The Diamond Group, a retirement consulting business, has opened the company’s new office in Forest Lake. After success in Minnesota, Wisconsin, Florida, Texas, and Arizona, Diamond Group owner Alan Schmidt has chosen to come home to raise his family in Forest Lake.
“We are there to make sure people, either still working or already in retirement, can enjoy their retirement, rather than finding themselves with insufficient income to support their desired lifestyle,” Schmidt said. “I invite everybody to come visit us to see what we can do for them or just to say hello.”
The Diamond Group offers a few very specific services, the first of which is its popular Individual Pension by Design. Schmidt believes that as every person is a unique individual, his or her pension should be unique and individualized as well, based on specific desires for retirement.
Another popular program is the CD Repair Shop. Schmidt encourages people to explore a Multi-year Guaranteed Annuity as an option versus a CD for the fixed rate portion of their portfolios. An MYGA is a type of fixed annuity. It has a fixed interest rate that is applied to invested funds for multiple years in a row.
“Bankers would like you to believe that CDs have a lower yield because they claim money held by banks is safer, which is a common misconception.” Schmidt said. “MYGA rates are higher because of how the yield is determined. MYGA rates are determined by investment yields, such as high-quality bonds that are continually adjusted for market conditions. Therefore, MYGAs tend to be much more stable with a higher rate of return as compared with a CD for the same time period.”
Another key department of The Diamond Group is its business consulting services. The business’s proprietary software helps identify local, state, and federal tax incentives available for a business. On average, for a small to mid size company, they are able to identify up to $200,000.