Meet Bruce Smith, founder and president of CALPRO Network Financial Services in San Diego, California.
Bruce’s clients include school districts, corporations and nonprofits, as well as employees. Bruce especially enjoys helping employers provide high-quality retirement plan solutions while reducing administrative burdens and improving compliance. Bruce and his representatives have used TRAK for over ten years and believe that TRAK separates and elevates them as retirement experts.
Bruce’s clients often ask, “Am I going to be okay in retirement?” To help clients understand the state of their retirement accounts, he uses TRAK’s GAP Analysis. “The visual graphs in TRAK show clients whether we are on target or short of the target,” explains Bruce, “and I can create a plan in 15-30 minutes.”
Once Bruce has established the plan, he invites clients back for an annual update. This meeting often leads to new opportunities. “Updating the plan encourages my married couples to get their spouse involved,” says Bruce. “Then I can tie their spouse’s plan into the program and that produces another client.”
Bruce often works with clients who are just getting started and are on a tight budget. It’s a big deal for these clients to not have their take-home pay radically altered. “Many clients struggle with that ‘leap of faith’ when making decisions about contributions,” says Bruce. “They need to understand the impact on their take-home pay.”
With TRAK’s Paycheck Analysis, Bruce is able to show how his recommended contributions will affect the client’s paycheck. “I put into the software the contributions. The state and federal taxes, including withholdings, are calculated and clients can see, on the screen, exactly what their paycheck will look like after our plan is in place,” explains Bruce. “TRAK comes within pennies of what the client’s actual paycheck will look like.”
For younger clients who need to get started, Bruce uses TRAK’s Interest Calculator to illustrate the potential future value of a retirement account. “I like that TRAK lets me build a scenario of putting in $500 a month at 6% per year and then shows how much that investment could grow in 30, 40 and 50 years from now,” explains Bruce. And for older clients who need to understand their options for distribution, TRAK illustrates how much clients can take out each month without running out of money until age 90.
According to Bruce, “With TRAK, you become the go-to-person. It allows you to provide quality advice—and if you bring quality to the table, clients will never leave you.”