Greg Sullivan - Retirement Fail

1. Chapter 8

1. Chapter 1

Greg Sullivan, CPA, CFP

President and CEO,
Sullivan, Bruyette, Speros & Blayney, LLC

Copyright 2018 Greg Sullivan. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

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Library of Congress Cataloging-in-Publication Data is Available:

ISBN 9781119447405 (Hardcover)

ISBN 9781119452966 (ePDF)

ISBN 9781119452980 (ePub)

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The stories in Retirement Fail are based on actual scenarios and events; however, names and identifying details may have been changed to protect the privacy of those discussed. In some instances, composites have been created.

This book is offered as a resource for informational purposes only. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and may not be suitable for all investors. Always consult your own financial, legal, and/or tax advisor before making any decisions related to your investment, tax, estate, or financial planning.

To Mom and Dad

For their love and guidance

To ace retirement and not fail requires discipline, effort, a little luck, and a lot of wise guidance along the way. The same goes for writing a book. That is why I am so thankful for all the people who have guided, taught, and influenced me during this journey.

My Mom and Dad had the greatest influence on me, encouraging me in ways they may never know. I reference them in the book many times because I learned so much from watching the way they handled tough times and good times, both personally and financially, and talked openly about money and finance while I was growing up. So, Mom and Dad, a big thank-you for your guidance, unconditional love, and support.

I am fortunate to have great siblings and a fabulous brother-in-law, and we are all so close that they allowed me to share stories about them. I know they are very thankful for the stories I left out! Thank you Gail, Bill, Pam, and my brother-in-law Frank, for always being there for me!

Twenty-seven years ago, three men and a lady decided it was time to start a business that focused on providing objective, independent advice to individuals and families without the concern of self-dealing and conflicts of interest. We all took a leap of faith a lot of faith, because our new job couldn't afford to pay us a salary but we had a strong belief that we would change the way people receive financial advice, and we aced it! To Jim Bruyette, Pete Speros, and Eleanor Blayney, I will forever be grateful for your leadership and for being patient with me. Most importantly, thank you for making this journey so much fun and for your friendship, which I will always treasure.

At SBSB we have an amazing team of professionals, and this book would not have come to be without the help and inspiration of the whole group. Together as a team, we make a difference in our clients' lives and in the lives of one another. You have all been a part of the stories in this book and the millions more that I haven't written about. To our entire team at SBSB, I want to say thank you for your passion for excellence and your amazing desire to serve our clients with the utmost integrity and respect.

I want to give special thanks to several SBSB partners and colleagues: Kris Andrejev, Jim Bruyette, Patrick Dunne, Gary Ingram, Martine Lellis, Jeff Porter, Barbara Schelhorn, Pete Speros, and Karen Tovey. These advisors gave freely of their time (often their lunch hours) and expertise, agreeing to be interviewed, sharing their experience, and providing indispensible context for the book.

Friends and colleagues in related businesses also offered critical background and shared their stories of attending to clients' special insurance needs. Thank you to Diane Beatty, Virg Cristobal, Stafford Jacobs, Jon Katz, and Kim Natovitz for your generosity in sharing your stories and advice. And a special thank-you to Mark Tibergien, a great friend and mentor, whose wisdom and guidance over the past twenty-five years has been invaluable. Thank you, Mark, for introducing me to Wiley and for your keen insights for this book.

We are so blessed at SBSB to have clients who care about us as much as we care about them. Although it is not appropriate to name any of them here, I want to thank our clients for making this book possible. The stories we share make the situations real and provide tremendous guidance and insight that others can learn from. Thank you to all our clients, who make going to work every day a true joy.

In writing this book I was thinking about how to help people open up and have conversations with their partners and their advisors in areas that are often sensitive, and to provide stories and content that was relevant to creating a successful retirement. I wasn't thinking about marketing. Fortunately, I have Katie King, Caitlin Norton, and Jeanne Rossomme to think about that for me. Your ideas have helped me understand how to share the book and the stories through social media and other means. Thank you for all the guidance and advice on how to get the word out and for your thoughtful comments on the book's cover and the initial manuscript.