their benefit not their firms’.
Q: What would you say to those wanting to explore the world of investing?
First, good for you! Options = flexibility, which equals freedom! You can’t know what exists unless you explore. In the same way a second opinion is always a good idea as it pertains to your health, your retirement is no different. Take a moment to consider how hard you’ve worked to save what you have and then consider how long it might have to last you in retirement.
How are you going to make that work? How are you going to help create the income you need and want? Is the same investment you used to get here going to still be the best to get you the income you want and get you through your entire retirement? Ask these hard questions and find someone who specializes in generating income for retirees.
Q: What unique services does Johnson Wealth and Income Management offer to its clients?
First, we’re Fiduciaries. We advocate for our clients. If they win, we win…but most importantly we specifically work with people over the age of 55. We specialize in the “distribution years” of a person’s life, helping them consolidate what they’ve saved for retirement, make it safer and create sustainable, reliable income for the rest of their lives. We focus on creating income the right way, through interest and dividend productions. That way principal stays intact longer and actually has a chance to outlast them and actually be passed onto their loved ones, if that’s what they want, all the while creating that income that they so desperately need and want in retirement. Essentially, we help turn paychecks into play-checks.
Q: Any parting words today?
If you consider yourself to be open-minded and like the idea of exploring new approaches to investing that might just allow you to live the retirement of your dreams;
If you like the idea of having more income in retirement than you might actually need;
If you like the idea of never running out of money, before you run out of life;
And finally, if you like the idea of having an advocate as your advisor, someone who is required to have your best interest in all that they do…give us a call
Thank you Matthew! If you have any further questions for Matthew or the team at Johnson Wealth and Income Management, contact us here today.
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