Kelly Financial: Saturday, December 06, 2025

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Episode Transcript

Speaker 1 (00:12):
It's coming to us, So ladies and gentlemen, welcome to
Safe Money Strategies on WRKO. I'm William Kelly and it's
an honor to carry on a family legacy rooted in
real world values and practical advice. Kelly Financial was founded
in two thousand and three by my parents, my late

(00:34):
father Bill Kelly and my mother Kelly Kelly and Braintree
and Burlington, Massachusetts. Just two years later, Dad launched Safe
Money Strategies on WRKO as a no nonsense call in
radio show focused on common sense planning and protecting wealth.
Over the past two decades, Dad became a pillar in
New England finance, an engineer turned entrepreneur, author and philanthropist

(00:56):
who believed in giving back and walking the talk. Since
our show has remained a Saturday morning staple, offering insight
and empowerment. Here at Kelly Financial, we help steward over
seven hundred million dollars across our affiliated business, including more
than five hundred million dollars managed by our sec registered
investment advisory, where fiduciary care and our family first philosophy

(01:19):
guides us on safe money strategies. You'll hear candid conversations
with the team, my mother Kelly, myself, advisors Charlie Gable,
Mike Ducett, Greg Workman, Greg Murray, my sister Mary Madeline,
and Tom Schlager. We live by two rules, never quit
and carry on, and we're here to help you do
the same when it comes to your money. Stick around,

(01:40):
take notes and join the conversation. To learn more or
get our free guides or schedule consultation, visit Kelly Financial
dot org or call us at eighty eight eight eight
hundred one eight eight one.

Speaker 2 (01:51):
This is Safe Money Strategies.

Speaker 1 (01:53):
Next up Forever Young with Kelly Kelly and myself William
Kelly Junior.

Speaker 3 (02:02):
Safe Money Strategies with William Kelly and Kelly Kelly eight
eight hundred eighteen eighty one.

Speaker 4 (02:11):
Each week on Safe Money Strategies, we take a moment
to step back from the headlines and have a real conversation,
the kind you might have around the kitchen table. This
is a part of the show we call Forever Young
is where I sit down with my son William Kelly Junior,
and we talk about life, what's going on in the world,

(02:32):
and our family and what really matters most when you're
planning for the future, sometimes is light, sometimes is thoughtful,
but is always real. Good morning, William, how are you Mom?

Speaker 2 (02:45):
I'm great?

Speaker 1 (02:45):
And today we have a fantastic toy drive we're going
to talk about.

Speaker 2 (02:49):
We have Georgia in the studio with us. Now she's
dead asleep.

Speaker 1 (02:52):
We have to head out on a little bit because
in Braintree and Burlington we're going to be having our
Kelly Financial Toy Drive.

Speaker 2 (03:00):
We did this one time before and it was super.

Speaker 1 (03:02):
Successful and I'm very excited to see some folks in Burlington. Specifically,
I'll be there signing books and there will be a
gift bag with some goodies in there.

Speaker 2 (03:12):
So I'm looking forward to that and super excited. And
other than that, life has been good. Mom. How are you.

Speaker 4 (03:18):
I'm good, I'm good. And we have a greeter at
the door. Do you want to tell them about the greeter?

Speaker 1 (03:25):
So, ladies and gentlemen, I'm sure many of you, especially
avid listeners, are familiar with Mary Madaline's boyfriend who in
which we refer to as Timmy.

Speaker 2 (03:33):
Timmy will be greeting at Burlington.

Speaker 1 (03:37):
And so if you want to see the man who
is taking care of Mary Madaline, the love of her life.

Speaker 2 (03:44):
One of the greatest guys ever. I'll say that he
just is the perfect man for her.

Speaker 1 (03:50):
If you want to meet him, then come on over
to Burlington.

Speaker 2 (03:53):
You'll see me, you'll see him.

Speaker 1 (03:55):
So tell me a little bit about what you've been
doing in terms of production lately.

Speaker 2 (03:59):
You've been working hard, like I don't even think you
take a day off.

Speaker 1 (04:03):
The only day you took off is Thanksgiving to eat
and you probably work that day a little bit too.

Speaker 2 (04:08):
Wow, well, I had to prepare for Thanksgiving. You know.

Speaker 1 (04:11):
I think people don't even realize to the extent you
go to for our clients. And I think you should
share a little bit of the work you do because.

Speaker 2 (04:19):
Folks, it's beyond me.

Speaker 1 (04:21):
Keep in mind, she's the CEO of Kelly Financial Services.
It's beyond me that she does all of this stuff.

Speaker 2 (04:26):
And I honestly it's very impressive.

Speaker 4 (04:29):
It's something I enjoy doing, William, and you know it
is something that I do in the evenings on weekends
and you know that. But I have it all streamlined,
so it's not so that's right. As a fact you
know year round is if anyone is a client of
Kelly Financials, they receive a birthday gift of chocolate.

Speaker 2 (04:48):
In a note.

Speaker 1 (04:49):
And so we have let's see you hire helpers. You
have a couple of kids on your payroll who are
helping you right now, and a mother. You have Georgia,
who's your assistant, keeps things organize. The entire basement is
a factory. We don't have a basement anymore. Ladies and gentlemen,
let's see you are just you're signing a million cards.

(05:09):
You're writing personal messages to every single person. You're sending
out handmade confection chocolate to every single person.

Speaker 2 (05:18):
It's incredible to me.

Speaker 1 (05:20):
I don't even know a CEO who even goes as
far as to write detailed, you know, handwritten cards.

Speaker 2 (05:25):
It's very impressive. It's my love language, it is.

Speaker 1 (05:29):
And I think one time we should film what goes
on down here. Like I remember when we were in
the basement earlier. I was, I was sitting at the
table while you were working. You were having trouble printing
some stuff, and I just look over to my right
and I just see fifty boxes just on the bench,
and then I look to my left and then there's
like two rolls.

Speaker 2 (05:49):
Of bubble wrap, and then you know, I look in your.

Speaker 1 (05:52):
Office and I see a bunch of empty boxes and
it's like, my gosh, I think you do hundreds more.

Speaker 2 (05:57):
Probably this is this is just my ex extra activity.

Speaker 1 (06:01):
Yeah, which is incredible to me. And I think that
you deserve all the appreciation.

Speaker 2 (06:07):
Well, thank you. I enjoy doing it. That's great.

Speaker 4 (06:11):
Well, we have a special guest coming to visit us
on Wednesday.

Speaker 2 (06:16):
That's true.

Speaker 4 (06:16):
Tell my father and I know he's a little nervous
about flying and making the tramp, but he's excited as well.
And we have Carter. Many of you know Carter will
be bringing him. Carter and her husband.

Speaker 1 (06:36):
Carter carries the company one phone call at a time.
She's incredible.

Speaker 2 (06:42):
Yes, she is. Her and her husband will be up here.
They'll get a break from the kids.

Speaker 1 (06:47):
These kids are crazy, they're wild, they're destructive.

Speaker 2 (06:50):
Yeah, we have a company dinner they're coming for.

Speaker 4 (06:53):
And when I asked her if she could bring her grandfather,
my dad, she didn't hesitate.

Speaker 2 (07:01):
She said absolutely. Wow, it's my pleasure. This isn't that wonderful.
I know, blessed to have family like this.

Speaker 1 (07:08):
And best part is we get to stay close with
her because she works with us.

Speaker 3 (07:13):
I know.

Speaker 2 (07:14):
It's just awesome.

Speaker 4 (07:14):
And Dad'll be staying for until the after the first
of the year.

Speaker 2 (07:19):
Crazy. Yeah, I can't believe that that'll be nice. I know,
I'm really excited.

Speaker 1 (07:25):
And it's like, you know, he lives a thousand miles
south and now he comes back up here to spend
time with us, and it's like it feels nice.

Speaker 2 (07:32):
I know it does.

Speaker 4 (07:33):
Now that he's out of farming and retired this year,
now he can come and visit.

Speaker 1 (07:40):
So you made a huge purchase for him out of
the blue ray Vilan, and I thought, We're like, what's
it this impulse buy.

Speaker 2 (07:47):
Putting impulse by I've been thinking about.

Speaker 1 (07:51):
My mom's going to explain what she bought, and I
want you to know. I want you to I want
your opinion if it was an impulse buy or not.
I want you know, thinking it was not an impulse spot,
just explain it to our listeners.

Speaker 2 (08:03):
Well, so my dad will be here for Christmas.

Speaker 4 (08:06):
Prior to Christmas, and he enjoys a good recliner. So
and you know, he's eighty six, almost eighty seven, so
I'm thinking I don't really have a really good recliner
for him. So I find one on Wayfair that you know,
and I don't know how true this is, but I

(08:27):
question this. But the price, the retail price was eighteen
hundred dollars, and it was actually it happened to be
not on Black Friday, but on was it.

Speaker 2 (08:40):
Black Friday, I think before a couple of days before.

Speaker 4 (08:43):
Yeah, yeah, anyway, they had this big sale. I got
it for three hundred dollars and it massages, it has heat.
It will lift up slowly, so that will help him
case heos a lot slower.

Speaker 2 (08:58):
You both day. Basically a chair worth one thousand dollars.
It says eighteen eighteen hundred for three hundred with all
these gives shipping, free shipping.

Speaker 1 (09:10):
Hey, it's good, right, So I mean, hey, I think
that's a great mindset to go into Christmas because you'll
impulse buy nice stuff for your kids. And it's funny
because we were talking about on our last segment about
like being careful I know Black Friday.

Speaker 2 (09:25):
I remember when you did that. We were like kind
of laughing a little bit about.

Speaker 4 (09:29):
That it was not an impulse buy already. It just
happened that it was on sale. I knew what I
was going to purchase. It didn't like I'm not like
looking and then, but for a sudden I see a
recliner this on sale and.

Speaker 2 (09:42):
You impulsely bought it. No, it was a sale impulse.
I want to do it. No, I was buying a
recliner from my foot.

Speaker 1 (09:48):
I wouldn't worry about it, because they have therapists for
this kind of stuff to help come these kind of ailments.

Speaker 2 (09:54):
But I think overall it'll be a good choice. I
think it's gonna help pop you a lot.

Speaker 1 (09:59):
So I'm excited to see everybody at the toy drive today.

Speaker 4 (10:02):
Oh, I know, we have so many wonderful clients who
are so generous.

Speaker 2 (10:11):
And yes, it's gonna be great.

Speaker 4 (10:12):
We can hug our clients, shake hands, and you can
sign some books.

Speaker 5 (10:17):
Will Yam.

Speaker 2 (10:18):
I'm stoked. I'm very We've got all the books. Yes,
we've been a long wait.

Speaker 1 (10:23):
It has, but it's finally here. It's on Amazon. We
have all the copies. It's been a long time coming
and I'm super happy.

Speaker 2 (10:30):
Yeah, and we've got plenty uh to give out.

Speaker 4 (10:33):
You have started mailing them and uh even.

Speaker 2 (10:38):
You got you got a lot to mail out, William.

Speaker 4 (10:41):
But first, uh, yeah, you're going to hand them out
here at our toy drive.

Speaker 2 (10:47):
Wonderful. Yeah.

Speaker 4 (10:48):
And they're also they're also in our brain tree office.
You you pre signed those, so they're they're in their
gift bags waiting beautiful.

Speaker 2 (10:57):
Yeah. We hope everybody has a wonderful chriss is common up,
common up.

Speaker 1 (11:02):
It's going to be wonderful. And it's the giving season now,
it sure is.

Speaker 2 (11:08):
It sure is. Do keep us on your dial.

Speaker 4 (11:10):
We've got a lot of great content coming your way.
Mike dust and Greg Workman will take a deep dive
into smart inheritance planning this week with real life case
studies and the steps every family should understand. Mary Madeline
Kelly and Greg Murray will break down the biggest tax
traps of inheriting retirement accounts and the smart year in

(11:34):
steps every family should take to protect their legacy.

Speaker 2 (11:37):
William and I.

Speaker 4 (11:38):
Will return with a Faith and Finances conversation on how generosity, legacy,
and living your principles and some smart tax strategies can
help you build a retirement you're truly proud of. And
of course we'll close the hour with some wit and
wisdom from the late Bill Kelly. His words continue to

(11:59):
inspire and guide us. That's a wrap for forever, Young
thank you for listening, and William, thank you for joining me.
We'll be back with more great content. I love you, Honey,
I love you too, Mom.

Speaker 1 (12:11):
And ladies and gentlemen, remember no impulse by.

Speaker 6 (12:21):
Folks. Kelly Financial is opening their doors for a special
Christmas drop by.

Speaker 2 (12:26):
And you're invited on.

Speaker 6 (12:27):
Saturday, December sixth, from eleven am to one pm. Both
their Burlington and Braintree offices will be celebrating the season
by honoring the generosity and legacy of Bill Kelly. They're
hosting a holiday toy drive and they'd love for you
to stop in with a new unwrapped toy to help
brighten Christmas for local children. Just drop by, say hello

(12:49):
to their team, and enjoy a little treat while you're there.
It's a simple way to give back and to carry
forward the spirit Bill Kelly brought.

Speaker 2 (12:57):
To the community.

Speaker 6 (12:58):
And if you're near Burlingtonilliam Kelly will be there signing
copies of his new book, Only the Good invest Young
a wonderful Christmas gift for a child, a grandchild, or
anyone beginning their financial journey. So mark your calendar Saturday,
December sixth, eleven to one in both Burlington and Braintree,
Bring a toy, spread some joy and celebrate Christmas with

(13:19):
Kelly Financial. For more details, call eight eight eight eight
hundred eighteen eighty one or email Kelly at Kelly Financial
dot org.

Speaker 2 (13:30):
Welcome back to Safe Money Strategies.

Speaker 7 (13:31):
I'm Mike, you said, chief operating officer at Kelly Financial.
In joining me as always is our investment advisor, Greg Workman.

Speaker 8 (13:39):
I'm happy to be here, Mike. Today's show is a
big one. We're talking about inheritance planning, and not just
the legal documents. We're talking about what happens after you
receive in inheritance, the tax rules, the investment decisions, the
timing of withdrawals, and all the things that most families
never had to deal with until they're suddenly in the

(14:02):
thick of.

Speaker 2 (14:02):
It, exactly.

Speaker 7 (14:03):
And we've built this entire episode around a case study
Bill and Cheryl because this is a situation. We're seeing
more and more parents who accumulated meaningful assets, lived a
long life, and when the second parent passes, the kids
suddenly find themselves managing accounts they didn't build and aren't
sure how to handle.

Speaker 8 (14:21):
Right, Mike, let's introduce Bill and Cheryl. Bill is sixty
five just retired last year. Cheryl is sixty two and
still working part time. And a few months ago Bill's
mother passed away. His father had passed away two years prior,
but the estate was not distributed at that time. Because
everything flowed to his mother. Bill didn't inherit anything until

(14:45):
she passed away.

Speaker 7 (14:46):
And when everything finally settled, Bill ended up receiving a
one million dollar inheritance. But it came in two very
different forms, and each one has its own tax rules.

Speaker 8 (14:55):
Half of the inheritance, about five hundred thousand, came as
an inheritance IRA. The parents had already been taking their
required minimum distributions, so this is not a spouse to
spouse rollover. It's a beneficiary IRA with the ten year
withdrawal rule.

Speaker 7 (15:14):
And the other half, the other five hundred thousand came
through a taxable brokerage account. And this is where things
get interesting because the portfolio Bill inherited was built decades
ago by his parents, mostly blue chip stocks, great companies,
but highly appreciated and highly concentrated.

Speaker 2 (15:31):
Yes, and here's the key point.

Speaker 8 (15:33):
Because Bill inherited these assets after the second parent passed,
he received a step up in cost basis, meaning the
unrealized gains his parents built up over thirty or forty years,
essentially reset for tax purposes. It's as if Bill bought
the stock at today's value, which.

Speaker 7 (15:54):
Is a huge advantage for diversification because one of the
biggest problems Bill.

Speaker 2 (15:59):
Had was that his dad had been a buy in
hold forever investor.

Speaker 7 (16:04):
Wonderful discipline, but he ended up with roughly eight stocks
making up almost the entire portfolio.

Speaker 8 (16:11):
And since Bill and Cheryl don't need the inheritance for
income right now, the big question became, how do we
restructure this in a tax efficient, long term, lower risk way,
and also what should we do with that inherited IRA
over the next decade.

Speaker 7 (16:28):
Let's start with the inherited IRA because this is where
most people get tripped up.

Speaker 2 (16:33):
Bill's parents were already taken rmds.

Speaker 8 (16:35):
That matters a lot because when the original owner was
already taking rmds, the IRS says the beneficiary has two
obligations they need to meet. Number one, take any remaining
R and D for the year that the owner passed away,
and number two empty the account by December thirty first
of the tenth year following that person's death. So since

(17:00):
Bill inherited the IRA in twenty twenty four, he has
until the end of twenty thirty four to withdraw the
entire account.

Speaker 7 (17:08):
And there's more confusion here than ever. Some people still
think they have to take required withdrawals in years one
through nine.

Speaker 2 (17:15):
Some people have heard that they don't.

Speaker 7 (17:17):
The IRS has changed the interpretation multiple times.

Speaker 8 (17:20):
Right as of today, the rule for a non eligible
designated beneficiary inheriting from someone who was already taking rmds
is that annual required minimum distributions are required in years
one through nine, and the account must be fully drained
down to zero by year ten, and those distributions are

(17:42):
one hundred percent taxable as ordinary income.

Speaker 7 (17:46):
And this is where planning comes in, because if Bill
has no taxable income.

Speaker 2 (17:50):
Need right now, we have options.

Speaker 7 (17:52):
He can spread with draws out evenly, he can take
advantage of lower income years.

Speaker 2 (17:57):
He can even coordinate with.

Speaker 7 (17:58):
Drawros with Cheryl's future security claim exactly.

Speaker 8 (18:01):
And that's the beauty of having a decade long window.
You can plan the tax bill instead of being surprised
by it.

Speaker 7 (18:09):
Now, let's talk about the brokerage account, the portion Bill
inherited with highly appreciated stock.

Speaker 8 (18:14):
The important piece here is the step up in cost basis.
Bill's parents bought some of these stocks in the seventies
and eighties. Their basis might have been four thousand on
something now worth ninety thousand. Without a step up, selling
those positions would trigger huge capital gains.

Speaker 2 (18:33):
But because Bill inherited after the.

Speaker 7 (18:35):
Second death, the cost basis resets to the market value
on the date of death, which means Bill can sell
these positions with little to no tax liability.

Speaker 8 (18:44):
This is incredibly valuable because Bill's dad loved companies like Ge, Exxon, IBM,
but the weights were way out of balance. Four stocks
made up almost seventy percent of the entire account value.

Speaker 7 (18:58):
And here's the thing. Bill actually has a high risk tolerance.
He's a confident investor, but even he admitted that if
one of those companies stumbled, it could wipe out a
significant portion of the portfolio.

Speaker 8 (19:10):
Which led to a conversation about sector diversification, modern portfolio construction,
and repositioning some of this into areas. His dad had
never invested in technology, healthcare, consumer discretionary industrials, even some
international exposure.

Speaker 7 (19:27):
We asked Bill a very important question, do you want
to honor the way your parents invested, or do you
want to honor what they built by making it work
for you?

Speaker 8 (19:36):
In Cheryl and Bill said something powerful. He said, my
parents didn't buy these stocks so I would keep them.
They bought them so I would have options. So let's
do this right.

Speaker 7 (19:48):
The first step was to analyze the step up values
so we could determine which positions could be sold with
minimal tax impact. In Bill's case, almost everything had a
full step up, which gave us a clean slap.

Speaker 8 (20:00):
Then we created a multi year withdrawal plan for the
inherited IRA, not because Bill needed the money he didn't,
but because controlled, intentional withdrawals are far more tax efficient
than waiting until the end and being forced to take
a giant lump sum.

Speaker 7 (20:16):
And the last major step was building an investment model
that aligned with Bill's risk tolerance, but wasn't overly concentrated,
more balanced, more diversified, more modern.

Speaker 8 (20:26):
Exactly, it kept the spirit of what his dad built,
but it upgraded the strategy so Bill and Cheryl can
use this inheritance to strengthen their retirement.

Speaker 2 (20:36):
Not stress about it.

Speaker 7 (20:38):
All right, Greg, let's pause here for our mid show break.
When we come back, we'll walk through the actual planning
steps we recommended, from tax efficient withdrawals to restructuring concentrated
stock positions, and how Bill and Cheryl turned this inheritance
into a long term retirement asset.

Speaker 2 (20:54):
We'll be right back.

Speaker 3 (21:00):
Services eight hundred eighteen eighty one.

Speaker 2 (21:05):
Hi, everyone, this is William Kelly. If you've ever wished
you'd learn.

Speaker 1 (21:09):
About money sooner, that's why I wrote Only the Good
invest Young, a simple, encouraging.

Speaker 2 (21:15):
Guide with real world steps anyone can follow.

Speaker 1 (21:18):
I kept seeing the same thing people wishing someone had
explained to basics earlier, how to save, build good habits,
avoid costly mistakes, and create momentum even when you're starting small, whether.

Speaker 2 (21:30):
You're eighteen or eighty.

Speaker 1 (21:32):
This book is about confidence, clarity, and taking action that
With the holidays coming up, Only the Good invest Young
makes a great Christmas gift for a child, a grandchild,
or anyone who needs that nudge.

Speaker 2 (21:43):
To start strong.

Speaker 1 (21:44):
For our listeners, we're sending out complimentary copies. Just call
eight eight eight eight hundred twenty one or email Kelly
at Kellyfinancial dot org and we'll send you one.

Speaker 2 (21:54):
At no charge.

Speaker 1 (21:55):
You can also purchase a softcover on Amazon or an
ebook on Kindle. I'm William Kelly, and I hope this
book helps someone you love to take their first step.

Speaker 4 (22:04):
I'm Kelly Kelly from Kelly Financial. Is your financial advisor
a fiduciary? In other words, are they legally required to
act in your best interest? My complimentary book, Retire Your Fear,
Plan Your Future, explains what a fiduciary is and will
help you understand if an advisor is really putting you first.
For the book, call eight eight eight eight hundred and

(22:26):
eighteen eighty one or email Kelly at Kelly Financial dot org.
We're Kelly Financial. Come retire with us.

Speaker 3 (22:34):
The Money Wrap with Kelly Financial Advisors Greg Murray and
Mary Madeline Kelly.

Speaker 9 (22:41):
Hello, this is Greg Murray, Senior Vice President dan chief
Compliance Officer at Kelly Financial Services. Joining me today is
Mary Meddeline Kelly, one of our wealth advisors.

Speaker 2 (22:50):
How are you doing today?

Speaker 10 (22:51):
Hi?

Speaker 11 (22:51):
Greg?

Speaker 10 (22:52):
I am doing well. I can't believe we're already into December.
Twenty twenty five came and went so fast, and how
we're already buying twenty twenty six calendars. It was a
great year and I'm excited for what the next one
will bring.

Speaker 9 (23:06):
I know exactly what you mean. This year really flew
by December always has a way of sneaking up on us,
but it also gives us a chance to look back
and appreciate everything that's happened. And like you said, it's
a great time to start thinking about the year ahead
and making sure all of our financial ducks are.

Speaker 2 (23:21):
In a rouw.

Speaker 10 (23:21):
And speaking of the end of the year, it's that
time when a lot of people are reflecting on family
and legacy, which makes us the perfect time to talk
about what happens when you inherit a retirement account, because
there are some real tax traps that people need to
be aware of.

Speaker 2 (23:35):
That's right.

Speaker 9 (23:36):
A lot of folks think inheriting in IRA or a
four to oh one K is simple. You just take
the money and move on, but in reality, there are
complicated rules that can lead to big tax surprises if
you don't handle it correctly.

Speaker 10 (23:47):
Exactly, and part of the confusion comes from the Secure Act,
which changed the rules a few years ago. Before that,
non spouse beneficiaries could stretch those inherited accounts over their lifetime,
meaning they could spread out withdrawals and taxes over decades.

Speaker 9 (24:01):
But now under the current law, most non spouse beneficiaries
have to empty the entire account within ten years of
inheriting it, and that's.

Speaker 10 (24:09):
Where the trouble starts, yes, because if you wait too long,
all of that money has to come out by the
end of that tenth year, and its tax as ordinary income.
Imagine inheriting a five hundred thousand dollars IRA, letting it
grow for a few years, and then realizing you need
to pull it all out at once. You could easily
push yourself into the highest tax bracket exactly.

Speaker 9 (24:29):
That can mean losing thirty or even forty percent of
that to inheritance tax. And that's not what most grandparents
or parents had in mind when they were saving that money, right, And.

Speaker 10 (24:38):
That's why planning is so important, not just for the
person inheriting the account, but also for the person leaving it,
because how you name your beneficiaries can affect how much
of that wealth actually stays in the family.

Speaker 9 (24:50):
Let's break down the main groups of beneficiaries because the
rules are different depending on who inherits it. For example,
if a spose inherits a retirement account, they usually have
them most flexibility. They can roll it into their own
IRA and treat it like they're wrong.

Speaker 10 (25:04):
Yes, and that means they can delay required minimum distributions
until they reach RMDH currently seventy three, so spouses have options,
but for non spouse beneficiaries like adult children, siblings, or
even trusts, the ten year rule almost always applies.

Speaker 9 (25:19):
And that's where a lot of confusion has popped up recently.
Some people thought they could wait the full ten years
and take everything at the end, but the IRS is
clarified that in many cases you have to take annual
withdrawals along the way if the original owner has already
started their rmds exactly.

Speaker 10 (25:35):
It's another example of how complicated these rules have become,
which is why it's so important to get professional guidance
before you touch the account.

Speaker 9 (25:42):
Another common mistake we see is people failing to update
their beneficiary designations. Maybe the accounts still list the deceased
relative or an ex spouse. That's one of those details
people forget about, but it can completely change to inherce
the money and how it's taxed.

Speaker 10 (25:57):
Yeah, and it's so easy to fix while you're alive,
nearly impossible for your family to correct afterward. So one
of the simplest pieces of advice we can give is
check your beneficiary forms every year, especially around your end
when you're reviewing your accounts.

Speaker 9 (26:11):
Let's stock strategy for a moment. If you're the one
doing the planning, there are always ways to reduce these
tax traps for your heirs. One option is to convert
part of your traditional liarray to a rough diarray while
you're still alive.

Speaker 10 (26:22):
Exactly, You'll pay the taxes now when rates might still
be relatively low, and then your heirs inherit that money
tax free. They'll still have to follow the ten year rule,
but at least the withdrawals won't create a tax bill
for them.

Speaker 9 (26:36):
Another strategy we sometimes discussed is using a portion of
your IRA to purchase life insurance. It sounds counterintuitive, but
by taking small withdrawals each year, paying the taxes gradually,
and using the after tax dollars to fund a policy,
you can pass along tax free money instead of taxable assets.

Speaker 10 (26:52):
That can be a great fit for people who want
to leave a legacy without leaving a tax burden. It's
really about turning a taxable asset into a tax free one.

Speaker 9 (27:00):
So to recap for our listeners, the big tax traps
of inheriting retirement accounts are not an understanding of the
ten year rule, Waiting too long to take patraals and
facing a big tax hit, failing to update beneficiary forms,
missing opportunities like roth conversions or life insurance strategies.

Speaker 2 (27:16):
That's a perfect.

Speaker 10 (27:17):
Summary, and the good news is all of these issues
can be avoided with proactive planning. Whether you're inheriting an
account or planning to leave one behind, it's worth taking
the time to get it right because.

Speaker 9 (27:28):
At the end of the day, this isn't just about money.
It's about protecting your family and making sure your legacy
goes where you want it to go, not to taxes exactly.

Speaker 10 (27:36):
And we help families with this every week, figuring out
the best way to transfer wealth efficiently and minimize the
tax impact.

Speaker 9 (27:43):
That's going to wrap things up today. If you've inherited
a retirement account recently, or you're planning to leave one behind,
give us a call. We'll walk you through the rules
and help you make smart, tax efficient decisions.

Speaker 10 (27:53):
Absolutely well, Greg, enjoy the rest of your weekend.

Speaker 2 (27:56):
And I will see you soon.

Speaker 3 (27:57):
To get in touch with Greg Murray, All, Madeline Kelly,
or any member of the Kelly Financial Team, call eight
eight eight hundred, eighteen eighty one Safe Money Strategies with
William Kelly and Kelly Kelly Call the team on eight
eight eight hundred, eighteen eighty one, Take care.

Speaker 4 (28:23):
Welcome back to Safe Money Strategies Today. We're grounding this
hour in something deeper than markets, deeper than headlines or
even financial tools. We're talking about faith, values, stewardship, and
how those principles guide your retirement decisions.

Speaker 2 (28:44):
Your values are the.

Speaker 4 (28:45):
Compass, your money is simply the map, and when your
financial life reflects who you are, the world feels a
whole lot less uncertain.

Speaker 2 (28:56):
Mob You and I see this every week. The noise
out there is loud.

Speaker 1 (29:00):
Almost two thirds of Americans say they worry more about
running out of money than they do about dying.

Speaker 2 (29:06):
That tells you how much pressure people feel.

Speaker 4 (29:08):
Absolutely and fear drives bad decisions. It makes people freeze
or panic or underspend and deprive themselves. But your values,
your faith, your sense of purpose, your priorities, those create clarity.
When you make decisions through the lens of does this

(29:30):
align with who I am and what I stand for?
The stress drops dramatically and it becomes a foundation.

Speaker 1 (29:37):
Value centered living isn't political and it's not about doctrine.
It's about purpose, honesty, consistency, and gratitude. Those things create
confidence even when the markets don't.

Speaker 4 (29:48):
Exactly and once the compass is set, we naturally move
into something that's been part of financial wisdom for thousands
of years, stewardship. Stard Wardship is simply managing what you
have with intention.

Speaker 1 (30:04):
And stewardship is not perfection. It's awareness. It's knowing what's
coming in, what's going out, and what's at risk. One
study found that people with a written financial plan report
more than sixty percent higher confidence about retirement.

Speaker 2 (30:19):
That's the power of intentionality.

Speaker 4 (30:21):
One of the best examples is our Tax Explorer Guide.
Many retirees don't realize that the placement of their interest
and dividends where those assets are held can quietly increase
or decrease.

Speaker 2 (30:37):
Their tax bill.

Speaker 4 (30:38):
You can be paying taxes on money you're not even
spending simply because is positioned inefficiently.

Speaker 1 (30:46):
That's stewardship. It's not flashy, it's not complicated. It's just responsible,
thoughtful management.

Speaker 4 (30:53):
And if you'd like a complementary copy of our Tax
Explorer Guide, you can give us a call at eight
eight eight eight hundred eighteen eighty one or email Kelly
at kellyfinancial dot org. It's simple as visual and easy
to follow.

Speaker 1 (31:12):
Let's talk about budgeting because this is where values really
show up. Housing, healthcare and essential spending already take a
big part of retirement budget. When those fixed expenses rise,
it's even more important that your discretionary dollars, the fund money,
reflect what matters most.

Speaker 4 (31:29):
And we see this in planning meetings all the time.
When retirees align their spending with their values, money becomes
a tool for purpose instead of pressure. They feel good
about where their dollars are going.

Speaker 1 (31:43):
Of values based budget asks what deserves the first claim
on my discretionary dollars, family, travel, health, charity. When people
answer that honestly, everything flows more smoothly.

Speaker 4 (31:55):
Exactly, and again, stewardship plays a huge role here. If
you know your tax situation and you're thoughtful about withdrawals,
you preserve more of your dollars for the things that
matter most.

Speaker 1 (32:09):
That naturally brings us to legacy and mom. This is
something you talk about all the time. Legacy is more
than well.

Speaker 4 (32:16):
Yes, legacy is the example you set, It's the story
your life tells Many retirees worry about the next generation
facing higher expenses, fewer pensions, and more uncertainty. But you
can pass down something far more meaningful than money. Values, discipline, gratitude, consistency, work, ethic, faith, generosity,

(32:45):
and it.

Speaker 1 (32:46):
Doesn't have to be complicated. Even a one page family
values letter can be powerful. It can say here's why
we live the way we do, here's what matters to us,
and here's the heart behind our decisions.

Speaker 4 (32:57):
And I will tell you those letters often mean more
to family members than the inheritance itself.

Speaker 1 (33:04):
Generosity is one of the clearest expressions legacy.

Speaker 2 (33:08):
Americans continue to give at.

Speaker 1 (33:10):
Incredible levels, and one of the most overlooked parts of
generosity is how to give in a way that stretches
your dollars further exactly.

Speaker 4 (33:18):
Our tax Explore guide explains how strategies like donating appreciated
stock can help avoid capital gains tax, meaning the charity
receives the full value and you don't lose part of
the gift to taxation.

Speaker 2 (33:34):
It's a win win, and most retirees aren't aware of it.

Speaker 1 (33:37):
But when you follow a generosity strategy that aligns with
your values, the impact is much greater.

Speaker 4 (33:44):
Generosity is gratitude with purpose and is one of the
most meaningful parts of retirement.

Speaker 1 (33:51):
And this is where good guidance matters. A strong fiduciary
advisor doesn't just talk about numbers. They ask about purpose.
They listen to your fears, your hopes, your values and
align with your plan accordingly.

Speaker 4 (34:03):
Our advisors work with tax professionals too, so when you're
making decisions around withdrawals or charitable gifts or legacy planning,
you're not doing it alone. You have a team helping
you honor your values while protecting your long term security.

Speaker 1 (34:21):
And the Tax Explorer Guide helps you have those conversations
with clarity. And if you like a free copy again,
just call eight at eight eight hundred one eighty one
or email Kelly Kelly Financial dot org.

Speaker 4 (34:33):
Good planning is simply your values expressed through your choices.

Speaker 1 (34:38):
More insights coming your way. Next, you're listening to save
money strategies right here on the RKO.

Speaker 3 (34:47):
Save Money Strategies brought to you by Kelly Financial Services.
Call eight eight eight eight hundred eighteen eighty one or
visit Kellyfinancial dot org.

Speaker 11 (34:57):
Ready to enjoy your golden years without worry at Kelly
Financial We know retirement planning can be overwhelming. With more
than twenty two years of experience, our friendly team of
advisors makes it easy and stress free. Trust us to
help you create a secure and enjoyable future. For a
free initial retirement consultation called eight eight eight eight hundred

(35:19):
eighteen eighty one or email Kelly at Kellyfinancial dot org.
We're Kelly Financial. Come retire with.

Speaker 3 (35:26):
Us Safe Money Strategies with William Kelly and Kelly Kelly.
Call the team on eight eight eight hundred eighteen eighty one.

Speaker 4 (35:36):
Thank Welcome back to Safe Money Strategies. In this second segment,
William and I are continuing our conversation about faith, values
and building a retirement that reflects who you are. A
meaningful retirement isn't luck, and it isn't timing. It's intentionally

(35:59):
aligning your mind with your purpose, day after day, year
after year, exactly and mom.

Speaker 1 (36:06):
One of the strongest themes you and I see both
on the radio and in the office is that people
want a retirement that feels meaningful. A recent study found
that two thirds of Americans want to live more intentionally
in retirement. They want purpose, connection, structure, and clarity, not
just a financial plan, but a life plan.

Speaker 4 (36:26):
And purpose becomes incredibly important because life doesn't always go
in a straight line. Markets go up and down, families change,
health changes, the news cycles move fast and often create
a lot of unnecessary anxiety. But when you have a
clear purpose, when you know what your retirement is for,

(36:48):
your money becomes easier to manage. You make better decisions,
you stick calm right.

Speaker 1 (36:55):
Purpose is every dollar a job, and that's why this
theme of faith and finances is that's so important. When
your decisions reflect your principles, you can weather uncertainty with
a lot more confidence.

Speaker 4 (37:06):
Let's talk about how purpose influences investing values. Guided investing
doesn't mean choosing a specific product or trying to find
something perfect. It means choosing an approach that respects your
comfort level, your goals, and your principles.

Speaker 1 (37:26):
And this matters because emotional investing is one of the
biggest risks retirees face.

Speaker 2 (37:31):
Fear and greet.

Speaker 1 (37:33):
Those two emotions are terrible portfolio managers. Nearly forty percent
of retirees worry about outliving their savings, and when fear
is high, people tend to make short term decisions that
hurt them in the long run.

Speaker 4 (37:46):
Exactly. That's where clarity makes such a difference. When people
understand the purpose behind their investments, they make decisions based
on values, not headlines, and.

Speaker 1 (37:58):
This is where our Toxicslarer Guide becomes helpful. It shows
in very simple visuals how different accounts traditional iras, roth irays,
brokerage accounts determine how much of your return stays with
you versus how much goes to taxes. Most people underestimate
how much location matters.

Speaker 2 (38:18):
Right.

Speaker 4 (38:18):
You might own great investments, but if they're in the
wrong type of account or withdrawn in the wrong order,
you lose unnecessary dollars to taxes. And that's where a
fiduciary advisor really helps. We bring strategy and structure to
those decisions.

Speaker 1 (38:36):
Another value that shows up again and again is simplicity.
Many retirees tell us they wish they it'd simplified sooner.
They're tired of having ten accounts, five custodians, different passwords,
piles of statements, and it's because it becomes overwhelming.

Speaker 4 (38:52):
Simplicity is powerful. It creates peace and clarity, It lowers risk,
It helps prevent and missed rmds, forgotten accounts, or unnecessary fees.
And it allows you to see the big picture instead
of always feeling like you're trying to catch up.

Speaker 1 (39:11):
And simplicity also reinforces values because it frees your energy
for family, for health, for volunteering, and for the things
you truly care about.

Speaker 4 (39:20):
Exactly when we help families consolidate a handful of old
accounts into one well managed structure, you can see the
relief instantly.

Speaker 1 (39:30):
It restores confidence. Now let's talk about generosity. Despite economic
ups and downs, Americans continue to be incredibly generous giving.
Tuesday saw billions in donations again this year, and for
many retirees, giving is one of the most meaningful ways
they can express their values.

Speaker 4 (39:49):
Yes, and generosity doesn't have to be large to be impactful.
What matters is that it reflects your heart. But there's
also strategy involved in making sure your giving goes as
far as possible. For example, donating appreciated stock instead of
writing a check can help avoid capital gains taxes while

(40:12):
still giving the full value to the charity.

Speaker 1 (40:15):
And tools like donor advise funds help people give more consistently.
Instead of guessing each year or scrambling at your end,
families can set aside dollars once and then contribute gifts
to nonprofits or churches throughout the year.

Speaker 2 (40:27):
It brings structure and attention to their giving.

Speaker 4 (40:30):
And again, our Tax Explore Guide makes these concepts very
easy to understand. If you would like a complimentary copy,
you can call us at eight eight eight eight hundred
eighteen eighty one or email Kelly at Kellyfinancial dot org
and we'll send it out to you.

Speaker 1 (40:51):
Legacy is another major thing we hear about constantly. Many
retirees worry the financial challenges. The next generation is facing
higher prices, higher taxes for your pensions, and that's why
passing down.

Speaker 2 (41:03):
Principles is so important.

Speaker 4 (41:05):
Absolutely, Legacy isn't just the assets you leave, is the
meaning behind those assets. It's your work ethic, your discipline,
your faith, your generosity, your approach to money. Those lessons
often become the strongest inheritance of all.

Speaker 1 (41:25):
Families sometimes think they need to sit down and open
up every account statement to have a legacy conversation, but
that's not true. You can simply share your values, your expectations,
and the story behind your decisions.

Speaker 4 (41:36):
And we've seen families create wonderful traditions like choosing a
charity together during the holidays, or reviewing a family values
letter each year. These things shape the hearts of your
children and grandchildren in ways money never will.

Speaker 1 (41:55):
And this is where a fiduciary advisor plays an important role.
We help families think through the questions that really matter.
What do we stand for? What do we want our
money to say? How do we give meaningfully without jeopardizing
our long term security.

Speaker 4 (42:08):
Our advisors also coordinate with tax professionals so everything works together.
You're giving your withdrawals, your taxes, your legacy, so no
one should have to navigate those decisions alone.

Speaker 1 (42:23):
And the Tax Explorer Guide is a great starting point.
It's not a do it yourself manual, but it gives
you the right framework and questions to bring into your
planning conversations.

Speaker 4 (42:33):
And if you'd like your complementary copy again, you can
call eight eight eight eight hundred eighteen eighty one or
email kellifinancial dot org.

Speaker 2 (42:44):
We'll be happy to send it along.

Speaker 1 (42:47):
And when your finances reflect your values, retirement becomes richer, calmer,
and more meaningful.

Speaker 4 (42:53):
It becomes a life you're proud of, not just financially
but personally.

Speaker 2 (43:00):
More insights coming your way. Next, you're listening.

Speaker 1 (43:02):
To Safe Money Strategies right here at WRKO.

Speaker 3 (43:08):
Safe Money Strategies brought to you by Kelly Financial Services.
Call eight eight eight hundred eighteen eighty one or visit
Kelly Financial dot org.

Speaker 7 (43:20):
Welcome back to safe Money Strategies, Mike, you said here
with Greg Workman, and we're picking up right where we
left off with Bill and Cheryl, a couple who recently
inherited a million dollars after Bill's mother passed away. If
you missed part one, Bill received half in an inherited
IRA in half in a taxable brokerage account filled with
highly appreciated and highly concentrated blue chip stocks. Today we're

(43:43):
diving into the actual planning steps we took to help
them turn this inheritance into a reliable, long term asset.

Speaker 8 (43:50):
That's right, Mike and I want to start with something
we say often receiving an inheritance is not a strategy.
What you do next is Bill and Cheryl didn't need
the money for income. They could have left the IRA
untouched for years and done nothing with the brokerage account.
But doing nothing almost leads to one of two outcomes,

(44:12):
unexpected taxes or unnecessary risk. So we put a real
plan together. Let's talk about the inherited IRA.

Speaker 2 (44:19):
First. The rules are pretty clear.

Speaker 7 (44:22):
Because Bill's parents were already taking rm ds, he must
take annual R and ds and empty the entire account
by year ten.

Speaker 8 (44:30):
Right, And this creates an opportunity, not a burden, if
you plan correctly. We sat down with Bill and Cheryl
laid out every year between now and twenty thirty four,
which is when the account must be fully depleted, and
what we.

Speaker 7 (44:45):
Found was that the next five years, the window before
Cheryl claimed Social Security and before Bill's own R and
d's kick in, were actually ideal years to take more
than the required minimum from the inherited IRA exactly.

Speaker 8 (44:59):
The idea was too fill up the lower tax brackets
now so that in later years they're not forced to
take larger withdrawals in a potentially higher bracket. This not
only manages the tax hit, it smooths it out over
a decade.

Speaker 2 (45:11):
So there are no surprises.

Speaker 7 (45:13):
Now, let's talk about the brokerage account, the half of
the inheritance that had all the highly appreciated concentrated stocks.

Speaker 8 (45:19):
We looked at each position and asked two questions. The
first was does this stock fit into Bill and Cheryl's
long term goals and the second question, does this stock
introduce concentration risk that could derail their plan?

Speaker 7 (45:34):
And the answer to the second question was almost always yes.
Bill's dad loved industrial stocks and energy stocks, but they
made up more than half of the portfolio.

Speaker 8 (45:44):
Once we confirmed the new stepped up basis, we were
able to reposition much of that into a more balanced mix.
This turned a dad built portfolio into something that fit
Bill and Cheryl's retirement priorities.

Speaker 7 (45:57):
And that's the critical part. It couldn't just be an
inheritance plan. It had to be a retirement plan exactly.

Speaker 8 (46:03):
So we looked across all of their assets and we asked,
what's the most tax efficient order to draw from these
assets in retirement?

Speaker 7 (46:13):
Because withdrawal sequence matters, and it matters a lot.

Speaker 8 (46:16):
It does, and in their situation, the strategy became use
the inherited IRA strategically over ten years to avoid future
tax spikes. Let Bill's own IRA continue growing tax deferred
until his R and DS begin, use the brokerage account
for flexibility, tax loss harvesting, and opportunistic rebalancing, and finally

(46:39):
position Bill and Cheryl for future ROTH conversions in their
lower income years.

Speaker 7 (46:44):
I want to spend a moment on ROTH conversions because
this is something a lot of listeners ask about.

Speaker 8 (46:49):
Yes, And in Bill and Cheryl's case, the inherited IRA
itself cannot be converted to a WROTH, but their IRA
accounts can.

Speaker 2 (46:57):
The key question was should we and the answer was maybe,
depending on the year exactly.

Speaker 8 (47:02):
Because Bill was already sixty five and freshly retired, his
income was low in certain years, while Cheryl continued part
time work that created windows where converting a slice of
their own IRA into WROTH made a lot of sense
as long as it didn't push them into an unnecessarily
high tax bracket. The inheritance didn't eliminate ROTH opportunities. It

(47:25):
simply meant we had to coordinate withdrawals and conversions very carefully.

Speaker 7 (47:30):
So what happens when Bill and Cheryl eventually pass assets
to their own kids? This is something Bill asked about
that I think listeners might appreciate.

Speaker 8 (47:38):
Yes, because when you inherit assets, you immediately begin thinking
about your own estate and the answer depends on the
account type inherited IRA. Once Bill drains it over ten years,
there's nothing left to pass their own IRA their kids
inherited under today's ten year rules their brokerage account, their

(47:58):
children get a step up in base and the roth
their kids inherited tax free, but still must empty the
account inside of ten years.

Speaker 7 (48:07):
And this helped Bill and Cheryl think more clearly about
how to position assets during their lifetime so the next
generation can receive them in the most tax efficient way.

Speaker 8 (48:16):
Once we had the investment strategy, the diversification plan, and
the tax strategy figured out, the final step was projecting
their entire retirement forward. We mapped out income needs, inflation,
social security timing for both Bill and Cheryl, Medicare premiums
and IRMA thresholds are mds in their seventies, the full

(48:38):
ten year inherited IRA plan, and finally, long term market
returns under different sets of market conditions.

Speaker 2 (48:46):
And the result was encouraging.

Speaker 7 (48:47):
With the inheritance properly optimized, Bill and Cheryl went from
we think we're okay to we have margin, flexibility, and confidence.
The inheritance didn't just add dollars, it added options and
options at peace of mind.

Speaker 8 (49:01):
Look, if you're listening and you've recently inherited money or
you expect to in the coming years, please don't wait
until the last minute to make these crucial decisions. The
tax rules for inherited i arraise, step ups and bases
and capital gains are complicated. You only get one chance
to handle it all correctly.

Speaker 7 (49:20):
Call the office, request the workbook, and let's schedule a
complimentary review to walk through your inheritance or retirement plan together.

Speaker 2 (49:27):
This stuff doesn't have to be confusing.

Speaker 8 (49:29):
With the right plan, it can actually be an opportunity
to strengthen your retirement roadmap.

Speaker 7 (49:35):
Well said, and that wraps up today's show for Greg Workman.
On Mike fu said, have a great week and we'll
see you next time on Safe Money Strategies.

Speaker 3 (49:48):
Safe Money Strategies A eight eight hundred one eight eight one.

Speaker 4 (49:55):
Bill Kelly believed in hard work, gratitude, and building life
with purpose. In today's segment, he opens a window into
a day in his life, the routines he followed, the
values he lived by, and the heart behind this firm.
Here's Bill Kelly.

Speaker 5 (50:18):
Someone called me from the Wall Street Journal the other day.
They wanted to know how I ran my practice, and
what would a day in the life of Bill Kelly
b It's quite.

Speaker 2 (50:27):
A fun life for me. I enjoy it.

Speaker 5 (50:29):
My day starts at about four thirty AM when I
check the overnights and developing news can you believe that?
And then I have to work on prep for my
radio show, and I do that for about an hour
hour and a half. I go back to sleep at
about five point thirty and then pop out a bed
about six forty five and I head out for work
at eight fifteen believe it or not. And I have
an iPad and iPhone in the car that allows me

(50:52):
to do phone appointments until I arrive at work at
nine fifteen, check in, get ready for the open. What
are the first activities of my day in the office,
ladies and gentlemen, Well, we check key accounts, We check
our portfolio models against the overnights and the open. Then
we return all the calls from the previous evening that
are left before ten o'clock. We do that. Then I

(51:14):
go down to my advisors who are doing my trades,
and then we want to consult with the CRMs and
my controller. We want to review the schedule for the day.
I go over some of these segments and do some
more prep for my radio show, and then it's client
meetings from ten to noon, so that's a pretty packed
beginning of the day. At lunch, I have another book

(51:35):
that I'm writing, aside from the one I give away
on the show, and I generally work on that for
twenty or thirty minutes, go over news of the day.
I eat It's salad as chicken salad, and then I
eat potato chips, which I'm not allowed to eat. And
then I return the calls that I've received that morning,
and one to six is client prospect reviews meetings. At

(51:56):
four pm is the market close. Then we have to
see how we feel about that in a very short
meeting with some of my iars here, and then we
review the calendar for the day. Six to seven, I finish.
Eight fifteen, I'm home. Eleven thirty, I'm in bed, spend
about an hour and a half with my four year old.
Believe it or not, he stays up late. So what

(52:17):
do I do to unwind at the end of a
long day. That's pretty much it wrestle with my son William,
and we play Chuzzles, which is a game of little
fuzzy people on the iPad.

Speaker 2 (52:27):
We do that.

Speaker 5 (52:27):
We Thomas the tank, well sometimes we do the little
engine that could we really like that. It's a great story,
by the way, if you have children and grandchildren. So
what do I like best about this? I get to
choose my own hours, and right now I'm choosing about
sixty two hours a week because I have young children.
Another thing he asked me was what do you dislike

(52:48):
about being a financial advisor? And I not a damn thing.
Excuse my French. And what made me decide to do this?
My brother brought me into this business, believe it or not,
in nineteen eighty four. There was a stroke of luck.
It was a blessing. And what else did he ask me?
He asked me, how would I describe what I do
in one line? Well, I create safe money plans for

(53:09):
seniors to project income, potentially beat the market, and hopefully
to protect against downside risk that minimizes income taxes and
generally eliminate strategies that generally eliminate estate taxes. And they said,
what advice would I give someone just starting out in
the business or midway through who wants to be a

(53:29):
financial advisor? And I would tell you, if you take
a greedy person's money, they will dominate you until you
fire them or they fire you or they file a complaint,
So be careful choose your own. If you prospects who
ask the most questions become the best clients. How do
you like that, Ladies and gentlemen, People that spend the
most time investigating me become my best clients. Another thing

(53:51):
about this industry, it's the highest paid hard work there
is on the planet, and it's the lowest paid profession
for lazy people. Every Monday morning is a new commitment,
ladies and gentlemen. If you own your own business, you
have to make a decision every Monday morning. Do you
start the engine, do you turn the key in the door,
do you open it up? Or do you stay in bed.

(54:12):
Another thing I recommend is stand for something, create a solution,
find something that works for some of the people all
of the time, and then find the people that fit
the solution and you're going to have a great fit.
So you try to stand for everything. We don't chase money.
People throw it on the table all the time to
see if I jump and I don't, and it makes

(54:33):
them very uncomfortable, and generally they leave after a little
while when I don't jump. Because we don't want to
do that. We don't change our practice of who I
deal with. I will not change it in order to
have one large client or one different person. So you
can't stand for everything because you'll eventually be doomed to mediocrity.

(54:54):
So if your clients are down for two years in
a row, you probably need to do both of you
a favor and get your self a money manager, because
you've got to make some gains for people. If you're
not turning away a couple of people a month, you're
not doing enough marketing. If you're out there trying to
do this. If I don't like loaded products, there are
five hundred stocks in the S and P ladies and gentlemen,

(55:15):
and it's fifteen thousand mutual funds, So that's a lot
of people sharing the same bath water. I don't like it.
So basically I respect anyone that comes in. We try
to help those people. I respect money very much. We
don't want to lose it. We don't want it to
go away. Very fortunate in our practice that we can
pretty much pick and choose with whom we work, and

(55:39):
that's not always the case. When you're struggling, you have
to make a lot of compromises. I think which we
don't do.

Speaker 1 (55:49):
Cale.

Speaker 3 (55:49):
Kelly Financial Services eight hundred, eighteen eighty one.

Speaker 4 (55:55):
I'm Kelly Kelly from Kelly Financial. Retirement is the time
to enjoy the f of your labor, but is also
a period when financial stability becomes more critical than ever,
so seeking expert financial advice is essential regardless of your age.
Professional guidance insures your assets are allocated wisely, helping your

(56:16):
money last as long as you need it. The advisors
at Kelly Financial will help you take charge of your
financial future and preserve your hard earned wealth to enable
you to focus on the retirement you've dreamed of. We
have a free investor guide called designing your Fiscal House
to Weather the Elements, which highlights the steps needed to

(56:37):
build a balanced portfolio. For the guide and a free
consultation with a Kelly advisor, call eight eight eight eight
hundred eighteen eighty one or email Kelly at Kellyfinancial dot org.
We're Kelly Financial. Come retire with us