Free Yourself

Free Yourself – Chris Boyd, Jeff Perry, and Russ Ball dig into the value of time and when engaging a financial advisor can have a meaningful impact on free time as well as your financial plan. The trio share commentary how handing over the reins of...
Free Yourself – Chris Boyd, Jeff Perry, and Russ Ball dig into the value of time and
when engaging a financial advisor can have a meaningful impact on free time as well as
your financial plan. The trio share commentary how handing over the reins of your
portfolio can reclaim precious hours, rediscover your passions, and live a life enriched by
experiences and moments that money alone cannot buy. The AMR Team is offering a
complimentary guidebook titled, “Unleashing your time: The unexpected freedom of
delegated investing.”
For more information or to reach Chris Boyd, Russ Ball or Jeff Perry, click the following
link: https://www.wealthenhancement.com/s/advisor-teams/amr
00:00:00,410 --> 00:00:02,990
Welcome to Something More with Chris Boyd.
2
00:00:03,190 --> 00:00:06,150
Chris Boyd is a certified financial planner practitioner
3
00:00:06,150 --> 00:00:09,130
and senior vice president financial advisor at Wealth
4
00:00:09,130 --> 00:00:11,810
Enhancement Group, one of the nation's largest registered
5
00:00:11,810 --> 00:00:12,850
investment advisors.
6
00:00:13,390 --> 00:00:15,270
We call it Something More because we'd like
7
00:00:15,270 --> 00:00:17,410
to talk not only about those important dollar
8
00:00:17,410 --> 00:00:19,570
and cents issues, but also the quality of
9
00:00:19,570 --> 00:00:22,030
life issues that make the money matters matter.
10
00:00:22,530 --> 00:00:25,770
Here he is, your fulfillment facilitator, your partner
11
00:00:25,770 --> 00:00:28,930
in prosperity, advising clients on Cape Cod and
12
00:00:28,930 --> 00:00:29,970
across the country.
13
00:00:30,310 --> 00:00:32,790
Here's your host, Jay Christopher Boyd.
14
00:00:33,590 --> 00:00:35,690
You know, we used to have a crowd
15
00:00:35,690 --> 00:00:37,190
cheering when we started the show.
16
00:00:37,270 --> 00:00:38,550
I kind of missed it, so I'm just
17
00:00:38,550 --> 00:00:39,630
throwing that off there.
18
00:00:40,510 --> 00:00:41,990
Anyway, welcome everybody.
19
00:00:42,190 --> 00:00:43,870
I'm just playing around, glad to have you
20
00:00:43,870 --> 00:00:47,010
with us for another segment of Something More.
21
00:00:47,110 --> 00:00:48,010
I'm Chris Boyd.
22
00:00:48,070 --> 00:00:50,010
I'm here with Jeff Perry and Russ Ball.
23
00:00:50,410 --> 00:00:52,370
We are all of the AMR team at
24
00:00:52,370 --> 00:00:55,990
Wealth Enhancement and our show today, we're talking
25
00:00:55,990 --> 00:00:57,770
about freeing yourself.
26
00:00:58,330 --> 00:01:00,310
Freeing yourself up in time and all kinds
27
00:01:00,310 --> 00:01:02,550
of things when it comes to whether to
28
00:01:02,550 --> 00:01:04,290
do things on your own or to get
29
00:01:04,290 --> 00:01:05,530
some help in the process.
30
00:01:06,230 --> 00:01:09,370
Jeff, where should we begin as we get
31
00:01:09,370 --> 00:01:10,130
started today?
32
00:01:10,910 --> 00:01:13,970
It's an interesting topic because it comes up
33
00:01:13,970 --> 00:01:16,490
in almost every part of your life, right?
34
00:01:16,610 --> 00:01:19,730
So do you want to paint that wall?
35
00:01:20,030 --> 00:01:21,050
Do you want to paint that room?
36
00:01:22,270 --> 00:01:23,690
It's going to make a mess.
37
00:01:24,930 --> 00:01:25,930
Or do I do it?
38
00:01:26,090 --> 00:01:27,330
It's tax season, right?
39
00:01:27,450 --> 00:01:28,950
I remember you and I had this conversation
40
00:01:28,950 --> 00:01:32,390
last year and I struggled with it last
41
00:01:32,390 --> 00:01:32,730
year.
42
00:01:32,950 --> 00:01:35,290
The listeners missed that episode last year.
43
00:01:35,350 --> 00:01:37,710
I was like, I can do this myself.
44
00:01:37,890 --> 00:01:39,470
I really think I can do this myself.
45
00:01:40,130 --> 00:01:42,390
I know I have a good understanding of
46
00:01:42,390 --> 00:01:44,130
it, but I'm not sure about this issue.
47
00:01:45,130 --> 00:01:46,270
Should I do the research?
48
00:01:46,270 --> 00:01:51,270
And I decided because time, you know, it's
49
00:01:51,270 --> 00:01:52,410
tough to replace time.
50
00:01:52,550 --> 00:01:54,030
I don't know anybody who can do it.
51
00:01:54,150 --> 00:01:56,930
Most valuable of assets.
52
00:01:57,670 --> 00:01:59,950
Valuable commodity or whatever the saying is.
53
00:02:00,090 --> 00:02:02,150
So I decided, and I decided again this
54
00:02:02,150 --> 00:02:06,370
year, Chris, to pay the money because that's
55
00:02:06,370 --> 00:02:07,310
what you're giving up, right?
56
00:02:07,330 --> 00:02:10,210
Everything that you have somebody else do costs
57
00:02:10,210 --> 00:02:11,590
something usually.
58
00:02:13,250 --> 00:02:16,110
So what do we want to do ourself?
59
00:02:16,250 --> 00:02:18,470
What are we capable of doing ourself?
60
00:02:19,110 --> 00:02:22,230
If I, you know, need a new outlet
61
00:02:22,230 --> 00:02:25,250
cover on my electrical switch because it cracked,
62
00:02:25,330 --> 00:02:26,150
I can do that.
63
00:02:26,250 --> 00:02:28,990
But if I need a new electric circuit
64
00:02:28,990 --> 00:02:30,850
panel, I don't think I should look at
65
00:02:30,850 --> 00:02:32,390
YouTube to how to do that.
66
00:02:33,250 --> 00:02:36,650
So what are we willing to give up?
67
00:02:36,810 --> 00:02:38,330
And is it worth the cost?
68
00:02:38,610 --> 00:02:41,770
And, you know, it's an individual question, but
69
00:02:41,770 --> 00:02:44,610
you do, if you allow other people to
70
00:02:44,610 --> 00:02:46,670
do things that they're experts at, it's usually
71
00:02:46,670 --> 00:02:47,470
done better.
72
00:02:48,870 --> 00:02:49,050
Yeah.
73
00:02:50,510 --> 00:02:52,670
Oh, there's, yeah, that's a good point.
74
00:02:52,750 --> 00:02:53,610
There's expertise.
75
00:02:54,190 --> 00:02:54,310
Right.
76
00:02:55,750 --> 00:03:00,710
And I think there's also maybe sometimes confidence,
77
00:03:00,910 --> 00:03:02,730
you know, that that brings, right?
78
00:03:02,810 --> 00:03:05,510
People feel a little more confident in the
79
00:03:05,510 --> 00:03:05,890
outcome.
80
00:03:06,870 --> 00:03:12,070
So I think medical things come to mind
81
00:03:12,070 --> 00:03:12,690
as well.
82
00:03:12,970 --> 00:03:17,490
Like, you know, you think some things you
83
00:03:17,490 --> 00:03:19,950
could do yourself, but you wouldn't even think
84
00:03:19,950 --> 00:03:21,750
about it when it comes to some of
85
00:03:21,750 --> 00:03:22,450
the medical things.
86
00:03:22,470 --> 00:03:24,070
You want to get the expert to give
87
00:03:24,070 --> 00:03:24,750
you an opinion.
88
00:03:25,350 --> 00:03:28,910
It usually, as a retired lawyer, quote unquote,
89
00:03:29,250 --> 00:03:36,130
legal items, like so many people use legal
90
00:03:36,130 --> 00:03:39,490
forms or one of the websites, simple things,
91
00:03:40,190 --> 00:03:42,370
what they think of simple things, maybe a
92
00:03:42,370 --> 00:03:44,690
simple will, or maybe a contract, or maybe
93
00:03:44,690 --> 00:03:47,970
a lease, and everything's fine until it's not.
94
00:03:48,290 --> 00:03:51,850
Yeah, because it's not as customized, as tailored
95
00:03:51,850 --> 00:03:54,290
as it might be if you went somewhere
96
00:03:54,290 --> 00:03:54,850
local.
97
00:03:55,230 --> 00:03:58,370
And it's not written, it's not written for
98
00:03:58,370 --> 00:04:00,050
your individual circumstances.
99
00:04:00,610 --> 00:04:00,750
Right.
100
00:04:00,830 --> 00:04:01,970
It's a template form.
101
00:04:02,150 --> 00:04:04,450
It's a template form designed to be happy,
102
00:04:04,690 --> 00:04:06,390
that everyone using it might be happy.
103
00:04:06,590 --> 00:04:06,830
Yeah.
104
00:04:07,050 --> 00:04:07,190
Yeah.
105
00:04:07,250 --> 00:04:10,030
For most circumstances, but not necessarily what you're
106
00:04:10,030 --> 00:04:10,650
trying to do.
107
00:04:10,990 --> 00:04:16,029
I saw several lease cases, tenant and landlord
108
00:04:16,029 --> 00:04:18,750
cases where people just use the standard form
109
00:04:18,750 --> 00:04:21,650
and things, you know, disputes came up.
110
00:04:21,730 --> 00:04:24,410
And sometimes those subjects aren't even in the
111
00:04:24,410 --> 00:04:24,750
lease.
112
00:04:25,810 --> 00:04:26,050
Right.
113
00:04:26,630 --> 00:04:28,710
So, you know, it's fine, you save some
114
00:04:28,710 --> 00:04:32,030
money, you can do it yourself, but you're
115
00:04:32,030 --> 00:04:34,950
probably not protecting yourself in the legal sense.
116
00:04:36,230 --> 00:04:37,690
Or, you know, it's not accomplishing what you
117
00:04:37,690 --> 00:04:38,570
intended it to do.
118
00:04:38,570 --> 00:04:38,950
That's right.
119
00:04:39,030 --> 00:04:40,910
And ultimately, it can cost you more money.
120
00:04:41,710 --> 00:04:43,510
Well, and that's the case when it comes
121
00:04:43,510 --> 00:04:46,030
to the kinds of things people deal with
122
00:04:46,030 --> 00:04:48,070
when it comes to our profession as well.
123
00:04:48,330 --> 00:04:48,770
Definitely.
124
00:04:48,770 --> 00:04:53,690
We run into people routinely who are smart
125
00:04:53,690 --> 00:04:54,450
people.
126
00:04:54,930 --> 00:04:57,770
You know, they can they they're doing investing
127
00:04:57,770 --> 00:04:58,530
on their own.
128
00:04:59,370 --> 00:05:02,730
And sometimes people who really spend the time
129
00:05:02,730 --> 00:05:09,210
and develop the skills of evaluating a company's
130
00:05:09,210 --> 00:05:13,590
balance sheet or trying to evaluate why to
131
00:05:13,590 --> 00:05:16,690
buy, why to sell a company, they can
132
00:05:16,690 --> 00:05:17,790
do that effectively.
133
00:05:18,350 --> 00:05:23,150
Sometimes more broadly, they look into which fund
134
00:05:23,150 --> 00:05:25,570
to mutual fund or exchange traded fund they
135
00:05:25,570 --> 00:05:26,950
might want to own.
136
00:05:27,650 --> 00:05:30,750
And these are things that people can do.
137
00:05:31,050 --> 00:05:34,030
It's not say you can't do it, but
138
00:05:34,030 --> 00:05:39,910
you do it with the same kind of
139
00:05:39,910 --> 00:05:41,130
time and energy.
140
00:05:41,390 --> 00:05:41,590
Right.
141
00:05:42,170 --> 00:05:44,570
There's a there's a value to the time.
142
00:05:44,570 --> 00:05:50,330
One, freeing up that time to when you
143
00:05:50,330 --> 00:05:51,850
deal with this day in, day out, are
144
00:05:51,850 --> 00:05:54,150
the things you recognize and are there things
145
00:05:54,150 --> 00:05:57,150
you learn that someone who does it on
146
00:05:57,150 --> 00:06:01,110
the weekend doesn't necessarily have the opportunity to
147
00:06:01,110 --> 00:06:01,410
do?
148
00:06:02,310 --> 00:06:04,810
Let's talk about timing.
149
00:06:05,470 --> 00:06:05,630
Right.
150
00:06:05,850 --> 00:06:09,370
Sometimes we talk about not wanting to time
151
00:06:09,370 --> 00:06:09,870
the market.
152
00:06:10,390 --> 00:06:10,910
Right.
153
00:06:11,450 --> 00:06:13,410
But that doesn't mean there aren't times when
154
00:06:13,410 --> 00:06:14,450
we make some judgments.
155
00:06:14,450 --> 00:06:17,990
About do we want to what's happening with
156
00:06:17,990 --> 00:06:18,610
interest rates?
157
00:06:18,750 --> 00:06:20,390
Oh, maybe we want to change a little
158
00:06:20,390 --> 00:06:21,890
bit of the weight of where we have
159
00:06:21,890 --> 00:06:27,430
emphasis in our portfolio on the duration, the
160
00:06:27,430 --> 00:06:31,150
interest rate sensitivity of our portfolio.
161
00:06:31,950 --> 00:06:35,330
There may be changes in the spread of
162
00:06:35,330 --> 00:06:39,230
the credit spread of how much more benefit
163
00:06:39,230 --> 00:06:41,970
am I getting by taking credit risk or
164
00:06:41,970 --> 00:06:44,630
is it enough benefit to take that credit
165
00:06:44,630 --> 00:06:44,970
risk?
166
00:06:46,010 --> 00:06:49,190
In an example I came across recently, people
167
00:06:49,190 --> 00:06:52,550
had their fixed income investments entirely in high
168
00:06:52,550 --> 00:06:53,170
yield bonds.
169
00:06:54,970 --> 00:06:57,950
Well, that's not really going to give you
170
00:06:57,950 --> 00:07:02,730
the the uncorrelated experience you might be expecting
171
00:07:02,730 --> 00:07:05,350
the bonds to play the role of being
172
00:07:05,350 --> 00:07:07,770
less risk in the portfolio.
173
00:07:08,310 --> 00:07:08,570
Right.
174
00:07:09,230 --> 00:07:11,730
So, you know, these are that's just one
175
00:07:11,730 --> 00:07:14,230
small example in thinking about like a fixed
176
00:07:14,230 --> 00:07:15,010
income slice.
177
00:07:15,310 --> 00:07:17,810
And there's like times when you say, yes,
178
00:07:17,810 --> 00:07:20,350
I do want this and no, I don't.
179
00:07:20,770 --> 00:07:20,950
Right.
180
00:07:22,070 --> 00:07:24,390
Sometimes they're paying you for the risk, extra
181
00:07:24,390 --> 00:07:25,910
risk, and sometimes they're not.
182
00:07:26,230 --> 00:07:27,250
And it might be worth it.
183
00:07:27,250 --> 00:07:29,170
Or in the same with the interest rate
184
00:07:29,170 --> 00:07:32,310
sensitivity of, well, their interest rates expected to
185
00:07:32,310 --> 00:07:33,410
be rising or falling.
186
00:07:33,410 --> 00:07:35,930
That could have an impact on where I
187
00:07:35,930 --> 00:07:38,970
want to position myself when it comes to
188
00:07:38,970 --> 00:07:43,370
duration and what that would mean for the
189
00:07:43,370 --> 00:07:46,210
consequence of price on my bonds, my existing
190
00:07:46,210 --> 00:07:46,710
bonds.
191
00:07:47,890 --> 00:07:50,110
So when it comes to stocks, you can
192
00:07:50,110 --> 00:07:52,050
you can make similar analogies, right?
193
00:07:52,130 --> 00:07:54,830
That there's there's times when you want a
194
00:07:54,830 --> 00:07:56,270
little more of this, a little less of
195
00:07:56,270 --> 00:07:58,790
that and why that might be right.
196
00:07:59,130 --> 00:08:03,510
So we run into routinely, this is a
197
00:08:03,510 --> 00:08:07,550
very common thing, how much international one owns
198
00:08:07,550 --> 00:08:08,550
in their portfolio.
199
00:08:10,990 --> 00:08:15,150
Over the last decade or so, it's been
200
00:08:15,150 --> 00:08:20,870
advantageous to be overweight U.S. equities relative
201
00:08:20,870 --> 00:08:22,850
to foreign stock.
202
00:08:22,850 --> 00:08:23,450
All right.
203
00:08:24,530 --> 00:08:27,810
And that won't always be the case, no
204
00:08:27,810 --> 00:08:28,150
doubt.
205
00:08:28,410 --> 00:08:30,530
And there will be times when things flip.
206
00:08:31,770 --> 00:08:36,330
But if you are invested in a, say,
207
00:08:36,570 --> 00:08:39,809
a target date fund or some blend of
208
00:08:39,809 --> 00:08:42,530
indexes, a balanced fund that has different indexes,
209
00:08:42,830 --> 00:08:48,490
you probably have a lot more international exposure
210
00:08:48,490 --> 00:08:51,750
than what you might do if you were
211
00:08:51,750 --> 00:08:53,010
designing things yourself.
212
00:08:53,810 --> 00:08:56,730
So if you're kind of relying on the
213
00:08:56,730 --> 00:08:59,990
experts when it comes to do it yourself
214
00:08:59,990 --> 00:09:04,910
or offering, you know, a streamlined, simplified offering,
215
00:09:05,610 --> 00:09:08,210
you may not get the nuance and the
216
00:09:08,210 --> 00:09:11,370
judgment of how to position things.
217
00:09:12,950 --> 00:09:15,670
If you're doing it yourself and trying to
218
00:09:15,670 --> 00:09:17,110
say, well, what should I compare it to?
219
00:09:17,110 --> 00:09:18,110
How much should I have?
220
00:09:18,590 --> 00:09:21,230
You either might totally miss out on international
221
00:09:21,230 --> 00:09:24,690
and not have some of the diversification effects
222
00:09:24,690 --> 00:09:26,590
that there's reasons to have.
223
00:09:26,750 --> 00:09:28,510
And at times we want more.
224
00:09:28,690 --> 00:09:29,050
Right.
225
00:09:29,170 --> 00:09:30,590
And at times we want less.
226
00:09:31,510 --> 00:09:34,250
Or you might be inclined to just say,
227
00:09:34,310 --> 00:09:35,170
well, what's the index?
228
00:09:35,330 --> 00:09:38,590
And I'll have 40 percent of my equities
229
00:09:38,590 --> 00:09:41,150
be international and 60 percent be domestic.
230
00:09:41,710 --> 00:09:44,730
And in the process, you know, you might
231
00:09:44,730 --> 00:09:48,510
be have been overweight over the last decade.
232
00:09:49,430 --> 00:09:50,370
You follow my point.
233
00:09:50,430 --> 00:09:55,070
I'm just coming to things that sometimes having
234
00:09:55,070 --> 00:09:56,790
someone who's in it a little more in
235
00:09:56,790 --> 00:09:58,550
the thick of it, they can bring some
236
00:09:58,550 --> 00:10:00,530
judgment to this that you might not always
237
00:10:00,530 --> 00:10:00,790
know.
238
00:10:01,150 --> 00:10:03,130
Well, and then there's you don't know what
239
00:10:03,130 --> 00:10:03,910
you don't know.
240
00:10:03,990 --> 00:10:04,470
Right.
241
00:10:04,570 --> 00:10:07,770
So, you know, that we do a very
242
00:10:07,770 --> 00:10:09,070
thorough meeting.
243
00:10:09,630 --> 00:10:12,270
Meeting number one, getting to know the client
244
00:10:12,270 --> 00:10:15,450
and before we are suggesting anything.
245
00:10:15,770 --> 00:10:18,110
And part of that is doing a risk
246
00:10:18,110 --> 00:10:19,690
analysis, risk assessment.
247
00:10:19,890 --> 00:10:22,530
And I don't think too many do it
248
00:10:22,530 --> 00:10:26,470
yourselfers do a self or even, you know,
249
00:10:26,490 --> 00:10:27,970
any structured risk assessment.
250
00:10:27,970 --> 00:10:29,850
It's just they kind of have a feeling.
251
00:10:30,090 --> 00:10:30,310
Right.
252
00:10:30,830 --> 00:10:33,110
Which I think when you're just having a
253
00:10:33,110 --> 00:10:34,750
feeling, you're either one or the other.
254
00:10:34,890 --> 00:10:37,550
You're like, oh, I risk doesn't bother me.
255
00:10:37,550 --> 00:10:38,630
I'm going to.
256
00:10:38,830 --> 00:10:42,130
You know, develop a portfolio of individual high
257
00:10:42,130 --> 00:10:44,970
tech stocks because I'm OK with risk or
258
00:10:44,970 --> 00:10:47,650
risk really bothers me, I'm not doing anything
259
00:10:47,650 --> 00:10:49,370
with the stock market, I don't know, I
260
00:10:49,370 --> 00:10:50,410
can't handle that.
261
00:10:51,250 --> 00:10:52,910
So I think that's something that do it
262
00:10:52,910 --> 00:10:55,810
yourself is miss the opportunity to, you know,
263
00:10:56,330 --> 00:10:58,810
do a proper risk assessment and develop a
264
00:10:58,810 --> 00:11:01,250
portfolio that's in line with that risk assessment.
265
00:11:01,550 --> 00:11:03,910
So many of them are maybe not taking
266
00:11:03,910 --> 00:11:07,230
enough risk, excuse me, or they're taking too
267
00:11:07,230 --> 00:11:08,930
much risk that they wake up in the
268
00:11:08,930 --> 00:11:09,550
middle of the night.
269
00:11:09,830 --> 00:11:09,930
Right.
270
00:11:10,330 --> 00:11:11,470
Yeah, exactly.
271
00:11:11,890 --> 00:11:14,430
And I think sometimes when, you know, this
272
00:11:14,430 --> 00:11:17,490
you bring this topic up, not only are
273
00:11:17,490 --> 00:11:19,570
they starting out at the right place of
274
00:11:19,570 --> 00:11:22,130
what's the right allocation that they should have,
275
00:11:22,310 --> 00:11:26,610
but there's also the notion of markets move
276
00:11:26,610 --> 00:11:27,970
and create anxiety.
277
00:11:28,550 --> 00:11:29,790
I'm missing out.
278
00:11:30,010 --> 00:11:32,090
I should maybe I want more of that.
279
00:11:32,430 --> 00:11:32,630
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
00:11:37,210 --> 00:11:38,030
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
288
00:11:46,010 --> 00:11:50,170
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
294
00:12:05,770 --> 00:12:09,130
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
00:12:15,570 --> 00:12:18,090
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
00:12:21,630 --> 00:12:22,350
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.