By Ashley Montesin, Director and Financial Planner at Regional Financial Solution
Welcome to the first episode of the Retirement Breeze, where we'll be diving deep into all things retirement planning. In this episode, we have a very special guest - Bruce Pain, the former owner of Regional Financial Solutions and my father-in-law. Bruce recently retired and is living the dream in Forster, enjoying his newfound freedom. Today, we'll be discussing the importance of having a retirement plan in place, Bruce's personal experience with retirement, and the future of Regional Financial Solutions as a third-generation business.
The Importance of a Retirement Plan
When it comes to retirement, having a solid plan in place is crucial. Bruce emphasizes the need for both a financial plan and a personal plan. He states, "The number one plan is your financial plan, but you really need a Bruce plan, or Bruce and Gina plan in our case." Bruce and his wife Gina made sure to have their financial side sorted by saving money early on and continuing with a regular saving plan. However, they also recognized the importance of having their own activities and hobbies to keep them busy during retirement. Bruce explains, "Gina's right into lawn bowls, so the more she bowls, the fitter I get. So it's really important."
The Transition to Retirement
Bruce's transition to retirement was a smooth one, thanks to careful planning and preparation. As a financial planner, Bruce had witnessed many clients retire under his guidance. He knew that retiring is not just about the financial aspect but also about being at ease with oneself. Bruce shares, "You've got to make that final decision and be at ease with yourself. All of a sudden, you go from working to non-working, and you've got to be comfortable with that." He adds, "There's no right or wrong time to retire. I believe everybody's an individual and different, so you'll know when the time's right for me."
The Transition of Regional Financial Solutions
Regional Financial Solutions has a rich history, spanning over 50 years. Bruce joined the business in 1991, following in his father's footsteps. Three years ago, Bruce's daughter Amanda and I took over the business, making it a third-generation business. Bruce reflects on the smooth transition, saying, "It came up in my diary only on Friday that it was nine years ago when you and Amanda came back from Canada and joined Regional Financial Solutions. So all exciting days since then." He expresses his pride in seeing the business continue to thrive under the new leadership, stating, "It's certainly fantastic knowing that the business is a third generation. There are not many third-generation businesses around."
The Future Outlook
Looking ahead, Bruce is enjoying his retirement to the fullest. He recently returned from a trip to Townsville and spent time with his grandchildren. He has a few mountain bike races coming up and is looking forward to the holiday season. As for the future of Regional Financial Solutions, Bruce is confident in the capabilities of Amanda and me. He states, "I obviously knew that the business was in great hands with you and Amanda, so that took the pressure right off me. I knew the clients were looked after." With a strong foundation and a dedicated team, Regional Financial Solutions is poised for continued success.
Conclusion
Retirement planning is a multifaceted process that requires careful consideration of both financial and personal aspects. Bruce Pain's experience serves as a valuable guide for those approaching retirement. By having a solid financial plan and a personal plan in place, individuals can ensure a smooth transition into retirement. The success of Regional Financial Solutions as a third-generation business is a testament to the importance of careful succession planning and the dedication of its team.
As we move forward, Regional Financial Solutions will continue to provide exceptional financial planning services to its clients. With a focus on personalized advice and a commitment to helping clients achieve their retirement goals, the future looks bright for both the business and its clients. Retirement may mark the end of one chapter, but with proper planning and guidance, it can be the beginning of an exciting new journey.
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