Navigating Longevity and Finance - Episode 284

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Welcome everybody to this edition of the Glide Longevity Podcast.

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I'm your host, Dr.

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Jeffrey Gladden.

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And today I'm here with financier, Kevin Gray.

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ah Kevin, welcome to the podcast.

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Well, thanks for having me.

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It's good to be here.

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I'm looking forward to conversation.

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Yeah, absolutely.

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So Kevin, you're personally very interested in longevity and you work in the financial
services world.

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um What do you what do you update us on your thoughts about ah some of the implications of
longevity?

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Maybe we'll start there.

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Kind of paint a little picture for us when you dive in from there.

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Absolutely.

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you know, I do find a lot of the intersection when we're creating the longevity, not only
for your health, but, know, in my business, it's for the wealth.

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So for our clients, just making sure the length of the portfolio goes along with you.

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You know, used to we would plan for the age of expectancy of death.

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And that was it.

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You know, when you're talking about the 80s, that's not very long.

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Now, when you're talking about even referring to your book, 100 is the new 30.

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When you're going to 100, I mean, that's a lot.

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And that where you're considering inflation.

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that changes the game quite a bit.

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So you're looking for the longevity in your portfolio dramatically.

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But what we're finding is it's not just the size of your portfolio that matters.

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It's how do you access it?

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When, when's the right time to access it?

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And it can provide you the cashflow.

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So not only for you, for your family and long-term, but for health, for me, you know,
having kids at, you know, 15 and almost 14 in my fifties, you know, I've got to keep up

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with them.

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So when I come to somebody like you to say, well, how do I make sure that one I'm still
around and I need to review where I'm at?

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we find that the same thing in the portfolio.

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we find pitfalls in the portfolio and how do you make that longevity happen?

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You know, it's an interesting concept, idea of deconstructing the situation, right?

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I mean, one of the things that we excel at here medically is em deconstructing across the
five different circles, right?

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Life, energy, longevity, health, performance, and then the environments we reside in.

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And in essence, there's a parallel process that has to go on of deconstructing the
financial resources to support the

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the exponential return that comes from investing in those five circles on the health side,
let's call it.

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There's an exponential return there and you've got to match that with exponential returns,
so to speak, on the financial portfolio side.

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So when you think about that, um you know, I'm not a financial planner, but uh actually my
father was, but um that doesn't qualify me in any way.

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But you you talk about younger people taking more risk and older people taking more
conservative investments.

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I don't know if that's right.

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And I don't know if that's really right.

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Really.

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Yeah.

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Part of the mix anymore, because you're not just going to you're not just going to glide
out.

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Right.

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So talk a little bit about that.

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that's a great specific question because we spend a lot of time separating out your risk
capacity versus your risk tolerance.

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And what you're referring to is truly your risk capacity.

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If you're young, you've got great income, you've got a long time horizon, your risk
capacity is huge.

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But I will say one of my most conservative clients is pretty young.

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And so the risk capacity is high, but the risk tolerance is quite low.

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That's right.

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opposite, one of my oldest clients is my most aggressive client by far.

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And the risk capacity may be low, but your risk tolerance may be very, very high.

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So when you're going through, I mean, we're today's April 24th.

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So we've got lots of volatility, especially last few weeks.

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And when I'm speaking to my clients, you know, maybe your risk capacity, you're going to
weather the storm because you've got the right portfolio, but it's very, very

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uncomfortable.

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So there's two separations now.

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So you can't,

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and should not invest your portfolio just based on where you are in life.

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That has some guidance, of course, but your risk tolerance really guides us along in, how
do we put the pieces of the pie together in the portfolio?

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So it's not just equities and fixed income, but what are the right things and liquidity,
liquidity comes into factor.

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But I think just hitting on what you talked about,

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between the risk capacity and risk tolerance is a much different story than what we would
talked about 20, 30 years ago.

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Yeah, I think that's, that's an interesting point.

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And it sounds like, um, risk tolerance really sort of trumps risk capacity, if you will.

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Right.

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So that ultimately somebody's got to feel safe, right?

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They've got to have a sense of safety.

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And that's really what you're trying to provide.

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That's what we're trying to do is give them confidence and safety in their health.

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And you're trying to do the same thing for their financial resources.

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Right.

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So very parallel paths here.

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And then obviously they dovetail and, um,

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Since a lot of what we do is not covered by insurance, building in capacity, financial
capacity to be able to do the things that are required to maintain that youthfulness and

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health.

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You know, we sort of feel like that there's a massive return on investment for that,
right?

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Because if you can continue working another 20 years and you didn't retire, I oh my gosh,
you know, if it, it costs you X number of dollars, you're going to pay that back a

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thousand times over.

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Right.

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So.

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It's a really interesting thing.

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So what do you see as...

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Let's take yourself for example.

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So as you think about yourself, you're in your 50s, you've got younger children,
relatively speaking, how are you positioning yourself to live to 100 and beyond kind of

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thing?

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How are you actually framing that up for yourself?

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Yeah, so health wise, mean, the first thing, the interesting one, it wasn't my heart, it
wasn't my lungs, but what I didn't know until coming to somebody like you and your team is

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it's the lining of my arteries that I've not need to improve on.

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I would have never known that I would have never done that if unless I had a very specific
check in.

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And the other interesting thing is just, you know, as we do the gut test, it's what was it
avocados, onions and cherries that cause inflammation on me personally.

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I've eaten those for over 50 years and never knew that the inflation was being caused.

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And how do we reduce that?

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So beyond that, you know, recognizing that eating right and working out, of course, are
the easy two pillars, but what are the other things adding the right supplements to it?

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So it was the full package of now I work out more, but now I work out not just weight
training, you know, as a typical guy, it's like, I'll just go lift weights and I'll be

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fine.

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It's more cardio.

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How do you get the heart healthy?

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How do you get the arteries healthy?

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So that was my first aspect.

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I continue to plateau in my life, you know, when I'm interacting with my 15 year old, it's
full of testosterone is almost about the size of me.

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You know, I've got to step up my game to keep going for that longevity and for the family.

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So that was where I personally had to come from and recognizing, gosh, what else can I
possibly do?

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Cause frankly, I got to be here a while.

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And as you think about that, and I appreciate you sharing some of the things that we
picked up, ah there are certainly other things that we look at as well.

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But as you think about that, has it shifted your own sense of how you're planning your
finances going forward?

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You know, it has and some of the other topics because again, the portfolio is only a piece
of it.

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So one of your biggest bills in the portfolio is taxes.

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So tax planning is huge.

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So now we focus a lot more on taxes when you hit the higher tax brackets.

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How can you avoid some of those in planning the right way and taking the income the right
way, whether you, you own a business and you're a business owner or you're an executive or

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you're just a real estate professional.

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So how are you taking your money in the right way for taxes?

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But the other one that's more interesting, I feel like most of our conversations in that
longevity is your estate plan or planning of some sort long-term, whether it's for you,

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whether it's for the family and having the right situation for you, whether it's trust,
whether it's partnerships.

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So I believe outside of just the portfolio, I'm an aggressive investor because I
understand the market.

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I'll go, I'll look at crypto.

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I will look at private investments.

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I will look at interesting and more.

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aggressive items because one, I'm an aggressive investor and I've got some risk capacity
along with that.

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But I also do have small kids and I need to provide income for a long time for us in
retirement as well.

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So as that frames and I kind of revisit what's me, it's building the team for that matter.

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I mean, I think it's really just building the team all around.

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Let me interrupt you on that point for a second.

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So has it reframed your concept of retirement?

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Because the way that I reframe it for myself is that, you know, I did cardiology for 25
years and I quote unquote retired from cardiology.

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But really what I did was I transitioned into the next phase of what I'm passionate about,
where I feel like my gifts lie and from a loving place where I can create joy, not only

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for the clients I serve, but

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you know, for myself at the same time simultaneously.

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So this concept of retirement, um you know, it sort of sticks out there like a hurdle.

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Like we have to kind of somehow plan for what happens prior and after.

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Like it's a waterfall moment.

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And yet I tend to think of it um that I'll probably never retire.

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I'll never retire in the sense of never be involved.

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And for me, I will...

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continue to do what I'm doing or transitioned into other elements or whatever it is, but
there's this ongoing desire to stay engaged.

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for me, that provides meaning and purpose also, right?

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And I think that if we're going to live a long time, I think having meaning and purpose
and then aligning our activities along that meaning and purpose, and it could be

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philanthropic for all that matter, if that's the position you're in.

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But for other people that aren't at a place where it can be purely philanthropic, ah maybe
they rethink it in terms of, oh well, I've always wanted to do this.

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Now, how do I make a living at that while I allow these assets to grow?

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So I don't know if you're thinking about that with your clients or whatever.

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is because lots of experience.

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I've taken so many clients to that retirement point.

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uh one, if you build this nest egg and you at some point, some clients get afraid of
touching that nest egg.

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It's a baby.

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Now you've grown the baby and now you're afraid to touch the baby in retirement.

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But it becomes this, as you said, the waterfall, the magic moment that you hit retire and
then you're done.

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So I'll talk about me in a second.

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But in relation to my clients, I've seen it go many different directions.

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You hit retirement.

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you really put it on pause or you really go uh lethargic essentially where you're not
doing anything.

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Well, goodness, people pass away pretty quick at that point.

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And we see it all the time is if you don't keep busy and keep entertained, keep keep
pressing along, things don't go well if you don't keep your mind going.

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And so you're right, as we now have longevity, I agree.

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I think retirement has changed dramatically.

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So as

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me going from a uh wire house and being essentially an employee to a business owner, you
know, my eyes have changed dramatically.

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I truly think if I'm not doing this in 30 years, I am doing something.

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So I don't agree.

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I don't think that it, you have to, uh, you have to continue to engage.

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And I think that goes along with the longevity and just creating that you can, you don't
come to a point where you just come to a stop and go sit on the couch and start watching

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TV.

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That's not going to work well.

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No, it's not going to work well from a health perspective to your point as well, which is
interesting.

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People that retire, they have a much shorter life expectancy than people that stay aged.

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Right.

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So yeah, I think, I think that people that look forward to retirement are the people that
are quote unquote, working in a job that they don't really enjoy.

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Right.

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think that retirement is held is sort of held out as, my God, it's the promised land.

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It's the Holy grail.

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I'm going to finally not have to wake up and go do this thing that I really don't like.

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So I think one of the key things in life as you're thinking about this and in this
conference room I'm in right here at Gladden Longevity, we've had people sell companies,

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change jobs, do all kinds of things because they're not really aligned with what they're
doing.

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And we can figure that out through some of the testing we do and the conversations we
have.

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And it's not even conducive to their current health.

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let alone this concept of, I'll tolerate this until I retire and then it'll be okay.

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Because that's another, that's kind of a lose lose scenario as opposed to a continual
winning scenario of always doing what you're passionate and drawn to do.

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So yeah.

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Yeah, and I think me personally, so when I'm successful as an employee somewhere else, I
really became a salesperson.

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I'm selling products and I'm trying to squeeze that in and build something for a client.

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And one of the thing that's now absolutely fulfilling is I understand my clients
dramatically.

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I have an actual relationship and we go find solutions.

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So it's now it's like, let me sit on the same time, same side of the table as you and go
figure out what you need.

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And a lot of our clients don't even know what the solution or what the long-term plan even
looks like in their mind yet.

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But we've now done this so long.

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I can share the expertise of the other clients that have done it well and say, this may be
a great path and this is what you could look forward to or you rule that one out.

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But now for me personally to stay engaged, the world's changed for me.

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I'm a business owner.

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I get to do now what I think is right for clients long-term.

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rather than I've got a few things that I can put on your table.

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Yeah, exactly.

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So that's for you, that's much more intellectually stimulating.

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It's also more personally satisfying, right?

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And I think those are the keys.

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You know, one of the, well, before I get to that, let me ask you this.

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So as you do that, um intuitively, what I'm thinking is I'm going to continue to work,
continue to have income from the work that I do.

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And I'm going to continue to invest in things personally that I understand or

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are connected to or have some insight about or something like that and continue to grow
wealth, if you will, through those channels.

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um And that I'm thinking is going to be the answer.

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um That being said, there are two big things that pop in.

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One is the evaluation of the currency.

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mean, all fiat currencies are...

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00:14:39,497 --> 00:14:44,277
We're at a moment of transit, massive transition here, I think, from in all of this.

209
00:14:44,277 --> 00:14:50,177
I think fiat currencies are being phased out and the dollar is going to be devalued and
all these other things.

210
00:14:50,177 --> 00:14:50,317
Right.

211
00:14:50,317 --> 00:14:52,297
So that's one big thing.

212
00:14:52,297 --> 00:14:59,417
The other thing is that AI is coming along and it's going to actually replace a lot of
people.

213
00:14:59,517 --> 00:15:08,277
And I think, you know, I don't know if you have super AI, super intelligent, not just,

214
00:15:09,093 --> 00:15:19,838
Equal to humans, uh AI, but if you have super intelligent AI, not just AGI, um I don't
know how many jobs actually get left, right?

215
00:15:19,838 --> 00:15:23,139
I think it's really going to come down to people that are creating.

216
00:15:23,139 --> 00:15:29,082
um I think AI is going to be able to create equally well, if not better.

217
00:15:29,082 --> 00:15:35,574
So I think even in the creation, you're going to end up teaming up with AI to do the work
that you do.

218
00:15:35,574 --> 00:15:35,895
Right?

219
00:15:35,895 --> 00:15:36,935
So I think people will.

220
00:15:36,935 --> 00:15:38,486
team up with AI to do that.

221
00:15:38,486 --> 00:15:39,106
Why not?

222
00:15:39,106 --> 00:15:43,589
um If you've got a great assistant or a great colleague, why not team up?

223
00:15:43,589 --> 00:15:51,295
um But it is going to change reality for a lot of people in terms of job and work and
things like that too.

224
00:15:51,295 --> 00:16:00,961
And I don't know, I don't know if you've been trying to crystal ball that in any way to
kind of figure out, okay, well, how do I take care of people if their jobs go away or if,

225
00:16:00,961 --> 00:16:06,885
or if they, you know, I mean, I almost see that you're almost in a job counseling job as
much as you are.

226
00:16:07,725 --> 00:16:09,987
Counselors have my job for sure.

227
00:16:10,048 --> 00:16:15,216
Whether it's today's market or whether it's long-term, but yeah, counseling is absolutely
there.

228
00:16:15,216 --> 00:16:21,445
So you were talking a minute ago about, building your wealth for retirement and a lot of
people say, you know,

229
00:16:21,445 --> 00:16:25,843
my wealth, building my wealth in general, because there is no retirement for me, right?

230
00:16:25,976 --> 00:16:26,476
right.

231
00:16:26,476 --> 00:16:29,769
And some folks will refer it to as, you know, mailbox money.

232
00:16:29,769 --> 00:16:31,550
You know, how do I create a denuity stream?

233
00:16:31,550 --> 00:16:34,672
And I just have that income for long, long term as well.

234
00:16:34,672 --> 00:16:40,256
And that's a lot of, know, whether it's real estate, whether it's a portfolio of just
straight investments.

235
00:16:40,256 --> 00:16:45,751
But again, of course, invest in what you know, and understand, of course, as you
specifically mentioned.

236
00:16:45,751 --> 00:16:48,913
But yeah, we do have those conversations, we have to plan for the worst.

237
00:16:48,913 --> 00:16:50,540
What happens if

238
00:16:50,540 --> 00:16:51,660
All of these things happen.

239
00:16:51,660 --> 00:16:58,403
One, you make sure to have the liquidity for paying your expenses, but making sure that
the money lasts longterm.

240
00:16:58,403 --> 00:17:03,376
And now that we're of course talking about the longevity and now your, your health span is
longer.

241
00:17:03,376 --> 00:17:06,037
So your wealth span has to go along with that.

242
00:17:06,037 --> 00:17:12,369
So again, I think more about what is that income flow tied to the wealth.

243
00:17:12,369 --> 00:17:17,452
You have to have longterm wealth overall, but I also have to tie it to that risk
tolerance.

244
00:17:17,452 --> 00:17:18,322
So let's,

245
00:17:18,322 --> 00:17:21,744
let's take the right amount of risk to get there as well.

246
00:17:21,744 --> 00:17:25,416
You can go off the charts, but you're going to ride the roller coaster to get there as
well.

247
00:17:25,416 --> 00:17:27,547
Yes, long-term over a 10 year period.

248
00:17:27,547 --> 00:17:31,009
Yes, you should come out of head, but it may be more uncomfortable.

249
00:17:31,009 --> 00:17:39,403
But as you build that annuity stream or you pay that, you know, have an mailbox money
later or it's either income now or income later.

250
00:17:39,403 --> 00:17:41,545
That's really what you're trying to build.

251
00:17:41,545 --> 00:17:42,070
Mm-hmm.

252
00:17:42,070 --> 00:17:43,341
we do have to plan for the worst.

253
00:17:43,341 --> 00:17:49,934
People will change, people will turn in businesses, people will take a risk and take their
whole fortune and try to go start something new.

254
00:17:49,934 --> 00:17:53,896
Maybe that's not appropriate, but at least set something aside for protection.

255
00:17:53,896 --> 00:17:55,947
That's just considered risk management.

256
00:17:55,947 --> 00:17:58,718
So you got to consider risk management associated with it.

257
00:17:59,009 --> 00:17:59,609
absolutely.

258
00:17:59,609 --> 00:18:02,529
think that's a key factor.

259
00:18:02,529 --> 00:18:09,709
If you're playing a game and you can certainly gamify this, then it's going to be, how
much risk am I going to take?

260
00:18:09,709 --> 00:18:12,189
What's my capacity for risk?

261
00:18:12,189 --> 00:18:13,429
what's my capacity?

262
00:18:13,429 --> 00:18:25,729
We all know we have an infinite capacity for gain, but we have a very finite capacity for
loss, both psychologically and also financially, if you will.

263
00:18:26,087 --> 00:18:31,590
You've got to really, really, think one of the best ways to think about this is to start
with the downsides, right?

264
00:18:31,590 --> 00:18:33,641
What's, what's my capacity to lose here?

265
00:18:33,641 --> 00:18:34,521
Right.

266
00:18:35,102 --> 00:18:41,135
And, and what's my, um, what's my capacity to psychologically tolerate that loss?

267
00:18:41,135 --> 00:18:41,485
Right.

268
00:18:41,485 --> 00:18:44,046
So numbers on a page, that's fine.

269
00:18:44,046 --> 00:18:48,358
It's I can lose 10 % and I'm fine, but psychologically can I deal with that?

270
00:18:48,358 --> 00:18:48,789
Right.

271
00:18:48,789 --> 00:18:49,772
So yeah.

272
00:18:49,772 --> 00:18:51,653
Yeah, and we specifically hit that.

273
00:18:51,653 --> 00:18:54,215
So we just recorded our quarterly outlook yesterday.

274
00:18:54,215 --> 00:18:57,777
And one of the things we hit on, we talk about a normal volatility.

275
00:18:57,777 --> 00:19:05,954
So whether you're an aggressive investor down the middle of the road or a super
conservative investor, there's a difference in your targeted volatility, meaning how much

276
00:19:05,954 --> 00:19:08,576
are you expected to swing in your portfolio?

277
00:19:08,576 --> 00:19:17,242
However, recently we've had to focus on what's that hundred year flood look like when
things go, when things happen, when we have

278
00:19:17,292 --> 00:19:26,806
when we have a COVID hit, when we have a terror for when we have a recession of some sort,
knowing that this may happen only once every hundred years, but this could happen.

279
00:19:26,806 --> 00:19:28,147
This absolutely could happen.

280
00:19:28,147 --> 00:19:31,969
Now, if you think long-term, yes, we should overcome that.

281
00:19:31,969 --> 00:19:37,031
And then we can actually measure what's that hole, how long does it take to dig out of
that hole?

282
00:19:37,031 --> 00:19:44,684
But we truly have to focus on that because many clients or just about anybody, when things
are great, you don't think about the bad times.

283
00:19:44,684 --> 00:19:49,515
But when things are bad, it's like, how do you manage that risk to the downside?

284
00:19:49,515 --> 00:19:50,597
You do that ahead of time.

285
00:19:50,597 --> 00:19:53,865
You don't do that while you're in the in the moment.

286
00:19:53,865 --> 00:19:54,345
That's right.

287
00:19:54,345 --> 00:20:03,051
My thought about that is, you know, I've gotten to a point in my life, my personal life
where I have no sense of failure on any front.

288
00:20:03,051 --> 00:20:05,133
um I'm never failing.

289
00:20:05,133 --> 00:20:06,083
I'm only learning.

290
00:20:06,083 --> 00:20:07,025
I'm only growing.

291
00:20:07,025 --> 00:20:07,905
I'm only getting better.

292
00:20:07,905 --> 00:20:08,235
Right.

293
00:20:08,235 --> 00:20:18,562
And so when you think about it in terms of financial things, what I see is when the
markets take a turn, let's just call the markets, you know, globally across all the

294
00:20:18,562 --> 00:20:20,503
different investment opportunities.

295
00:20:20,684 --> 00:20:23,131
You know, when those, when those turn south,

296
00:20:23,131 --> 00:20:27,584
my gosh, what a great opportunity because it's not going to stay South forever.

297
00:20:27,584 --> 00:20:32,676
It's going to, it's going to climb back to the North or whatever direction want to call
it, but it's going to go back up.

298
00:20:32,676 --> 00:20:32,966
Right.

299
00:20:32,966 --> 00:20:39,940
And so when I see things cratering, I'm like, my gosh, what an amazing opportunity.

300
00:20:39,940 --> 00:20:40,771
Right.

301
00:20:40,771 --> 00:20:49,916
And sometimes when, when things are going really well, it's like, what an amazing
opportunity to take some marbles off the table so that I'm in a position.

302
00:20:49,916 --> 00:20:52,201
mean, I think Warren Buffett does this really well.

303
00:20:52,201 --> 00:20:52,601
Right?

304
00:20:52,601 --> 00:20:56,381
Like he sold a bunch of stuff early in the year, Apple and a bunch of his other stuff.

305
00:20:56,381 --> 00:20:57,361
Everybody saw that.

306
00:20:57,361 --> 00:21:06,681
think that paid any attention and he was sitting on like, I don't know, $350 billion in
cash or $320 billion in cash, something like that, waiting for this to happen.

307
00:21:06,681 --> 00:21:07,281
Right?

308
00:21:07,281 --> 00:21:20,967
So that he could, and I don't know if he swooped back in yet or not, but, waiting for this
to happen at the same time that despite economic trends, there are technological advances.

309
00:21:20,967 --> 00:21:28,983
that continue regardless of social, world wars, depressions, recessions.

310
00:21:28,983 --> 00:21:33,968
There's technology that continues to march forward unabated, quite honestly unabated.

311
00:21:33,968 --> 00:21:44,937
And so there's some certainly some trends here in AI, quantum computing, things like that,
that are clearly continuing to march forward and at a very rapid rate.

312
00:21:44,937 --> 00:21:49,543
And I think when you have markets that are cratering and you have technologies that are
clear winners over the

313
00:21:49,543 --> 00:21:50,364
long term.

314
00:21:50,364 --> 00:21:52,227
my gosh, what an incredible opportunity, right?

315
00:21:52,227 --> 00:21:54,460
So that's how I look at it.

316
00:21:54,460 --> 00:21:55,086
I don't know.

317
00:21:55,086 --> 00:22:00,448
You know, I absolutely this and it's interesting just because of the last few weeks of the
conversations.

318
00:22:00,448 --> 00:22:02,869
It's like the what side of the fence are you on?

319
00:22:02,869 --> 00:22:06,921
And I that's most of my questions right now is like, where is the opportunity?

320
00:22:06,921 --> 00:22:08,202
It is the right way to think about it.

321
00:22:08,202 --> 00:22:19,571
If you think of the long term and the markets to recover and when we zoom out and we take
it back to World War Two or even the Great Depression much long ago, it continually go for

322
00:22:19,571 --> 00:22:19,677
it.

323
00:22:19,677 --> 00:22:20,927
It's amazing how it looks.

324
00:22:20,927 --> 00:22:23,328
The dips look very, very small when you zoom out.

325
00:22:23,328 --> 00:22:25,129
It feels very uncomfortable while you're in it.

326
00:22:25,129 --> 00:22:27,219
So we have to recognize that, of course.

327
00:22:27,219 --> 00:22:29,380
So what we do, and then you plan for that.

328
00:22:29,380 --> 00:22:37,183
So you look at that risk and yes, if you continue to think everything will be positive
eventually, yeah, this is absolutely a buying opportunity.

329
00:22:37,183 --> 00:22:41,824
So whether it's domestic equities or international equities, that's interesting.

330
00:22:42,064 --> 00:22:45,696
The other one to warn about though is private investments also come up.

331
00:22:45,696 --> 00:22:47,028
Those can go to zero.

332
00:22:47,028 --> 00:22:55,986
everything could go to zero, but that one is, and you know, there's groups that we're
involved in and we see opportunities and it's, you're pinpointed towards one company, the

333
00:22:55,986 --> 00:22:56,967
company may not work.

334
00:22:56,967 --> 00:23:00,910
That's a risk that you take, but you're also looking for that giant reward.

335
00:23:00,910 --> 00:23:08,316
But in perspective of the general market, yes, uh having that positive outlook, uh
everything is truly on sale.

336
00:23:08,316 --> 00:23:15,322
Now, if you look in history, you can actually see on paper, the most money is made when
it's a pessimistic environment.

337
00:23:15,322 --> 00:23:15,968
Exactly.

338
00:23:15,968 --> 00:23:24,731
when you were saying when Warren Buffett and you know, he sells out when he's at the top
creating dry power for when there's opera dry powder, when there's opportunities that

339
00:23:24,731 --> 00:23:32,153
there's not as much money, uh, you know, when the market's going great and then you dump a
bunch of money into the market when it's already going great, it's already showing that

340
00:23:32,153 --> 00:23:40,647
you don't get a greatest return and compared to when it's a pessimistic, when we're more
at the bottom somewhat kind of, you know, where we are now floundering around.

341
00:23:40,647 --> 00:23:41,617
Yeah, that's right.

342
00:23:41,617 --> 00:23:44,838
And this is where the whole concept of dollar cost averaging comes in, right?

343
00:23:44,838 --> 00:23:47,169
If people are like every month shipping away at it, right?

344
00:23:47,169 --> 00:23:50,080
They uh sort of been a better position.

345
00:23:50,200 --> 00:23:56,552
Although it's, uh you know, everybody sort of tries to time the markets in their own way,
right?

346
00:23:56,552 --> 00:24:03,434
More than dollar cost averaging, although he's dollar cost averaging according to his uh
perceptions, right?

347
00:24:03,434 --> 00:24:05,802
So, but I think

348
00:24:05,802 --> 00:24:11,336
I relate to market timing is emotional trading and that I try to avoid it at all costs.

349
00:24:11,336 --> 00:24:16,821
That's a lot of the conversations, but, market timing does get tough cause we can also
show it.

350
00:24:16,821 --> 00:24:23,087
If you miss just the five best days of an up market, that you give up a third of the
return.

351
00:24:23,087 --> 00:24:27,611
If you just go to the sideline and say, I can't hold it, I'm just going to wait until
things get better.

352
00:24:27,611 --> 00:24:31,907
If you miss that, market timing doesn't necessarily work.

353
00:24:31,907 --> 00:24:32,437
Mm hmm.

354
00:24:32,437 --> 00:24:33,078
Yeah.

355
00:24:33,078 --> 00:24:34,038
it's tricky.

356
00:24:34,038 --> 00:24:35,359
It's very tricky.

357
00:24:35,359 --> 00:24:43,123
So in all of this, are you now starting to actually remove retirement from your lexicon?

358
00:24:43,123 --> 00:24:48,506
Are you actually starting to talk about as you transition into the next phase of your
life?

359
00:24:48,506 --> 00:25:00,142
And let's think about how you maintain meaning, purpose, uh engagement, have revenue that
comes to you from that while your portfolio continues to, you know, offset other things or

360
00:25:00,142 --> 00:25:00,913
whatever else.

361
00:25:00,913 --> 00:25:01,893
that is

362
00:25:02,111 --> 00:25:02,561
It is.

363
00:25:02,561 --> 00:25:03,712
So I still have to relate it.

364
00:25:03,712 --> 00:25:05,293
It's more of a newer concept.

365
00:25:05,293 --> 00:25:11,038
So, but to relate it because everybody truly just builds up in their head this retirement
mental.

366
00:25:11,359 --> 00:25:15,942
What the rate, I guess the way we would list it as is really the option to retire.

367
00:25:15,942 --> 00:25:19,715
So it's now your option to switch to something else of your next phase.

368
00:25:19,715 --> 00:25:21,837
But that is most of our conversation now.

369
00:25:21,837 --> 00:25:22,548
Yes.

370
00:25:22,548 --> 00:25:25,814
So even if you're selling a business, you have a liquidity event.

371
00:25:25,814 --> 00:25:29,477
I have seen where a lot are so nervous to take that chunk of money.

372
00:25:29,477 --> 00:25:30,587
They don't know what to do with it.

373
00:25:30,587 --> 00:25:35,601
So they go buy another business and then try to run it and then doesn't always go as well.

374
00:25:35,601 --> 00:25:37,112
So there is this trends.

375
00:25:37,112 --> 00:25:38,703
It's an absolute transition.

376
00:25:38,703 --> 00:25:41,345
All of your income came from one pocket.

377
00:25:41,345 --> 00:25:43,527
And now what do you do with that?

378
00:25:43,527 --> 00:25:46,208
So we talk about this is the way to transition.

379
00:25:46,208 --> 00:25:48,220
You've got the team associated with that.

380
00:25:48,220 --> 00:25:51,432
And now you kind of ease into your next phase.

381
00:25:51,432 --> 00:25:54,434
So it is just to answer, you know, your question of

382
00:25:54,434 --> 00:26:02,529
that retirement, yes, it goes away because I think more and more clients, people are
similar to what you and I are talking about.

383
00:26:02,529 --> 00:26:04,391
That retirement mentality is going away.

384
00:26:04,391 --> 00:26:13,677
I plan to do something essentially forever just to stay engaged, but it becomes that
option to say, all right, if I just don't go to work every day, am I still going to get

385
00:26:13,677 --> 00:26:14,788
the right paycheck?

386
00:26:14,788 --> 00:26:15,989
And that's what we do.

387
00:26:15,989 --> 00:26:23,614
We create the paycheck out of a uh portfolio going through your next phase to allow you to
either create income somewhere else.

388
00:26:23,666 --> 00:26:25,368
Um, or, or not at all.

389
00:26:25,368 --> 00:26:30,282
And you're enjoying, and maybe it is philanthropic is where you're spending your time.

390
00:26:30,282 --> 00:26:37,068
There's maybe not any income associated with that, but you're providing something good and
engaging yourself.

391
00:26:37,831 --> 00:26:38,942
Yeah, I think that's right.

392
00:26:38,942 --> 00:26:45,825
I think the other thing that happens in some of these transitions is that, you know,
there's this concept of people have a bucket list, right?

393
00:26:45,825 --> 00:26:48,578
Of things they, they want, they always wanted to do, right?

394
00:26:48,578 --> 00:26:49,838
It's like, I want to go to Bali.

395
00:26:49,838 --> 00:26:52,400
I want to go to, you know, on the Great Wall or whatever it is.

396
00:26:52,400 --> 00:26:52,670
Right.

397
00:26:52,670 --> 00:27:04,047
And so, um, I think in these transitions, even though you're transitioning into something
else that has, let's call it work activity associated with it.

398
00:27:04,165 --> 00:27:09,989
It's possible to architect that transition in a way where you have more free time.

399
00:27:09,989 --> 00:27:18,044
Like when we talk about retirement going away, it doesn't mean you, you can't sort of get
to your bucket list things or spend more time with your grandkids or great grandkids or

400
00:27:18,044 --> 00:27:19,555
kids or whatever it is.

401
00:27:19,575 --> 00:27:27,721
It's just architecting in a different way where you stay engaged, satisfied, fill a sense
of purpose, accomplishment, things that humans need to feel.

402
00:27:27,721 --> 00:27:34,215
Um, and yet you still, you, you, kind of, I think as you go through life,

403
00:27:34,569 --> 00:27:42,273
uh You start to actually be able to implement more work-life balance, which is something
that everybody talks about, but very few people actually accomplish.

404
00:27:42,273 --> 00:27:49,348
ah And even if you sell your company, you're out of balance because now there's no work
and you're just hanging around, right?

405
00:27:49,348 --> 00:27:52,209
So it's truly work-life balance.

406
00:27:52,209 --> 00:28:01,805
And I think maybe in one sense, retirement is replaced by transitioning into a better
state of work-life balance, something like that.

407
00:28:01,805 --> 00:28:02,199
Yeah.

408
00:28:02,199 --> 00:28:08,474
Well, see most of my, uh, the clients that are doing even better in retirement, they are
definitely busier.

409
00:28:08,474 --> 00:28:17,001
So whether it's philanthropic or you're back to, you know, interacting with your school or
you're teaching as a professor, you're giving back because you've had this expertise or

410
00:28:17,001 --> 00:28:18,672
maybe it's just family for a while.

411
00:28:18,672 --> 00:28:27,900
Maybe your kids are having, now you've got the grandkids and you get to spend a tremendous
time, amount of time working with them because you know, you, most of your work life, you

412
00:28:27,900 --> 00:28:30,402
know, you weren't spending as much time with your own kids.

413
00:28:30,402 --> 00:28:39,384
So I see it across the board, but my interactions, I do find most of my clients, once they
retire, get busier than when they were working because they're actually more fulfilled

414
00:28:39,384 --> 00:28:40,745
because they're doing actually what they want.

415
00:28:40,745 --> 00:28:45,486
They're not having to get up, get dressed, go to work, do what they have to, to put food
on the table.

416
00:28:45,486 --> 00:28:49,567
Rather now it's like, I get to get up because I get to go do all of these new things now.

417
00:28:49,567 --> 00:28:51,078
But that's where it becomes successful.

418
00:28:51,078 --> 00:28:59,852
And you can see it physically on their face interacting, uh, whether they're traveling
more, whether they're, you know, providing a better.

419
00:28:59,852 --> 00:29:04,500
not feedback, but providing back to the community in some form or fashion.

420
00:29:04,711 --> 00:29:12,845
You know, one of the things that comes up for us is um paying for longevity services since
they're not covered by quote unquote insurance.

421
00:29:12,845 --> 00:29:16,907
uh There's a way to do that with pre-tax money.

422
00:29:16,907 --> 00:29:29,853
And I think as you structure as a financial person, that you help people structure their
lives, so to speak, and you talk about, you know, um working the tax code in people's

423
00:29:29,853 --> 00:29:30,729
favor.

424
00:29:30,729 --> 00:29:33,089
Is that something that you're actively doing?

425
00:29:33,089 --> 00:29:45,529
We work with an attorney slash CPA that is quite expert at helping people set up the right
structures to be able to legitimately, you know, through a legitimate business, um,

426
00:29:45,789 --> 00:29:48,769
deductions and things like that, that can help defray the costs.

427
00:29:48,769 --> 00:29:55,869
And if you're in a 40 % bracket or a 30 % bracket is just whatever the cost is to work
with us is just 40 % cheaper.

428
00:29:55,869 --> 00:29:56,509
Right.

429
00:29:56,589 --> 00:29:59,289
So is that a piece of what you're thinking too?

430
00:29:59,289 --> 00:29:59,965
Because.

431
00:29:59,965 --> 00:30:04,186
People are going to need to plan for healthcare as opposed to sick care, right?

432
00:30:04,186 --> 00:30:12,189
So they have sick insurance, they've got Medicare, they've got whatever they've got,
co-insurances, but they also need to be planning for healthcare if they're truly going to

433
00:30:12,189 --> 00:30:15,490
maintain their vitality because that's not coming free.

434
00:30:15,510 --> 00:30:20,672
And so there has to be this sense of, what's the return on investment for those dollars
I'm going to spend every year also.

435
00:30:20,672 --> 00:30:24,073
So I don't know if that's something you're taking in and looking at with your people.

436
00:30:24,073 --> 00:30:25,293
What's the equation?

437
00:30:25,430 --> 00:30:29,474
And that brings up a couple of another good point, cause I'm going to come back to asset
location.

438
00:30:29,474 --> 00:30:31,136
Where do you keep your assets?

439
00:30:31,136 --> 00:30:33,368
Um, and how do you manage your tax bracket?

440
00:30:33,368 --> 00:30:39,723
But yes, we spend a lot of time on the tax planning aspect before it was, well, I've got a
mortgage and that was essential.

441
00:30:39,723 --> 00:30:40,874
My only write-off.

442
00:30:40,874 --> 00:30:47,169
Well, there's a whole lot more that you can do that, especially if you have a legitimate
business and you're creating that, maybe you're doing some consulting.

443
00:30:47,169 --> 00:30:52,714
So you're creating true income and you've got your own business, whatever that might be.

444
00:30:52,810 --> 00:30:58,313
lots of things as an S corp or however you set it up correctly are, are pre-tax.

445
00:30:58,313 --> 00:31:06,236
So you're writing them off as expenses and everything essentially becomes a little bit
cheaper just because you're saving on those taxes.

446
00:31:06,236 --> 00:31:09,918
And that's, and it ties into just the portfolio itself.

447
00:31:09,918 --> 00:31:15,881
So you don't put it all into just a normal brokerage account to, because everything's
taxed in one particular way.

448
00:31:15,881 --> 00:31:18,802
Maybe you've got a traditional or a Roth IRA.

449
00:31:19,050 --> 00:31:23,213
or maybe you're doing some other type of insurance product with tax-free loans.

450
00:31:23,213 --> 00:31:32,670
similar to what you're talking about, setting it up under a business is where do you
actually hold your assets when you're taking that income later, managing your own tax

451
00:31:32,670 --> 00:31:34,521
bracket, because there is a way to do that.

452
00:31:34,521 --> 00:31:40,005
And just like setting up your business that ties in very closely because that can hold
your assets too.

453
00:31:40,005 --> 00:31:47,310
So if you had a partnership or a trust or anything, just even here in the state of Texas,
there's a lot of opportunity of

454
00:31:47,316 --> 00:31:55,908
managing it the right way, whether it's protection, whether it's tax avoidance across the
board, but you get to write off those expenses, as you say, especially through that

455
00:31:55,908 --> 00:31:56,459
business.

456
00:31:56,459 --> 00:32:02,023
do want to spend a lot of time focusing on that because that again, that's your biggest
bill long term is taxes.

457
00:32:02,023 --> 00:32:02,554
Yeah.

458
00:32:02,554 --> 00:32:03,304
Yeah, exactly.

459
00:32:03,304 --> 00:32:04,595
Yeah.

460
00:32:04,595 --> 00:32:11,471
I spent a few years in Puerto Rico, uh, and then moved back because of opportunities back
here.

461
00:32:11,471 --> 00:32:16,245
But, there's, you know, Puerto Rico is an opportunity.

462
00:32:16,245 --> 00:32:21,809
Of course you got to be there six months or other places, you know, there a of places
where you don't have to have such a high residency thing.

463
00:32:21,809 --> 00:32:26,093
It's a little tricky, in terms of the U S tax code and some stuff like that.

464
00:32:26,093 --> 00:32:28,605
One thing about Puerto Rico was integrated with the IRS.

465
00:32:28,605 --> 00:32:31,534
So everything there was kind of above board, right?

466
00:32:31,534 --> 00:32:32,179
Mm-hmm.

467
00:32:32,179 --> 00:32:34,693
Do you have people that are doing things offshore as well?

468
00:32:34,693 --> 00:32:35,768
Things like that or?

469
00:32:35,768 --> 00:32:36,955
oh

470
00:32:36,955 --> 00:32:41,797
One that we are focusing on is something like Puerto Rico because you don't have to be
there for a long time.

471
00:32:41,797 --> 00:32:45,339
mean, six months out of the year for 40 years and you're avoiding some capital gains.

472
00:32:45,339 --> 00:32:48,921
I mean, if you have a liquidity event, there's a huge opportunity there.

473
00:32:48,921 --> 00:32:51,563
But long-term, if you can get it structured there, yes.

474
00:32:51,563 --> 00:33:00,398
uh So I think, you're seeing that across the board, used to, we would talk about the
Caymans or maybe it's Portugal or maybe it's other places where you're buying in and

475
00:33:00,398 --> 00:33:01,849
you're just simply just buying real estate.

476
00:33:01,849 --> 00:33:04,322
You get some residency and you're avoiding that now.

477
00:33:04,322 --> 00:33:11,244
worldwide your taxes to come back to the US, but you're right, Puerto Rico is one of the
few because it's already tied into the code.

478
00:33:11,244 --> 00:33:16,806
You've got the, uh, the 60 act already in, and that's associated directly with the US
treasury.

479
00:33:16,806 --> 00:33:24,889
And so the IRS is, uh that's already an agreement that's already made now that won't be
there forever, but that's a huge opportunity right now.

480
00:33:24,889 --> 00:33:29,320
So I, um, that's, that's probably one of the better opportunities.

481
00:33:29,320 --> 00:33:32,793
And but we continue to look at those, even if it's an offshore fund.

482
00:33:32,793 --> 00:33:41,580
So a lot of the funds itself that you can avoid some of the onshore tax taxation because
you're just in the right form of the investment.

483
00:33:41,580 --> 00:33:47,545
A lot of these investments will get set up offshore just to avoid the taxation within a
specific investment.

484
00:33:47,545 --> 00:33:51,589
Doesn't have to be your whole portfolio or all of your assets.

485
00:33:51,589 --> 00:33:58,174
You don't have to move essentially everything, but you can be mindful of some of those
opportunities out there, how you're just investing itself.

486
00:33:58,461 --> 00:34:00,622
Right, interesting, yeah, very interesting.

487
00:34:00,622 --> 00:34:06,086
um I'm trying to think what questions the audience might be having here.

488
00:34:06,086 --> 00:34:21,927
um I'm thinking cash flow, um continuing to work, um risk management, risk tolerance, risk
um capacity, those are all good things.

489
00:34:21,927 --> 00:34:28,019
Do you have any kind of a formula that lets people at least put some of that on paper
where they can kind of work that out and then

490
00:34:28,019 --> 00:34:31,640
get the emotional that resonates or doesn't resonate kind of thing.

491
00:34:31,640 --> 00:34:32,080
We do.

492
00:34:32,080 --> 00:34:33,621
mean, we take them through a process.

493
00:34:33,621 --> 00:34:39,032
So one is just an intro explaining who we are because as a boutique independent RIA, it is
a little bit different.

494
00:34:39,032 --> 00:34:41,173
It's not just a retail firm.

495
00:34:41,173 --> 00:34:46,402
So we get to walk through and say, we're not just going to talk about your investments,
but let's talk about the risk management.

496
00:34:46,402 --> 00:34:46,965
Do you have a will?

497
00:34:46,965 --> 00:34:47,715
Do you have a trust?

498
00:34:47,715 --> 00:34:49,626
What's your estate plan look like?

499
00:34:49,626 --> 00:34:53,567
Because truly what we find out is your estate plan and your tax plan.

500
00:34:53,567 --> 00:34:55,467
Usually there's no strategy on the tax plan.

501
00:34:55,467 --> 00:34:57,364
You just have a CPA that's doing.

502
00:34:57,364 --> 00:35:01,688
a reactive plan on your taxes and you're not doing any planning ahead of time.

503
00:35:01,688 --> 00:35:06,541
And we've just talked about three different items that you should be just on this
conversation.

504
00:35:06,562 --> 00:35:12,117
So having all of those put together, that's what a true advisor, that's what we think a
true advisor should be looking at.

505
00:35:12,117 --> 00:35:15,760
And so we interact either with a full team.

506
00:35:15,760 --> 00:35:19,883
So I think that's one of the most important is have the right team interacting.

507
00:35:19,883 --> 00:35:25,890
You know, if you're to review your wills every few years, the same thing for your
portfolio.

508
00:35:25,890 --> 00:35:29,212
So somebody that has that expertise of where that might be.

509
00:35:29,212 --> 00:35:38,447
uh One thing it does stick out is just we do because the conversations a lot lately is
just prioritizing your estate plan and how does that incorporate with your portfolio?

510
00:35:38,447 --> 00:35:42,449
Because really it's where your assets going because is it going to your family?

511
00:35:42,449 --> 00:35:44,640
Is it going to the IRS or is it going to charity?

512
00:35:44,640 --> 00:35:49,023
mean, you're it's very few places that it can go, but you do get to pick.

513
00:35:49,023 --> 00:35:52,094
You just have to plan accordingly before something happens to you.

514
00:35:52,094 --> 00:35:55,148
And that has to be aligned with your long term goals.

515
00:35:55,148 --> 00:36:00,642
So you can have access to your assets or give up control of that.

516
00:36:00,642 --> 00:36:03,535
um There's lots of ways to do that.

517
00:36:03,535 --> 00:36:15,815
So your estate plan is one focus, of course, but that longevity of the portfolio, we do
find that there's a lot of wealth out there, um but we find problems with access to that

518
00:36:15,815 --> 00:36:16,315
wealth.

519
00:36:16,315 --> 00:36:19,778
Maybe it's tied up, maybe the lack of liquidity is there.

520
00:36:19,778 --> 00:36:23,059
and we were talking about Warren Buffett before he provides that dry powder.

521
00:36:23,059 --> 00:36:32,301
He provides that liquidity at the right time because when the opportunities come along and
you can't take advantage of that, for example, much less pay your own bills, whether

522
00:36:32,301 --> 00:36:37,383
you're, know, at home or a business that cashflow and liquidity is super important.

523
00:36:37,383 --> 00:36:43,805
So that's something you have to focus on and that is within your portfolio or its income
from the business.

524
00:36:43,805 --> 00:36:47,736
But that's a mindset of it's not just investing anymore.

525
00:36:47,736 --> 00:36:49,526
It's really the whole package.

526
00:36:49,737 --> 00:36:51,577
You you bring up a good point.

527
00:36:52,377 --> 00:37:01,177
We know that people that are called in the ultra wealthy category will set up their own
private family offices, right?

528
00:37:01,277 --> 00:37:13,617
And a family office is essentially the team and the team even expands inside of a family
office to have people that are out actively hunting for investment opportunities and, you

529
00:37:13,617 --> 00:37:16,897
know, private equity opportunities and things like that.

530
00:37:16,897 --> 00:37:17,057
Right.

531
00:37:17,057 --> 00:37:17,639
So

532
00:37:17,639 --> 00:37:23,532
I know in some of the startups I've been involved with, we've spoken with family offices
about the opportunity we had, blah, blah, blah.

533
00:37:23,532 --> 00:37:26,594
And they have their own criteria for what they want to invest in.

534
00:37:26,594 --> 00:37:38,300
But the point being, there are also fractional family offices where there's a team, know,
an attorney, a CPA, a financial advisor, uh you know, whoever else is on that team.

535
00:37:38,300 --> 00:37:42,793
And then they sort of function uh fractionally, right?

536
00:37:42,793 --> 00:37:44,253
It's almost like a net jet.

537
00:37:44,253 --> 00:37:46,815
You don't want to buy the jet, but you get to fly on the jet, right?

538
00:37:46,815 --> 00:37:47,396
And then.

539
00:37:47,396 --> 00:37:47,749
Yeah.

540
00:37:47,749 --> 00:37:50,793
your where does your firm fall in into that?

541
00:37:50,793 --> 00:38:01,596
Are you are you yourself a fractional sort of family office or do you see yourself as a
component of people that put together sort of their own version of a fractional or what do

542
00:38:01,596 --> 00:38:02,126
you think?

543
00:38:02,126 --> 00:38:05,208
It's a great question uh because family office is a big word.

544
00:38:05,208 --> 00:38:06,980
means a lot of different things to a lot of people.

545
00:38:06,980 --> 00:38:13,956
So, and then when you have a large chunk of money and you decide to set something up like
that, that is truly a family office.

546
00:38:13,956 --> 00:38:20,761
Now, one thing we don't do is something like a concierge service where, you know, if you
get in a car wreck, we're going to take over and handle that and let you know when it's

547
00:38:20,761 --> 00:38:21,081
done.

548
00:38:21,081 --> 00:38:24,965
That's one thing that we don't do outside of something like that.

549
00:38:24,965 --> 00:38:29,148
We are a multi-family office is really what we consider ourselves.

550
00:38:29,148 --> 00:38:31,886
We're a personal CFO to the family itself.

551
00:38:31,886 --> 00:38:34,366
because we're having all of those conversations.

552
00:38:34,726 --> 00:38:36,306
do taxes within the firm.

553
00:38:36,306 --> 00:38:39,126
We manage a portfolio, but we have all the discussions.

554
00:38:39,126 --> 00:38:42,346
We're the ones that are doing the strategy on your tax plan.

555
00:38:42,346 --> 00:38:44,606
So we may interact with your CPA.

556
00:38:45,026 --> 00:38:46,506
And the same thing for the attorney.

557
00:38:46,506 --> 00:38:52,786
We don't write the documents, but we have all of the conversations and all of the plan
associated with it.

558
00:38:52,786 --> 00:38:57,086
Now, I typically will bring the team if their team is not already set.

559
00:38:57,086 --> 00:38:57,886
I bring the team.

560
00:38:57,886 --> 00:38:59,566
I've already got all of those set.

561
00:38:59,566 --> 00:39:01,538
So we really show up and put the whole

562
00:39:01,538 --> 00:39:03,059
the whole package together.

563
00:39:03,059 --> 00:39:11,194
So I list us as yes, a multifamily office, more of that fractional as you say, because
it's for the long term plan.

564
00:39:11,194 --> 00:39:22,181
We're not just an investment advisor, we truly become that wealth advisor interacting with
all of those lines because there is a true intersection with all of those strategies and

565
00:39:22,181 --> 00:39:25,543
making sure you have somebody that makes sure for the estate plan.

566
00:39:25,543 --> 00:39:27,924
Most often we find out that

567
00:39:27,938 --> 00:39:31,047
Your estate plan is not doing what you thought it was going to.

568
00:39:31,047 --> 00:39:34,055
And that's usually because it's not tied to the portfolio correctly.

569
00:39:34,055 --> 00:39:35,238
For as an example.

570
00:39:35,238 --> 00:39:40,221
Yeah, No, think if you're listening to this, that's a really good take home point.

571
00:39:40,322 --> 00:39:50,969
It sort of takes a village in a way to kind of get this right because there's enough
different uh specialists that have unique information that kind of make this work.

572
00:39:51,009 --> 00:39:54,992
It'll be interesting to see how AI kind of helps streamline that over time, right?

573
00:39:54,992 --> 00:39:56,053
Even for you, right?

574
00:39:56,053 --> 00:40:01,357
But nonetheless, I think being able to work with a team is...

575
00:40:01,357 --> 00:40:02,065
uh

576
00:40:02,065 --> 00:40:13,660
is super important and you can have all the people, but if they're not integrated, ah you
know, like here we have, you know, fitness and we have nutrition, we have physicians, we

577
00:40:13,660 --> 00:40:22,153
have nurse practitioners, we have regenerative medicine, we have testing, have, you know,
all these different components to integrate it into a comprehensive, you know, call it a

578
00:40:22,153 --> 00:40:24,174
family hospice for your health kind of thing.

579
00:40:24,174 --> 00:40:31,367
um And if you're listening to this, just think because you have a CPA or you have an
attorney,

580
00:40:31,665 --> 00:40:41,835
especially in the context of, you know, a changing world order, changing currencies, um
know, changing standards for fiat currencies.

581
00:40:41,835 --> 00:40:42,856
mean, everything else, right?

582
00:40:42,856 --> 00:40:44,427
Gold standards, crypto standards.

583
00:40:44,427 --> 00:40:46,359
I mean, there's so many things in flux right now.

584
00:40:46,359 --> 00:40:55,928
think being able to talk with somebody and figure out a strategy about, you know, how you
minimize your downside and take advantage of the opportunity that's in front of us right

585
00:40:55,928 --> 00:40:56,388
now.

586
00:40:56,388 --> 00:40:57,324
So, yeah.

587
00:40:57,324 --> 00:40:57,584
Yeah.

588
00:40:57,584 --> 00:41:01,455
And you're looking for the team that spends their time looking for those.

589
00:41:01,455 --> 00:41:06,106
mean, we're always continue, you know, a lot of times the business can be commoditized.

590
00:41:06,106 --> 00:41:10,228
You know, if it's a large cap equity manager, that's not my expertise.

591
00:41:10,228 --> 00:41:14,589
I know who to go do for that, but I'm looking at where am I providing additional value?

592
00:41:14,589 --> 00:41:18,160
Where's the additional service that we're providing that makes us good?

593
00:41:18,160 --> 00:41:21,181
Cause you mentioned AI, it is the adaptation.

594
00:41:21,181 --> 00:41:23,441
So you continually have to get better.

595
00:41:23,441 --> 00:41:26,702
You know, there's new things we talked about a personal

596
00:41:26,762 --> 00:41:36,787
Trust company to set up so you have better protection or a third-party corporate corporate
trustee So there's always something new that should be applied That we didn't talk about

597
00:41:36,787 --> 00:41:45,872
two years ago much less five or ten and it's not necessarily just the portfolio But you
know, for example, we talked about crypto just last week Is it a long-term allocation that

598
00:41:45,872 --> 00:41:48,433
should be in the portfolio alongside gold and silver?

599
00:41:48,433 --> 00:41:49,890
uh possibly

600
00:41:49,890 --> 00:41:54,130
because is the blockchain going to be very important for protection?

601
00:41:54,130 --> 00:41:58,915
you know, worldwide you see crypto being used in lots of places, not as much in the U S.

602
00:41:58,915 --> 00:42:08,000
So we talk about things like that and what's on the verge of what is next, you know, where
do derivatives fit in and should private lending be in my portfolio?

603
00:42:08,000 --> 00:42:11,412
Those are conversations you probably don't see much less deal flow.

604
00:42:11,412 --> 00:42:18,025
I mean, you and I may see a lot of deal flow ourselves, but as a retail investor, maybe
you're not finding the right one.

605
00:42:18,025 --> 00:42:19,650
So you do need access to that.

606
00:42:19,650 --> 00:42:28,020
And there's people that that's what your advising team should look for, whether it's on
the tax, on the investment or or estate planning together.

607
00:42:28,711 --> 00:42:30,972
Yeah, I think, oh I think that's right.

608
00:42:30,972 --> 00:42:36,105
You know, in our world, um, and the audience knows this is we're, we're married to the
questions, right?

609
00:42:36,105 --> 00:42:38,806
How do we, you know, how do we make a hundred to new 30, right?

610
00:42:38,806 --> 00:42:40,447
How do we live well, 120, right?

611
00:42:40,447 --> 00:42:41,867
How good can we be?

612
00:42:42,108 --> 00:42:52,135
And, and in your case, you could vet a firm to work with, if you're listening to this by
asking them what questions they're married to, right?

613
00:42:52,135 --> 00:43:01,218
Because uh I think a lot of firms, a lot of attorneys, lot of CPAs, lot of firms, even
family offices can get married to a particular strategy or a particular way of doing

614
00:43:01,218 --> 00:43:01,848
things, right?

615
00:43:01,848 --> 00:43:12,351
And I think when the world is so volatile, uh it represents opportunity for asking the
right questions, but it represents chaos if you're married to your answers, right?

616
00:43:12,351 --> 00:43:17,842
So again, vetting the people that you're gonna work with becomes super important too,
yeah.

617
00:43:17,842 --> 00:43:21,604
think for us, one thing that just sticks out is creating that strategy.

618
00:43:21,604 --> 00:43:26,266
I will say most clients, all of our clients are first time wealth creators.

619
00:43:26,266 --> 00:43:27,957
So they're doing it for the first time.

620
00:43:27,957 --> 00:43:32,468
Very few trust fund kids where they're stepping in and taking over money.

621
00:43:32,468 --> 00:43:36,030
So what that means for them is how do they do this for the first time?

622
00:43:36,030 --> 00:43:37,551
And they've never had a strategy.

623
00:43:37,551 --> 00:43:45,710
So we're helping putting that strategy together because we have the knowledge of how to do
it, but we've also had the expertise of when to do the right strategy.

624
00:43:45,710 --> 00:43:46,850
for a particular person.

625
00:43:46,850 --> 00:43:49,650
And we find that that's not always the case out there.

626
00:43:49,650 --> 00:43:56,710
And because of now over 25 years doing this in different capacities, again, it's not
products anymore.

627
00:43:56,710 --> 00:44:00,870
I will go find whatever it is under the sun that the right one that fits in the portfolio.

628
00:44:00,870 --> 00:44:03,010
I do find that that's very, very different.

629
00:44:03,010 --> 00:44:11,710
So if you're going to a retail shop to say, well, I've got a list of 10 things, or
sometimes I'll get a new prospect to say, or well, tell me how you did last year.

630
00:44:11,710 --> 00:44:15,230
I don't have one client, two clients that have the same portfolio.

631
00:44:15,298 --> 00:44:22,523
So I can't say, well, you did this, but if you were this type of investor, can give you
the range of what it would have done.

632
00:44:22,523 --> 00:44:29,887
And I can give you some of our best solutions that we've already put in the portfolio or
some of the things that we like as investments.

633
00:44:29,887 --> 00:44:36,442
uh But a lot of times it's not already available and we need to go find it, go do the due
diligence and bring it to the platform.

634
00:44:36,442 --> 00:44:40,487
So we're continually adding to the platform because that's what's appropriate.

635
00:44:40,487 --> 00:44:40,967
That's right.

636
00:44:40,967 --> 00:44:47,243
So it's different than a fund where you just throw your money in and whatever they're
doing, they're doing and you're along for the ride along with everybody else in the fund,

637
00:44:47,243 --> 00:44:47,474
right?

638
00:44:47,474 --> 00:44:48,204
this

639
00:44:48,283 --> 00:44:55,134
I've done that in the past, but I don't feel no two solutions are great for each.

640
00:44:55,134 --> 00:44:59,326
Everybody has their own situation and you have to understand your situation.

641
00:44:59,326 --> 00:45:01,626
And that's where probably the first step is.

642
00:45:01,626 --> 00:45:03,837
We kept talking a lot about capacity and tolerance.

643
00:45:03,837 --> 00:45:08,268
You got to be honest with yourself of what is your true tolerance, much less your
capacity.

644
00:45:08,268 --> 00:45:10,449
And that's a true quick measurement of yourself.

645
00:45:10,449 --> 00:45:12,889
And that's what we usually walk through a conversation.

646
00:45:12,889 --> 00:45:15,064
You asked me, do we take you through to make it that

647
00:45:15,064 --> 00:45:16,475
take that emotion out.

648
00:45:16,475 --> 00:45:16,945
We do.

649
00:45:16,945 --> 00:45:20,778
That's really what we walk through and talk about the hundred year floods.

650
00:45:20,778 --> 00:45:28,824
And it's, is an actual process of analyzing where you are right now, seeing what's
available, what's the longterm plan.

651
00:45:28,824 --> 00:45:32,057
And then every few months, I will say it changes.

652
00:45:32,057 --> 00:45:33,568
It's not a fire and forget either.

653
00:45:33,568 --> 00:45:38,261
You don't put your portfolio together, but maybe you're having all the other conversations
that affect it also.

654
00:45:38,261 --> 00:45:42,134
So it's a continual conversation that frequently changes.

655
00:45:42,483 --> 00:45:45,363
Yeah, it's really, it's so analogous to health, right?

656
00:45:45,363 --> 00:45:50,817
It's just, it's the health of your wealth and the health of your body, mind and spirit,
right?

657
00:45:50,817 --> 00:46:03,743
So, but the programmatic elements of it are exactly the same, know, reassessing, uh know,
adapting all the different things, rejuvenating, um you know, whatever it might be.

658
00:46:03,743 --> 00:46:07,207
um when you're looking at...

659
00:46:07,207 --> 00:46:14,755
As you're listening to this, when you're looking at really optimizing your health, every
strategy you're using to optimize your health is something you should also just apply to

660
00:46:14,755 --> 00:46:17,508
the whole wealth conversation, quite honestly.

661
00:46:17,508 --> 00:46:19,289
Same categories, yeah.

662
00:46:19,389 --> 00:46:25,724
And similar to you and you know, you do testing, you make some changes and you see what
the results, does that put you on that strategy?

663
00:46:25,724 --> 00:46:35,250
But you're putting, putting together a health strategy for that health span, making sure
that you don't only just live longer, but you have that lifespan as well to be healthy in

664
00:46:35,250 --> 00:46:38,272
your older age, getting up to that hundred as well.

665
00:46:38,272 --> 00:46:41,664
So if you're unhealthy from 90 to a hundred, that's not fun.

666
00:46:41,664 --> 00:46:42,405
That's not comfortable.

667
00:46:42,405 --> 00:46:43,996
The same thing for your portfolio.

668
00:46:43,996 --> 00:46:46,954
If you don't have enough, you're eating peanut butter and jelly every day.

669
00:46:46,954 --> 00:46:54,367
and you're still, there's no true wealth span along with that health span if you're just
uncomfortable living in a place.

670
00:46:54,367 --> 00:46:58,694
So both of those, think those are probably the two most important things later in life.

671
00:46:58,694 --> 00:47:01,415
I mean, you've got to have your health and you've got to be able to pay for it.

672
00:47:01,415 --> 00:47:02,006
That's it.

673
00:47:02,006 --> 00:47:02,648
Yeah.

674
00:47:02,648 --> 00:47:03,748
Beautiful.

675
00:47:03,870 --> 00:47:06,805
Any other, any other comments you want to make at this point?

676
00:47:06,805 --> 00:47:07,886
It's been an interesting.

677
00:47:07,886 --> 00:47:11,468
know, I think longevity is where we have focused on.

678
00:47:11,468 --> 00:47:15,498
The game has changed for us because we plan for now the long term.

679
00:47:15,498 --> 00:47:25,033
We've talked about, you know, it's no longer just retiring and what you either change
options or you're providing that income to be able to do some different things later in

680
00:47:25,033 --> 00:47:25,374
life.

681
00:47:25,374 --> 00:47:27,735
So we want you to have a more fulfilling life.

682
00:47:27,735 --> 00:47:30,176
We think we're changing client lives for the better.

683
00:47:30,176 --> 00:47:32,497
That's what we're really set out to do.

684
00:47:32,497 --> 00:47:33,797
And that's through conversation.

685
00:47:33,797 --> 00:47:35,958
It's not just the portfolio anymore.

686
00:47:35,958 --> 00:47:42,832
So it's really all of that packaged together as it comes to be and understanding what that
relationship is for the long term.

687
00:47:42,832 --> 00:47:49,045
Cause your family is important and now your family should be included with all of those
thoughts as you think long term.

688
00:47:49,045 --> 00:47:58,971
So a lot of our clients had advisors before, but understanding how that connection is,
when we're coming to strategy with maybe for example, tax that they've never talked about

689
00:47:58,971 --> 00:47:59,731
before.

690
00:47:59,731 --> 00:48:05,505
We've just hit on a few items here, but there are so many interesting things to find.

691
00:48:05,505 --> 00:48:06,823
as just a check in.

692
00:48:06,983 --> 00:48:08,716
Yeah, perfect.

693
00:48:08,716 --> 00:48:21,007
So how do people get a hold of you if they want to kind of explore further the
conversation of optimizing their wealth strategy to go along with their health strategy?

694
00:48:21,554 --> 00:48:27,318
The easiest one, our website's got a lot of great information, veracitycapital.com.

695
00:48:27,359 --> 00:48:32,983
know, veracity means uh ultimate truth, truthfulness, seeking the truthfulness.

696
00:48:33,244 --> 00:48:41,730
So veracitycapital.com, reach out to me, uh kevin.gray at veracitycapital.com or info at
veracitycapital.com.

697
00:48:41,871 --> 00:48:44,893
We did just record our most recent market outlook.

698
00:48:44,893 --> 00:48:46,346
We do that once a quarter.

699
00:48:46,346 --> 00:48:51,011
and what our feelings and our thoughts are out there and we'll play it post on the site as
well.

700
00:48:51,011 --> 00:49:03,525
And you can gain access to that information, but be happy to have a uh consultative
discussion for any client actually looking for, you know, what's the right opportunity for

701
00:49:03,525 --> 00:49:05,086
them for their long-term plan.

702
00:49:05,095 --> 00:49:06,326
Yeah, exactly.

703
00:49:06,326 --> 00:49:14,251
that's E R A C I T Y capital C A P I T A L veracitycapital.com.

704
00:49:14,452 --> 00:49:18,935
Kevin.grey at veracitycapital.com also.

705
00:49:18,935 --> 00:49:20,796
So awesome.

706
00:49:20,796 --> 00:49:23,818
Well, Kevin, it's been a pleasure chatting with you.

707
00:49:24,879 --> 00:49:25,800
interesting times.

708
00:49:25,800 --> 00:49:26,140
Yeah.

709
00:49:26,140 --> 00:49:27,301
So thanks so much.

710
00:49:27,301 --> 00:49:27,780
Yeah.

711
00:49:27,780 --> 00:49:31,595
always learn sitting with you and hopefully this was a value as well.

712
00:49:31,595 --> 00:49:41,818
I think the intersection of this health and wealth is really what a lot of our
conversations go and I speak a lot about health with my clients long term and you know it

713
00:49:41,818 --> 00:49:46,663
is different now and it's a very interesting way to go about it.

714
00:49:46,663 --> 00:49:49,325
Well, longevity has really made it into the vernacular, right?

715
00:49:49,325 --> 00:49:58,901
It's really, you know, and, one of the interesting things is longevity is being attached
to virtually everything because, uh, it's, it's interesting.

716
00:49:58,901 --> 00:50:06,366
Um, but nonetheless, I'm really happy that longevity has made it into the vernacular
because it's, it's going to change, how we think about things.

717
00:50:06,366 --> 00:50:16,753
I'm actually going to Washington DC to speak with, um, the congressional, uh, AIDS on
Monday, Tuesday, Wednesday about longevity and health and, know,

718
00:50:17,033 --> 00:50:23,309
changing in terms of how they think about it, what funding is and things like this and
what kinds of things are they funding, right?

719
00:50:23,309 --> 00:50:31,346
They're so focused on chronic disease right now, but they're not looking at the root cause
of chronic disease and they're not looking at the root cause of the root cause of chronic

720
00:50:31,346 --> 00:50:32,447
disease either, right?

721
00:50:32,447 --> 00:50:43,086
oh So being able to actually open their eyes hopefully to that will give them a better
sense of kind of where to, you know, commit dollars, so to speak.

722
00:50:43,086 --> 00:50:44,687
So be interesting.

723
00:50:44,894 --> 00:50:53,883
I'm anxious to hear the outcome of that as you focus on inflammation and the other some of
the other causes not just, you know, taking a pill to go fix the issue.

724
00:50:53,883 --> 00:50:55,634
It's what's causing the issue.

725
00:50:55,634 --> 00:50:57,664
Yeah.

726
00:50:57,664 --> 00:50:58,845
So should be good.

727
00:50:58,845 --> 00:50:59,226
All right.

728
00:50:59,226 --> 00:51:00,197
Well, thanks again, Kevin.

729
00:51:00,197 --> 00:51:01,689
Really, really a pleasure.

730
00:51:01,772 --> 00:51:03,155
Yeah, thanks for having me.

731
00:51:03,155 --> 00:51:04,348
It was a great conversation.

732
00:51:04,348 --> 00:51:05,565
Enjoyed it as always.

733
00:51:05,565 --> 00:51:06,435
Beautiful.