At the 2014 MDRT annual meeting in Toronto, NU Senior Editor Warren S. Hersch interviewed Peter Magni, a financial representative of Wellesley Financial Group & Insurance Agency, based in Wellesley, Mass. The following are excerpts of the interview.
Hersch: What topics being discussed at this year's MDRT annual meeting can be of most benefit to you in your practice?
Hersch: Are many of today's compliance requirements in your view unjustified?
Magni: The regulators are trying in large measure to attack to the wrong problem -- going after scumbags and pyramid schemers like Bernard Madoff. The real problem is advisors entering the business through independent channels who don't have a proper understanding of insurance and financial planning. And as a result, they're making costly mistakes.
Hersch: And how many people will do this? Do boomers have realistic expectations about what they can draw down in retirement?
Magni: Most people in a recent study thought they could take out 10 percent annually and have enough money to last them through retirement. This is what we're up against: a lack of financial education, a lack of understanding about longevity, and a lack of understanding about how much they can spend each year when they get to retirement.