**Empower’s Complimentary Professional Evaluation of My Retirement Portfolio**
In 2013, I first utilized Empower’s complimentary financial professional evaluation, motivated by the desire to enhance my investment portfolio. Given the substantial changes in my financial circumstances over the years, it was appropriate for another thorough evaluation to pinpoint potential areas for improvement. With at least $100,000 in investable assets required to qualify for the evaluation, I saw this as a chance to delve deeper into my portfolio while assessing the process firsthand, should others consider their services.
**The Evaluation Process**
After setting up a free Empower account and connecting my investments, I scheduled my complimentary financial evaluation. This evaluation comprised two calls: an initial discovery call followed by a recommendations session.
**The First Call: Discovery Conversation**
The first call lasted around 17 minutes. Throughout this discussion, the Empower advisor confirmed my identity and gathered crucial information about my financial situation, future aspirations, and goals. I indicated that at 48, my intention was to begin withdrawing from my rollover IRA at age 60, intending to ensure a comfortable retirement augmented by Social Security.
I concentrated exclusively on my rollover IRA, which contains about $1.5 million—funds sourced from a fully maximized 401(k) that I converted for greater investment flexibility. The objective was to ascertain whether their advisory approach matched my existing investment strategy.
**The Second Call: Recommendations Session**
A week later, the follow-up call lasted approximately 40 minutes, during which I logged into my Empower dashboard as the advisor walked me through their recommendations. Importantly, based on my portfolio, he introduced Empower’s Private Client service, improving my access to dedicated advisors and specialized investment resources.
**Reviewing My Rollover IRA’s Asset Allocation**
The advisor outlined my asset allocation, indicating that 99.6% of my holdings were in U.S. assets—mainly stocks (97.5%) with a minimal allocation in cash, international stocks, and bonds. The sector distribution heavily featured technology and communication services, reflecting my home-country bias.
Conversely, Empower recommended that a more diversified portfolio could enhance my long-term results:
– **Stocks: 75.6%**
– U.S.: 69.9%
– Developed International: 21.8%
– Emerging Markets: 8.3%
– **Alternatives: 10.1%**
– **Bonds: 13.6%**
While I felt comfortable with my tech-dominant investments, the implications of the recommendation pointed to potential advantages from broader international exposure and diversifying into alternative assets.
**Comprehensive Financial Planning Insights**
A significant takeaway was the realization that a retirement portfolio represents just one facet of overall financial well-being. Empower’s recommendations also addressed savings strategies and estate planning, which are vital for individuals seeking to enhance their complete financial scenario.
**Retirement Forecast and Strategic Modifications**
The final review included modeling a retirement forecast based on anticipated expenses, social security benefits, and IRA balance maintenance. Encouragingly, the projections suggested a high probability of achieving my retirement objectives, even while aiming for a more ambitious spending level than I initially contemplated.
Overall, the Empower evaluation offered clarity and inspiration to consider changes that could enhance my financial path. By leveraging their expertise, I discovered ways to align my investment strategy more closely with my evolving goals and objectives.
**Conclusion**
The chance to engage with Empower’s free financial evaluation provided crucial insights into my retirement planning and investment strategy. Even with a robust background in personal finance, receiving a professional viewpoint reinforced essential strategies while uncovering new opportunities for optimization. For those seeking guidance through intricate financial choices, this service proves advantageous in navigating the journey toward financial achievement and peace of mind.