Phil Cannella – Phillip Cannella Media: Phil Cannella verbalizes time and time again the importance of protecting the nest egg you have worked so hard all of your life to earn. When it comes to your nest egg, the worst thing you can do is be complacent. For the majority of retirees, being complacent doesn’t really mean you have to understand how to personally invest your money; it simply means you aren’t keeping an eye on what your financial advisor is doing for you. That’s because too many financial advisors are complacent.
In general, financial advisors are using investment strategies that are the same for all of their clients, no matter their age. The problem with that strategy is that there is no one size fits all solution for people of all ages.
Phil Cannella teaches that young people who are in their twenties or thirties have plenty of time to invest in riskier securities since they also have time to recover if the value of their investments drop. Having a portfolio that includes 85% – 95% high-risk investments makes sense in their case because time is on their side, allowing them to weather the storms that may come.
An entirely different strategy needs to be in place, however, for people who are nearing or in their golden years. As Phil Cannella states, at that point, time is no longer on their side and a completely different strategy is necessary.
If your financial advisor has not recommended a change in your investment approach by the time you are in your fifties, they do not have your best interests in mind. At that point, you should seek a financial specialist like Phil Cannella who understands how to take a delicate nest egg and keep it safe and secure.