Eddie James, CKA® discusses the importance of mitigating risks in retirement.
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-eddie-james-cka-owner-of-harvest-wealth-management-mitigating-risks-in-retirement/
Eddie James, CKA® emphasizes the significance of having an emergency plan and being proactive in financial planning. He discusses the scenario where unexpected expenses arise and how having an emergency plan in place can help mitigate the impact of these expenses. Eddie mentions that his proactive approach to financial planning allows him to handle unexpected expenses without major setbacks.
Furthermore, Eddie stresses the importance of being proactive rather than reactive in financial planning. He highlights the fact that many individuals who try to manage their finances often find themselves constantly reacting to financial challenges as they arise, like playing a game of “whack-a-mole.” Eddie suggests that being proactive is a more efficient and less stressful approach to financial planning.
Also, he introduces the concept of dividing funds into different buckets based on timeframes in financial planning. Eddie James, CKA® suggests categorizing funds into “now,” “soon,” and “future” buckets. The “now” bucket includes funds needed for the next 24 months, such as emergency funds or funds for major purchases shortly. The “soon” bucket covers expenses in the next 10 years, while the “future” bucket is for expenses beyond 10 years.
In addition, the episode discusses the need for financial advisors to ask deep questions and thoroughly analyze opportunities to provide personalized recommendations for their clients. Eddie James, CKA® highlights that it is not a good sign if an advisor immediately jumps to product recommendations without understanding the client’s needs and goals. Eddie uses the analogy of taking a child to buy a vehicle and the salesperson immediately suggesting a minivan without considering if it is the best fit for the child. He emphasizes the importance of advisors knowing enough about their clients before making any recommendations, as this demonstrates their knowledge and genuine concern for the client’s best interests. This personalized approach is contrasted with advisors who prioritize higher fees by keeping clients’ funds in the portfolio, without considering other options that may better mitigate risks such as longevity and healthcare. The episode underscores the need for financial advisors to go beyond generic product recommendations and instead take a holistic approach by understanding their client’s specific circumstances and goals.
Furthermore, the episode delves into the three major risks individuals face in retirement: longevity risk, inflation risk, and portfolio risk.
Eddie shared: “Shepherding you to an impactful standard of living and standard of giving.”
About Eddie James, CKA®
Eddie has a clear vision to do things differently as a certified pastor and fiduciary advisor. He wants to challenge conventional thinking in financial services that seem to be all about selling expensive and baffling financial products to the public to generate large commissions, but which never seem to solve the real-world issues faced by clients. He has established a client-focused business culture in which he spends time getting to know his clients, listening to them attentively, understanding them, and building a long-term relationship as a true trusted adviser.
Eddie believes that helping clients see money from God’s perspective changes every decision with money and so he is passionate about providing biblically-centric financial planning to help you achieve the aspirations and objectives you feel God is calling you in life.
He has an incredible innate ability to translate complicated financial and tax strategies into plain English. His diversified experience working with professional employees, churches, and other non-profits helps them understand and answer client queries to the best of his knowledge. He wants to make sure that his clients are as well-versed and well-organized financially as he is, with a defined plan for how their investment funds will be managed to achieve their goals.
Eddie is all about helping others. Eddie believes that helping clients see money from God’s perspective changes every decision with money. Christian clients want a return on their money and have an impact on the world. They realize the brevity of life and see their wealth to invest for eternity and so Eddie devotes a lot of his time to teaching financial literacy, leading a Stewardship ministry, and helping to create healthy churches in Arizona, the United States, and throughout the world. Eddie has a lovely wife and three lovely girls who occupy most of his time outside of the office yet encourage him to look after your funds as if they were his own.