April 21, 2025
What's the Buzz? Recent Lessons
What's the Buzz? Recent Lessons – Chris Boyd, Jeff Perry, and Russ Ball discuss the economic and market news of the week, including the continued stock market volatility, tariffs, the Federal Reserve, unemployment data, consumer sentiment, and...
What's the Buzz? Recent Lessons – Chris Boyd, Jeff Perry, and Russ Ball discuss the
economic and market news of the week, including the continued stock market volatility,
tariffs, the Federal Reserve, unemployment data, consumer sentiment, and inflation. The
trio outlines why having a financial plan is so critical in uncertain times. The
conversation goes on to a discussion about how people make investments decisions
within an employer-sponsored retirement plan, including the pros and cons that come
with using target date funds.
For more information or to reach TEAM AMR, click the following link:
https://www.wealthenhancement.com/s/advisor-teams/amr
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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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Welcome to the program, Something More with Chris
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Boyd.
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I'm Chris Boyd here with Jeff Perry and
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Russ Ball, both of us, all of us
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from the AMR team here at Wealth Enhancement.
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Thanks for being with us.
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And today, we're going to talk about a
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variety of things that we'd start off with
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a little bit of news and maybe some
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little lessons of some of the things we
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glean from the kind of meetings we have
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from one day to the next, and maybe
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some helpful hints that you can apply to
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your own thinking.
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So with that, guys, I don't know, maybe
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we can start with a little bit of
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news.
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I guess we saw the ECB, the European
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Central Bank, did cut rates, trying to stimulate
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over there.
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We've had a little bit of back and
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forth with the president and- Who wants
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to cut rates.
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Who wants to cut rates.
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But Chairman Powell recently indicated that that's sort
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of a wait and see view of things
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right now.
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Anything more to add to either of those
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topics before I jump on to others?
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I'm torn about this rate thing.
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And so, I mean, the Fed's job is
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to watch inflation and employment, right?
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There's two broad categories that they are delegated
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with being responsible.
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Inflation numbers are coming down.
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They're pretty stable.
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If you believe that the tariff situation could
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slow the economy, which is a rational belief,
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that means inflation should trend down.
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But if you believe tariffs will cause higher
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prices, that's inflation.
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So I get why the Fed is hesitating
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because we're in kind of uncharted waters with
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these level of tariff issues.
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Yeah, I think it's a real dilemma, right?
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And a lot of it is, I think,
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wait and see is reasonable because you don't
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know exactly what's really going to be implemented
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when it all shakes out.
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Right.
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If you'd expect massive tariffs, the kind of
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thing we're talking about in China, well, it's
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inevitable you'd have high inflation, at least temporarily,
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transitory.
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Where there's no credibility, you mean?
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But if that was the case, I'm the
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one here.
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And then, like you say, I mean, the
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other thing people worry about is a slowing
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economy and that could be the reason to
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stimulate.
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So you've got kind of this back and
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forth going on that's a little bit ambiguous.
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I guess the question that I ask myself
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when this issue comes up, like, should they
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decrease rates, is what is the rate that
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they're seeking, right?
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And if they're waiting to see what happens,
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what is the rate that they want it
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to be at?
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And if they are artificially high, just because
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of where they are in the cycle, right?
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Artificially meaning what?
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I'm not following you there.
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So the PCE they want is 2%
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and it's over that.
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I think it was 2.8 or something
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like that, right?
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Right.
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But what's the rate if they reach their
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goal that they would be at, right?
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And how does that correlate with where they're
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at now compared to the inflation trends?
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So if they're artificially high, meaning pausing at
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a higher rate because they don't know, I
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guess there's an argument that maybe they should
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be leaning towards lowering.
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Yeah, I would say if they're not, if
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rates are inflation rates are higher than they
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want to keep interest rates higher is an
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effort to reduce the rate of inflation.
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Unemployment, the other mandate clearly right now is
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still pretty good.
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So now if you do have a big
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economic disruption, then you'd be a little bit
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more challenged to expect unemployment to be disrupted
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and to have rising unemployment.
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Yeah, we're not seeing that in the data
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yet, but the number that's below expectations.
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No, no.
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So to your point, there's no worry on
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the unemployment side, but there is still a
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concern for inflation being elevated.
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And if we're worried that the tariffs could
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exacerbate that, it probably makes sense not to
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be reducing rates in that setting because you're
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still trying to get inflation lower.
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That assumes the question, that assumes, you answered
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the question that I posed, but that assumes
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that the Fed's inflation rate is actually 2
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.0. I know that's what they say, but
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some of their target that their target is.
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Yeah.
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So there's been a lot of posturing about
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that.
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Is that really the rate that they expect
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or is that really their target?
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Is that really reasonable?
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Well, and to another point that I think
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you made to me outside of the content
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of the program here, interest rates have declined,
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not on the short end, but on the
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long end of the curve.
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You are the further out on the curve,
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right?
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Have we seen some change there?
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Yeah.
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Actually, sorry.
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They've been rising.
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I take it back, right?
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Interest rates have been rising on the longer
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end, right?
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As you've had perhaps more sellers in the
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bond market with treasuries causing some disruption of
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the yield, prices have gone down and yields
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have gone up.
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I guess it depends when we're comparing it
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to, right?
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So if you compare it to January, rates
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are lower.
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Rates of the 10-year is lower, it's
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like 40 or 50 basis points lower than
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it was.
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So the bond market sometimes is telling us
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things on their own regardless of what the
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Fed is doing, right?
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Well, I think prior to this question of
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why are rates rising the way they have
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in very recent weeks, the longer term outlook
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from the bond market was conveying the thought
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of a slowing economy due to concern that
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would tariffs have a slowing effect, right?
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And this was before any announcement of what
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the actual plan was, I think some expectation
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of that over time would have some consequence.
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I think the other end of this is
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probably the way that things have moved is
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maybe some gamesmanship or pressure to try to
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say, hey, look, we can dump some of
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these bonds that are being held by foreign
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powers.
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Seems like whatever topic we're discussing, it all
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comes back to tariffs.
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Yeah, it does, I think that's a good
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point.
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So along those lines, there was an item
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in the Wall Street Journal that asked two
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economists what their expectation is for recession or
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not.
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And the biggest caveat was, hey, the economists
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aren't always right.
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So nothing to overestimate there.
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Well, we've pointed that out many times.
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I think we've done a couple of segments
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called Where's the Recession that they've been predicting
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for years.
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Back with the soft landing topic, would they
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be able to do a soft landing?
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So in this case, you're just seeing a
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sharp rise is really the bottom line.
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We went from at the start of the
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year, maybe around 20% of economists on
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this survey.
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There were some 70-odd economists that get
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surveyed.
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Not all participate in every survey, but in
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any case, 64% in the most recent.
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We went from somewhere around early low 20s
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at the start of the year, expecting a
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probability of recession to somewhere around 45%
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in April, though the survey was taken right
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around the time of the start of all
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the tariff news.
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So again, how this actually evolves and so
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forth.
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That's the problem with the data that we're
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still getting, whatever data point we're getting recently,
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retail sales or unemployment or surveys or...
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It's kind of backward looking as opposed to...
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Inflation data, it's all backward looking.
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So when the April data comes out in
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a few weeks, it may be very different.
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And if it's not different, that'll be extremely
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interesting to dig into.
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Watching the different projections of recession from the
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banks has been about as volatile as the
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market just from one day going from 70
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% chance of recession, actually 40%.
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I think it's kind of in tune with
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what happens with markets, what happens with inflation.
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Banks are adjusting in real time, just like
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everyone else.
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So yeah.
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Well, I think one of these big picture
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issues is consumer sentiment and planning from businesses
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becomes challenging in this face of uncertainty.
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There's a lot of lack of clarity as
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to what is really going to be the
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plan when it comes to tariffs in particular.
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And so that creates an uncertainty of businesses
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to know what to do when it comes
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to their own spending and purchasing and so
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forth.
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To the concern of consumers, should I, shouldn't
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I?
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You could, on the one hand, see consumers
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saying, hey, those tariffs are going up.
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Let's go get that car.
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Let's go get that TV or whatever stuff
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they might think.
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Well, before it gets worse, you could see
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that surge some economic impact.
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Or you could see people saying, you know,
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I'm a little worried.
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I'm not sure what's going to happen.
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Maybe we'll keep some powder dry.
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Maybe I'm not sure my job is as
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secure as I'd like it to be or
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whatever.
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And you could see that working its way
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into the consumer sentiment and spending.
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And of course, we know that our economy
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is largely driven by the purchasing of consumption
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largely by individuals.
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So in any case, I wouldn't be surprised
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if this uncertainty has some consequence.
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But it may be a surge before.
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It's a slow.
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It's a fair point.
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That's a fair point.
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Well, in the midst of all this, I
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think, you know, one of the things that
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we want to talk about is what are
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some of the lessons that we can maybe
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derive from some of the experiences we've had
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with the way we're talking with clients?
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And Jeff, you had talked about retirement plans
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a little bit as maybe one of the
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things we want to start off talking about.
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Well, you know, we've heard from clients over
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the past since Liberation Day, I guess.
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I actually thought, you know, just as kind
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of a tangent here, I actually thought we'd
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hear more from clients since the tariff mess
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00:13:11,060 --> 00:13:13,100
and the market volatility.
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I was kind of gearing up for like,
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OK, my schedule is going to be super
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full.
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And I'm going to hear from half of
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my clients each day, you know.
284
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But that hasn't been the case.
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And I think the primary reason is because
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our clients are, first of all, they're well
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informed because we talk to them a lot
288
00:13:34,260 --> 00:13:37,280
in different methods, including this podcast, I guess.
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But, you know, direct communication with our clients
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and we're telling them our thoughts and our
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views.
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So communication certainly helps people feel like they
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understand what we're doing and why we're doing
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it.
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But they also have a financial plan.
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And the financial plan, we review with them
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frequently, at least annually.
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And, you know, they have an understanding of
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how volatility fits in.
300
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And we do a risk assessment at the
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beginning of all this to make sure that
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hopefully make sure that they're invested in the
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proper allocation based on the risk tolerance.
304
00:14:13,320 --> 00:14:14,940
So when you put all those things together,
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I guess it makes sense that our clients
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00:14:17,080 --> 00:14:20,180
as a whole, all of them, but maybe
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a little bit less concerned about market volatility.
308
00:14:24,300 --> 00:14:26,420
But certainly the ones that we're hearing from,
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00:14:26,740 --> 00:14:29,200
that is the topic that they're discussing.
310
00:14:29,280 --> 00:14:32,240
They're concerned about the tariffs and what it
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means for their individual investments.
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00:14:34,780 --> 00:14:37,040
And I think that goes back to having
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the right risk assessment and having them invested
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in the right asset allocation.
315
00:14:41,280 --> 00:14:44,220
In this case, primarily talking about exposure to
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the stock market.
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Yeah, I'll just jump in and then Russ,
318
00:14:50,180 --> 00:14:52,100
I'm sure you want to chime in too.
319
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But we definitely do hear more from clients
320
00:14:56,620 --> 00:15:02,280
in times of market volatility and anxiety, so
321
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to speak.
322
00:15:03,100 --> 00:15:03,200
Right?
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Right.
324
00:15:03,720 --> 00:15:07,340
And that's understandable and totally reasonable.
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That's when you want advice from your advisor.
326
00:15:12,720 --> 00:15:13,380
And that's fine.
327
00:15:13,840 --> 00:15:14,920
That's where we're coming from.
328
00:15:14,920 --> 00:15:16,940
To have that opportunity, right?
329
00:15:17,080 --> 00:15:17,380
Absolutely.
330
00:15:17,400 --> 00:15:19,960
So rather people talk to us and get
331
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input rather than maybe go rogue and make
332
00:15:24,320 --> 00:15:26,500
some decisions without some counsel.
333
00:15:26,500 --> 00:15:27,660
Yeah, an emotional decision.
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00:15:29,080 --> 00:15:35,000
In our case, I think our clients do
335
00:15:35,000 --> 00:15:38,500
know that we're actively managing their investments and
336
00:15:38,500 --> 00:15:42,440
that may offer them some additional comfort.
337
00:15:42,440 --> 00:15:44,220
I think there's a lot of people right
338
00:15:44,220 --> 00:15:46,180
now who, after a couple of years, really
339
00:15:46,180 --> 00:15:49,900
good years, kind of have the mindset, well,
340
00:15:50,020 --> 00:15:52,480
this is the way markets work and we
341
00:15:52,480 --> 00:15:52,960
understand.
342
00:15:53,300 --> 00:15:55,400
And to some extent, maybe just trying to
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00:15:55,400 --> 00:15:58,560
turn a blind eye for a time, thinking
344
00:15:58,560 --> 00:16:01,200
that there's ups and downs.
345
00:16:01,340 --> 00:16:03,980
I know it's a long term thing, that
346
00:16:03,980 --> 00:16:04,660
kind of mindset.
347
00:16:05,300 --> 00:16:07,300
Those clients who are at a stage of
348
00:16:07,300 --> 00:16:10,160
life where they're drawing from their investments may
349
00:16:10,160 --> 00:16:12,320
feel a little more anxiety.
350
00:16:14,880 --> 00:16:17,720
And maybe, Russ, you can talk a little
351
00:16:17,720 --> 00:16:19,260
bit about some of the things that we've
352
00:16:19,260 --> 00:16:22,140
been talking about that help people when they're
353
00:16:22,140 --> 00:16:23,900
thinking that way as well.
354
00:16:25,680 --> 00:16:25,880
Yeah.
355
00:16:26,020 --> 00:16:28,740
So I think what you just mentioned, Chris,
356
00:16:28,880 --> 00:16:31,580
is that sometimes taking a step back and
357
00:16:31,580 --> 00:16:33,960
not looking at the market every single day
358
00:16:33,960 --> 00:16:34,520
can be helpful.
359
00:16:34,520 --> 00:16:36,880
I think most of the clients who are
360
00:16:36,880 --> 00:16:40,540
particularly nervous or concerned about the portfolios are
361
00:16:40,540 --> 00:16:42,040
the ones that are looking at the stock
362
00:16:42,040 --> 00:16:42,880
market every day.
363
00:16:43,000 --> 00:16:44,380
They're seeing the ups and downs.
364
00:16:44,620 --> 00:16:46,940
When they come and meet with us, we
365
00:16:46,940 --> 00:16:48,880
show them their plan, we stress test their
366
00:16:48,880 --> 00:16:50,960
plan, and I think that gives a certain
367
00:16:50,960 --> 00:16:54,360
level of comfort that big picture, things are
368
00:16:54,360 --> 00:16:55,220
probably going to be OK.
369
00:16:56,000 --> 00:16:58,840
And in the meantime, it's a bumpy ride,
370
00:16:59,100 --> 00:16:59,740
but there's a lot.
371
00:16:59,740 --> 00:17:02,940
By having a financial plan like Jeff was
372
00:17:02,940 --> 00:17:05,140
talking about, you can see, all right, what's
373
00:17:05,140 --> 00:17:06,640
going to happen if the market goes down
374
00:17:06,640 --> 00:17:08,060
by X percent tomorrow?
375
00:17:08,480 --> 00:17:10,480
We can model that out and show what
376
00:17:10,480 --> 00:17:11,099
that looks like.
377
00:17:11,819 --> 00:17:15,640
The other thing that we're doing is we
378
00:17:15,640 --> 00:17:18,680
aspire to create this bucket approach where we
379
00:17:18,680 --> 00:17:21,260
have liquidity reserves in one piece.
380
00:17:21,520 --> 00:17:23,940
So whether that's cash in a bank account,
381
00:17:24,040 --> 00:17:25,839
in a high yield savings account, a money
382
00:17:25,839 --> 00:17:28,580
market fund, you have that reserve to get
383
00:17:28,580 --> 00:17:29,120
over the hump.
384
00:17:29,120 --> 00:17:32,220
So rather if the market's down one year,
385
00:17:32,300 --> 00:17:34,400
two years, we try to prepare for that,
386
00:17:34,540 --> 00:17:37,560
have that excess spending money set aside.
387
00:17:38,220 --> 00:17:40,060
And then the second bucket would be a
388
00:17:40,060 --> 00:17:42,360
little bit more of a bond focused, more
389
00:17:42,360 --> 00:17:43,700
conservative portfolio.
390
00:17:44,060 --> 00:17:45,760
And the longer term could be a little
391
00:17:45,760 --> 00:17:48,520
bit more equity focused and growth oriented.
392
00:17:50,380 --> 00:17:53,040
So having the buckets is a good piece
393
00:17:53,040 --> 00:17:53,460
of it.
394
00:17:54,480 --> 00:17:56,900
Reviewing the risk assessment, to your point, Jeff,
395
00:17:56,960 --> 00:17:58,760
is a good piece of it.
396
00:18:00,500 --> 00:18:02,680
And, you know, what do you do today
397
00:18:02,680 --> 00:18:06,380
if you find that, yeah, my risk appetite
398
00:18:06,380 --> 00:18:07,480
has changed?
399
00:18:09,120 --> 00:18:13,260
I'm not as tolerant of volatility as I
400
00:18:13,260 --> 00:18:15,420
was the last time I did my risk
401
00:18:15,420 --> 00:18:17,960
assessment questionnaire a couple of years ago.
402
00:18:19,440 --> 00:18:20,840
Life has evolved.
403
00:18:21,040 --> 00:18:24,500
I'm closer to spending, whatever it might be,
404
00:18:24,540 --> 00:18:24,780
right?
405
00:18:25,460 --> 00:18:27,520
And I think that's the challenge.
406
00:18:27,800 --> 00:18:29,460
But that's usually why we do try to
407
00:18:29,460 --> 00:18:33,680
have gradations of risk in your portfolio so
408
00:18:33,680 --> 00:18:36,400
that you have a place for the near
409
00:18:36,400 --> 00:18:39,020
term, a place for some longer term, you
410
00:18:39,020 --> 00:18:40,960
know, that kind of thing in the way
411
00:18:40,960 --> 00:18:41,620
you're structured.
412
00:18:43,220 --> 00:18:46,040
But when there are multiple accounts, I think
413
00:18:46,040 --> 00:18:47,880
that gives you the opportunity to say, well,
414
00:18:48,000 --> 00:18:50,000
maybe we can make an incremental adjustment.
415
00:18:51,100 --> 00:18:52,720
Let's not do an all or nothing.
416
00:18:52,720 --> 00:18:54,140
Let's not do anything extreme.
417
00:18:55,120 --> 00:18:59,700
But maybe there's a place for modifying your
418
00:18:59,700 --> 00:19:04,480
risk tolerance, your implementation of your plan a
419
00:19:04,480 --> 00:19:04,920
little bit.
420
00:19:08,080 --> 00:19:10,020
Markets are not at their highs.
421
00:19:10,700 --> 00:19:11,520
That's clear.
422
00:19:12,780 --> 00:19:15,440
But we've had a bit of, you know,
423
00:19:15,500 --> 00:19:16,460
it's been back and forth.
424
00:19:16,860 --> 00:19:20,120
So there is a little bit of periodically
425
00:19:20,120 --> 00:19:22,200
there's an opportunity to say, well, maybe now's
426
00:19:22,200 --> 00:19:25,920
a good time, you know, for an incremental,
427
00:19:26,520 --> 00:19:29,840
modest adjustment, if it helps you to sleep
428
00:19:29,840 --> 00:19:30,140
better.
429
00:19:31,020 --> 00:19:33,860
Big picture, though, you really want to think
430
00:19:33,860 --> 00:19:34,380
long term.
431
00:19:34,840 --> 00:19:38,200
You want to not look at it day
432
00:19:38,200 --> 00:19:39,360
to day, as Russ was saying.
433
00:19:41,120 --> 00:19:44,400
And we tend to have that mindset that
434
00:19:44,400 --> 00:19:47,660
over time things will perform well.
435
00:19:47,860 --> 00:19:50,420
It's just equities do tend to outperform.
436
00:19:51,220 --> 00:19:53,480
But there is volatility that we have to
437
00:19:53,480 --> 00:19:53,800
endure.
438
00:19:53,980 --> 00:19:57,280
So that's why we want this mix of
439
00:19:57,280 --> 00:19:57,920
investments.
440
00:19:58,940 --> 00:20:01,420
Something we've been talking about is people who
441
00:20:01,420 --> 00:20:05,120
have maybe some investments but don't have a
442
00:20:05,120 --> 00:20:08,540
lot of cash reserve or they're trying to
443
00:20:08,540 --> 00:20:12,240
tidy up their debt picture and clean up
444
00:20:12,240 --> 00:20:13,500
some of those kind of things.
445
00:20:13,500 --> 00:20:16,400
And that's a good practice as well to
446
00:20:16,400 --> 00:20:19,700
try to ease up their cash flow without
447
00:20:19,700 --> 00:20:22,640
trying to pay off some debts, maybe to
448
00:20:22,640 --> 00:20:30,420
have fewer kinds of costs can help them
449
00:20:30,420 --> 00:20:33,580
save up and add to their cash again,
450
00:20:33,840 --> 00:20:35,080
you know, rebuild that cash.
451
00:20:35,920 --> 00:20:37,860
But we want to kind of have a
452
00:20:37,860 --> 00:20:43,480
combination of liquidity for the unexpected, because that
453
00:20:43,480 --> 00:20:47,200
can help us to get through the volatility
454
00:20:47,200 --> 00:20:50,720
that we know in periods is going to
455
00:20:50,720 --> 00:20:51,040
happen.
456
00:20:52,960 --> 00:20:53,960
What else, Jeff?
457
00:20:54,000 --> 00:20:56,160
You look like you were ready to comment
458
00:20:56,160 --> 00:20:57,440
on one of those things.
459
00:20:58,780 --> 00:21:01,780
It's not exactly on point, but it is
460
00:21:01,780 --> 00:21:02,200
related.
461
00:21:02,460 --> 00:21:05,280
And some of the clients I've spoken to
462
00:21:05,280 --> 00:21:08,300
in the past few weeks and they have
463
00:21:08,300 --> 00:21:10,680
assets that we manage for them, but a
464
00:21:10,680 --> 00:21:13,720
lot of them also have 401ks, they're still
465
00:21:13,720 --> 00:21:14,100
working.
466
00:21:15,660 --> 00:21:20,080
And I find the level of concern about
467
00:21:20,080 --> 00:21:22,880
investments and their level of understanding of what
468
00:21:22,880 --> 00:21:25,020
they have, it's like kind of night and
469
00:21:25,020 --> 00:21:27,540
day that I think so many people, whether
470
00:21:27,540 --> 00:21:29,720
they're clients of ours, this is irrelevant, this
471
00:21:29,720 --> 00:21:30,720
is just a general statement.
472
00:21:32,240 --> 00:21:35,640
It's amazing the lack of knowledge, information and
473
00:21:35,640 --> 00:21:39,180
consideration that's given to people when they have
474
00:21:39,180 --> 00:21:40,000
a 401k.
475
00:21:40,120 --> 00:21:41,620
So many people, you know, they have a
476
00:21:41,620 --> 00:21:44,360
401k and they just don't know how it's
477
00:21:44,360 --> 00:21:44,760
invested.
478
00:21:45,060 --> 00:21:48,200
It could have started when they got the
479
00:21:48,200 --> 00:21:49,840
job out of college or if they got
480
00:21:49,840 --> 00:21:52,520
a new job and they go to HR,
481
00:21:52,640 --> 00:21:53,500
they fill out the forms.
482
00:21:53,700 --> 00:21:55,840
They got so much paperwork to do when
483
00:21:55,840 --> 00:21:57,420
you start off and it's just one of
484
00:21:57,420 --> 00:21:58,440
many things, right?
485
00:21:58,460 --> 00:22:00,200
Here's the form, we sign up, we max
486
00:22:00,200 --> 00:22:02,500
3%, it's a good deal, do it.
487
00:22:02,800 --> 00:22:04,640
And then if they're lucky, they get another
488
00:22:04,640 --> 00:22:06,480
form that says, here are your choices.
489
00:22:07,380 --> 00:22:10,480
And they're making these decisions either, you know,
490
00:22:10,560 --> 00:22:12,200
sitting in a small chair with a clipboard
491
00:22:12,200 --> 00:22:14,520
at the HR office, or maybe they go
492
00:22:14,520 --> 00:22:17,020
home and do it, but they're making these
493
00:22:17,020 --> 00:22:19,680
decisions without all the things that we're talking
494
00:22:19,680 --> 00:22:19,920
about.
495
00:22:20,040 --> 00:22:22,840
They haven't likely, I'm sure there's exceptions, but
496
00:22:22,840 --> 00:22:24,000
they haven't done a risk assessment.
497
00:22:24,240 --> 00:22:27,840
They probably don't have a financial plan and
498
00:22:27,840 --> 00:22:29,760
they're just at the end of the day,
499
00:22:29,860 --> 00:22:32,220
seeing either a rate of return on one
500
00:22:32,220 --> 00:22:33,940
of the investments that looks really good, so
501
00:22:33,940 --> 00:22:36,940
they'll pick that one or they say, oh,
502
00:22:37,060 --> 00:22:37,960
capital preservation.
503
00:22:38,180 --> 00:22:39,120
I don't want to lose my money.
504
00:22:40,180 --> 00:22:42,780
And they check capital preservation or whatever they
505
00:22:42,780 --> 00:22:43,180
do.
506
00:22:43,480 --> 00:22:45,840
Or these days, often it's just done by
507
00:22:45,840 --> 00:22:47,220
a target date.
508
00:22:47,340 --> 00:22:49,360
This is my retirement objective.
509
00:22:49,640 --> 00:22:51,880
I'll plug it in there, which is, I
510
00:22:51,880 --> 00:22:55,120
mean, not bad, but it doesn't necessarily help
511
00:22:55,120 --> 00:22:56,240
you to understand what you own.
512
00:22:56,620 --> 00:22:57,320
You know what I mean?
513
00:22:57,340 --> 00:22:58,320
How it's going to react.
514
00:22:58,620 --> 00:23:00,620
Well, I actually talked to someone who, it's
515
00:23:00,620 --> 00:23:02,080
not a client of ours, but I talked
516
00:23:02,080 --> 00:23:04,060
to someone, I had lunch with someone who
517
00:23:04,060 --> 00:23:05,300
may be a client of ours one of
518
00:23:05,300 --> 00:23:06,900
these days, and he was talking about the
519
00:23:06,900 --> 00:23:07,940
target fund that he has.
520
00:23:08,660 --> 00:23:10,540
And he asked me, he's in this target
521
00:23:10,540 --> 00:23:12,200
fund and he asked me what the date
522
00:23:12,200 --> 00:23:12,660
meant.
523
00:23:13,620 --> 00:23:15,720
Like target fund 2030.
524
00:23:16,780 --> 00:23:17,900
And so he said, what's that?
525
00:23:17,960 --> 00:23:18,560
What's the date?
526
00:23:18,740 --> 00:23:19,820
I said, it's the year 2030.
527
00:23:20,160 --> 00:23:23,580
It's designed to be a prediction of when
528
00:23:23,580 --> 00:23:24,940
you might be using those funds.
529
00:23:26,340 --> 00:23:27,840
And he said, oh, okay.
530
00:23:29,080 --> 00:23:31,000
So it just, I guess I'm hearing a
531
00:23:31,000 --> 00:23:31,960
lot about it in the last few weeks
532
00:23:31,960 --> 00:23:33,660
about either people being really nervous because they
533
00:23:33,660 --> 00:23:40,080
don't understand what they have or however you
534
00:23:40,080 --> 00:23:40,640
want to frame it.
535
00:23:40,720 --> 00:23:42,380
They just don't have a good understanding of
536
00:23:42,380 --> 00:23:45,400
what they have, which leads to being more
537
00:23:45,400 --> 00:23:47,780
nervous and more concerned and having more angst
538
00:23:47,780 --> 00:23:49,540
about having the 401k.
539
00:23:49,640 --> 00:23:50,900
You don't know what it's invested in.
540
00:23:51,100 --> 00:23:52,840
You see it go down, but you don't
541
00:23:52,840 --> 00:23:55,200
know really if it's temporary or permanent.
542
00:23:55,200 --> 00:23:57,900
So it just adds to the whole feeling
543
00:23:57,900 --> 00:24:00,040
that I have working with an advisor where
544
00:24:00,040 --> 00:24:03,100
you can ask these questions, have this information.
545
00:24:03,660 --> 00:24:05,460
If you have an investment that they're managing,
546
00:24:05,660 --> 00:24:07,300
hopefully they've done this risk assessment.
547
00:24:07,360 --> 00:24:08,820
It's part of a financial plan.
548
00:24:09,200 --> 00:24:10,320
So it's all one picture.
549
00:24:10,400 --> 00:24:11,960
And when you feel this way, you have
550
00:24:11,960 --> 00:24:14,080
these questions rather than wake up at three
551
00:24:14,080 --> 00:24:16,700
in the morning and go down a rabbit
552
00:24:16,700 --> 00:24:16,980
hole.
553
00:24:17,580 --> 00:24:19,620
You can just call your advisor and say,
554
00:24:19,800 --> 00:24:23,020
my account's down a few percent.
555
00:24:23,240 --> 00:24:24,260
But I had this call yesterday.
556
00:24:24,260 --> 00:24:25,110
My account's on 3%.
557
00:24:26,180 --> 00:24:26,980
I'm nervous.
558
00:24:27,160 --> 00:24:28,200
It's never gone down.
559
00:24:28,320 --> 00:24:30,460
This person started investing a couple of years
560
00:24:30,460 --> 00:24:33,440
ago and they had two years of 20
561
00:24:33,440 --> 00:24:36,420
% returns and they're just new to investing.
562
00:24:36,720 --> 00:24:38,100
So it's like, this is what happens.
563
00:24:38,180 --> 00:24:39,060
I like this thing.
564
00:24:40,100 --> 00:24:41,440
And it's down 3%.
565
00:24:41,440 --> 00:24:42,460
So she was nervous.
566
00:24:43,040 --> 00:24:43,760
So what's going on?
567
00:24:43,980 --> 00:24:44,920
Yeah, it's supposed to go up.
568
00:24:45,380 --> 00:24:45,500
Right.
569
00:24:45,840 --> 00:24:50,280
So she understands now, but this was just
570
00:24:50,280 --> 00:24:52,100
somebody who hadn't had that experience.
571
00:24:52,100 --> 00:24:57,160
So you mentioned target dates and those kinds
572
00:24:57,160 --> 00:24:57,540
of funds.
573
00:24:57,880 --> 00:24:59,220
And Russ, I know you're a fan of
574
00:24:59,220 --> 00:25:01,160
Christine Venn's Morningstar.
575
00:25:01,320 --> 00:25:02,760
I think you follow her too.
576
00:25:02,760 --> 00:25:02,960
I am too.
577
00:25:03,700 --> 00:25:03,940
Yeah.
578
00:25:04,420 --> 00:25:05,980
I met her as a guest, in fact.
579
00:25:06,360 --> 00:25:07,100
We have.
580
00:25:08,140 --> 00:25:10,900
I know she's done a number of reports
581
00:25:10,900 --> 00:25:14,300
on how there's these big differences in how
582
00:25:14,300 --> 00:25:16,240
some of these target date funds work.
583
00:25:16,500 --> 00:25:18,980
Is it a target date for retirement where
584
00:25:18,980 --> 00:25:22,020
then you have a 20 year time horizon?
585
00:25:22,020 --> 00:25:24,100
Or is it, this is the date I
586
00:25:24,100 --> 00:25:26,540
want it to be without risk.
587
00:25:27,260 --> 00:25:29,620
You know, essentially, you can have these widely
588
00:25:29,620 --> 00:25:30,300
varying.
589
00:25:31,560 --> 00:25:32,460
Definitionally, right?
590
00:25:32,820 --> 00:25:33,020
Yeah.
591
00:25:33,300 --> 00:25:37,100
Structures for these target date type of portfolios.
592
00:25:37,280 --> 00:25:39,240
So understanding how that works.
593
00:25:40,300 --> 00:25:41,940
You know, as we kind of wrap up,
594
00:25:42,440 --> 00:25:44,540
I was thinking for those people who are
595
00:25:44,540 --> 00:25:48,540
particularly anxious right now.
596
00:25:49,720 --> 00:25:53,400
It's this, our episode is going to air
597
00:25:53,400 --> 00:25:54,460
on Good Friday.
598
00:25:55,160 --> 00:25:58,640
So and for all those who celebrated Passover
599
00:25:58,640 --> 00:26:01,380
last week, happy Passover.
600
00:26:02,280 --> 00:26:05,160
And for those who celebrate Easter, wishing you
601
00:26:05,160 --> 00:26:05,940
a happy Easter.
602
00:26:06,400 --> 00:26:08,320
But I thought I'd make a little analogy
603
00:26:08,320 --> 00:26:11,660
here that, you know, you may be in
604
00:26:11,660 --> 00:26:15,140
the depths of despair when you're feeling about
605
00:26:15,140 --> 00:26:15,940
your portfolio.
606
00:26:16,480 --> 00:26:20,400
The Good Friday experience of, you know, all
607
00:26:20,400 --> 00:26:22,060
the despair that comes with that.
608
00:26:22,700 --> 00:26:24,900
But ultimately, after that comes new life, right?
609
00:26:25,120 --> 00:26:29,000
And eventually, that's the way investing works as
610
00:26:29,000 --> 00:26:29,340
well.
611
00:26:29,800 --> 00:26:31,720
It can take time, might not be three
612
00:26:31,720 --> 00:26:32,600
days, sorry.
613
00:26:33,460 --> 00:26:39,240
But, you know, there's the ultimate eventuality that
614
00:26:39,240 --> 00:26:44,420
we have better outcomes given time and new
615
00:26:44,420 --> 00:26:44,800
beginnings.
616
00:26:44,800 --> 00:26:47,780
And as much as we may go through
617
00:26:47,780 --> 00:26:51,100
some disruption with tariffs and the economic consequence
618
00:26:51,100 --> 00:26:53,560
that may shake out from now, there may
619
00:26:53,560 --> 00:26:55,020
be some disruption.
620
00:26:56,040 --> 00:27:00,040
Eventually, it will lead to greater profitability of,
621
00:27:00,420 --> 00:27:01,880
you know, companies tend to find a way
622
00:27:01,880 --> 00:27:02,680
to be profitable.
623
00:27:03,420 --> 00:27:08,580
And that will eventually lead to higher values
624
00:27:08,580 --> 00:27:09,440
in your portfolio.
625
00:27:09,440 --> 00:27:11,060
So maybe that's a little bit of a
626
00:27:11,060 --> 00:27:15,540
seasonal takeaway as we head towards spring and
627
00:27:15,540 --> 00:27:16,760
all that comes with it.
628
00:27:16,860 --> 00:27:18,180
Thanks, everyone, for being here.
629
00:27:18,460 --> 00:27:19,740
And guys, good input.
630
00:27:20,060 --> 00:27:22,460
Take a little bit of help from us.
631
00:27:22,540 --> 00:27:24,100
We'd be happy to give you an analysis
632
00:27:24,100 --> 00:27:28,180
of your portfolio, evaluate how it's positioned relative
633
00:27:28,180 --> 00:27:30,280
to your risk tolerance.
634
00:27:30,280 --> 00:27:32,060
We'll give you a risk questionnaire to help
635
00:27:32,060 --> 00:27:35,480
navigate that and maybe identify some things you
636
00:27:35,480 --> 00:27:37,360
might want to consider if there's need for
637
00:27:37,360 --> 00:27:37,720
change.
638
00:27:37,720 --> 00:27:40,200
We do run into occasions where people are
639
00:27:40,200 --> 00:27:41,960
doing great and there's not a need for
640
00:27:41,960 --> 00:27:42,300
change.
641
00:27:42,760 --> 00:27:45,460
But if you'd like to take us up,
642
00:27:45,860 --> 00:27:49,200
reach out to us and we're happy to
643
00:27:49,200 --> 00:27:50,360
be a resource to you.
644
00:27:50,720 --> 00:27:53,660
866-771-8901.
645
00:27:54,160 --> 00:27:57,140
And until next time, keep striving for something
646
00:27:57,140 --> 00:27:57,460
more.
647
00:28:07,720 --> 00:28:09,880
For those quality of life issues that make
648
00:28:09,880 --> 00:28:11,300
the money matters, matter.
649
00:28:11,700 --> 00:28:12,680
Whatever's on your mind.
650
00:28:12,780 --> 00:28:16,560
Visit us at somethingmorewithchrisboyd.com or call us
651
00:28:16,560 --> 00:28:21,780
toll free at 866-771-8901.
652
00:28:21,920 --> 00:28:25,680
Or send us your questions to amr-info
653
00:28:25,680 --> 00:28:27,620
at wealthenhancement.com.
654
00:28:27,740 --> 00:28:29,740
You're listening to Something More with Chris Boyd
655
00:28:29,740 --> 00:28:30,580
Financial Talk Show.
656
00:28:30,760 --> 00:28:33,180
Wealth Enhancement Advisory Services and Jay Christopher Boyd
657
00:28:33,180 --> 00:28:35,520
provide investment advice on an individual basis to
658
00:28:35,520 --> 00:28:36,060
clients only.
659
00:28:36,060 --> 00:28:38,200
Proper advice depends on a complete analysis of
660
00:28:38,200 --> 00:28:39,400
all facts and circumstances.
661
00:28:39,720 --> 00:28:41,480
The information given on this program is general
662
00:28:41,480 --> 00:28:43,500
financial comments and cannot be relied upon as
663
00:28:43,500 --> 00:28:45,100
pertaining to your specific situation.
664
00:28:45,320 --> 00:28:47,280
Wealth Enhancement Group cannot guarantee that using the
665
00:28:47,280 --> 00:28:49,280
information from this show will generate profits or
666
00:28:49,280 --> 00:28:50,400
ensure freedom from loss.
667
00:28:50,600 --> 00:28:52,740
Listeners should consult their own financial advisors or
668
00:28:52,740 --> 00:28:54,840
conduct their own due diligence before making any
669
00:28:54,840 --> 00:28:55,620
financial decisions.
00:00:00,460 --> 00:00:02,940
Welcome to Something More with Chris Boyd.
2
00:00:03,280 --> 00:00:06,140
Chris Boyd is a certified financial planner, practitioner,
3
00:00:06,360 --> 00:00:09,080
and senior vice president, financial advisor at Wealth
4
00:00:09,080 --> 00:00:11,760
Enhancement Group, one of the nation's largest registered
5
00:00:11,760 --> 00:00:12,800
investment advisors.
6
00:00:13,340 --> 00:00:15,219
We call it Something More because we'd like
7
00:00:15,219 --> 00:00:17,340
to talk not only about those important dollar
8
00:00:17,340 --> 00:00:19,520
and cents issues, but also the quality of
9
00:00:19,520 --> 00:00:21,980
life issues that make the money matters matter.
10
00:00:22,360 --> 00:00:25,740
Here he is, your fulfillment facilitator, your partner
11
00:00:25,740 --> 00:00:28,880
in prosperity, advising clients on Cape Cod and
12
00:00:28,880 --> 00:00:29,920
across the country.
13
00:00:30,320 --> 00:00:32,740
Here's your host, Jay Christopher Boyd.
14
00:00:33,540 --> 00:00:35,580
Welcome to the program, Something More with Chris
15
00:00:35,580 --> 00:00:35,920
Boyd.
16
00:00:36,000 --> 00:00:38,480
I'm Chris Boyd here with Jeff Perry and
17
00:00:38,480 --> 00:00:40,300
Russ Ball, both of us, all of us
18
00:00:40,300 --> 00:00:44,480
from the AMR team here at Wealth Enhancement.
19
00:00:44,600 --> 00:00:45,580
Thanks for being with us.
20
00:00:46,420 --> 00:00:48,300
And today, we're going to talk about a
21
00:00:48,300 --> 00:00:50,100
variety of things that we'd start off with
22
00:00:50,100 --> 00:00:51,580
a little bit of news and maybe some
23
00:00:51,580 --> 00:00:54,120
little lessons of some of the things we
24
00:00:54,120 --> 00:00:57,160
glean from the kind of meetings we have
25
00:00:57,160 --> 00:00:59,420
from one day to the next, and maybe
26
00:00:59,420 --> 00:01:02,480
some helpful hints that you can apply to
27
00:01:02,480 --> 00:01:03,120
your own thinking.
28
00:01:04,080 --> 00:01:06,480
So with that, guys, I don't know, maybe
29
00:01:06,480 --> 00:01:07,720
we can start with a little bit of
30
00:01:07,720 --> 00:01:08,120
news.
31
00:01:08,340 --> 00:01:11,220
I guess we saw the ECB, the European
32
00:01:11,220 --> 00:01:15,460
Central Bank, did cut rates, trying to stimulate
33
00:01:15,460 --> 00:01:16,520
over there.
34
00:01:17,160 --> 00:01:18,620
We've had a little bit of back and
35
00:01:18,620 --> 00:01:21,340
forth with the president and- Who wants
36
00:01:21,340 --> 00:01:22,000
to cut rates.
37
00:01:22,280 --> 00:01:23,460
Who wants to cut rates.
38
00:01:24,220 --> 00:01:29,240
But Chairman Powell recently indicated that that's sort
39
00:01:29,240 --> 00:01:31,200
of a wait and see view of things
40
00:01:31,200 --> 00:01:32,200
right now.
41
00:01:33,560 --> 00:01:35,980
Anything more to add to either of those
42
00:01:35,980 --> 00:01:38,680
topics before I jump on to others?
43
00:01:38,940 --> 00:01:40,700
I'm torn about this rate thing.
44
00:01:40,860 --> 00:01:44,200
And so, I mean, the Fed's job is
45
00:01:44,200 --> 00:01:46,960
to watch inflation and employment, right?
46
00:01:46,960 --> 00:01:52,560
There's two broad categories that they are delegated
47
00:01:52,560 --> 00:01:53,740
with being responsible.
48
00:01:54,800 --> 00:01:56,420
Inflation numbers are coming down.
49
00:01:56,620 --> 00:01:57,340
They're pretty stable.
50
00:01:58,160 --> 00:02:02,000
If you believe that the tariff situation could
51
00:02:02,000 --> 00:02:05,600
slow the economy, which is a rational belief,
52
00:02:06,880 --> 00:02:11,400
that means inflation should trend down.
53
00:02:11,520 --> 00:02:13,500
But if you believe tariffs will cause higher
54
00:02:13,500 --> 00:02:15,440
prices, that's inflation.
55
00:02:15,860 --> 00:02:20,000
So I get why the Fed is hesitating
56
00:02:20,000 --> 00:02:22,540
because we're in kind of uncharted waters with
57
00:02:22,540 --> 00:02:27,480
these level of tariff issues.
58
00:02:27,900 --> 00:02:30,420
Yeah, I think it's a real dilemma, right?
59
00:02:33,380 --> 00:02:35,640
And a lot of it is, I think,
60
00:02:35,780 --> 00:02:37,800
wait and see is reasonable because you don't
61
00:02:37,800 --> 00:02:41,500
know exactly what's really going to be implemented
62
00:02:41,500 --> 00:02:44,620
when it all shakes out.
63
00:02:44,620 --> 00:02:44,940
Right.
64
00:02:46,260 --> 00:02:50,280
If you'd expect massive tariffs, the kind of
65
00:02:50,280 --> 00:02:53,320
thing we're talking about in China, well, it's
66
00:02:53,320 --> 00:02:56,900
inevitable you'd have high inflation, at least temporarily,
67
00:02:57,420 --> 00:02:57,960
transitory.
68
00:03:00,620 --> 00:03:02,720
Where there's no credibility, you mean?
69
00:03:04,480 --> 00:03:07,580
But if that was the case, I'm the
70
00:03:07,580 --> 00:03:07,880
one here.
71
00:03:07,880 --> 00:03:12,360
And then, like you say, I mean, the
72
00:03:12,360 --> 00:03:14,560
other thing people worry about is a slowing
73
00:03:14,560 --> 00:03:18,020
economy and that could be the reason to
74
00:03:18,020 --> 00:03:18,560
stimulate.
75
00:03:18,880 --> 00:03:22,000
So you've got kind of this back and
76
00:03:22,000 --> 00:03:24,500
forth going on that's a little bit ambiguous.
77
00:03:24,900 --> 00:03:28,000
I guess the question that I ask myself
78
00:03:28,000 --> 00:03:30,740
when this issue comes up, like, should they
79
00:03:30,740 --> 00:03:34,080
decrease rates, is what is the rate that
80
00:03:34,080 --> 00:03:34,920
they're seeking, right?
81
00:03:34,920 --> 00:03:39,820
And if they're waiting to see what happens,
82
00:03:40,340 --> 00:03:42,000
what is the rate that they want it
83
00:03:42,000 --> 00:03:42,480
to be at?
84
00:03:42,560 --> 00:03:46,360
And if they are artificially high, just because
85
00:03:46,360 --> 00:03:47,940
of where they are in the cycle, right?
86
00:03:48,800 --> 00:03:49,980
Artificially meaning what?
87
00:03:50,060 --> 00:03:51,100
I'm not following you there.
88
00:03:51,600 --> 00:03:54,840
So the PCE they want is 2%
89
00:03:54,840 --> 00:03:57,780
and it's over that.
90
00:03:57,960 --> 00:03:59,800
I think it was 2.8 or something
91
00:03:59,800 --> 00:04:00,500
like that, right?
92
00:04:00,820 --> 00:04:01,140
Right.
93
00:04:01,140 --> 00:04:04,560
But what's the rate if they reach their
94
00:04:04,560 --> 00:04:05,960
goal that they would be at, right?
95
00:04:05,960 --> 00:04:07,500
And how does that correlate with where they're
96
00:04:07,500 --> 00:04:10,840
at now compared to the inflation trends?
97
00:04:12,100 --> 00:04:15,200
So if they're artificially high, meaning pausing at
98
00:04:15,200 --> 00:04:19,120
a higher rate because they don't know, I
99
00:04:19,120 --> 00:04:21,880
guess there's an argument that maybe they should
100
00:04:21,880 --> 00:04:24,500
be leaning towards lowering.
101
00:04:24,500 --> 00:04:29,720
Yeah, I would say if they're not, if
102
00:04:29,720 --> 00:04:32,280
rates are inflation rates are higher than they
103
00:04:32,280 --> 00:04:37,320
want to keep interest rates higher is an
104
00:04:37,320 --> 00:04:39,600
effort to reduce the rate of inflation.
105
00:04:40,180 --> 00:04:42,960
Unemployment, the other mandate clearly right now is
106
00:04:42,960 --> 00:04:43,940
still pretty good.
107
00:04:44,860 --> 00:04:47,440
So now if you do have a big
108
00:04:47,440 --> 00:04:51,180
economic disruption, then you'd be a little bit
109
00:04:51,180 --> 00:04:55,080
more challenged to expect unemployment to be disrupted
110
00:04:55,080 --> 00:04:57,900
and to have rising unemployment.
111
00:04:58,600 --> 00:05:01,400
Yeah, we're not seeing that in the data
112
00:05:01,400 --> 00:05:04,280
yet, but the number that's below expectations.
113
00:05:05,120 --> 00:05:05,220
No, no.
114
00:05:05,480 --> 00:05:08,580
So to your point, there's no worry on
115
00:05:08,580 --> 00:05:11,980
the unemployment side, but there is still a
116
00:05:11,980 --> 00:05:14,700
concern for inflation being elevated.
117
00:05:15,580 --> 00:05:21,060
And if we're worried that the tariffs could
118
00:05:21,060 --> 00:05:26,680
exacerbate that, it probably makes sense not to
119
00:05:26,680 --> 00:05:30,240
be reducing rates in that setting because you're
120
00:05:30,240 --> 00:05:32,780
still trying to get inflation lower.
121
00:05:33,820 --> 00:05:39,680
That assumes the question, that assumes, you answered
122
00:05:39,680 --> 00:05:41,780
the question that I posed, but that assumes
123
00:05:41,780 --> 00:05:44,700
that the Fed's inflation rate is actually 2
124
00:05:44,700 --> 00:05:48,020
.0. I know that's what they say, but
125
00:05:48,020 --> 00:05:50,220
some of their target that their target is.
126
00:05:50,500 --> 00:05:50,620
Yeah.
127
00:05:52,740 --> 00:05:56,380
So there's been a lot of posturing about
128
00:05:56,380 --> 00:05:56,720
that.
129
00:05:57,040 --> 00:05:59,060
Is that really the rate that they expect
130
00:05:59,060 --> 00:06:00,600
or is that really their target?
131
00:06:00,700 --> 00:06:01,700
Is that really reasonable?
132
00:06:02,660 --> 00:06:05,840
Well, and to another point that I think
133
00:06:05,840 --> 00:06:09,140
you made to me outside of the content
134
00:06:09,140 --> 00:06:13,740
of the program here, interest rates have declined,
135
00:06:14,020 --> 00:06:16,420
not on the short end, but on the
136
00:06:16,420 --> 00:06:17,940
long end of the curve.
137
00:06:18,080 --> 00:06:19,680
You are the further out on the curve,
138
00:06:20,320 --> 00:06:21,160
right?
139
00:06:21,200 --> 00:06:23,200
Have we seen some change there?
140
00:06:24,200 --> 00:06:24,320
Yeah.
141
00:06:25,480 --> 00:06:26,460
Actually, sorry.
142
00:06:26,640 --> 00:06:27,600
They've been rising.
143
00:06:27,780 --> 00:06:28,760
I take it back, right?
144
00:06:28,760 --> 00:06:31,820
Interest rates have been rising on the longer
145
00:06:31,820 --> 00:06:32,360
end, right?
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As you've had perhaps more sellers in the
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bond market with treasuries causing some disruption of
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the yield, prices have gone down and yields
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have gone up.
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I guess it depends when we're comparing it
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to, right?
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So if you compare it to January, rates
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are lower.
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Rates of the 10-year is lower, it's
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like 40 or 50 basis points lower than
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it was.
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So the bond market sometimes is telling us
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things on their own regardless of what the
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Fed is doing, right?
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Well, I think prior to this question of
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why are rates rising the way they have
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in very recent weeks, the longer term outlook
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from the bond market was conveying the thought
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of a slowing economy due to concern that
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would tariffs have a slowing effect, right?
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And this was before any announcement of what
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the actual plan was, I think some expectation
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of that over time would have some consequence.
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I think the other end of this is
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probably the way that things have moved is
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maybe some gamesmanship or pressure to try to
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say, hey, look, we can dump some of
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these bonds that are being held by foreign
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powers.
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Seems like whatever topic we're discussing, it all
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comes back to tariffs.
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Yeah, it does, I think that's a good
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point.
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So along those lines, there was an item
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in the Wall Street Journal that asked two
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economists what their expectation is for recession or
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not.
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And the biggest caveat was, hey, the economists
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aren't always right.
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So nothing to overestimate there.
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Well, we've pointed that out many times.
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I think we've done a couple of segments
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called Where's the Recession that they've been predicting
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for years.
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Back with the soft landing topic, would they
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be able to do a soft landing?
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So in this case, you're just seeing a
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sharp rise is really the bottom line.
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We went from at the start of the
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year, maybe around 20% of economists on
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this survey.
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There were some 70-odd economists that get
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surveyed.
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Not all participate in every survey, but in
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any case, 64% in the most recent.
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We went from somewhere around early low 20s
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at the start of the year, expecting a
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probability of recession to somewhere around 45%
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in April, though the survey was taken right
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around the time of the start of all
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the tariff news.
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So again, how this actually evolves and so
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forth.
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That's the problem with the data that we're
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still getting, whatever data point we're getting recently,
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retail sales or unemployment or surveys or...
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It's kind of backward looking as opposed to...
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Inflation data, it's all backward looking.
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So when the April data comes out in
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a few weeks, it may be very different.
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And if it's not different, that'll be extremely
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interesting to dig into.
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Watching the different projections of recession from the
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banks has been about as volatile as the
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market just from one day going from 70
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% chance of recession, actually 40%.
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I think it's kind of in tune with
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what happens with markets, what happens with inflation.
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Banks are adjusting in real time, just like
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everyone else.
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So yeah.
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Well, I think one of these big picture
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issues is consumer sentiment and planning from businesses
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becomes challenging in this face of uncertainty.
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There's a lot of lack of clarity as
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to what is really going to be the
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plan when it comes to tariffs in particular.
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And so that creates an uncertainty of businesses
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to know what to do when it comes
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to their own spending and purchasing and so
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forth.
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To the concern of consumers, should I, shouldn't
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I?
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You could, on the one hand, see consumers
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saying, hey, those tariffs are going up.
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Let's go get that car.
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Let's go get that TV or whatever stuff
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they might think.
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Well, before it gets worse, you could see
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that surge some economic impact.
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Or you could see people saying, you know,
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I'm a little worried.
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I'm not sure what's going to happen.
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Maybe we'll keep some powder dry.
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Maybe I'm not sure my job is as
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secure as I'd like it to be or
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whatever.
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And you could see that working its way
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into the consumer sentiment and spending.
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And of course, we know that our economy
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is largely driven by the purchasing of consumption
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largely by individuals.
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So in any case, I wouldn't be surprised
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if this uncertainty has some consequence.
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But it may be a surge before.
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It's a slow.
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It's a fair point.
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That's a fair point.
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Well, in the midst of all this, I
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think, you know, one of the things that
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we want to talk about is what are
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some of the lessons that we can maybe
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derive from some of the experiences we've had
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with the way we're talking with clients?
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And Jeff, you had talked about retirement plans
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a little bit as maybe one of the
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things we want to start off talking about.
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Well, you know, we've heard from clients over
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the past since Liberation Day, I guess.
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I actually thought, you know, just as kind
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of a tangent here, I actually thought we'd
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hear more from clients since the tariff mess
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and the market volatility.
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I was kind of gearing up for like,
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OK, my schedule is going to be super
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full.
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And I'm going to hear from half of
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my clients each day, you know.
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But that hasn't been the case.
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And I think the primary reason is because
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our clients are, first of all, they're well
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informed because we talk to them a lot
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in different methods, including this podcast, I guess.
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But, you know, direct communication with our clients
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and we're telling them our thoughts and our
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views.
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So communication certainly helps people feel like they
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understand what we're doing and why we're doing
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it.
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But they also have a financial plan.
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And the financial plan, we review with them
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frequently, at least annually.
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And, you know, they have an understanding of
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how volatility fits in.
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And we do a risk assessment at the
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beginning of all this to make sure that
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hopefully make sure that they're invested in the
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proper allocation based on the risk tolerance.
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So when you put all those things together,
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I guess it makes sense that our clients
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as a whole, all of them, but maybe
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a little bit less concerned about market volatility.
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But certainly the ones that we're hearing from,
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that is the topic that they're discussing.
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They're concerned about the tariffs and what it
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means for their individual investments.
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And I think that goes back to having
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the right risk assessment and having them invested
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in the right asset allocation.
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In this case, primarily talking about exposure to
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the stock market.
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Yeah, I'll just jump in and then Russ,
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I'm sure you want to chime in too.
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But we definitely do hear more from clients
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in times of market volatility and anxiety, so
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to speak.
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Right?
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Right.
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And that's understandable and totally reasonable.
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That's when you want advice from your advisor.
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And that's fine.
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That's where we're coming from.
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To have that opportunity, right?
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Absolutely.
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So rather people talk to us and get
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input rather than maybe go rogue and make
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some decisions without some counsel.
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Yeah, an emotional decision.
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In our case, I think our clients do
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know that we're actively managing their investments and
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that may offer them some additional comfort.
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I think there's a lot of people right
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now who, after a couple of years, really
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good years, kind of have the mindset, well,
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this is the way markets work and we
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understand.
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And to some extent, maybe just trying to
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turn a blind eye for a time, thinking
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that there's ups and downs.
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I know it's a long term thing, that
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kind of mindset.
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Those clients who are at a stage of
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life where they're drawing from their investments may
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feel a little more anxiety.
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And maybe, Russ, you can talk a little
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bit about some of the things that we've
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been talking about that help people when they're
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thinking that way as well.
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Yeah.
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So I think what you just mentioned, Chris,
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is that sometimes taking a step back and
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not looking at the market every single day
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can be helpful.
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I think most of the clients who are
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particularly nervous or concerned about the portfolios are
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the ones that are looking at the stock
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market every day.
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They're seeing the ups and downs.
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When they come and meet with us, we
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show them their plan, we stress test their
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plan, and I think that gives a certain
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level of comfort that big picture, things are
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probably going to be OK.
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And in the meantime, it's a bumpy ride,
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but there's a lot.
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By having a financial plan like Jeff was
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talking about, you can see, all right, what's
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going to happen if the market goes down
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by X percent tomorrow?
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We can model that out and show what
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that looks like.
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The other thing that we're doing is we
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aspire to create this bucket approach where we
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have liquidity reserves in one piece.
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So whether that's cash in a bank account,
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in a high yield savings account, a money
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market fund, you have that reserve to get
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over the hump.
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So rather if the market's down one year,
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two years, we try to prepare for that,
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have that excess spending money set aside.
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And then the second bucket would be a
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little bit more of a bond focused, more
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conservative portfolio.
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And the longer term could be a little
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bit more equity focused and growth oriented.
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So having the buckets is a good piece
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of it.
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Reviewing the risk assessment, to your point, Jeff,
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is a good piece of it.
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And, you know, what do you do today
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if you find that, yeah, my risk appetite
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has changed?
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I'm not as tolerant of volatility as I
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was the last time I did my risk
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assessment questionnaire a couple of years ago.
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Life has evolved.
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I'm closer to spending, whatever it might be,
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right?
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And I think that's the challenge.
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But that's usually why we do try to
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have gradations of risk in your portfolio so
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that you have a place for the near
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term, a place for some longer term, you
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know, that kind of thing in the way
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you're structured.
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But when there are multiple accounts, I think
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that gives you the opportunity to say, well,
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maybe we can make an incremental adjustment.
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Let's not do an all or nothing.
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Let's not do anything extreme.
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But maybe there's a place for modifying your
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risk tolerance, your implementation of your plan a
419
00:19:04,480 --> 00:19:04,920
little bit.
420
00:19:08,080 --> 00:19:10,020
Markets are not at their highs.
421
00:19:10,700 --> 00:19:11,520
That's clear.
422
00:19:12,780 --> 00:19:15,440
But we've had a bit of, you know,
423
00:19:15,500 --> 00:19:16,460
it's been back and forth.
424
00:19:16,860 --> 00:19:20,120
So there is a little bit of periodically
425
00:19:20,120 --> 00:19:22,200
there's an opportunity to say, well, maybe now's
426
00:19:22,200 --> 00:19:25,920
a good time, you know, for an incremental,
427
00:19:26,520 --> 00:19:29,840
modest adjustment, if it helps you to sleep
428
00:19:29,840 --> 00:19:30,140
better.
429
00:19:31,020 --> 00:19:33,860
Big picture, though, you really want to think
430
00:19:33,860 --> 00:19:34,380
long term.
431
00:19:34,840 --> 00:19:38,200
You want to not look at it day
432
00:19:38,200 --> 00:19:39,360
to day, as Russ was saying.
433
00:19:41,120 --> 00:19:44,400
And we tend to have that mindset that
434
00:19:44,400 --> 00:19:47,660
over time things will perform well.
435
00:19:47,860 --> 00:19:50,420
It's just equities do tend to outperform.
436
00:19:51,220 --> 00:19:53,480
But there is volatility that we have to
437
00:19:53,480 --> 00:19:53,800
endure.
438
00:19:53,980 --> 00:19:57,280
So that's why we want this mix of
439
00:19:57,280 --> 00:19:57,920
investments.
440
00:19:58,940 --> 00:20:01,420
Something we've been talking about is people who
441
00:20:01,420 --> 00:20:05,120
have maybe some investments but don't have a
442
00:20:05,120 --> 00:20:08,540
lot of cash reserve or they're trying to
443
00:20:08,540 --> 00:20:12,240
tidy up their debt picture and clean up
444
00:20:12,240 --> 00:20:13,500
some of those kind of things.
445
00:20:13,500 --> 00:20:16,400
And that's a good practice as well to
446
00:20:16,400 --> 00:20:19,700
try to ease up their cash flow without
447
00:20:19,700 --> 00:20:22,640
trying to pay off some debts, maybe to
448
00:20:22,640 --> 00:20:30,420
have fewer kinds of costs can help them
449
00:20:30,420 --> 00:20:33,580
save up and add to their cash again,
450
00:20:33,840 --> 00:20:35,080
you know, rebuild that cash.
451
00:20:35,920 --> 00:20:37,860
But we want to kind of have a
452
00:20:37,860 --> 00:20:43,480
combination of liquidity for the unexpected, because that
453
00:20:43,480 --> 00:20:47,200
can help us to get through the volatility
454
00:20:47,200 --> 00:20:50,720
that we know in periods is going to
455
00:20:50,720 --> 00:20:51,040
happen.
456
00:20:52,960 --> 00:20:53,960
What else, Jeff?
457
00:20:54,000 --> 00:20:56,160
You look like you were ready to comment
458
00:20:56,160 --> 00:20:57,440
on one of those things.
459
00:20:58,780 --> 00:21:01,780
It's not exactly on point, but it is
460
00:21:01,780 --> 00:21:02,200
related.
461
00:21:02,460 --> 00:21:05,280
And some of the clients I've spoken to
462
00:21:05,280 --> 00:21:08,300
in the past few weeks and they have
463
00:21:08,300 --> 00:21:10,680
assets that we manage for them, but a
464
00:21:10,680 --> 00:21:13,720
lot of them also have 401ks, they're still
465
00:21:13,720 --> 00:21:14,100
working.
466
00:21:15,660 --> 00:21:20,080
And I find the level of concern about
467
00:21:20,080 --> 00:21:22,880
investments and their level of understanding of what
468
00:21:22,880 --> 00:21:25,020
they have, it's like kind of night and
469
00:21:25,020 --> 00:21:27,540
day that I think so many people, whether
470
00:21:27,540 --> 00:21:29,720
they're clients of ours, this is irrelevant, this
471
00:21:29,720 --> 00:21:30,720
is just a general statement.
472
00:21:32,240 --> 00:21:35,640
It's amazing the lack of knowledge, information and
473
00:21:35,640 --> 00:21:39,180
consideration that's given to people when they have
474
00:21:39,180 --> 00:21:40,000
a 401k.
475
00:21:40,120 --> 00:21:41,620
So many people, you know, they have a
476
00:21:41,620 --> 00:21:44,360
401k and they just don't know how it's
477
00:21:44,360 --> 00:21:44,760
invested.
478
00:21:45,060 --> 00:21:48,200
It could have started when they got the
479
00:21:48,200 --> 00:21:49,840
job out of college or if they got
480
00:21:49,840 --> 00:21:52,520
a new job and they go to HR,
481
00:21:52,640 --> 00:21:53,500
they fill out the forms.
482
00:21:53,700 --> 00:21:55,840
They got so much paperwork to do when
483
00:21:55,840 --> 00:21:57,420
you start off and it's just one of
484
00:21:57,420 --> 00:21:58,440
many things, right?
485
00:21:58,460 --> 00:22:00,200
Here's the form, we sign up, we max
486
00:22:00,200 --> 00:22:02,500
3%, it's a good deal, do it.
487
00:22:02,800 --> 00:22:04,640
And then if they're lucky, they get another
488
00:22:04,640 --> 00:22:06,480
form that says, here are your choices.
489
00:22:07,380 --> 00:22:10,480
And they're making these decisions either, you know,
490
00:22:10,560 --> 00:22:12,200
sitting in a small chair with a clipboard
491
00:22:12,200 --> 00:22:14,520
at the HR office, or maybe they go
492
00:22:14,520 --> 00:22:17,020
home and do it, but they're making these
493
00:22:17,020 --> 00:22:19,680
decisions without all the things that we're talking
494
00:22:19,680 --> 00:22:19,920
about.
495
00:22:20,040 --> 00:22:22,840
They haven't likely, I'm sure there's exceptions, but
496
00:22:22,840 --> 00:22:24,000
they haven't done a risk assessment.
497
00:22:24,240 --> 00:22:27,840
They probably don't have a financial plan and
498
00:22:27,840 --> 00:22:29,760
they're just at the end of the day,
499
00:22:29,860 --> 00:22:32,220
seeing either a rate of return on one
500
00:22:32,220 --> 00:22:33,940
of the investments that looks really good, so
501
00:22:33,940 --> 00:22:36,940
they'll pick that one or they say, oh,
502
00:22:37,060 --> 00:22:37,960
capital preservation.
503
00:22:38,180 --> 00:22:39,120
I don't want to lose my money.
504
00:22:40,180 --> 00:22:42,780
And they check capital preservation or whatever they
505
00:22:42,780 --> 00:22:43,180
do.
506
00:22:43,480 --> 00:22:45,840
Or these days, often it's just done by
507
00:22:45,840 --> 00:22:47,220
a target date.
508
00:22:47,340 --> 00:22:49,360
This is my retirement objective.
509
00:22:49,640 --> 00:22:51,880
I'll plug it in there, which is, I
510
00:22:51,880 --> 00:22:55,120
mean, not bad, but it doesn't necessarily help
511
00:22:55,120 --> 00:22:56,240
you to understand what you own.
512
00:22:56,620 --> 00:22:57,320
You know what I mean?
513
00:22:57,340 --> 00:22:58,320
How it's going to react.
514
00:22:58,620 --> 00:23:00,620
Well, I actually talked to someone who, it's
515
00:23:00,620 --> 00:23:02,080
not a client of ours, but I talked
516
00:23:02,080 --> 00:23:04,060
to someone, I had lunch with someone who
517
00:23:04,060 --> 00:23:05,300
may be a client of ours one of
518
00:23:05,300 --> 00:23:06,900
these days, and he was talking about the
519
00:23:06,900 --> 00:23:07,940
target fund that he has.
520
00:23:08,660 --> 00:23:10,540
And he asked me, he's in this target
521
00:23:10,540 --> 00:23:12,200
fund and he asked me what the date
522
00:23:12,200 --> 00:23:12,660
meant.
523
00:23:13,620 --> 00:23:15,720
Like target fund 2030.
524
00:23:16,780 --> 00:23:17,900
And so he said, what's that?
525
00:23:17,960 --> 00:23:18,560
What's the date?
526
00:23:18,740 --> 00:23:19,820
I said, it's the year 2030.
527
00:23:20,160 --> 00:23:23,580
It's designed to be a prediction of when
528
00:23:23,580 --> 00:23:24,940
you might be using those funds.
529
00:23:26,340 --> 00:23:27,840
And he said, oh, okay.
530
00:23:29,080 --> 00:23:31,000
So it just, I guess I'm hearing a
531
00:23:31,000 --> 00:23:31,960
lot about it in the last few weeks
532
00:23:31,960 --> 00:23:33,660
about either people being really nervous because they
533
00:23:33,660 --> 00:23:40,080
don't understand what they have or however you
534
00:23:40,080 --> 00:23:40,640
want to frame it.
535
00:23:40,720 --> 00:23:42,380
They just don't have a good understanding of
536
00:23:42,380 --> 00:23:45,400
what they have, which leads to being more
537
00:23:45,400 --> 00:23:47,780
nervous and more concerned and having more angst
538
00:23:47,780 --> 00:23:49,540
about having the 401k.
539
00:23:49,640 --> 00:23:50,900
You don't know what it's invested in.
540
00:23:51,100 --> 00:23:52,840
You see it go down, but you don't
541
00:23:52,840 --> 00:23:55,200
know really if it's temporary or permanent.
542
00:23:55,200 --> 00:23:57,900
So it just adds to the whole feeling
543
00:23:57,900 --> 00:24:00,040
that I have working with an advisor where
544
00:24:00,040 --> 00:24:03,100
you can ask these questions, have this information.
545
00:24:03,660 --> 00:24:05,460
If you have an investment that they're managing,
546
00:24:05,660 --> 00:24:07,300
hopefully they've done this risk assessment.
547
00:24:07,360 --> 00:24:08,820
It's part of a financial plan.
548
00:24:09,200 --> 00:24:10,320
So it's all one picture.
549
00:24:10,400 --> 00:24:11,960
And when you feel this way, you have
550
00:24:11,960 --> 00:24:14,080
these questions rather than wake up at three
551
00:24:14,080 --> 00:24:16,700
in the morning and go down a rabbit
552
00:24:16,700 --> 00:24:16,980
hole.
553
00:24:17,580 --> 00:24:19,620
You can just call your advisor and say,
554
00:24:19,800 --> 00:24:23,020
my account's down a few percent.
555
00:24:23,240 --> 00:24:24,260
But I had this call yesterday.
556
00:24:24,260 --> 00:24:25,110
My account's on 3%.
557
00:24:26,180 --> 00:24:26,980
I'm nervous.
558
00:24:27,160 --> 00:24:28,200
It's never gone down.
559
00:24:28,320 --> 00:24:30,460
This person started investing a couple of years
560
00:24:30,460 --> 00:24:33,440
ago and they had two years of 20
561
00:24:33,440 --> 00:24:36,420
% returns and they're just new to investing.
562
00:24:36,720 --> 00:24:38,100
So it's like, this is what happens.
563
00:24:38,180 --> 00:24:39,060
I like this thing.
564
00:24:40,100 --> 00:24:41,440
And it's down 3%.
565
00:24:41,440 --> 00:24:42,460
So she was nervous.
566
00:24:43,040 --> 00:24:43,760
So what's going on?
567
00:24:43,980 --> 00:24:44,920
Yeah, it's supposed to go up.
568
00:24:45,380 --> 00:24:45,500
Right.
569
00:24:45,840 --> 00:24:50,280
So she understands now, but this was just
570
00:24:50,280 --> 00:24:52,100
somebody who hadn't had that experience.
571
00:24:52,100 --> 00:24:57,160
So you mentioned target dates and those kinds
572
00:24:57,160 --> 00:24:57,540
of funds.
573
00:24:57,880 --> 00:24:59,220
And Russ, I know you're a fan of
574
00:24:59,220 --> 00:25:01,160
Christine Venn's Morningstar.
575
00:25:01,320 --> 00:25:02,760
I think you follow her too.
576
00:25:02,760 --> 00:25:02,960
I am too.
577
00:25:03,700 --> 00:25:03,940
Yeah.
578
00:25:04,420 --> 00:25:05,980
I met her as a guest, in fact.
579
00:25:06,360 --> 00:25:07,100
We have.
580
00:25:08,140 --> 00:25:10,900
I know she's done a number of reports
581
00:25:10,900 --> 00:25:14,300
on how there's these big differences in how
582
00:25:14,300 --> 00:25:16,240
some of these target date funds work.
583
00:25:16,500 --> 00:25:18,980
Is it a target date for retirement where
584
00:25:18,980 --> 00:25:22,020
then you have a 20 year time horizon?
585
00:25:22,020 --> 00:25:24,100
Or is it, this is the date I
586
00:25:24,100 --> 00:25:26,540
want it to be without risk.
587
00:25:27,260 --> 00:25:29,620
You know, essentially, you can have these widely
588
00:25:29,620 --> 00:25:30,300
varying.
589
00:25:31,560 --> 00:25:32,460
Definitionally, right?
590
00:25:32,820 --> 00:25:33,020
Yeah.
591
00:25:33,300 --> 00:25:37,100
Structures for these target date type of portfolios.
592
00:25:37,280 --> 00:25:39,240
So understanding how that works.
593
00:25:40,300 --> 00:25:41,940
You know, as we kind of wrap up,
594
00:25:42,440 --> 00:25:44,540
I was thinking for those people who are
595
00:25:44,540 --> 00:25:48,540
particularly anxious right now.
596
00:25:49,720 --> 00:25:53,400
It's this, our episode is going to air
597
00:25:53,400 --> 00:25:54,460
on Good Friday.
598
00:25:55,160 --> 00:25:58,640
So and for all those who celebrated Passover
599
00:25:58,640 --> 00:26:01,380
last week, happy Passover.
600
00:26:02,280 --> 00:26:05,160
And for those who celebrate Easter, wishing you
601
00:26:05,160 --> 00:26:05,940
a happy Easter.
602
00:26:06,400 --> 00:26:08,320
But I thought I'd make a little analogy
603
00:26:08,320 --> 00:26:11,660
here that, you know, you may be in
604
00:26:11,660 --> 00:26:15,140
the depths of despair when you're feeling about
605
00:26:15,140 --> 00:26:15,940
your portfolio.
606
00:26:16,480 --> 00:26:20,400
The Good Friday experience of, you know, all
607
00:26:20,400 --> 00:26:22,060
the despair that comes with that.
608
00:26:22,700 --> 00:26:24,900
But ultimately, after that comes new life, right?
609
00:26:25,120 --> 00:26:29,000
And eventually, that's the way investing works as
610
00:26:29,000 --> 00:26:29,340
well.
611
00:26:29,800 --> 00:26:31,720
It can take time, might not be three
612
00:26:31,720 --> 00:26:32,600
days, sorry.
613
00:26:33,460 --> 00:26:39,240
But, you know, there's the ultimate eventuality that
614
00:26:39,240 --> 00:26:44,420
we have better outcomes given time and new
615
00:26:44,420 --> 00:26:44,800
beginnings.
616
00:26:44,800 --> 00:26:47,780
And as much as we may go through
617
00:26:47,780 --> 00:26:51,100
some disruption with tariffs and the economic consequence
618
00:26:51,100 --> 00:26:53,560
that may shake out from now, there may
619
00:26:53,560 --> 00:26:55,020
be some disruption.
620
00:26:56,040 --> 00:27:00,040
Eventually, it will lead to greater profitability of,
621
00:27:00,420 --> 00:27:01,880
you know, companies tend to find a way
622
00:27:01,880 --> 00:27:02,680
to be profitable.
623
00:27:03,420 --> 00:27:08,580
And that will eventually lead to higher values
624
00:27:08,580 --> 00:27:09,440
in your portfolio.
625
00:27:09,440 --> 00:27:11,060
So maybe that's a little bit of a
626
00:27:11,060 --> 00:27:15,540
seasonal takeaway as we head towards spring and
627
00:27:15,540 --> 00:27:16,760
all that comes with it.
628
00:27:16,860 --> 00:27:18,180
Thanks, everyone, for being here.
629
00:27:18,460 --> 00:27:19,740
And guys, good input.
630
00:27:20,060 --> 00:27:22,460
Take a little bit of help from us.
631
00:27:22,540 --> 00:27:24,100
We'd be happy to give you an analysis
632
00:27:24,100 --> 00:27:28,180
of your portfolio, evaluate how it's positioned relative
633
00:27:28,180 --> 00:27:30,280
to your risk tolerance.
634
00:27:30,280 --> 00:27:32,060
We'll give you a risk questionnaire to help
635
00:27:32,060 --> 00:27:35,480
navigate that and maybe identify some things you
636
00:27:35,480 --> 00:27:37,360
might want to consider if there's need for
637
00:27:37,360 --> 00:27:37,720
change.
638
00:27:37,720 --> 00:27:40,200
We do run into occasions where people are
639
00:27:40,200 --> 00:27:41,960
doing great and there's not a need for
640
00:27:41,960 --> 00:27:42,300
change.
641
00:27:42,760 --> 00:27:45,460
But if you'd like to take us up,
642
00:27:45,860 --> 00:27:49,200
reach out to us and we're happy to
643
00:27:49,200 --> 00:27:50,360
be a resource to you.
644
00:27:50,720 --> 00:27:53,660
866-771-8901.
645
00:27:54,160 --> 00:27:57,140
And until next time, keep striving for something
646
00:27:57,140 --> 00:27:57,460
more.
647
00:28:07,720 --> 00:28:09,880
For those quality of life issues that make
648
00:28:09,880 --> 00:28:11,300
the money matters, matter.
649
00:28:11,700 --> 00:28:12,680
Whatever's on your mind.
650
00:28:12,780 --> 00:28:16,560
Visit us at somethingmorewithchrisboyd.com or call us
651
00:28:16,560 --> 00:28:21,780
toll free at 866-771-8901.
652
00:28:21,920 --> 00:28:25,680
Or send us your questions to amr-info
653
00:28:25,680 --> 00:28:27,620
at wealthenhancement.com.
654
00:28:27,740 --> 00:28:29,740
You're listening to Something More with Chris Boyd
655
00:28:29,740 --> 00:28:30,580
Financial Talk Show.
656
00:28:30,760 --> 00:28:33,180
Wealth Enhancement Advisory Services and Jay Christopher Boyd
657
00:28:33,180 --> 00:28:35,520
provide investment advice on an individual basis to
658
00:28:35,520 --> 00:28:36,060
clients only.
659
00:28:36,060 --> 00:28:38,200
Proper advice depends on a complete analysis of
660
00:28:38,200 --> 00:28:39,400
all facts and circumstances.
661
00:28:39,720 --> 00:28:41,480
The information given on this program is general
662
00:28:41,480 --> 00:28:43,500
financial comments and cannot be relied upon as
663
00:28:43,500 --> 00:28:45,100
pertaining to your specific situation.
664
00:28:45,320 --> 00:28:47,280
Wealth Enhancement Group cannot guarantee that using the
665
00:28:47,280 --> 00:28:49,280
information from this show will generate profits or
666
00:28:49,280 --> 00:28:50,400
ensure freedom from loss.
667
00:28:50,600 --> 00:28:52,740
Listeners should consult their own financial advisors or
668
00:28:52,740 --> 00:28:54,840
conduct their own due diligence before making any
669
00:28:54,840 --> 00:28:55,620
financial decisions.
