Planning to retire in Greenville, SC? According to reports, you’re making a good move.
The study was based on four major factors: Paycheck friendliness, 401(k) plan performance, public pension plan performance and the number of financial advisors per capita. The data was reviewed for every county in the country, and Greenville, SC came out on top! South Carolina was also ranked 11th out of all 50 states as the best place to spend retirement. Not too shabby.
Global View provides financial and retirement planning in downtown Greenville, SC, and we understand why the area was recognized. We talk with retirees and pre-retirees often about the many benefits of spending their Golden Years in the Carolinas. At least weekly we have a conversation with a new client asking, when can I retire? And if so, how much can I live on. (For specifics, download our complimentary infographic.)
South Carolina provides great benefits for veterans. The state offers a lower cost of living than in other states (7 percent below the U.S. average). There’s affordable healthcare. There is no state income tax on Social Security benefits, there’s low property taxes and there’s no estate taxes. In fact, South Carolina has also been named the most tax-friendly state in the country. And because of all this, there are a lot of other retirees making their home in Greenville (almost 16 percent of the population is at least 65 years old).
Whether you plan to spend your retirement with family, simply relaxing or exploring the area, the Carolinas have something for everyone.
Why Hire a Local Financial Advisor?
Some retirees were born and raised in the Greenville area, while others relocated here from all over. For example, we have new clients who moved from California, New York and New Jersey, Chicago, and other places in the Midwest. And while it’s not necessary to work with a financial advisor who lives in the area where you plan to retire, especially in the age of the Internet where you can be immediately connected with someone around the world if you want, there are several reasons why you may want to.
Of course, location shouldn’t be the only deciding factor when choosing a financial advisor to work with. Fiduciary status, a fee-only pay structure and independent make-up are far more important than where an advisor is doing business. However, an advisor’s location can make a difference.
Let’s take a look at a few ways a local financial advisor can help.
1. Local Benefits
There are many benefits to living in the Greenville, SC area that outside advisors may not be aware of. Tax breaks, retirement benefits and things like housing costs differ depending on where you live. Using the right strategies can make a huge impact on your overall retirement plans. When working with an advisor outside of the area, you may miss out on these financial opportunities.
2. Quality of Service
There are many things that can affect the quality of service you receive from a financial advisor.
First of all, an advisor from an out-of-state firm may be on a different time zone, and therefore, be hard to reach. Secondly, and more importantly, many national advisors work for large name-brand firms and banks, and these corporations often have conflicts of interest that effect your investments. There are stockholders to please and sales quotas to meet.
An outside, product-driven approach to retirement planning will more than likely benefit an advisor more than the clients. Unfortunately, we see that happen a lot. A more holistic approach to retirement planning will take into consideration your personal goals, concerns and fears.
The turn-over rate at large corporations are often also higher than a small, local, independent firm.
3. Being Able to Meet in Person
An obvious benefit to working with a local advisor is the ability to meet with him or her – or the entire team if you want – face-to-face. At Global View, you have the opportunity to meet and talk to our planners, investment managers, our accountant and attorney. While a phone call sometimes suffices, being able to put a real face to a name can offer a peace of mind you won’t get from a robo advisor.
As a client, it’s important to have a personal connection and not just a number.
4. Understanding Your Situation
Living and retiring in Greenville, SC is different than in other areas, and a local financial advisor will know just how different. At Global View, we live where our clients live. We invest alongside our clients. We understand the concerns that many of our clients have.
Not All Financial Advisors are the Same
I want to stress that while working with a local financial advisor has many benefits, not all local financial advisors are created equal!
Financial fiduciaries are held to the highest ethical standards in the industry. They have a legal responsibility to put their clients’ financial interests ahead of their own. When looking for a financial advisor to work with, ask if he or she is a fiduciary. And get the answer in writing!
Advisors who offer family-office style services can also be a better choice, because they can offer help with your total financial picture, and not just parts. For example, ask your financial advisor if they have an estate attorney and a tax professional in house. This can help keep all communications in one place and help prevent specific elements of your financial life from being overlooked.