Transcript
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Welcome to Something More with Chris Boyd.
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Chris Boyd is a certified financial planner practitioner
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and senior vice president financial advisor at Wealth
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Enhancement Group, one of the nation's largest registered
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investment advisors.
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We call it Something More because we'd like
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to talk not only about those important dollar
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and cents issues, but also the quality of
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life issues that make the money matters matter.
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Here he is, your fulfillment facilitator, your partner
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in prosperity, advising clients on Cape Cod and
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across the country.
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Here's your host, Jay Christopher Boyd.
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You know, we used to have a crowd
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cheering when we started the show.
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I kind of missed it, so I'm just
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throwing that off there.
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Anyway, welcome everybody.
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I'm just playing around, glad to have you
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with us for another segment of Something More.
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I'm Chris Boyd.
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I'm here with Jeff Perry and Russ Ball.
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We are all of the AMR team at
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Wealth Enhancement and our show today, we're talking
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about freeing yourself.
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Freeing yourself up in time and all kinds
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of things when it comes to whether to
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do things on your own or to get
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some help in the process.
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Jeff, where should we begin as we get
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started today?
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It's an interesting topic because it comes up
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in almost every part of your life, right?
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So do you want to paint that wall?
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Do you want to paint that room?
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It's going to make a mess.
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Or do I do it?
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It's tax season, right?
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I remember you and I had this conversation
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last year and I struggled with it last
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year.
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The listeners missed that episode last year.
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I was like, I can do this myself.
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I really think I can do this myself.
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I know I have a good understanding of
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it, but I'm not sure about this issue.
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Should I do the research?
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And I decided because time, you know, it's
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tough to replace time.
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I don't know anybody who can do it.
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Most valuable of assets.
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Valuable commodity or whatever the saying is.
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So I decided, and I decided again this
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year, Chris, to pay the money because that's
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what you're giving up, right?
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Everything that you have somebody else do costs
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something usually.
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So what do we want to do ourself?
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What are we capable of doing ourself?
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If I, you know, need a new outlet
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cover on my electrical switch because it cracked,
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I can do that.
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But if I need a new electric circuit
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panel, I don't think I should look at
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YouTube to how to do that.
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So what are we willing to give up?
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And is it worth the cost?
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And, you know, it's an individual question, but
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you do, if you allow other people to
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do things that they're experts at, it's usually
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done better.
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Yeah.
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Oh, there's, yeah, that's a good point.
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There's expertise.
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Right.
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And I think there's also maybe sometimes confidence,
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you know, that that brings, right?
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People feel a little more confident in the
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outcome.
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So I think medical things come to mind
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as well.
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Like, you know, you think some things you
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could do yourself, but you wouldn't even think
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about it when it comes to some of
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the medical things.
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You want to get the expert to give
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you an opinion.
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It usually, as a retired lawyer, quote unquote,
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legal items, like so many people use legal
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forms or one of the websites, simple things,
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what they think of simple things, maybe a
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simple will, or maybe a contract, or maybe
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a lease, and everything's fine until it's not.
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Yeah, because it's not as customized, as tailored
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as it might be if you went somewhere
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local.
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And it's not written, it's not written for
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your individual circumstances.
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Right.
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It's a template form.
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It's a template form designed to be happy,
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that everyone using it might be happy.
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Yeah.
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Yeah.
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For most circumstances, but not necessarily what you're
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trying to do.
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I saw several lease cases, tenant and landlord
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cases where people just use the standard form
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and things, you know, disputes came up.
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And sometimes those subjects aren't even in the
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lease.
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Right.
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So, you know, it's fine, you save some
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money, you can do it yourself, but you're
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probably not protecting yourself in the legal sense.
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Or, you know, it's not accomplishing what you
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intended it to do.
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That's right.
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And ultimately, it can cost you more money.
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Well, and that's the case when it comes
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to the kinds of things people deal with
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when it comes to our profession as well.
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Definitely.
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We run into people routinely who are smart
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people.
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You know, they can they they're doing investing
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on their own.
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And sometimes people who really spend the time
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and develop the skills of evaluating a company's
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balance sheet or trying to evaluate why to
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buy, why to sell a company, they can
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do that effectively.
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Sometimes more broadly, they look into which fund
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to mutual fund or exchange traded fund they
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might want to own.
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And these are things that people can do.
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It's not say you can't do it, but
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you do it with the same kind of
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time and energy.
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Right.
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There's a there's a value to the time.
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One, freeing up that time to when you
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deal with this day in, day out, are
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the things you recognize and are there things
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you learn that someone who does it on
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the weekend doesn't necessarily have the opportunity to
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do?
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Let's talk about timing.
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Right.
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Sometimes we talk about not wanting to time
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the market.
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Right.
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But that doesn't mean there aren't times when
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we make some judgments.
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About do we want to what's happening with
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interest rates?
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Oh, maybe we want to change a little
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bit of the weight of where we have
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emphasis in our portfolio on the duration, the
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interest rate sensitivity of our portfolio.
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There may be changes in the spread of
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the credit spread of how much more benefit
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am I getting by taking credit risk or
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is it enough benefit to take that credit
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risk?
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In an example I came across recently, people
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had their fixed income investments entirely in high
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yield bonds.
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Well, that's not really going to give you
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the the uncorrelated experience you might be expecting
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the bonds to play the role of being
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less risk in the portfolio.
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Right.
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So, you know, these are that's just one
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small example in thinking about like a fixed
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income slice.
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And there's like times when you say, yes,
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I do want this and no, I don't.
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Right.
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Sometimes they're paying you for the risk, extra
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risk, and sometimes they're not.
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And it might be worth it.
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Or in the same with the interest rate
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sensitivity of, well, their interest rates expected to
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be rising or falling.
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That could have an impact on where I
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want to position myself when it comes to
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duration and what that would mean for the
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consequence of price on my bonds, my existing
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bonds.
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So when it comes to stocks, you can
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you can make similar analogies, right?
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That there's there's times when you want a
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little more of this, a little less of
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that and why that might be right.
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So we run into routinely, this is a
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very common thing, how much international one owns
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in their portfolio.
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Over the last decade or so, it's been
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advantageous to be overweight U.S. equities relative
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to foreign stock.
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All right.
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And that won't always be the case, no
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doubt.
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And there will be times when things flip.
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But if you are invested in a, say,
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a target date fund or some blend of
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indexes, a balanced fund that has different indexes,
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you probably have a lot more international exposure
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than what you might do if you were
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designing things yourself.
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So if you're kind of relying on the
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experts when it comes to do it yourself
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or offering, you know, a streamlined, simplified offering,
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you may not get the nuance and the
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judgment of how to position things.
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If you're doing it yourself and trying to
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say, well, what should I compare it to?
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How much should I have?
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You either might totally miss out on international
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and not have some of the diversification effects
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that there's reasons to have.
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And at times we want more.
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Right.
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And at times we want less.
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Or you might be inclined to just say,
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well, what's the index?
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And I'll have 40 percent of my equities
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be international and 60 percent be domestic.
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And in the process, you know, you might
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be have been overweight over the last decade.
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You follow my point.
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I'm just coming to things that sometimes having
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someone who's in it a little more in
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the thick of it, they can bring some
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judgment to this that you might not always
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know.
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Well, and then there's you don't know what
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you don't know.
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Right.
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So, you know, that we do a very
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thorough meeting.
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Meeting number one, getting to know the client
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and before we are suggesting anything.
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And part of that is doing a risk
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analysis, risk assessment.
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And I don't think too many do it
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yourselfers do a self or even, you know,
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any structured risk assessment.
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It's just they kind of have a feeling.
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Right.
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Which I think when you're just having a
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feeling, you're either one or the other.
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You're like, oh, I risk doesn't bother me.
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I'm going to.
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You know, develop a portfolio of individual high
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tech stocks because I'm OK with risk or
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risk really bothers me, I'm not doing anything
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with the stock market, I don't know, I
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can't handle that.
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So I think that's something that do it
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yourself is miss the opportunity to, you know,
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do a proper risk assessment and develop a
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portfolio that's in line with that risk assessment.
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So many of them are maybe not taking
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enough risk, excuse me, or they're taking too
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much risk that they wake up in the
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middle of the night.
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Right.
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Yeah, exactly.
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And I think sometimes when, you know, this
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you bring this topic up, not only are
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they starting out at the right place of
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what's the right allocation that they should have,
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but there's also the notion of markets move
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and create anxiety.
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I'm missing out.
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00:11:30,010 --> 00:11:32,090
I should maybe I want more of that.
279
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Yeah.
280
00:11:32,810 --> 00:11:34,110
Oh, my gosh.
281
00:11:34,250 --> 00:11:35,350
The market's dropped.
282
00:11:35,510 --> 00:11:36,310
What the hell?
283
00:11:36,350 --> 00:11:37,210
I don't want any of that.
284
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Get me out.
285
00:11:39,070 --> 00:11:39,170
Right.
286
00:11:39,370 --> 00:11:42,290
And there's that overreaction.
287
00:11:42,490 --> 00:11:46,010
We've seen a Dalbar study year upon year
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upon year where the average investor invested in
289
00:11:50,170 --> 00:11:54,550
a given fund has a drastically different performance
290
00:11:54,550 --> 00:11:58,350
under performance relative to the performance of the
291
00:11:58,350 --> 00:11:58,730
fund.
292
00:11:59,510 --> 00:12:01,870
So what the fund posts as its returns.
293
00:12:02,710 --> 00:12:05,770
The average investor typically gets far less than
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that because they tend to buy it after
295
00:12:09,130 --> 00:12:11,170
it's done well and sell it in a
296
00:12:11,170 --> 00:12:14,270
year after it's done poorly and they move
297
00:12:14,270 --> 00:12:15,390
on to another investment.
298
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And in the process, the experience they had
299
00:12:18,090 --> 00:12:21,630
is far different than the experience of the
300
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fund itself.
301
00:12:22,850 --> 00:12:23,150
That's right.
302
00:12:23,390 --> 00:12:29,550
We've referred to the study from Vanguard that
303
00:12:29,550 --> 00:12:31,210
they talk about the value of a good
304
00:12:31,210 --> 00:12:34,970
financial advisor and that this can add as
305
00:12:34,970 --> 00:12:36,970
much as three percent per year to a
306
00:12:36,970 --> 00:12:39,110
portfolio because of all the things that advisors
307
00:12:39,110 --> 00:12:43,670
can do, including paying attention to the risk
308
00:12:43,670 --> 00:12:48,510
profile that you described, right, paying attention to
309
00:12:48,510 --> 00:12:53,230
costs of the investments you own, when to
310
00:12:53,230 --> 00:12:55,770
pull money, where do we draw from decisions
311
00:12:55,770 --> 00:13:00,810
about asset location, you know, like which investments
312
00:13:00,810 --> 00:13:04,290
go in, which tax status, all of these
313
00:13:04,290 --> 00:13:06,750
considerations can add some incremental value.
314
00:13:07,150 --> 00:13:09,410
The biggest thing they focus on is behavioral
315
00:13:09,410 --> 00:13:14,370
coaching, which is to say, I'll give you
316
00:13:14,370 --> 00:13:16,710
an example that's common these days.
317
00:13:17,190 --> 00:13:22,450
My politics are X, therefore, I want more,
318
00:13:22,570 --> 00:13:25,070
I want less, whatever it is I want
319
00:13:25,070 --> 00:13:26,030
in or I want out.
320
00:13:27,950 --> 00:13:32,770
And that's an example where behavioral coaching can
321
00:13:32,770 --> 00:13:37,190
really add value because what we've seen year
322
00:13:37,190 --> 00:13:41,670
after, you know, administration after administration is stocks
323
00:13:41,670 --> 00:13:42,290
tend to rise.
324
00:13:43,130 --> 00:13:44,970
It's not to say they always rise, but
325
00:13:44,970 --> 00:13:46,470
they tend to rise over time.
326
00:13:47,270 --> 00:13:49,790
And we're better to have exposure than to
327
00:13:49,790 --> 00:13:50,070
not.
328
00:13:50,070 --> 00:13:53,110
It's a question of that asset allocation decision,
329
00:13:53,310 --> 00:13:57,430
how much is befitting your temperament for volatility,
330
00:13:57,850 --> 00:13:59,350
your tolerance for risk.
331
00:14:00,490 --> 00:14:01,950
We had Russ and I had a conversation
332
00:14:01,950 --> 00:14:03,910
about this just yesterday with a client who
333
00:14:03,910 --> 00:14:08,590
their risk tolerance on their questionnaire kind of
334
00:14:08,590 --> 00:14:10,210
kind of landed them more like a conservative
335
00:14:10,210 --> 00:14:10,790
investor.
336
00:14:12,350 --> 00:14:14,890
But they've been really nervous and had a
337
00:14:14,890 --> 00:14:18,130
lot of cash and didn't really feel comfortable
338
00:14:18,130 --> 00:14:18,850
with markets.
339
00:14:19,930 --> 00:14:22,730
So they were really underweighted.
340
00:14:22,850 --> 00:14:24,110
So we said, all right, let's let's at
341
00:14:24,110 --> 00:14:29,510
least incrementally enhance how much, you know, risk
342
00:14:29,510 --> 00:14:30,090
you're taking.
343
00:14:30,530 --> 00:14:36,250
So instead of it being an amount that
344
00:14:36,250 --> 00:14:41,390
was in line with their appearance of risk
345
00:14:41,390 --> 00:14:45,030
tolerance, we recognized that their actual risk tolerance
346
00:14:45,030 --> 00:14:45,990
was far less.
347
00:14:48,470 --> 00:14:50,510
But the fact that we're saying, hey, we're
348
00:14:50,510 --> 00:14:51,910
going to do this in a measured way,
349
00:14:52,450 --> 00:14:55,010
they're open to doing some, you know, more
350
00:14:55,010 --> 00:14:56,190
than they otherwise would have.
351
00:14:56,910 --> 00:14:58,770
And so I think long term, that'll help
352
00:14:58,770 --> 00:15:00,490
them get better returns.
353
00:15:01,430 --> 00:15:03,190
The other piece is, I think, especially around
354
00:15:03,190 --> 00:15:07,050
politics, clients will come in and rather than
355
00:15:07,050 --> 00:15:08,430
they might come in with a with a
356
00:15:08,430 --> 00:15:10,050
stance of, oh, I want to sit on
357
00:15:10,050 --> 00:15:11,950
the sidelines now or now I want to
358
00:15:11,950 --> 00:15:12,790
get even more invested.
359
00:15:12,790 --> 00:15:16,130
I think just having our take on what
360
00:15:16,130 --> 00:15:18,330
the way we're seeing the market, what we're
361
00:15:18,330 --> 00:15:21,210
seeing in the whole political atmosphere, you know,
362
00:15:21,410 --> 00:15:23,930
our part of our full time job is
363
00:15:23,930 --> 00:15:26,050
to keep abreast of all the information that's
364
00:15:26,050 --> 00:15:27,790
out there and read these reports and assess
365
00:15:27,790 --> 00:15:28,630
its impact.
366
00:15:28,630 --> 00:15:31,410
And we're really in the weeds and we're
367
00:15:31,410 --> 00:15:35,030
learning what the consensus is and we're building
368
00:15:35,030 --> 00:15:35,670
our own views.
369
00:15:35,810 --> 00:15:38,050
And that kind of dialogue with clients can
370
00:15:38,050 --> 00:15:41,350
help them either decide to stay the course
371
00:15:41,350 --> 00:15:43,570
or, you know, scale back risk, but maybe
372
00:15:43,570 --> 00:15:45,770
not take everything out or put everything in
373
00:15:45,770 --> 00:15:48,170
and make some kind of drastic decision there.
374
00:15:49,630 --> 00:15:52,410
So let's go back to this this notion
375
00:15:52,410 --> 00:15:53,370
of do it yourself.
376
00:15:54,430 --> 00:15:58,150
I think sometimes we've talked to people and
377
00:15:58,150 --> 00:15:59,670
they like doing some of this stuff.
378
00:16:00,170 --> 00:16:02,630
You know, they have the enjoyment from it.
379
00:16:04,690 --> 00:16:09,070
We've got a longtime client who has coined
380
00:16:09,070 --> 00:16:10,530
the phrase, you know, he wanted to play
381
00:16:10,530 --> 00:16:13,010
in a sandbox and we use that.
382
00:16:13,170 --> 00:16:15,650
We've applied that to all of them, talking
383
00:16:15,650 --> 00:16:16,690
about this notion.
384
00:16:18,370 --> 00:16:22,330
And, you know, while he's interested and enjoying
385
00:16:22,330 --> 00:16:24,310
it, he's doing some of it himself.
386
00:16:24,710 --> 00:16:26,930
But what he's also said is, I don't
387
00:16:26,930 --> 00:16:28,750
want to put all my money at this
388
00:16:28,750 --> 00:16:31,330
kind of risk I'm willing to take when
389
00:16:31,330 --> 00:16:33,070
I do this, because I'm not as an
390
00:16:33,070 --> 00:16:33,450
individual.
391
00:16:33,450 --> 00:16:36,310
He's not as focused on risk management.
392
00:16:37,170 --> 00:16:38,710
He's looking at, oh, where do I think
393
00:16:38,710 --> 00:16:39,430
there's opportunity?
394
00:16:41,210 --> 00:16:44,650
So he's delegated to us to say, hey,
395
00:16:44,750 --> 00:16:46,090
you do some of this stuff in a
396
00:16:46,090 --> 00:16:51,650
way that's responsible and careful in an allocation
397
00:16:51,650 --> 00:16:54,350
that's befitting our circumstances.
398
00:16:55,250 --> 00:16:56,870
But I'm going to take these risks over
399
00:16:56,870 --> 00:16:58,630
here and have some fun with it and
400
00:16:58,630 --> 00:16:59,530
see what I can do.
401
00:17:01,550 --> 00:17:05,849
Nice way to end that impulse, knowing that
402
00:17:05,849 --> 00:17:08,530
he's taking more risk, willing to take the
403
00:17:08,530 --> 00:17:10,310
risk because he thinks he can outperform.
404
00:17:11,089 --> 00:17:13,770
But at the same time, maybe saying just
405
00:17:13,770 --> 00:17:16,609
in case and the thing he's also really
406
00:17:16,609 --> 00:17:18,730
focused on is I may not be here
407
00:17:18,730 --> 00:17:21,930
forever or I may not have capacity forever.
408
00:17:22,730 --> 00:17:25,010
If and when something happens that I'm not
409
00:17:25,010 --> 00:17:27,970
able to do this, I want the team
410
00:17:27,970 --> 00:17:30,230
in place with my estate plan, with my
411
00:17:30,230 --> 00:17:32,730
financial plan, with my portfolio, with my insurance,
412
00:17:32,830 --> 00:17:35,450
whatever it is, to be in a position
413
00:17:35,450 --> 00:17:39,090
that others will be able to help my
414
00:17:39,090 --> 00:17:44,710
spouse in his case, his wife, have confidence
415
00:17:44,710 --> 00:17:46,570
and be in a position where things will
416
00:17:46,570 --> 00:17:47,290
work out OK.
417
00:17:47,930 --> 00:17:49,830
I think that's a big driver for people
418
00:17:49,830 --> 00:17:50,910
when they do it themselves.
419
00:17:50,910 --> 00:17:53,930
The reason they hire help, it's not because
420
00:17:53,930 --> 00:17:55,550
they can't do it themselves.
421
00:17:56,170 --> 00:18:00,710
It's because they recognize their mortality or the
422
00:18:00,710 --> 00:18:03,430
risk of an incapacity as, you know, you
423
00:18:03,430 --> 00:18:06,170
know, as time people age and sometimes get
424
00:18:06,170 --> 00:18:09,990
less engaged in their portfolio, less attentive.
425
00:18:11,150 --> 00:18:14,870
And the potential for incapacity or whatever that
426
00:18:14,870 --> 00:18:16,650
they may not be bringing to it as
427
00:18:16,650 --> 00:18:19,630
much of the judgment that they love now,
428
00:18:19,870 --> 00:18:21,250
you know, someday they won't.
429
00:18:21,810 --> 00:18:24,290
And so the idea of having the opportunity
430
00:18:24,290 --> 00:18:27,270
to select the team, to build around them,
431
00:18:27,590 --> 00:18:32,150
they think is a good plan for just
432
00:18:32,150 --> 00:18:35,170
in case and and it gives them a
433
00:18:35,170 --> 00:18:35,910
little bit of that.
434
00:18:36,010 --> 00:18:37,350
I don't know what I don't know.
435
00:18:37,570 --> 00:18:40,750
So this helps me to, you know, hedge
436
00:18:40,750 --> 00:18:41,270
the risk.
437
00:18:41,930 --> 00:18:42,090
Yeah.
438
00:18:42,150 --> 00:18:45,030
Even though even the individuals who do who
439
00:18:45,030 --> 00:18:47,350
are interested, whether it's in a sandbox or
440
00:18:47,350 --> 00:18:50,510
they're managing their whole account and they, you
441
00:18:50,510 --> 00:18:52,690
know, they're reading Barron's on Saturdays and they're
442
00:18:52,690 --> 00:18:55,350
watching CNBC in the morning and they really
443
00:18:55,350 --> 00:18:57,990
feel like they're putting the time in.
444
00:18:58,630 --> 00:18:58,730
Yeah.
445
00:18:58,790 --> 00:19:00,250
One of the things I see from even
446
00:19:00,250 --> 00:19:02,470
the people who fit in that category is
447
00:19:02,470 --> 00:19:05,050
they're not they either don't recognize it or
448
00:19:05,050 --> 00:19:06,830
don't have the skills.
449
00:19:07,030 --> 00:19:09,850
What you don't know is to put that
450
00:19:09,850 --> 00:19:13,450
their investment, their their savings, their investments, their
451
00:19:13,450 --> 00:19:18,010
IRAs, their 401ks, whatever it is, in the
452
00:19:18,010 --> 00:19:22,950
context of a comprehensive financial plan and to
453
00:19:22,950 --> 00:19:25,030
do proper forecasting.
454
00:19:25,310 --> 00:19:27,330
Like so you can be really good at
455
00:19:27,330 --> 00:19:30,710
and interested in investing and analyzing and think
456
00:19:30,710 --> 00:19:32,470
you can pick the right funds.
457
00:19:32,750 --> 00:19:35,290
But is this a plan that's actually going
458
00:19:35,290 --> 00:19:37,470
to work for you in the decades to
459
00:19:37,470 --> 00:19:37,730
come?
460
00:19:37,950 --> 00:19:41,350
And is your you have goals, the goals
461
00:19:41,350 --> 00:19:43,890
in line with your that you're investing in
462
00:19:43,890 --> 00:19:45,890
your plan that you kind of have in
463
00:19:45,890 --> 00:19:46,330
your head?
464
00:19:46,770 --> 00:19:49,010
So I think I'm glad you brought it
465
00:19:49,010 --> 00:19:49,190
up.
466
00:19:49,350 --> 00:19:51,270
The idea that there is a difference in
467
00:19:51,270 --> 00:19:54,610
investing and the overall personal finance picture.
468
00:19:56,510 --> 00:20:01,870
And again, whether it's on the part of
469
00:20:01,870 --> 00:20:05,210
the portfolio management where, you know, the depth
470
00:20:05,210 --> 00:20:08,090
of resources may be different for an individual
471
00:20:08,090 --> 00:20:10,750
than for someone who does it for lots
472
00:20:10,750 --> 00:20:13,970
of people with, you know, hundreds of millions
473
00:20:13,970 --> 00:20:18,990
of dollars or more, depending on who you're
474
00:20:18,990 --> 00:20:19,530
working with.
475
00:20:19,850 --> 00:20:20,610
And then.
476
00:20:22,430 --> 00:20:25,250
The the same thing about when it comes
477
00:20:25,250 --> 00:20:29,850
to financial planning, the kind of tools and
478
00:20:29,850 --> 00:20:33,450
resources that might be at the disposal of
479
00:20:33,450 --> 00:20:36,950
the professional can be really beneficial.
480
00:20:37,710 --> 00:20:41,210
And it it's not say that people can't
481
00:20:41,210 --> 00:20:44,810
do some spreadsheets and come up with some
482
00:20:44,810 --> 00:20:47,690
similar kinds of resources, but.
483
00:20:49,290 --> 00:20:52,730
You know, we go through these analysis with
484
00:20:52,730 --> 00:20:58,460
people and I mean, the in an instant,
485
00:20:58,560 --> 00:21:01,700
we can evaluate alternative scenarios.
486
00:21:02,940 --> 00:21:07,180
What if what if the person one dies
487
00:21:07,180 --> 00:21:09,720
at a young age?
488
00:21:10,160 --> 00:21:10,440
Boom.
489
00:21:10,540 --> 00:21:12,400
It affects all the pension numbers.
490
00:21:12,400 --> 00:21:15,060
It affects spending numbers.
491
00:21:15,060 --> 00:21:17,600
You know, we've we've got it all structured
492
00:21:17,600 --> 00:21:19,980
in the way the program works that we
493
00:21:19,980 --> 00:21:22,680
can then forecast, OK, the income is different.
494
00:21:22,840 --> 00:21:24,320
You know, how does that play out?
495
00:21:25,100 --> 00:21:25,660
Oh, it's good.
496
00:21:25,720 --> 00:21:26,120
It's bad.
497
00:21:26,160 --> 00:21:26,540
Whatever.
498
00:21:29,020 --> 00:21:29,980
What's the reverse?
499
00:21:30,360 --> 00:21:33,680
What if this person dies too soon and
500
00:21:33,680 --> 00:21:34,920
that person lives long?
501
00:21:35,660 --> 00:21:37,760
What if we have long term care events?
502
00:21:37,820 --> 00:21:40,020
What if we change our Social Security timing?
503
00:21:40,020 --> 00:21:42,740
What all these variables that we can kind
504
00:21:42,740 --> 00:21:42,940
of.
505
00:21:44,840 --> 00:21:50,340
Do assessment around in rapid succession, it it's
506
00:21:50,340 --> 00:21:52,080
funny, we had a conversation recently with a
507
00:21:52,080 --> 00:21:53,840
client and they were saying, hey, I want
508
00:21:53,840 --> 00:21:55,380
to make sure we're dealing with I saw
509
00:21:55,380 --> 00:21:57,580
this thing on TikTok, I think it was,
510
00:21:57,700 --> 00:21:58,720
I don't know, whatever it was.
511
00:21:58,780 --> 00:22:01,180
It was one of the social media somewhere
512
00:22:01,180 --> 00:22:02,220
with that opening line.
513
00:22:02,280 --> 00:22:02,900
It could be anything.
514
00:22:03,160 --> 00:22:05,340
Well, no, it was social media was.
515
00:22:05,500 --> 00:22:07,180
But anyway, they saw this this reel, you
516
00:22:07,180 --> 00:22:09,940
know, and the guys talked about all these
517
00:22:09,940 --> 00:22:12,260
pillars and he's like, are we dealing with
518
00:22:12,260 --> 00:22:13,760
have we looked at all these pillars?
519
00:22:14,300 --> 00:22:16,360
And it's like we don't talk about it
520
00:22:16,360 --> 00:22:18,940
necessarily with the sizzle that they had from
521
00:22:18,940 --> 00:22:21,840
the from from the presentation.
522
00:22:21,840 --> 00:22:23,660
But it was like, yes, we've looked at
523
00:22:23,660 --> 00:22:28,480
your income planning and your your portfolio design
524
00:22:28,480 --> 00:22:31,460
and your tax strategies and, you know, whether
525
00:22:31,460 --> 00:22:34,360
you should do a Roth conversion and what's
526
00:22:34,360 --> 00:22:36,020
going to be the impact of health care
527
00:22:36,020 --> 00:22:38,000
and estate planning and so forth.
528
00:22:38,480 --> 00:22:41,300
It's all been done, but it's been done
529
00:22:41,300 --> 00:22:42,740
in a way that we tried to jam
530
00:22:42,740 --> 00:22:46,840
it into a communication very rapidly where we've
531
00:22:46,840 --> 00:22:48,640
done all this work behind the scenes.
532
00:22:49,360 --> 00:22:51,180
And then we have a one and a
533
00:22:51,180 --> 00:22:53,700
half hour meeting trying to go through everything.
534
00:22:54,120 --> 00:22:55,600
And, you know, a lot of times people
535
00:22:55,600 --> 00:22:57,800
don't realize there's a lot of work that's
536
00:22:57,800 --> 00:22:59,660
gone into this that's been done in the
537
00:22:59,660 --> 00:23:02,040
background before they even came in.
538
00:23:03,100 --> 00:23:04,800
You know, and then in the meeting, we're
539
00:23:04,800 --> 00:23:06,180
going through a what if this and what
540
00:23:06,180 --> 00:23:06,520
if that.
541
00:23:06,600 --> 00:23:08,240
And if we wanted to change this, we
542
00:23:08,240 --> 00:23:09,180
could, you know.
543
00:23:09,760 --> 00:23:09,860
Yeah.
544
00:23:10,080 --> 00:23:12,040
And and it's a peace of mind thing
545
00:23:12,040 --> 00:23:12,520
as well.
546
00:23:12,720 --> 00:23:14,620
And not just it's a time thing.
547
00:23:14,660 --> 00:23:17,680
You know, obviously you're gaining time by having
548
00:23:17,680 --> 00:23:19,880
someone else do these things for you.
549
00:23:20,000 --> 00:23:23,220
But it's also equally it's a peace of
550
00:23:23,220 --> 00:23:23,540
mind.
551
00:23:23,840 --> 00:23:25,220
You have long term projections.
552
00:23:25,500 --> 00:23:28,520
You have annual reviews, which I think are
553
00:23:28,520 --> 00:23:31,240
just really key where you come in at
554
00:23:31,240 --> 00:23:31,900
least once a year.
555
00:23:31,960 --> 00:23:34,340
We encourage you sometimes more depending on what's
556
00:23:34,340 --> 00:23:35,940
going on, but at least once a year
557
00:23:35,940 --> 00:23:38,060
to come in and go through those projections
558
00:23:38,060 --> 00:23:38,540
again.
559
00:23:38,660 --> 00:23:41,200
Talk about did anything in your life change?
560
00:23:41,400 --> 00:23:41,800
Good or bad?
561
00:23:42,260 --> 00:23:43,220
That's exactly it.
562
00:23:43,280 --> 00:23:43,440
Right.
563
00:23:43,580 --> 00:23:44,400
That's the reason.
564
00:23:45,200 --> 00:23:47,680
And even if they don't, circumstances change.
565
00:23:47,800 --> 00:23:48,200
That's right.
566
00:23:48,340 --> 00:23:49,760
You know, things around us change.
567
00:23:50,160 --> 00:23:50,520
That's right.
568
00:23:50,840 --> 00:23:54,420
And so, you know, you get these refreshers
569
00:23:54,420 --> 00:23:55,980
and you can add in family as you
570
00:23:55,980 --> 00:23:57,820
get older, you can add in family members
571
00:23:57,820 --> 00:24:00,620
or and then these things come up like
572
00:24:00,620 --> 00:24:03,440
you're you were mentioning, you know, like, oh,
573
00:24:03,500 --> 00:24:06,700
my gran, my grandson is going to college.
574
00:24:06,800 --> 00:24:07,700
Can I help him?
575
00:24:08,300 --> 00:24:08,400
Right.
576
00:24:08,540 --> 00:24:10,560
And you can meet with your advisor and
577
00:24:10,560 --> 00:24:13,220
say, if I do this, if I do
578
00:24:13,220 --> 00:24:15,720
ten thousand dollars a year, a hundred thousand
579
00:24:15,720 --> 00:24:18,400
dollars a year, whatever your wealth is, what
580
00:24:18,400 --> 00:24:20,420
does it mean to my likelihood of my
581
00:24:20,420 --> 00:24:22,860
plan working until I'm ninety five or whatever
582
00:24:22,860 --> 00:24:23,940
your target is?
583
00:24:23,940 --> 00:24:28,580
Yeah, actually, Jeff, this unknowingly, we just had
584
00:24:28,580 --> 00:24:35,260
that conversation with someone yesterday where he was
585
00:24:35,260 --> 00:24:36,800
saying, you know, this year I think we're
586
00:24:36,800 --> 00:24:38,140
going to take out some money.
587
00:24:39,180 --> 00:24:41,800
Grandson's going to college and we might want
588
00:24:41,800 --> 00:24:43,680
to help out.
589
00:24:44,400 --> 00:24:46,120
And, you know, so we're like, oh, let's
590
00:24:46,120 --> 00:24:47,060
dust off the plan.
591
00:24:48,020 --> 00:24:49,020
Let's take a look.
592
00:24:49,160 --> 00:24:51,380
And this was interesting.
593
00:24:51,380 --> 00:24:54,240
This this client had been really had a
594
00:24:54,240 --> 00:24:56,840
lot of forethought in when we remember back
595
00:24:56,840 --> 00:24:58,920
when there was an opportunity for people to
596
00:24:58,920 --> 00:25:02,440
convert to Roth and pay the tax over
597
00:25:02,440 --> 00:25:03,780
a number of years.
598
00:25:03,800 --> 00:25:04,580
Yeah, yeah.
599
00:25:04,820 --> 00:25:06,340
I forget when that was because I don't
600
00:25:06,340 --> 00:25:06,520
know.
601
00:25:06,600 --> 00:25:08,440
But Ed Slott always brags that he did
602
00:25:08,440 --> 00:25:08,780
it.
603
00:25:08,920 --> 00:25:12,300
Whenever you listen to Ed Slott, he went
604
00:25:12,300 --> 00:25:12,880
all in.
605
00:25:12,980 --> 00:25:14,320
He converted everything.
606
00:25:14,380 --> 00:25:14,800
Ed Slott.
607
00:25:14,940 --> 00:25:15,960
Oh, yeah, yeah, yeah, yeah.
608
00:25:16,600 --> 00:25:16,860
Yeah.
609
00:25:16,980 --> 00:25:18,000
So this guy did too.
610
00:25:18,560 --> 00:25:21,120
Basically, he had he he basically took the
611
00:25:21,120 --> 00:25:22,480
opportunity to do all that.
612
00:25:23,160 --> 00:25:25,560
And so, you know, feeling feeling good about
613
00:25:25,560 --> 00:25:26,240
that decision.
614
00:25:26,240 --> 00:25:28,480
And it's, you know, it's worth bragging about
615
00:25:28,480 --> 00:25:28,840
now.
616
00:25:28,940 --> 00:25:29,540
It's brilliant.
617
00:25:29,660 --> 00:25:29,860
Right.
618
00:25:29,960 --> 00:25:30,960
You know, no tax.
619
00:25:31,080 --> 00:25:31,340
Right.
620
00:25:31,400 --> 00:25:35,220
So anyway, in any case, so we were
621
00:25:35,220 --> 00:25:37,160
going through that kind of an assessment of
622
00:25:37,160 --> 00:25:39,860
like, what if how much, you know, we
623
00:25:39,860 --> 00:25:40,700
might want to do this.
624
00:25:42,640 --> 00:25:45,560
So it's it's exactly that, you know, things
625
00:25:45,560 --> 00:25:46,680
change and evolve.
626
00:25:46,680 --> 00:25:49,780
And, you know, and you start thinking, well,
627
00:25:49,900 --> 00:25:50,860
what's the impact?
628
00:25:51,020 --> 00:25:54,700
How well, you know, the thing, you know,
629
00:25:54,720 --> 00:25:57,160
if if one of us dies, maybe our
630
00:25:57,160 --> 00:25:58,720
income is different considerably.
631
00:25:58,880 --> 00:25:59,720
Do we still have enough?
632
00:26:00,060 --> 00:26:01,180
You know, that kind of thing.
633
00:26:01,240 --> 00:26:01,480
Right.
634
00:26:01,540 --> 00:26:04,200
Make sure that there's resources to meet your
635
00:26:04,200 --> 00:26:04,460
needs.
636
00:26:05,000 --> 00:26:05,120
Yeah.
637
00:26:05,660 --> 00:26:07,680
And then when you retire or if you're
638
00:26:07,680 --> 00:26:10,000
retired already, what do you want to do
639
00:26:10,000 --> 00:26:10,660
in your retirement?
640
00:26:10,780 --> 00:26:13,160
Do you want to do it financially, you
641
00:26:13,160 --> 00:26:15,420
know, being a financial analyst, or do you
642
00:26:15,420 --> 00:26:17,620
want to do it or do you want
643
00:26:17,620 --> 00:26:18,740
to unleash your time?
644
00:26:18,940 --> 00:26:19,040
Right.
645
00:26:19,720 --> 00:26:19,900
Yeah.
646
00:26:20,220 --> 00:26:21,540
And so, right.
647
00:26:21,740 --> 00:26:23,340
What do you want your focus to be
648
00:26:23,340 --> 00:26:25,320
and how easy do you want the transition
649
00:26:25,320 --> 00:26:26,400
to be as you get older?
650
00:26:26,640 --> 00:26:29,820
And, you know, should something happen, it's a
651
00:26:29,820 --> 00:26:32,020
gift to your to your loved ones to
652
00:26:32,020 --> 00:26:35,420
have your situation organized and, you know, not
653
00:26:35,420 --> 00:26:37,400
in chaos, which happens with some people as
654
00:26:37,400 --> 00:26:39,080
they get older and lose their, you know,
655
00:26:39,380 --> 00:26:40,920
their cognitive skills decline.
656
00:26:40,960 --> 00:26:42,260
It's going to happen to all of us.
657
00:26:42,300 --> 00:26:42,500
Right.
658
00:26:42,580 --> 00:26:42,880
Yeah.
659
00:26:42,880 --> 00:26:43,180
Yeah.
660
00:26:43,460 --> 00:26:46,540
So well, I mean, that's the point about
661
00:26:46,540 --> 00:26:47,880
time is such a great one.
662
00:26:48,140 --> 00:26:50,680
I mean, none of us knows how long
663
00:26:50,680 --> 00:26:51,100
we have.
664
00:26:51,220 --> 00:26:51,380
Right.
665
00:26:52,000 --> 00:26:54,440
And there's only an amount of time that
666
00:26:54,440 --> 00:26:56,500
we can spend in whatever we want to
667
00:26:56,500 --> 00:26:56,920
prioritize.
668
00:26:58,120 --> 00:27:00,440
I'm laughing because there's a talk show host
669
00:27:00,440 --> 00:27:05,280
that talks whenever she's talking about certain things
670
00:27:05,280 --> 00:27:08,120
with the caller, she says, OK, between now
671
00:27:08,120 --> 00:27:10,420
and dead, what do you want your life
672
00:27:10,420 --> 00:27:10,700
to be?
673
00:27:10,760 --> 00:27:11,540
What do you want to do?
674
00:27:11,540 --> 00:27:11,820
Right.
675
00:27:12,400 --> 00:27:12,680
Yeah.
676
00:27:12,720 --> 00:27:14,160
You want to spend your time.
677
00:27:15,240 --> 00:27:17,320
Doing because you get to pick that.
678
00:27:17,820 --> 00:27:19,640
Well, and I'll tell you, for me, it's
679
00:27:19,640 --> 00:27:20,900
not doing my tax return.
680
00:27:21,440 --> 00:27:23,080
I guess I'm with it because I'm sure
681
00:27:23,080 --> 00:27:25,900
that's a good example, you know.
682
00:27:26,600 --> 00:27:28,160
But yeah, that's exactly it.
683
00:27:28,160 --> 00:27:30,700
And for other people, we deal with people
684
00:27:30,700 --> 00:27:33,680
all the time who, you know, they'll say,
685
00:27:33,820 --> 00:27:35,540
well, I'm sure glad you like doing this
686
00:27:35,540 --> 00:27:35,840
stuff.
687
00:27:35,860 --> 00:27:36,340
And we do.
688
00:27:36,440 --> 00:27:37,560
We love doing this stuff.
689
00:27:38,020 --> 00:27:39,620
But not everyone does.
690
00:27:41,080 --> 00:27:42,580
And that's perfect.
691
00:27:42,920 --> 00:27:44,320
Hey, that's what makes an economy.
692
00:27:44,560 --> 00:27:45,480
I'll do this for you.
693
00:27:45,600 --> 00:27:46,900
You do something for someone else.
694
00:27:47,040 --> 00:27:49,300
And we've got the we've got the economy
695
00:27:49,300 --> 00:27:50,020
moving along.
696
00:27:50,300 --> 00:27:51,140
You know what I mean?
697
00:27:51,700 --> 00:27:55,120
Chris, we have a guidebook called Unleashing Your
698
00:27:55,120 --> 00:27:59,640
Time, the Unexpected Freedom of Delegated Investing, that
699
00:27:59,640 --> 00:28:01,780
if anyone's listening and they would like a
700
00:28:01,780 --> 00:28:04,760
complimentary copy, just send us an email and
701
00:28:04,760 --> 00:28:06,060
we'll just email it back to you.
702
00:28:06,060 --> 00:28:09,700
It's no obligation, no sales, no salesperson will
703
00:28:09,700 --> 00:28:10,000
call.
704
00:28:10,280 --> 00:28:11,980
It's just a great opportunity.
705
00:28:12,200 --> 00:28:14,020
And then, you know, obviously we're happy to
706
00:28:14,020 --> 00:28:14,720
help if we can.
707
00:28:15,600 --> 00:28:18,180
But Unleashing Your Time, is that what it
708
00:28:18,180 --> 00:28:18,420
was?
709
00:28:18,860 --> 00:28:21,140
Unleashing Your Time and its subtitle is the
710
00:28:21,140 --> 00:28:24,780
Unexpected Freedom of Delegated Investing.
711
00:28:24,820 --> 00:28:27,200
And I'll add in financial planning.
712
00:28:27,560 --> 00:28:29,680
Yeah, because we'll definitely talk about that as
713
00:28:29,680 --> 00:28:29,960
well.
714
00:28:30,120 --> 00:28:31,880
If you if you were if you were
715
00:28:31,880 --> 00:28:35,820
to inquire with us, take advantage of it.
716
00:28:35,820 --> 00:28:36,460
It's a freebie.
717
00:28:36,620 --> 00:28:37,420
It's not very long.
718
00:28:37,560 --> 00:28:39,820
It's it's a nice little resource.
719
00:28:41,120 --> 00:28:43,680
We'll send it either by email or in
720
00:28:43,680 --> 00:28:45,000
print, whatever you'd prefer.
721
00:28:46,260 --> 00:28:47,240
Let us know.
722
00:28:47,460 --> 00:28:49,980
So to take advantage of that, there's a
723
00:28:49,980 --> 00:28:51,260
few ways you can do that.
724
00:28:51,840 --> 00:28:55,620
Let me pull up the the scroll.
725
00:28:55,820 --> 00:28:57,360
So I have the right scroll here.
726
00:28:57,780 --> 00:29:00,080
But you can well, I'll throw this one
727
00:29:00,080 --> 00:29:00,260
up.
728
00:29:00,260 --> 00:29:02,160
You can if you're watching us on video,
729
00:29:02,280 --> 00:29:05,360
you can send us an email at amr
730
00:29:05,360 --> 00:29:09,960
-info at wealthenhancement.com.
731
00:29:10,940 --> 00:29:12,240
You can always give us a call as
732
00:29:12,240 --> 00:29:12,580
well.
733
00:29:13,060 --> 00:29:16,760
866-771-8901 is an easy way to
734
00:29:16,760 --> 00:29:17,160
do that.
735
00:29:18,160 --> 00:29:20,660
We would love to hear from you, not
736
00:29:20,660 --> 00:29:22,060
only for this purpose.
737
00:29:22,380 --> 00:29:25,860
So if you want the free, the complimentary
738
00:29:25,860 --> 00:29:30,620
brochure, OK, whatever the right to refer this
739
00:29:30,620 --> 00:29:32,040
book is what we guidebook.
740
00:29:32,200 --> 00:29:33,120
Thank you.
741
00:29:33,640 --> 00:29:34,680
Take advantage of it.
742
00:29:34,820 --> 00:29:37,460
But if you want to tell us topics
743
00:29:37,460 --> 00:29:39,900
you'd like to hear more of, if you'd
744
00:29:39,900 --> 00:29:42,640
like to have a question, something going on
745
00:29:42,640 --> 00:29:44,880
that you'd like us to talk about and
746
00:29:44,880 --> 00:29:47,280
give some input on with, you know, just
747
00:29:47,280 --> 00:29:49,480
from a distance, you can send us an
748
00:29:49,480 --> 00:29:49,640
email.
749
00:29:49,740 --> 00:29:50,620
We'd love to hear from you.
750
00:29:50,720 --> 00:29:54,160
Amr-info at wealthenhancement.com.
751
00:29:54,680 --> 00:29:57,260
And if you'd like to schedule anything with
752
00:29:57,260 --> 00:29:58,740
us, of course, you can reach out to
753
00:29:58,740 --> 00:30:03,240
us by phone either locally 508-771-8900
754
00:30:03,240 --> 00:30:08,740
or toll free 866-771-8901.
755
00:30:09,000 --> 00:30:11,520
Until next time, keep striving for something.
756
00:30:12,320 --> 00:30:14,660
Thank you for listening to something more with
757
00:30:14,660 --> 00:30:15,360
Chris Boyd.
758
00:30:15,640 --> 00:30:17,800
Call us for help, whether it's for financial
759
00:30:17,800 --> 00:30:21,740
planning or portfolio management, insurance concerns or those
760
00:30:21,740 --> 00:30:23,780
quality of life issues that make the money
761
00:30:23,780 --> 00:30:26,240
matters matter, whatever's on your mind.
762
00:30:26,360 --> 00:30:29,060
Visit us at something more with chrisboyd.com
763
00:30:29,060 --> 00:30:33,300
or call us toll free at 866-771
764
00:30:33,300 --> 00:30:38,180
-8901 or send us your questions to amr
765
00:30:38,180 --> 00:30:41,180
-info at wealthenhancement.com.
766
00:30:41,280 --> 00:30:43,320
You're listening to something more with Chris Boyd,
767
00:30:43,360 --> 00:30:45,920
financial talk show, wealth enhancement, advisory services and
768
00:30:45,920 --> 00:30:48,080
Jay Christopher Boyd provide investment advice on an
769
00:30:48,080 --> 00:30:50,600
individual basis to clients only proper advice depends
770
00:30:50,600 --> 00:30:52,420
on a complete analysis of all facts and
771
00:30:52,420 --> 00:30:52,960
circumstances.
772
00:30:52,960 --> 00:30:55,060
The information given on this program is general
773
00:30:55,060 --> 00:30:57,080
financial comments and cannot be relied upon as
774
00:30:57,080 --> 00:30:58,680
pertaining to your specific situation.
775
00:30:58,920 --> 00:31:00,860
Wealth Enhancement Group cannot guarantee that using the
776
00:31:00,860 --> 00:31:02,840
information from this show will generate profits or
777
00:31:02,840 --> 00:31:03,960
ensure freedom from loss.
778
00:31:04,160 --> 00:31:06,320
Listeners should consult their own financial advisors or
779
00:31:06,320 --> 00:31:08,420
conduct their own due diligence before making any
780
00:31:08,420 --> 00:31:09,200
financial decisions.
