by jude scinta
NEWLY RETIRED ATTRACTED to wilmington, north carolina firm
David Shucavage, president of Carolina Retirement Planners, strives to make complicated financial concepts simple for his clients — a trait he defines as a core competency, and one that originally led him to earn an engineering degree from Cornell University.
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ometimes, he resorts to drawing pictures to simplify intricate financial models. As a fiduciary advisor, one subject he often finds that many people don’t understand is the role of a fiduciary and why it is an important issue for them to grasp. “Consumers should be educated, because if they understood the differences between a financial advisor held to the fiduciary standard, a fee-based advisor, and a commission-based advisor, they could better choose who they work with and understand how their financial professional is getting paid,” Shucavage said, adding that the concept of a fiduciary “is almost like a secret in the industry.” Shucavage, who teaches classes in retirement planning at local universities and community colleges in the Wilmington, North Carolina area where Carolina Retirement Planners is based, would like to see financial education begin before adulthood. “In general, the more and the sooner you can educate people, the better. It’s a shame that there’s many things we educate students on, but somehow the basics of how to handle your financial life is not one of them. That should be a core curriculum that everyone gets, it would give people a big advantage as we go off into life,” Shucavage said. Working almost exclusively with retirees or those nearing retirement, the majority of people that Shucavage helps are people who have recently moved to the area to enjoy Wilmington’s historic downtown riverfront and scenic island beaches. The Carolina Retirement Planners team helps clients financially adjust to retirement by advising on such issues as Social Security and pension strategies, tax-efficient strategies, and estate planning. “I’ve developed a system that caters to that kind of individual, the one that is just at that
cusp of life where they’re trying to figure out how to live the rest of their life with what they have,” said Shucavage, adding that he partners with attorneys and accountants to help guide clients as legal and financial issues are “highly intertwined.” “What has also evolved is the integration of a full-blown wealth management plan to include investments, income, tax and inheritance planning, and protection against things like long-term care,” he said, adding that his independence from a large financial corporation helps him to build strong
relationships with clients based on trust. “Some 16 years ago, I decided to shift careers and instead of helping big companies make more money, I decided to help individuals and families instead,” said Shucavage, the former engineer and management consultant turned investment adviser representative. For more information on Carolina Retirement Planners, visit: www.carolinaretirementplanners.com
Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Carolina Retirement Planners are not affiliated companies. AW09174140
ADVISORS MAGAZINE SEPT p.53
