In this episode of “Focused on the Future,” industry veteran Suzanne Siracuse talks with Rita Robbins, founder and president of Affiliated Advisors, on the evolving treatment of women in the financial industry, the importance of focusing on clients’ adult children to capture next-generation wealth and the crucial role of networking in succession planning.
Specifically, Rita discusses:
Her Journey: From starting as a sales assistant to becoming one of the first female wholesalers and eventually founding her own firm to serve advisors.
Impact of Motherhood: How having her daughter inspired her to start her own firm.
Industry Evolution: The changes in how women are treated in the financial industry.
Next-Generation Wealth: How advisors can benefit by focusing on their clients’ adult children to capture the next generation of wealth.
Charitable Giving: Why advisors should lean into charitable giving discussions with their clients
AI Limitations: The key areas where AI cannot replace the human element.
Succession Planning: The critical role of networking in planning for business succession.
Connect With Suzanne Siracuse:
Connect With Rita Robbins:
About Rita Robbins:
Rita Robbins combines more than four decades of industry experience with a proactive, personalized approach toward empowering her advisors. Since 1994, when she founded Affiliated Advisors, Rita’s passion is to support advisors grow dynamic, efficient businesses.
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Rita and her partners now leads over 100 advisors with more than $4.5 billion in assets under management. Rita has been with Osaic for 20 years. Her unique insights and experience into enhancing advisors’ practice growth and marketing have made her a sought after at industry conferences.
Rita was honored by Investment News as a “Women to Watch” in 2019 for her distinguished leadership in advancing the business of providing advice with her passion, creativity, and willingness to help others. In 2020, Crain’s recognized Rita as a “Notable Women In Financial Services”. Last year she was honored with the Alexander Armstrong Lifetime Achievement award.
A long time New York City resident, Rita and her family enjoy taking advantage of all that that City has to offer. She is an avid New York City Ballet fan, and proudly serves as a Trustee of The Town Hall, a National Historic Landmark venue. Rita sits on several industry advisory board. She is a partner in the Lavender Hill Farm, one of the largest commercial lavender farms in the United States.
Preparation is key to a retirement plan (Alamy/PA) (Alamy/PA)
Retirement is often associated with greater freedom and the opportunity to enjoy the rewards of decades of work. But for many people, the transition from earning a regular pay cheque to relying on pensions and savings can feel less like a gentle glide and more like standing at the edge of a financial cliff-edge.
A YouGov survey of 6,224 UK adults found that 55% reported that they were concerned about running out of money in retirement and, among these worried respondents, 63% were under 50 years old.
However, the good news is that avoiding a financial retirement cliff-edge isn’t about having extraordinary wealth – it’s about making informed decisions before and throughout retirement.
Susan Hope, retirement expert and business development director at Scottish Widows (Scottish Widows/PA)
We spoke to Susan Hope, retirement expert and business development director at Scottish Widows, who shared the following nine practical steps to help you build a retirement plan that can weather life’s uncertainties and give you greater confidence that your retirement years will be defined by peace of mind rather than financial stress.
1. Understand what state pension and credits you are entitled to
Coin on top of a state pension claim letter (Alamy/PA)
“Make sure the cornerstone of your financial retirement income is covered by the state and you’ve got everything you’re entitled to,” advises Hope. “If you go onto the HMRC app you can find out really quickly when your state pension age is and what you are due to get.
“Another important thing to look at on the app is a year-by-year breakdown of your national insurance contributions.”
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Hope recommends going back through your working years to make sure that you’ve got credits for every period because if you weren’t working due to unemployment, illness, or were caring for someone, you may be entitled to national insurance credits.
They help ensure you qualify for certain benefits, most notably the state pension, during periods when you weren’t working, were earning too little to pay National Insurance, or were claiming specific benefits.
2. Locate any lost or missing pension pots
Three glass jars of coins labelled pensions (Alamy/PA)
“I have a huge bee in my bonnet about the £31 billion of untraced pensions that we have in the UK,” says Hope. “Go back through your LinkedIn or your CV and make sure that none of that £31 billion is languishing somewhere, because that is your money to have.”
Once you know the name of your previous employer or your old pension provider, you can use the government’s free Pension Tracing Service to help find lost pension pots.
3. Look at the UK’s different retirement living standards
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“I think it’s really useful to look at the UK’s retirement living standards, because that will give you an idea of how much you’re going to need in retirement, depending on what type of retirement you want to live,” recommends Hope.
The three UK retirement living standards are minimum, moderate and comfortable.
“Ask yourself: What do I want my retirement to look like? I would compare the three standards to a Butlin’s, Barcelona or Barbados retirement,” says Hope.
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4. Maximise employer matching
(Alamy/PA)
“You are not going to outperform a double-matched employer contribution on your workplace pension. So, the earlier you start taking advantage of free money from your employer and the investment growth, the better,” says Hope.
“Get in early because that snowball effect of compound investment growth, compound interest, and the magic of the employer contribution are unrivalled.”
5. Review all your options
(Alamy/PA)
“Take a really holistic look at your finances,” advises Hope. “There definitely is a lever to pull thinking about equity release, but retirement is really complex, and there are so many choices.
“Looking holistically at your house, investments and pensions and being able to pull the levers to be both tax-efficient and make the most of your assets is hugely important.”
6. Use benefit and retirement calculators
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“Benefit calculators, such as the Turn2us benefit calculator, are really important,” says Hope. “There’s also a benefit calculator on Lloyd’s banking website that will help people understand if they’re entitled to specific benefits,” recommends Hope.
Scottish Widows also has a retirement calculator which in less than five minutes can help you understand the lifestyle you could have in retirement and will show you the estimated value of your retirement savings.
7. Use apps to get a financial overview
“I think that having an app for your finances is really important now,” says Hope. “I love having the single customer view, where you have your bank account alongside your retirement account and your pension.”
8. Make a before and after retirement budget
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(Alamy/PA)
Planning early and sticking to a budget prevents overspending.
“Before you retire, I would definitely do a before and after retirement budget, because some expenses will go down and some won’t,” says Hope.
9. Be clear on your priorities
Everyone will have different priorities in retirement.
“Ask yourself what is more important, is it stability of income, flexibility of income, or legacy for my family? When you can answer that question for yourself, that will then dictate how you manage your budgeting and your spending,” says Hope.
“Some people will want to drain the pot down, and some people will want to leave as much as possible, and some people will just want to really enjoy the longest holiday of their life.”
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Visit the Scottish Widows Retirement Calculator to see if your retirement plans are on track.
President Trump’s financial disclosure is raising many questions. For some, these include ethical concerns about whether he is profiting from the presidency. It’s also highlighting another mystery: how much is he paying in taxes? CBS News senior White House correspondent Weijia Jiang has more.
Regions Financial Corp. has completed its acquisition of Montgomery-based investment banking firm The Frazer Lanier Company, expanding its municipal finance and corporate investment banking services.
The Birmingham-based financial company announced Thursday that the acquisition has officially closed. Founded in 1976, Frazer Lanier provides investment banking services specializing in municipal and corporate securities and has served corporations, cities, counties and local boards throughout its history.
According to Regions, the acquisition is intended to strengthen the bank’s capital markets capabilities while enhancing services for public sector and institutional clients across its multi-state footprint.
Frazer Lanier has built its business by serving as an underwriter or placement agent for tax-exempt and taxable bonds, helping public entities and organizations access financing.
“Two of our top priorities at Regions Bank are strategically expanding our services and investing in top-tier banking talent,” John Turner, chairman, president and CEO of Regions Financial Corp., said in a news release. “By welcoming experienced bankers from Frazer Lanier to the Regions family, we are connecting Regions’ clients with even greater capabilities while advancing our long-term strategy for growth.”
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As part of the acquisition, Frazer Lanier will be integrated into Regions Bank’s Capital Markets division within the company’s Corporate Banking group.
Brian Willman, head of Corporate Banking for Regions, said the two organizations share a similar approach to serving clients.
“Frazer Lanier has built trust by staying close to clients and helping them navigate important decisions,” Willman said. “Together, we can expand that model by bringing more ideas, more capabilities and more connectivity to clients across our markets.”
Regions said the acquisition will expand its municipal finance and investment banking capabilities, strengthen its services for cities, counties and other public entities, and provide clients with broader access to financing and capital markets solutions.
Financial terms of the acquisition were not disclosed.
