WEBVTT
00:00:00.000 --> 00:00:06.160
In today's episode, I want to talk about something that I believe stops people from getting better financial advice.
00:00:06.320 --> 00:00:10.880
And that is simply just having a conversation with a financial planner.
00:00:11.039 --> 00:00:19.039
Not hiring one, not moving your accounts over, not signing on to work with them, not leaving your current advisor, just having a conversation.
00:00:19.199 --> 00:00:34.399
Whether you're working with an advisor or whether you are a DIYer, which means you have an advisor and that advisor is you, just simply having a conversation with a financial planner can uncover opportunities or risks that you don't even know that you're making.
00:00:34.560 --> 00:00:38.880
As a financial planner, when I have these conversations with people, I hear a common theme.
00:00:39.119 --> 00:00:45.200
Oh, I have an advisor, I've had him or her for 15, 20 years, everything seems to be going okay.
00:00:45.359 --> 00:00:48.880
Or I'm a DIYer, I do it myself, I don't need any help.
00:00:49.039 --> 00:00:53.679
Or I don't really want to waste your time because I have an advisor and everything's going okay.
00:00:53.840 --> 00:00:56.320
I've heard that time and time again.
00:00:56.479 --> 00:00:59.280
And those are completely understandable feelings.
00:00:59.520 --> 00:01:00.799
But here's the reality.
00:01:01.039 --> 00:01:04.719
If you get a diagnosis from a doctor, you probably get a second opinion.
00:01:04.879 --> 00:01:09.439
If you're looking to refinance your mortgage, you probably shop around at different rates.
00:01:09.599 --> 00:01:13.120
When you're looking for new property and casualty insurance, you shop around.
00:01:13.280 --> 00:01:21.040
See, the reality is when it comes to your money and your personal finances, unfortunately, most people don't look for second opinions.
00:01:21.200 --> 00:01:31.439
When it comes to retirement, and we're talking about hundreds of thousands, millions or tens of millions of dollars that you've saved over your lifetime, we just take the first opinion we get and we run with it.
00:01:31.599 --> 00:01:36.879
Many people never ask for a second opinion or a second professional to look over their plan.
00:01:37.040 --> 00:01:41.680
Having another set of eyes on your plan doesn't mean that you don't like your current advisor.
00:01:41.840 --> 00:01:46.480
It just simply means that you are making sure that nothing is being overlooked.
00:01:46.640 --> 00:01:52.480
One of the biggest values of a financial planner is not confirming that you're doing everything right.
00:01:52.640 --> 00:01:55.599
It's making sure that you're asking the right questions.
00:01:55.760 --> 00:01:58.959
It's discovering what you didn't know to ask.
00:01:59.120 --> 00:02:02.159
Many people assume retirement planning is one question.
00:02:02.400 --> 00:02:03.439
Do I have enough?
00:02:03.599 --> 00:02:09.120
And while that is a very important question, there are many other questions that you should be asking.
00:02:09.280 --> 00:02:10.719
And I'm gonna read them off here.
00:02:10.960 --> 00:02:12.800
Can you actually retire when you want?
00:02:13.039 --> 00:02:15.360
How much can you safely spend every single year?
00:02:15.520 --> 00:02:18.639
Which accounts do you withdraw from first and in what order?
00:02:18.879 --> 00:02:21.039
How will taxes impact your retirement?
00:02:21.199 --> 00:02:24.159
How do you withdraw your money in a tax-efficient way?
00:02:24.319 --> 00:02:26.080
Should you be doing Roth conversions?
00:02:26.240 --> 00:02:28.319
If so, how do you do those Roth conversions?
00:02:28.479 --> 00:02:30.560
When should you claim Social Security?
00:02:30.719 --> 00:02:33.599
Will required minimum distributions become a tax problem?
00:02:33.759 --> 00:02:35.120
If so, how do I plan for them?
00:02:35.280 --> 00:02:36.479
Am I char to be inclined?
00:02:36.560 --> 00:02:40.400
Can I use qualified charitable distributions to help lower my RMDs?
00:02:40.560 --> 00:02:43.360
Could Medicare premiums increase because of my income?
00:02:43.599 --> 00:02:47.759
Is my investment allocation still appropriate as retirement gets closer?
00:02:47.919 --> 00:02:51.919
These questions won't be answered on your investment account statement.
00:02:52.159 --> 00:02:54.800
These are real financial planning questions.
00:02:55.039 --> 00:03:00.719
With those that want to sit down with me, there is not a sales pitch, there is not a hey, buy this before you leave.
00:03:00.879 --> 00:03:05.439
This is a time for me to ask questions to understand your situation.
00:03:05.759 --> 00:03:11.520
Most of my first meetings are me asking questions about this person, this couple's situation.
00:03:11.680 --> 00:03:13.039
What are their goals for their money?
00:03:13.199 --> 00:03:14.319
When do they want to retire?
00:03:14.400 --> 00:03:16.000
How much do they want to spend in retirement?
00:03:16.159 --> 00:03:17.759
What type of accounts do they have?
00:03:17.919 --> 00:03:19.680
Are they currently working with an advisor?
00:03:19.840 --> 00:03:22.159
What do they think it looks like to work with an advisor?
00:03:22.319 --> 00:03:24.000
How can I best support them?
00:03:24.159 --> 00:03:25.439
There's no sales pitch.
00:03:25.520 --> 00:03:27.919
There's no before you leave, you have to sign to work with me.
00:03:28.080 --> 00:03:30.000
In that first meeting, they can ask me questions.
00:03:30.159 --> 00:03:31.280
How do you work with your clients?
00:03:31.439 --> 00:03:32.400
Are you a fiduciary?
00:03:32.560 --> 00:03:33.680
What is your investment thesis?
00:03:33.840 --> 00:03:34.879
What is your investment style?
00:03:35.039 --> 00:03:36.080
How often do we meet?
00:03:36.240 --> 00:03:36.960
What do you charge?
00:03:37.120 --> 00:03:37.919
How do I pay you?
00:03:38.080 --> 00:03:40.400
These types of questions are what the initial meeting is.
00:03:40.560 --> 00:03:42.000
Again, it's not a sales pitch.
00:03:42.080 --> 00:03:43.759
I'm not here to sell you any products.
00:03:43.919 --> 00:03:49.360
I'm here to understand your situation so that I can figure out a plan that will best help you.
00:03:49.520 --> 00:03:57.199
Because before I can recommend anything, I have to understand your situation, your goals, and what you want out of your money.
00:03:57.360 --> 00:03:58.639
And I want to leave you with this.
00:03:58.800 --> 00:04:00.800
I talk about this many times.
00:04:01.039 --> 00:04:06.000
Investments are important, but investments alone are not a plan.
00:04:06.400 --> 00:04:11.759
If you have a financial advisor that only does investments, that is not a full financial plan.
00:04:11.919 --> 00:04:15.520
I'm going to read off what a financial plan coordinates because it's a lot of things.
00:04:15.759 --> 00:04:28.480
Your investments, your taxes, your retirement income, your social security decisions, Medicare planning, estate planning, withdrawal strategies, cash flow planning, tax planning, all of these things and much more are your financial plan.
00:04:28.560 --> 00:04:32.319
And the financial plan helps coordinate all these things together.
00:04:32.480 --> 00:04:33.519
Not just investments.
00:04:33.680 --> 00:04:40.240
Investments are one piece of the puzzle, but a financial plan coordinates all of these things together.
00:04:40.399 --> 00:04:48.879
And when all these pieces come together, your financial plan becomes clear and you become confident in the plan that you have for your money.
00:04:49.040 --> 00:04:55.040
There is no better time, if you're five to ten years until retirement, to start thinking about these things today.
00:04:55.199 --> 00:04:58.399
Not when you retire, not the month before you retire.
00:04:58.639 --> 00:05:09.040
Five to ten years away is a great time to sit down, get a second opinion, or if you haven't had a financial plan built, sit down and have the discussion of what that would look like.
00:05:09.120 --> 00:05:18.319
Because when you're five to ten years out, that gives you time for flexibility to make adjustments, to make changes, to confirm what you're doing is correct.
00:05:18.480 --> 00:05:27.759
Because if you wait until the month of or the month before you retire, can limit your options on what you can do to build a successful financial plan.
00:05:27.920 --> 00:05:29.839
So don't be afraid to have the conversation.
00:05:30.000 --> 00:05:40.480
Whether you manage your investments yourself, you have a financial advisor, having the conversation does not obligate you to make a change, but it may give you the clarity that you didn't have before.
00:05:40.639 --> 00:05:45.120
Because the value of financial planning sometimes isn't just about finding mistakes.
00:05:45.279 --> 00:05:49.920
It's also uncovering opportunities that you didn't know existed before.
00:05:50.079 --> 00:05:52.639
Thank you all for being here, and I'll see you in the next episode.
00:05:52.800 --> 00:06:09.519
The opinions voiced in this podcast are for general information only and are not intended to provide specific advice or recommendations for any individual to determine which strategies or investments may be suitable for you and consult the appropriate qualified professional prior to making a decision.
00:00:00.000 --> 00:00:06.160
In today's episode, I want to talk about something that I believe stops people from getting better financial advice.
00:00:06.320 --> 00:00:10.880
And that is simply just having a conversation with a financial planner.
00:00:11.039 --> 00:00:19.039
Not hiring one, not moving your accounts over, not signing on to work with them, not leaving your current advisor, just having a conversation.
00:00:19.199 --> 00:00:34.399
Whether you're working with an advisor or whether you are a DIYer, which means you have an advisor and that advisor is you, just simply having a conversation with a financial planner can uncover opportunities or risks that you don't even know that you're making.
00:00:34.560 --> 00:00:38.880
As a financial planner, when I have these conversations with people, I hear a common theme.
00:00:39.119 --> 00:00:45.200
Oh, I have an advisor, I've had him or her for 15, 20 years, everything seems to be going okay.
00:00:45.359 --> 00:00:48.880
Or I'm a DIYer, I do it myself, I don't need any help.
00:00:49.039 --> 00:00:53.679
Or I don't really want to waste your time because I have an advisor and everything's going okay.
00:00:53.840 --> 00:00:56.320
I've heard that time and time again.
00:00:56.479 --> 00:00:59.280
And those are completely understandable feelings.
00:00:59.520 --> 00:01:00.799
But here's the reality.
00:01:01.039 --> 00:01:04.719
If you get a diagnosis from a doctor, you probably get a second opinion.
00:01:04.879 --> 00:01:09.439
If you're looking to refinance your mortgage, you probably shop around at different rates.
00:01:09.599 --> 00:01:13.120
When you're looking for new property and casualty insurance, you shop around.
00:01:13.280 --> 00:01:21.040
See, the reality is when it comes to your money and your personal finances, unfortunately, most people don't look for second opinions.
00:01:21.200 --> 00:01:31.439
When it comes to retirement, and we're talking about hundreds of thousands, millions or tens of millions of dollars that you've saved over your lifetime, we just take the first opinion we get and we run with it.
00:01:31.599 --> 00:01:36.879
Many people never ask for a second opinion or a second professional to look over their plan.
00:01:37.040 --> 00:01:41.680
Having another set of eyes on your plan doesn't mean that you don't like your current advisor.
00:01:41.840 --> 00:01:46.480
It just simply means that you are making sure that nothing is being overlooked.
00:01:46.640 --> 00:01:52.480
One of the biggest values of a financial planner is not confirming that you're doing everything right.
00:01:52.640 --> 00:01:55.599
It's making sure that you're asking the right questions.
00:01:55.760 --> 00:01:58.959
It's discovering what you didn't know to ask.
00:01:59.120 --> 00:02:02.159
Many people assume retirement planning is one question.
00:02:02.400 --> 00:02:03.439
Do I have enough?
00:02:03.599 --> 00:02:09.120
And while that is a very important question, there are many other questions that you should be asking.
00:02:09.280 --> 00:02:10.719
And I'm gonna read them off here.
00:02:10.960 --> 00:02:12.800
Can you actually retire when you want?
00:02:13.039 --> 00:02:15.360
How much can you safely spend every single year?
00:02:15.520 --> 00:02:18.639
Which accounts do you withdraw from first and in what order?
00:02:18.879 --> 00:02:21.039
How will taxes impact your retirement?
00:02:21.199 --> 00:02:24.159
How do you withdraw your money in a tax-efficient way?
00:02:24.319 --> 00:02:26.080
Should you be doing Roth conversions?
00:02:26.240 --> 00:02:28.319
If so, how do you do those Roth conversions?
00:02:28.479 --> 00:02:30.560
When should you claim Social Security?
00:02:30.719 --> 00:02:33.599
Will required minimum distributions become a tax problem?
00:02:33.759 --> 00:02:35.120
If so, how do I plan for them?
00:02:35.280 --> 00:02:36.479
Am I char to be inclined?
00:02:36.560 --> 00:02:40.400
Can I use qualified charitable distributions to help lower my RMDs?
00:02:40.560 --> 00:02:43.360
Could Medicare premiums increase because of my income?
00:02:43.599 --> 00:02:47.759
Is my investment allocation still appropriate as retirement gets closer?
00:02:47.919 --> 00:02:51.919
These questions won't be answered on your investment account statement.
00:02:52.159 --> 00:02:54.800
These are real financial planning questions.
00:02:55.039 --> 00:03:00.719
With those that want to sit down with me, there is not a sales pitch, there is not a hey, buy this before you leave.
00:03:00.879 --> 00:03:05.439
This is a time for me to ask questions to understand your situation.
00:03:05.759 --> 00:03:11.520
Most of my first meetings are me asking questions about this person, this couple's situation.
00:03:11.680 --> 00:03:13.039
What are their goals for their money?
00:03:13.199 --> 00:03:14.319
When do they want to retire?
00:03:14.400 --> 00:03:16.000
How much do they want to spend in retirement?
00:03:16.159 --> 00:03:17.759
What type of accounts do they have?
00:03:17.919 --> 00:03:19.680
Are they currently working with an advisor?
00:03:19.840 --> 00:03:22.159
What do they think it looks like to work with an advisor?
00:03:22.319 --> 00:03:24.000
How can I best support them?
00:03:24.159 --> 00:03:25.439
There's no sales pitch.
00:03:25.520 --> 00:03:27.919
There's no before you leave, you have to sign to work with me.
00:03:28.080 --> 00:03:30.000
In that first meeting, they can ask me questions.
00:03:30.159 --> 00:03:31.280
How do you work with your clients?
00:03:31.439 --> 00:03:32.400
Are you a fiduciary?
00:03:32.560 --> 00:03:33.680
What is your investment thesis?
00:03:33.840 --> 00:03:34.879
What is your investment style?
00:03:35.039 --> 00:03:36.080
How often do we meet?
00:03:36.240 --> 00:03:36.960
What do you charge?
00:03:37.120 --> 00:03:37.919
How do I pay you?
00:03:38.080 --> 00:03:40.400
These types of questions are what the initial meeting is.
00:03:40.560 --> 00:03:42.000
Again, it's not a sales pitch.
00:03:42.080 --> 00:03:43.759
I'm not here to sell you any products.
00:03:43.919 --> 00:03:49.360
I'm here to understand your situation so that I can figure out a plan that will best help you.
00:03:49.520 --> 00:03:57.199
Because before I can recommend anything, I have to understand your situation, your goals, and what you want out of your money.
00:03:57.360 --> 00:03:58.639
And I want to leave you with this.
00:03:58.800 --> 00:04:00.800
I talk about this many times.
00:04:01.039 --> 00:04:06.000
Investments are important, but investments alone are not a plan.
00:04:06.400 --> 00:04:11.759
If you have a financial advisor that only does investments, that is not a full financial plan.
00:04:11.919 --> 00:04:15.520
I'm going to read off what a financial plan coordinates because it's a lot of things.
00:04:15.759 --> 00:04:28.480
Your investments, your taxes, your retirement income, your social security decisions, Medicare planning, estate planning, withdrawal strategies, cash flow planning, tax planning, all of these things and much more are your financial plan.
00:04:28.560 --> 00:04:32.319
And the financial plan helps coordinate all these things together.
00:04:32.480 --> 00:04:33.519
Not just investments.
00:04:33.680 --> 00:04:40.240
Investments are one piece of the puzzle, but a financial plan coordinates all of these things together.
00:04:40.399 --> 00:04:48.879
And when all these pieces come together, your financial plan becomes clear and you become confident in the plan that you have for your money.
00:04:49.040 --> 00:04:55.040
There is no better time, if you're five to ten years until retirement, to start thinking about these things today.
00:04:55.199 --> 00:04:58.399
Not when you retire, not the month before you retire.
00:04:58.639 --> 00:05:09.040
Five to ten years away is a great time to sit down, get a second opinion, or if you haven't had a financial plan built, sit down and have the discussion of what that would look like.
00:05:09.120 --> 00:05:18.319
Because when you're five to ten years out, that gives you time for flexibility to make adjustments, to make changes, to confirm what you're doing is correct.
00:05:18.480 --> 00:05:27.759
Because if you wait until the month of or the month before you retire, can limit your options on what you can do to build a successful financial plan.
00:05:27.920 --> 00:05:29.839
So don't be afraid to have the conversation.
00:05:30.000 --> 00:05:40.480
Whether you manage your investments yourself, you have a financial advisor, having the conversation does not obligate you to make a change, but it may give you the clarity that you didn't have before.
00:05:40.639 --> 00:05:45.120
Because the value of financial planning sometimes isn't just about finding mistakes.
00:05:45.279 --> 00:05:49.920
It's also uncovering opportunities that you didn't know existed before.
00:05:50.079 --> 00:05:52.639
Thank you all for being here, and I'll see you in the next episode.
00:05:52.800 --> 00:06:09.519
The opinions voiced in this podcast are for general information only and are not intended to provide specific advice or recommendations for any individual to determine which strategies or investments may be suitable for you and consult the appropriate qualified professional prior to making a decision.
