Today we’d like to introduce you to Faye Sykes.
Faye, can you briefly walk us through your story – how you started and how you got to where you are today.
I have been a financial advisor since 2005 and have focused on the women’s market. About 7 years ago a widower has referred in to see me and was in a desperate place. Her husband had taken Social Security early at age 62 which had locked the benefit in at a 25% reduction for his and her life and he had taken his pension only on his own life which was about $6,700 per month
Then he died 8 months later. With Social Security, she only keeps the higher of the two amounts or $1,600 and the pension went away. Needless to say, going from $6,700 per month to $1,600 per month was financial ruin.
I started to dig and had not great news for her. This planning needed to be DONE BEFORE hand and there was nothing I could do to assist.
So my nerd part of my mind kicked in, asked a lot of questions, got my NSSA (National Social Security Advisor designation) and made over 100 calls to Social Security. I started first helping my current clients and then I started getting outside referrals just for the SS planning… hence my very new unique business was born.
With over 3.2 million people turning 65 each year for the next 19 years this is an area that is vastly overlooked but very needed. 25% of Americans rely only on Social Security for their retirement income. Most Americans rely on Social Security for 40-60% of their retirement income. There are over 2,700 regulations that oversee Social Security and a lot of it works this way except for this one weird situation. Social Security agency can ONLY answer questions they cannot give advice… guess what we do and for a flat fee!
So today we have clients in states all through the US and Ex-pats oversees. We are working with other advisors to assist their clients. I am working on rolling this out as a group benefit (that can be employer paid or employee paid).
For an average couple that makes over $75k per year with proper planning, it can be an extra $15k-30k more PER YEAR in retirement. For couples under that, it can be $8-15k per year.
This is a retirement, disability and life insurance program and unless you have taken years to understand many people miss out on benefits that the qualify for.
Overall, has it been relatively smooth? If not, what were some of the struggles along the way?
Not all that smooth. The website took a break taking 18 months, setting up merchant services took months. Marketing a national/international website on a bargain budget is tough.
Alright – so let’s talk business. Tell us about Social Security Benefit Planners – what should we know?
We customize social security planning for a flat fee. This company only does this and we love to partner with CPA’s, advisors and HR professionals.
Social Security benefit planners help you Boost and Maximize your benefits!
Any shoutouts? Who else deserves credit in this story – who has played a meaningful role?
Ryan Poterack, my mentor in North Carolina introduced me to advisors that were doing this but just as a tool to get new clients on the planning side.
Pricing:
- $497- Basic plan – Email only no phone support
- $1,497- Advanced plan – Phone/email support
- $4997- in person/phone/email
Contact Info:
- Address: 1708 Peachtree St NW, Suite 201, Atlanta, GA 30309
- Website: www.socialsecuritybp.com
- Phone: 877-270-7727
- Email: info@socialsecuritybp.com
- Facebook: https://www.facebook.com/SSBenefitPlanners/?ref=bookmarks
Getting in touch: VoyageATL is built on recommendations from the community; it’s how we uncover hidden gems, so if you know someone who deserves recognition please let us know here.
