Understanding that most people residing in the United States will not have the funds to retire, Northwestern Mutual in Mankato has been working diligently to get in front of different populations to educate on the importance of financial planning.
“Education is really an important piece of the retirement process,” Northwestern Mutual Managing Director Colby Staloch said. “The more we educate, the better decisions people can make on their future.”
Relatively new to Staloch’s team, though hitting the ground running, are Isak Figueroa and Ramon Pinero, who have expanded outreach among Hispanic and Latino populations in the Mankato and Southern Minnesota area. Staloch said that having financial professionals of similar background to potential clients has opened the door to providing the necessary opportunities for underserved populations.
“The big piece with diversity is we have so many cultures across the United States and in Minnesota, particularly from the Latino communities,” Pinero said. “In many cases, financial planning isn’t in their culture. Even though they have the opportunity for financial planning, no one has reached out to them on how it can work for them and their families.”
Knowing that many families won’t have the ability to retire in the way that they would like is a surprise to many people said Figueroa.
“Each financial planning conversation is about meeting the prospect and relationship where they are at currently,” he said. “It’s about opening their eyes and helping them see what building a financial plan can do for them.”
Likewise, Pinero explains to his clients that saving for retirement isn’t just for wealthy individuals. Rather, it’s percentage-based planning to create the right habits and consistently save for goals.
Once we educate people, it opens a different mindset on what’s possible. It’s all about helping people to have choices to be in a better position for education, retirement and other financial goals.
When they meet with potential clients, part of the process Figueroa and Pinero start with is guiding them through the financial planning process by diving into discovery of goals and objectives – forming long term values based relationships.
“There’s a lot of information out there that gets thrown around loosely about retirement planning,” Pinero said. “We believe this can confuse people and cause apprehension. Our goal is to show our clients how they can best optimize their portfolios and make them the most tax efficient for when they retire.”
For both Figueroa and Pinero, building relationships and trust with their clients, is as important as showing them the path to create flexibility and fulfill their potential lifestyle.
“My mission here at Northwestern Mutual is to help good people have access to great planning,” Figueroa said. “It’s about being able to get to know people and being a resource for them on a personal and professional level and being a mentor to help guide them in the right direction to become financially sound before and during retirement.”
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM) its subsidiaries, Milwaukee, WI. Colby J. Staloch, Antonio I. Figueroa and Ramon E. Pinero are insurance agents of NM. Colby J. Staloch, and Ramon E. Pinero are Registered Representatives of Northwestern Mutual Investment Services, LLC, a registered investment adviser, broker-dealer, and member of FINRA and SPIC.
Photo by Jonathan Smith