September 2016 News – The Wells Fargo Scandal & Your Retirement

5 years of dishonest practices, 565,443 credit card accounts opened without customers’ knowledge or consent, $400,000 in fees and interest charges, $5 million in customer refunds, $185 million dollars in fines and 5300 employees let go.  Wow!  The extent of bad practices and no accountability by corporate America just seems to be getting worse.  Dare we remember Enron?  Banks too big to fail?  General Motors?

After spending most of the past three decades in public accounting, much of the time spent auditing accounting procedures to ensure that the numbers given actually represented fact, I can tell you one thing for sure, some large corporations have very little idea of what’s going on at the ground level.  In one sense, it makes sense that they don’t know what’s actually going on.  The very nature of layers upon layers of management naturally predicate misinformation and misunderstanding.  The overall pressure to show increasing earnings sometimes has unintended consequences as we’ve seen from time to time.  There is an old adage that says; eventually any growing company will expand to their maximum inefficiency… yes inefficiency!


Two years ago when I came to Albertson Financial as President, the one aspect of the business that I could not wait to get involved with was helping individuals and families reach their retirement goals.  Now after two years it is still by far the most gratifying part of my day.  I truly believe when it comes to retirement planning, small is better – as smaller companies provide better service to individuals.  In the overall landscape of retirement planning companies, yes independent firms such as Albertson Financial may seem like a small fish in the ocean but we are whale size when it comes to personal relationships and providing unparalleled retirement investment direction to our clients.

Now I’m not saying don’t trust large financial institutions, what I am saying is… trust but verify!  I love the fact that I can get cash from any Bank Of America, anywhere in the U.S. without additional fees.  Doing business with large banks has its advantages, yet always be skeptical and take precautions to protect your assets.  For every investment that I personally have, I have done due diligence and weighed the pros and cons.  Yes, some investments are with large institutions but for the most part I like dealing with people who know my goals, and remember my name.

Maybe it’s just me, but I like knowing that my advisor is someone that’s been with the company longer than a few months.  Collectively, our advisors have more than 50 years’ experience in retirement planning.  We’ve been helping people retire for more than 20 years right here in Atlanta, – we’re not going anywhere, so stop by for a visit soon!

For a free copy of “My Retirement Kit”, call 770-641-7771.  This kit will guide you through questions that will start your retirement conversation with a financial advisor.

For details on this and other retirement strategies, tune into “Successful Retirement with Jack Browne” Sunday at 5 pm on News/Talk WSB 95.5 fm and 750 am.

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