BWM
Commentary
Why Advisors Should Distinguish Base and Discretionary Expenses in Retirement
by Jason Branning, M. Ray Grubbs of BWM,
Some advisors fail to highlight the difference between expense categories and claim that clients do not see food, shelter, insurance differently than country club dues or vacation cruises, hence the expense categories are combined and called ‘lifestyle expenses’. In our view, this is a distortion of affluence.
