Gary Duell of Oregon’s Duell Wealth Preservation spoke with radio host Mark Imperial about myths and misconceptions, among other aspects of retirement planning. With an understandably untrusting public, Duell explains how he volunteered to the fiduciary standard nine years ago to further his commitment to act for the sole benefit of his clients.
Radio host Mark Imperial asked Duell to explain the fiduciary standard. “I have a fairly unique stance in the financial services industry, having voluntarily submitted to a fiduciary standard nine years ago,” explained Duell. “As a result I am holistic, unbiased, and transparent in my mission to relieve the stress of planning for, and living in, retirement.”
“I may have the number two financial blog in all of Oregon, but there may only be two financial blogs in the state!” Duell joked. “However, I started the blog to share the knowledge I’ve gained over the years with all of Oregon, and now to be able to share this information with the world through this radio program is surreal.”
During the interview, Duell was asked to share some common myths or misconceptions, to which he responded, “Probably the biggest myth has to do with Social Security, that it’s not going to be there for much more than ten more years, which simply is not the case.” Duell continued “The next most significant myth is that you can’t retire unless you have at least a million bucks. It all depends on your budget and other sources of income.”
When asked about common mistakes Duell has witnessed in financial planning, he explained the GIGO principle and the importance of finding what he called “acceptable worst case scenarios”.
“The GIGO principle: garbage in, garbage out. Typical plans use odds- Monte Carlo simulations -to evaluate whether projections are “safe” enough. But what if you’re the 5% or 10% that fail?” Duell explained, “These plans don’t take into account all the pros and cons. I do. Unless the worst case scenario is acceptable we’re not done yet.”
When asked what inspired him to become a financial advisor, Duell responded, “I became truly independent in 2007 after going through a string of broker-dealers. I just couldn’t take being told to withhold the truth from my clients.”
Duell continued “It is frustration with my own industry that fuels my passion to be unbiased, transparent and holistic.”
In his closing comments, Duell offered this advice “I think the most important belief to hold is that you, the consumer, are capable of understanding the advice that you are given. So insist on evidence and understanding. Don’t do anything for which you have insufficient evidence and understanding.
To hear the complete interview with Gary Duell, go to:
For more information, you can reach Gary Duell at www.garyduell.com