Episode Transcript
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Speaker 1 (00:03):
Live from the wgy iHeart Studios. Welcome to Retirement Ready
with your host Dave Kopek from the Retirement Planning Group.
Every week, Dave and his team discuss the ways they
can help people make informed decisions about their retirement assets
to maintain, improve, and secure their desired quality of life.
Here's your host, Dave Copet.
Speaker 2 (00:48):
All right, good afternoon the Capital District region and outside
the five one eight. I have a lot of listeners
that listen throughout the country and iHeartRadio. I'm Dave Kopek,
your host. We're going to be here for an hour
to go over some ideas and concepts. This is Retirement Ready,
(01:11):
which is a topic specific show. And of course before
we get into it today, I want to give a
call out to a lot of special, brave souls who
gave their lives so we could live in freedom. You know,
it's a data pause, reflect and of course a lot
(01:34):
of ways express gratitude for the courage and dedication and
ultimately remember these individuals, you know, our fallen heroes. So,
as we say over and over again, may we never
forget the cost of freedom and the lives given to
(01:54):
protect it. Right, Sometimes we forget what some of the
families have gone through. So thank you for your sacrifice
and we will always remember your courage. But we're going
to be here until the top of the hour. Bottom
line gets down to is that we had a very,
(02:16):
very very busy week this week. For those that attended
our workshop at the Desmond over by the Airport on
Tuesday night, we had an unbelievable crowd. We had about
one hundred and fifty people and the Retirement Planning Group
in conjunction with the Puro Law Firm and of course
(02:36):
with the assistance of WGI. It was a good night
and hopefully it was informative. We've got a lot of
people that want to come in and have appointments with us.
So again we're going to have more workshops. I'm going
to get into that a little bit today as far
as the additional workshops that we're going to have. So fifth,
(03:02):
we're going to have another workshop that's really specific for
people that are looking for suspenders in a belt on
your portfolios. What do I mean by that. We're going
to go over facts not fiction, the pros and cons
of annuities and how they fit into a person's retirement portfolio,
(03:22):
whether during the Accumulation Years. It's going to be held
at the Latham Restaurant right there and by the circle.
Trying to think of the I can't think of it
right now, and I apologize the Century House. I apologize
(03:44):
the Centry House just north of the Circle you get
off the exit. And then it's going to be June
twenty fifth, and we're going to be going over the
pros and cons of annuities, how they've changed, why more
and more individuals are looking at these types of investments
for their pre and post retirement years. It will be
(04:04):
based on facts, not any bias, not any fictions, and
hopefully you can join us. I would tell you if
this is something that you're considering, where you're looking at,
I would call quickly because this will fill up. We're
going to have two workshops. One that will be specific
(04:24):
for people that are looking for accumulation and one for
people that are looking for income distribution. We'll switch it off,
have a break in the middle, and then you can
either go to the other presentation, but we will have
two presentations from two separate vendors that we work with,
(04:47):
and I think you're going to find it extremely informative, educational,
for those that are looking to put suspenders in a
belt underneath your retirement portfolios, whether pre or post. So
I'll mention that a couple more times before we say
goodbye today. You know, we're entering into historic time, folks,
(05:10):
and we're seeing it at the Retirement Planning Group. This
is my forty third year, believe it or not, in business,
starting in nineteen eighty two. And when I say that
it's a historic time, you know, about four point one
million Americans are going to retire this year. It used
to be about ten thousand people per day. Now it's
(05:32):
eleven two hundred per day to turn the age of
sixty five. And there's a trend that's emerging from this,
and what it is is that more and more individuals
are trying to figure out will they have enough money
to cover their expenses and how they can build a
retirement income distribution plan. So we're going to talk a
little bit today about some of the things that you
(05:53):
need to consider, why it's important for you to have
a plan, and ultimately what you want to do as
far as allocating moneys for your retirement years. But when
we talk about building out a plan, one of the
things that we try to do is for you to
(06:15):
be an informed investor. And you know, we do this
radio show every week. I do four radio shows every week,
four hours of radio. And one of the reasons why
we do it is that we want to educate prospective
clients why it's important to start working with a financial professional.
(06:38):
And the sooner they do, the better off they're going
to be. So if you're out there when you're trying
to choose how to have your assets managed, whether it's
actively managed, whether it's allocating money into some type of
a guaranteed investment strategy, what you want to do is
(06:59):
before even start thinking about product, is start thinking about
the goals that you want to achieve. You are you
looking to accumulate wealth early in life? Are you concerned
about retirement income planning? What do you have as far
as a distribution plan? And what's most important, why do
(07:25):
you want to work with a financial professional. So once
you have kind of a baseline what your goals are,
you want to start considering which financial professional to work
with and you start basically interviewing them for the job
of managing your assets. Right, So today, in our first
(07:49):
half hour, I'm going to go through some of the
questions you might want to ask your perspective financial team
understanding your goals and communicating that specifically to what you're
trying to achieve. So first and foremost is you hear
(08:13):
this a lot and it's not uncommon. How is the
financial advisor compensated? Is it based on commissions? Is it
assets under management? Fees? Is a retainer? And what the
ultimate costs to you, the prospective client would be. So
(08:36):
every financial professional gets paid as a result of the
work that nobody does business for free. Some of them
get paid in commissions as I said, Others get paid
as you work with them on a fee based But
one of the things that you want to do is
to understand exactly how they get paid and ultimately how
(08:59):
they're compensated is driven. Now at the Retirement Planning Group,
how we get paid is basically a combination of fees
and commissions. About ninety five percent of our business at
the Retirement Planning Group is fee based actively managed portfolios.
The other five percent we get paid commissions on insurance
(09:21):
products such as life insurance, annuities, and long term care.
We are very open as far as how we get compensated.
If the insurance companies could do it without us. They
wouldn't pay us commissions, but a very very small percentage
of our compensation that the retirement planning group is basically
paid to us and commissions. So when you sit down
(09:43):
with the financial advisor, one of the questions you shouldn't
be embarrassed to assets, how do you get compensated? And
then number two, what is your business model? Is it
based on fee management asset? Does it transaction? Do you
have discretion over these accounts? So why should you ask this? Well,
(10:08):
when a financial professional answers this question, you're going to
probably hear some terms that you're not going to be
familiar with, and that's okay, but you can research the
models and approaches that they're basically giving you. But this
will give you an idea not only their investment philosophy,
but also does it align with what you're looking for,
(10:29):
not only as far as your level of risk, but
also do you feel comfortable on how they're being compensated.
So don't be bashful. We're going to go through this
in greater detail. I have to take my first break.
So number one, how is the advisor compensated? Number two,
(10:51):
what is your business model. I just told you what
ours is. Ninety five percent of our business model is
actively managed portfolios for a fee. The other five percent
is basically what we call commission products, life insurance, long
term care insurance, and annuities. And we'll get into more detail.
But I'm live in the studio today, believe it or not,
(11:14):
on this beautiful, sunny, gorgeous eighty degree day in upstate
New York. I'm only season folks. You know, hopefully we'll
get summer. We'll get some warm weather here soon. But
if you want to call, even if it's off topic,
it's one eight hundred talk WGY. That's one eight hundred,
eighty two, five fifty nine forty nine. Today we're talking
about the greatest surge of retirees. Eleven two hundred people
(11:38):
every day are turning the age of sixty five. How
are you going to build your retirement income distribution plan? Again?
Eight hundred Talk WGY, One eight hundred talk WGY. You
got a question, don't be bashful. I'll be right back.
(11:59):
The eighty six percent. Do you know that eighty six
percent of the population has no defined benefit pension plan.
For most of us, we have to take our life
savings and create a paycheck for the rest of our
lives in retirement. What is your plan for retirement income distribution?
How you manage your assets during the most critical years
of your lifetime. Nobel Prize winning economist William Sharp has
(12:19):
called retirement income distribution the nastiest, hardest problem in finance.
He points out that investment, uncertainty and mortality can derail
the most careful laid out retirement income plan. Call our
offices today to start the process of building a retirement
income distribution plan. After forty one years of being in
the financial services business, you need to start taking action
(12:40):
to start building your own personal retirement income distribution plan.
How do you do that? To take action? Five one
eight five eight zero one nine nine. That's five one eight,
five eight zero one nine one nine or RPG retire
on the web. Don't procrastinate, motivate to start building your
retirement income distribution plan five win eight five eight zero
(13:00):
one nine one nine. Your partner for success David Kopakir
your retirement planning specialists at WGUI Timement Planning Group. We
understand that retirees face many important decisions that can affect
their long term financial success. Some of these decisions revolve
around making investments that can help create a hedge against
outliving their income, the impact of the Platian taxation and
(13:21):
rising healthcare cost. Because over ninety percent of our clients
are retirees with similar concerns, we are in the best
position to approach such challenges with experience and skill. Most
of our clients lack the time, the desire, or the
experience the manage to their own investment portfolios. We consider
it an honor and a privilege to help our clients
make sound investment decisions that will contribute to a secure future.
(13:45):
We welcome the opportunity to become your partner and establishing
your retirement plan. Give us a call today for your
complementary consultation at five point eight five zero one nine
one nine. That's five eight by the zero one nine
one nine or rpg retire on the web. We have
spent a lifetime saving for retirement. Now it's time to
make that money work for you. Here's the secret most
people miss. You have to create your own retirement income.
(14:08):
Plant Social security is not enough, tensions are rare. You
need a strategy that turns savings into monthly income that
will last a lifetime. At the Retirement Planning Group, we
build customized income distribution plans so you can retire with confidence,
retire smart, live well. Call eight eight eight five eight
zero nine for your complementary consultation.
Speaker 3 (14:40):
I'll never ask you where you're cool with. I'll never
ask you where you've been. I've never call and checked
your story. You stayed out calling you. I've never try
to getch you. I didn't want to know the truth.
(15:05):
I'd rather go on live and Blinder then go on
over without you.
Speaker 2 (15:13):
I was shouting little Toby talking about you, the consumer
of financial products. Interviewing your future financial professional that you
could be possibly working with for decades. It's a process, folks.
(15:33):
It's no different than interviewing somebody for a job. You
do a little research. You find out about their background,
years of experience, credential certifications, where they're located, do a
little background check, see if they haven't been you know,
the best advisor, which there's different ways to do that
(15:57):
through thinra called broke or check. So we start off
with number one. We're going to go through ten through
ten of these today. How's the advisor compensated? Number two?
What's their business model number three. This is key. This
is probably one that will probably be the Achilles heel
(16:18):
for a lot of us when we lose a client
or somebody gets upset. Communication. How often do you communicate
with me? Once I become a client through the Retirement
Planning Group? So you want to know what type of communication?
(16:41):
Is it? Email? Is it digital? Is it through telephone calls?
They have questions concerns, do they talk to you the
advisor or the sale assistant, the operation manager? Is it
(17:03):
once a quarter, semiannually, once a year. You're building a relationship,
no different than if you're dating somebody. You're holding hands,
everything's merry and wonderful, and you're going down that path
(17:24):
of happiness. What happens if things go off the rails?
Who's available to talk to if I'm disenchanted, if I
have questions or concerns, Now, I'd say you at the
Retirement Planning Group, you see something from us every week.
(17:48):
We have what we call the ninety day no contact.
If we haven't talked to you in ninety days, we
get a little flag at our office on our computer
system that basically says we need to reach out to you.
See if everything's Okay, most of our clients we do
a review with their investments on a semi annual every
six months, right, I think that that's more than adequate enough.
(18:12):
And we have at least at a minimum one face
to face meeting a year. So communication is king the
other question, and don't feel awkward asking this. What do
you expect from me? Meaning you the client? Right? How
(18:39):
involved should I be involved in the decisions for my
financial retirement plan, whether it's a retirement income distribution plan
a total wealth management plan. Ninety nine percent of our
clients are fully allocated with us with a total wealth
management plan. Why is that? Because most of our clients
(19:08):
not only have a desire for the retirement income distribution,
they have problems as far as considering what to do
with their overall estate plan, what they should do as
far as wealth replacement for a surviving spouse, legacy planning.
So we have the capabilities of doing all that. Here's
(19:28):
a question that was brought up to me just recently,
and I really haven't heard it that frequently, and I
wanted to write it down before I came in tonight.
What made you become a financial advisor? What drove you
to get into this business. Well, my background is farming,
(19:53):
and then my parents got really stupid and bought a restaurant.
And then I had a ball and chain on my
ankle for years working in the restaurant. And then my
father passed away when I was young. So people will say, wow,
you know, why didn't you keep the restaurant? Because I
wanted a life and because of my circumstance, because of
(20:16):
what happened with my father passing away, my mother having
to work like a dog, I knew that there had
to be some type of a job out there that
I could facilitate working with people to put them in
a position where they didn't have to go through what
we went through. So don't be afraid to ask your
(20:39):
financial team or your financial advisor, how do they get
in the business. I met a gentleman the other day,
just a new graduate from Siena College, and he's had
a desire to be a financial advisor for ever since
he got into school. Well, just had to be that
(21:01):
that gentleman we hired at the retirement planning group and
now he's a new team member. So some people know
from the get go. Some people fall into it. Some
people have a desire to work, have a passion to
basically protect people. And I started years ago, forty three
years ago. I started with the idea that I wanted
(21:23):
to make a difference, a long lasting, long term relationship
with people to make sure they know that they're safe
and secure and if thing does happen, they're more than
adequately protected. Number six, there's ten of these folks. What
type of investment products does this organization, the Retirement Planning
(21:46):
Group offer to the clients? Critical? Do you have any
proprietary products? Is there anything that you have a bias against?
And why should he ask that? It's important to understand
that there is not a predetermined destination for your assets.
(22:09):
What do I mean by that? If XYZ is on
the door and they only have X y Z products,
that's really not I don't think a very diversified investment platform.
You want to research that they have the ability to
go out and choose products. That what we call it
the Retirement Planning Group best of breed? What does that mean?
(22:32):
Some investments at Fidelity are fantastic, some are fit out
of the investments at Vanguard are fantastic, Some a JP Morgan,
some of Goldman Sachs, That's why at the Retirement Planning
Group we have open architecture. We can direct our money
to go where we feel it's best suited for the
(22:52):
needs and the desires and the long term goals of
our clients. We're not locked in a box. We are
what we call open architects sure, not only as far
as our investments, but also all of our protection products.
We have two platforms that we utilize. One is CRUMP.
The only one whos juris Montgomery. They are what we
(23:13):
call m GAS master General agencies for insurance products. They
have the full platform hundreds of companies that they deal
with as far as insurance companies, So we're able to
go out and search where the best products are to
fit the need of the client. So when you ask
(23:35):
the question what type of investment products do you use,
you should also say how diversified are those portfolios? And
do you have any bias towards any types of investments?
Let the advisor describe to you how they manage assets
(23:56):
and how they select the types of products that they
utilized for someone such as yourself. So I'm gonna summarize
again the first six and then to come back from
our break I'll be able to tell you a little
bit more of the final four. Number one, how are
you compensated? Don't be bashful, they need to tell you exactly.
(24:23):
Two what is your business model? Is it just retirement
income distribution or do you basically do total wealth management? Also?
Three communication? How do they communicate with you phone, email, text, messaging?
(24:49):
And how frequently do they do it? Number four what
do they expect? Right? What do you expect from the client? Five?
What made you to decide to become a financial advisor?
(25:11):
You've been doing a short period of time. Personally myself,
I've been doing it for forty three years. Most of
my staff that's with me has been, you know, except
for the younger guys that just joined us, well over
ten years. And the types of products. What are the
investment products that you utilize in order to build out
not only your investment portfolios, but also your insurance, your
(25:34):
protection portfolios, et cetera. So these are some of the
questions that I think is necessary. So again we offer
a complimentary consultation. I'll give out our telephone number eighty
eight five eight zero one nine one nine for my
office eight eight eight five eight zero one nine one nine.
Anything that I'm discussing today and call us and have
(25:56):
a free consultation. We'll be right back after this message.
Speaker 1 (26:03):
Paul Stevens, President Trump, delivering the commencement addressed this morning
at the US Military Academy in West eighty six percent.
Speaker 2 (26:11):
Do you know that your eighty six percent of the
population has no defined benefit pension plan. For most of us,
we have to take our life savings and create a
paycheck for the rest of our lives in retirement. What
is your plan for retirement income distribution? How you manage
your assets during the most critical years of your lifetime.
Nobel Prize winning economist William Sharp has called retirement income
(26:32):
distribution the nastiest, hardest problem in finance. He points out
that investment, uncertainty, and mortality can derail the most careful
laid out retirement income plan. Call our offices today to
start the process of building a retirement income distribution plan.
After forty one years of being in the financial services business,
you need to start taking action to start building your
(26:53):
own personal retirement income distribution plan. How do you do that?
To take action? Five one eight five eight zero one nine.
That's five one eight five eight zero one nine one
nine or RPG retire on the web. Don't procrastinate, motivate
to start building your retirement income distribution plan five one eight,
five eight zero one nine one nine.
Speaker 4 (27:14):
Why talk on the phones. They're at the screen doing
(27:37):
the job.
Speaker 2 (27:37):
Living in the dream, getting paid. Yeah, right, bagging.
Speaker 5 (27:43):
About to say approve that we still out for a
laugh too, and.
Speaker 2 (27:48):
We are back home to nine up de cooping your host.
This is retirement ready topics specific talking about ten questions
you should ask your future financial team and why it's
(28:12):
important you want to make sure that you're on the
right boat, right train, because if you're not setting up
upright on the front end, it could be devastating, cataclysmic
(28:35):
as far as ultimately reaching your goal of a quality
retirement filled with happiness and no anxiety. Talked a little
bit about some basic questions which I'll highlight again before
(28:57):
we say goodbye, But a little bit of a note here.
We're going to have another presentation on June twenty fifth
at the Century House in Latham, and it's going to
be based off of what I considered to be one
of the most critical components of retirement, how to build
(29:20):
out a pension benefit of retirement income distribution plan, and
it's going to go over annuities, what's fact, what's fiction,
what are the pros, what are the cons What are
the products that are available not only during my accumulation
years but also during my retirement distribution years. That's going
(29:43):
to be June twenty fifth. We're going to have two presentations.
One that will be specific for accumulation, one that will
be specific for retirement income distribution. And I think you'll
find it extremely informative. Why are we doing this because
we live in a landslipe right now that we have
(30:08):
eleven two hundred people every day durning the age of
sixty five that are trying to figure out how they're
going to take all this money that they've accumulated in
their lifetime and create retirement income benefits. So quickly, I'll
just go over these bullet points. I'm not going to
get into detail. The first one, what you should How
(30:30):
are you compensated the advisor? What's your business model? How
do you communicate with your clients? What do you expect
from your clients? What made you become a financial advisor?
What are the type of products that you use to
build diversified portfolios. Do you have a bias? Right now
here is number seven. We'll go through seven, eight, nine,
(30:54):
and ten, and then I'll highlight these again. How much
emphasis do you put on retirement income distribution? How do
you structure a retirement income portfolio? Do you include solid security,
any pension assets? Do you manage any different types of
(31:19):
what we call the bumps in the road risk like
bear markets and longevity risk. And when I say that
retirement planning is a different way to think about money,
it's complete opposite, folks, of what you did during your
accumulation years. Yes, it's important to get a competitive rate
(31:39):
of return, but point of entry and understanding understanding which
for most of us will be the largest sum of
money that we've ever had in our lifetime. How you
can create a check Once your check stops, you're going
to have to start taking monthly income off of these
(32:00):
assets once you retire to cover your expenses. For some
of us, it's a daunting task. For others, depending on
how you set it up. On the front end, you're
basically on cruise control. Number eight. Do you have a
minimum account size for clients that the retirement planning growth.
(32:25):
We do not have a minimum account size. We don't
care if you get twenty thousand dollars or twenty million dollars.
We're going to be able to help you. Of course,
it's going to be much harder for people that have undersaved,
but we believe that it's worth your time for us
to sit down with you and try to offer you
(32:47):
some type of service in order for you to get
to your destination. You might not like what we tell you,
but the bottom line is is that we do not
have a minimum account size number nine. Do you have
a network a team? Most people that listen to the
(33:10):
show understand that we work through Fidelity the Mothership, So
we have all of the resources through Fidelity in conjunction
with a lot of our strategic partners such as CPAs,
attorneys and products specialists. We have access to insurance specialists.
(33:34):
That is a critical component for a lot of people,
especially if you're under the age of sixty five and
you're not Medicare eligible. So there are many financial products
out there and things can get complex, and you want
to make sure that your unique financial situation, your goals,
and your concerns are met, not only the tax scenario,
(33:59):
but also what is necessary for the estate planning side
and who do you turn to in order to make
informed decisions? We believe that a total wealth managed platform
is basically in your best interests where you don't have
too many hands in the pot that can spoil the
stew Number ten and this is the big one. What's
(34:27):
the biggest lesson that I've learned the financial advisor me
in my forty three years of business? And why should
someone ask me this question? This is the key to
any successful retirement plan. It all boils down to this, folks.
(34:55):
You cut through all the stuff and you get down
to it. The real question that you want answered is
this is a person that I can trust that I
can basically put my life savings in your hands and
we can build a long term working relationship. Trust. You
(35:19):
have to trust the team. You know, if you're in
stocks and bonds, I can guarantee you one thing. You're
going to have some days that you're euphoric and you're
dancing in the street, and you're gonna have some days
that you're going to be depressed and you're not going
to be very happy because of the downturns. The question
is is how much of that volatility are you willing
(35:44):
to accept because everyone knows that every day when the
stock market and the bond market opens, it's either going
to be a plus or it's going to be a
negative based on your asset allocation. That's why when I
talk talk about this new world that we live in,
(36:05):
as far as eleven thousand, two hundred people a day
that are now turning the age of sixty five, most
of you, most of you are looking for some type
of savings, an allocation with your assets that's going to
provide you peace of mind and safety. Proactively managing an
(36:29):
account during your retirement years can be challenging, and after
forty three years of doing this now, I'm a firm
believer that you need to have baseline income. Baseline income
is a certain guaranteed portion of your portfolio, pension, social
(36:51):
security venuities, ladder, bond portfolios, whatever it may be that
guarantees you X number of dollars, whether or it's a
good stock market or a bad stock market. Greatest concern
for people do I have enough money and will it
last me a lifetime. There are products out there that
(37:14):
are specific for this new generation of retirees where you
can create your own pension that's why on June twenty fifth,
it's the Century House, we're having another workshop. As I said,
we just had one this past week. We had about
one hundred and fifty people there. It's going to be
on creating your own personal pension benefit, how to create
(37:36):
it not only during your accumulation years, but also during
your distribution, the pros and cons, the facts and fictions
that are currently out there, and why we believe at
the Retirement Planning Group there are opportunities out there for
individuals that are looking for safety, quality of life and
(37:58):
retirement income that will left to lifetime. So if you
want to attend this workshop, it's June twenty fifth at
the Century House, call my office eight eight eight five
eight zero one nine one nine. Check us out on
the web rpgretire dot com again. Eight eight eight five
eight zero one nine one nine. I'm Dave Kopek. I'm
(38:19):
coming back from my last segment again. I'm here live
if you have any questions one eight hundred talk WGY.
That's one eight hundred eight two five fifty nine forty
nine and again, Happy moorl Day weekend, your partner for success.
David Kopek here WG wise retirement planning specialists the Retirement
(38:40):
Planning Group. We understand that retirees face many important decisions
that can affect their long term financial success. Some of
these decisions revolve around making investments that will help create
a hedge against outliving their assets, the impact of inflation, taxation,
and rising healthcare quests. Most of our clients like the time,
(39:00):
the desire, or the experience to manage their own investment portfolios.
We consider it to be an honor and a privilege
to help our clients make sound investment decisions they will
contribute to a secure financial future for them. Because over
ninety percent of our clients are retirees with similar concerns,
we are in the best position to approach such challenges
(39:21):
with experience and skill. Give us a call today five
one eight, five eight zero one nine one nine five
one eight five eight zero one nine one nine or
RPG retire on the web. We are living through the
greatest wealth transfer in the history of mankind. Trillions of
dollars of wealth will change hands from one generation to
the next. Your money to our beloved children and grandchildren.
(39:43):
Are you ready? Your future is written by chance. It's
written by action. Now's the time to build your plan,
protect your assets, and position yourself for the opportunity. Don't wait,
take action. The future favors those that are prepared. Call
eighty eight five eight zero one nine n right, that's
eighty eight five eats or old one nine one night.
Speaker 5 (40:18):
I'm just trying to be a father. He's a daughter
and his son be a lover to their mother, everything
to everyone. I've been that on brid and early from
all business in my suit, him dressed up for success,
(40:39):
from my head down to my booth. I don't do
it for all the money. There's Bill's head.
Speaker 2 (40:45):
I can't paid all right where.
Speaker 5 (40:47):
I don't do it for all the glory.
Speaker 2 (40:51):
He rest in peace for you know, Toby passed away.
You know I'm Memorial Day weekend. For a lot of us.
It's cookouts and hamburgers and hot dogs and family and friends.
But don't forget folks. You know some people out there
(41:12):
have made the ultimate sacrifice for us to have these freedoms.
And don't be afraid to get on your knee and
say a little prayer. May they rest in peace. And
when you see someone wearing the uniform, tell them how
much you appreciate the sacrifice that they're currently making to
protect this great old country. As I said earlier this
(41:36):
morning when I did the show this morning, the biggest
mistake I felt that I made in my life is
that I didn't serve my country. And I had the
opportunity and I walked away from it. When I was
a sophomore in college at Siena, I was going to
go into the ROTC program and I got real close.
I was headed for the quantcet Hut, and then I
(41:56):
turned around. I said, no, I can't do this. There's
too much, too many other things going on my life.
So today we talked about the ten questions, the ten
questions when you're considering working with a financial professional. You
(42:16):
know a lot of people start working with a financial
professional say they wish they had done so sooner. Right,
we all know that data and all that information. It's
been proven by Fidelity, VANGUARDE while working with a financial
advisor will put you in a better position and you'll
(42:37):
have more money in the pot. But before you begin
the search, right before you start the search, you got
to sit down and do some soul searching yourself, thinking
about your financial goals and what you're trying to achieve right,
you still on the accumulation mode. We're you're in the
(42:59):
conservation and preservation because we're all quite well aware that
three to five years before retirement at the Retirement Planning Group,
we call that the red zone. That's where you want
to basically be prepared to start building out your buckets
of money. So find a professional that you feel comfortable with.
(43:22):
Start the process. Like I said, it's no different you're
interviewing this person. This person's going to work for you.
So if you're going to consider it a professional, you
got to ask the questions and I'm going to highlight
them one more time. How they compensated commissions, fees, combination
(43:42):
of both. That's what we are at the Retirement Planning Group.
We are a hybrid what we call a hybrid platform.
We do fees and we also do commissions based off
of insurance products. What is their business model? Do they
just manage money or do they do the total wealth
management platform transactional discretionary. You need to ask that question
(44:08):
so you're not surprised or you're shocked. What the end
result is. Communication, as in any relationship, you want to
know how we communicate. How do you communicate with me personally?
How often do you communicate with me? How often will
I see you? Do I work with you or someone
else on your team? Is it once a quarter, once
(44:30):
a year? Right, something happens to you. This is a
big one that's going on in our industry right now.
Who's going to step up and basically take the ball
and run with it? Need to understand that, especially working
with an older advisor such as myself. I have a
(44:50):
succession plan. I have a team behind me. I got
three other guys. One's my son, Nicholas Dumas and the
other one, of course, is Chris McCarthy. That's a question
that you definitely want to ask. What do you expect
from me the client? It's kind of like an autopilot,
(45:14):
and I hear from you when I want to hear,
or you get upset if I got questions. I think
this is an important one too. That sounds kind of corny.
What made you become a financial professional? A lot of
different reasons. Some people fall into the job, people have
a passion for it. Some people basically, you know, met
(45:36):
someone and said, listen, I think you can be good
at this. But I think it's a good question to
ask gives you an idea of what brought the person
into the financial services industry. The products that you utilize
to build out your portfolios, right, how do you select them?
(45:56):
Who selects them? We work through Fidelity and Lity have
basically one hundred percent of their investments through the retirement
Planning Group. Of course, the answer to that is no,
the custodian our assets and we can go wherever we
want to go, use their research, use their products, or
anybody else's that we want to use. How much emphasis
(46:18):
do you put on retirement income distribution planning? Huge, especially
if you do not have a pension benefit. Huge. Retirement
income distribution planning is critical for individuals that do not
(46:38):
have pension benefits. And how do they set them up?
What are the business models that you utilize, What are
their structures, et cetera. Do you have a minimum account size?
We don't. Now, I can be very honest with you.
I can't spend as much time with you if you
(46:59):
have twenty thousand dollars versus somebody that might have millions
of dollars with us. But I want you to understand
we will work with you, we will build a plan,
and we will basically facilitate what you're looking for. What
is your network? How many people do you work with?
(47:19):
How large is your book of business? Do you have
other professionals that you work with such as CPA's attorneys,
products specialists, etc. Why is that important? Well, it's important
because if you're building out a plan, sometimes you don't
have all the answers and you have to reach out
to these strategic partners in order to facilitate what you're
looking for in order for you to make informed decisions
(47:45):
for the client. Then, as I just said, this is
when I think is key. Sounds kind of corny, but
I think it's key. The real as in the whole
for you as a consumer of financial products is to
(48:08):
find a person that you feel you can trust, so
you can basically have someone that is going after your
own unique individual and family goals and you can build
it out for years a long working relationship. You're doing
(48:31):
yourself at the service, folks. If you're only evaluating your
financial team based on the net return on the portfolio.
A lot of times people will come in and they'll say,
you know, how did you do what kind of returns
do you have on your portfolio? That's the wrong question.
What you should be asking is that do you have
(48:52):
income streams that will last a lifetime? Are your clients
happy with the allocation of their assets Because you can't
basically compare an apple to an orange, You can't compare
the stock market to a retirement income distribution plan because
(49:13):
you're not one hundred percent allocated into stocks. You're going
to have all types of investments, especially if you don't
have a pension benefit, stocks, bonds, cash, alternative investments, annuities, etc.
So make sure you're asking these questions and you're basically
getting an understanding of exactly how the organization works, how
(49:39):
often you're going to meet with your financial team, and
do they meet the needs of what you're looking for.
As I said, we're going to have another workshop June
twenty fifth, I can't overemphasize enough for people that are
currently out there that are going to retire in the
near future, if not over the next five to ten years.
(50:02):
We're going to talk about the pros and cons of annuities.
What's fact, what's fiction? Are they expensive? Are they an
investment platform that doesn't give you flexibility? Low cost, low fees.
It's going to be held June twenty fifth at the
(50:25):
Century House. If you'd like to attend, I would say
that you're probably pretty You should call in pretty quick
because a lot of these topic specifics get filled up.
It's eighty eight five eight zero one nine nine eight
eight eight five eight zero one nine one nine. That's
the Income Distribution Seminar at the Century House, June twenty fifth.
(50:47):
And again for all of you, be safe, enjoy your
Memorial Day weekend. You know, don't drink and drive. You
got to go out and have a few drinks. Make
sure you got a DD and God bless thank you
to the.
Speaker 1 (51:01):
Vets listening to the Retirement Planning Show hosted by Dave Kopek.
If you would like to talk with Dave or someone
at the Retirement Planning Group called five one eight five
eight zero one nine one nine. That's five one eight
five eight zero one nine one nine during business hours,
(51:21):
or visit RPG retire dot com. The Retirement Planning Group
has five convenient offices located in Albany, Malta, Lens Falls, Syracuse,
and Oneata. Tune in again next week for retirement planning
strategies with Dave Kopek right here on WGY.
Speaker 6 (51:45):
The information or services discussed on this show is for
informational purposes only and is not intended to be personal
financial advice. The investments and services offered by US may
not be suitable for all investors. If you have any
doubts as to the merits of an investment, you should
seek advice from an independent financial advice.
Speaker 2 (52:02):
Are you ready for retirement or just hoping it works out?
Don't leave your future to chance. At the Retirement Planning Group,
we hope you create a personalized retirement plan so you
can relax knowing you are prepared. Take action today called
eight eight eight five eight zero one nine one nine.
That's eight eight eight five eight zero one nine one nine,
Or visit us at our website rpgretire dot com to
(52:24):
schedule your complementary consultation. Your future will say thank you.
Live from the wgy iHeart Studios. Welcome to Retirement Ready
with your host Dave Kopek from the Retirement Planning Group.
Every week, Dave and his team discuss the ways they
can help people make informed decisions about their retirement assets
to maintain, improve, and secure their desired quality of life.
Here's your host, Dave Copet.
Speaker 2 (00:48):
All right, good afternoon the Capital District region and outside
the five one eight. I have a lot of listeners
that listen throughout the country and iHeartRadio. I'm Dave Kopek,
your host. We're going to be here for an hour
to go over some ideas and concepts. This is Retirement Ready,
(01:11):
which is a topic specific show. And of course before
we get into it today, I want to give a
call out to a lot of special, brave souls who
gave their lives so we could live in freedom. You know,
it's a data pause, reflect and of course a lot
(01:34):
of ways express gratitude for the courage and dedication and
ultimately remember these individuals, you know, our fallen heroes. So,
as we say over and over again, may we never
forget the cost of freedom and the lives given to
(01:54):
protect it. Right, Sometimes we forget what some of the
families have gone through. So thank you for your sacrifice
and we will always remember your courage. But we're going
to be here until the top of the hour. Bottom
line gets down to is that we had a very,
(02:16):
very very busy week this week. For those that attended
our workshop at the Desmond over by the Airport on
Tuesday night, we had an unbelievable crowd. We had about
one hundred and fifty people and the Retirement Planning Group
in conjunction with the Puro Law Firm and of course
(02:36):
with the assistance of WGI. It was a good night
and hopefully it was informative. We've got a lot of
people that want to come in and have appointments with us.
So again we're going to have more workshops. I'm going
to get into that a little bit today as far
as the additional workshops that we're going to have. So fifth,
(03:02):
we're going to have another workshop that's really specific for
people that are looking for suspenders in a belt on
your portfolios. What do I mean by that. We're going
to go over facts not fiction, the pros and cons
of annuities and how they fit into a person's retirement portfolio,
(03:22):
whether during the Accumulation Years. It's going to be held
at the Latham Restaurant right there and by the circle.
Trying to think of the I can't think of it
right now, and I apologize the Century House. I apologize
(03:44):
the Centry House just north of the Circle you get
off the exit. And then it's going to be June
twenty fifth, and we're going to be going over the
pros and cons of annuities, how they've changed, why more
and more individuals are looking at these types of investments
for their pre and post retirement years. It will be
(04:04):
based on facts, not any bias, not any fictions, and
hopefully you can join us. I would tell you if
this is something that you're considering, where you're looking at,
I would call quickly because this will fill up. We're
going to have two workshops. One that will be specific
(04:24):
for people that are looking for accumulation and one for
people that are looking for income distribution. We'll switch it off,
have a break in the middle, and then you can
either go to the other presentation, but we will have
two presentations from two separate vendors that we work with,
(04:47):
and I think you're going to find it extremely informative, educational,
for those that are looking to put suspenders in a
belt underneath your retirement portfolios, whether pre or post. So
I'll mention that a couple more times before we say
goodbye today. You know, we're entering into historic time, folks,
(05:10):
and we're seeing it at the Retirement Planning Group. This
is my forty third year, believe it or not, in business,
starting in nineteen eighty two. And when I say that
it's a historic time, you know, about four point one
million Americans are going to retire this year. It used
to be about ten thousand people per day. Now it's
(05:32):
eleven two hundred per day to turn the age of
sixty five. And there's a trend that's emerging from this,
and what it is is that more and more individuals
are trying to figure out will they have enough money
to cover their expenses and how they can build a
retirement income distribution plan. So we're going to talk a
little bit today about some of the things that you
(05:53):
need to consider, why it's important for you to have
a plan, and ultimately what you want to do as
far as allocating moneys for your retirement years. But when
we talk about building out a plan, one of the
things that we try to do is for you to
(06:15):
be an informed investor. And you know, we do this
radio show every week. I do four radio shows every week,
four hours of radio. And one of the reasons why
we do it is that we want to educate prospective
clients why it's important to start working with a financial professional.
(06:38):
And the sooner they do, the better off they're going
to be. So if you're out there when you're trying
to choose how to have your assets managed, whether it's
actively managed, whether it's allocating money into some type of
a guaranteed investment strategy, what you want to do is
(06:59):
before even start thinking about product, is start thinking about
the goals that you want to achieve. You are you
looking to accumulate wealth early in life? Are you concerned
about retirement income planning? What do you have as far
as a distribution plan? And what's most important, why do
(07:25):
you want to work with a financial professional. So once
you have kind of a baseline what your goals are,
you want to start considering which financial professional to work
with and you start basically interviewing them for the job
of managing your assets. Right, So today, in our first
(07:49):
half hour, I'm going to go through some of the
questions you might want to ask your perspective financial team
understanding your goals and communicating that specifically to what you're
trying to achieve. So first and foremost is you hear
(08:13):
this a lot and it's not uncommon. How is the
financial advisor compensated? Is it based on commissions? Is it
assets under management? Fees? Is a retainer? And what the
ultimate costs to you, the prospective client would be. So
(08:36):
every financial professional gets paid as a result of the
work that nobody does business for free. Some of them
get paid in commissions as I said, Others get paid
as you work with them on a fee based But
one of the things that you want to do is
to understand exactly how they get paid and ultimately how
(08:59):
they're compensated is driven. Now at the Retirement Planning Group,
how we get paid is basically a combination of fees
and commissions. About ninety five percent of our business at
the Retirement Planning Group is fee based actively managed portfolios.
The other five percent we get paid commissions on insurance
(09:21):
products such as life insurance, annuities, and long term care.
We are very open as far as how we get compensated.
If the insurance companies could do it without us. They
wouldn't pay us commissions, but a very very small percentage
of our compensation that the retirement planning group is basically
paid to us and commissions. So when you sit down
(09:43):
with the financial advisor, one of the questions you shouldn't
be embarrassed to assets, how do you get compensated? And
then number two, what is your business model? Is it
based on fee management asset? Does it transaction? Do you
have discretion over these accounts? So why should you ask this? Well,
(10:08):
when a financial professional answers this question, you're going to
probably hear some terms that you're not going to be
familiar with, and that's okay, but you can research the
models and approaches that they're basically giving you. But this
will give you an idea not only their investment philosophy,
but also does it align with what you're looking for,
(10:29):
not only as far as your level of risk, but
also do you feel comfortable on how they're being compensated.
So don't be bashful. We're going to go through this
in greater detail. I have to take my first break.
So number one, how is the advisor compensated? Number two,
(10:51):
what is your business model. I just told you what
ours is. Ninety five percent of our business model is
actively managed portfolios for a fee. The other five percent
is basically what we call commission products, life insurance, long
term care insurance, and annuities. And we'll get into more detail.
But I'm live in the studio today, believe it or not,
(11:14):
on this beautiful, sunny, gorgeous eighty degree day in upstate
New York. I'm only season folks. You know, hopefully we'll
get summer. We'll get some warm weather here soon. But
if you want to call, even if it's off topic,
it's one eight hundred talk WGY. That's one eight hundred,
eighty two, five fifty nine forty nine. Today we're talking
about the greatest surge of retirees. Eleven two hundred people
(11:38):
every day are turning the age of sixty five. How
are you going to build your retirement income distribution plan? Again?
Eight hundred Talk WGY, One eight hundred talk WGY. You
got a question, don't be bashful. I'll be right back.
(11:59):
The eighty six percent. Do you know that eighty six
percent of the population has no defined benefit pension plan.
For most of us, we have to take our life
savings and create a paycheck for the rest of our
lives in retirement. What is your plan for retirement income distribution?
How you manage your assets during the most critical years
of your lifetime. Nobel Prize winning economist William Sharp has
(12:19):
called retirement income distribution the nastiest, hardest problem in finance.
He points out that investment, uncertainty and mortality can derail
the most careful laid out retirement income plan. Call our
offices today to start the process of building a retirement
income distribution plan. After forty one years of being in
the financial services business, you need to start taking action
(12:40):
to start building your own personal retirement income distribution plan.
How do you do that? To take action? Five one
eight five eight zero one nine nine. That's five one eight,
five eight zero one nine one nine or RPG retire
on the web. Don't procrastinate, motivate to start building your
retirement income distribution plan five win eight five eight zero
(13:00):
one nine one nine. Your partner for success David Kopakir
your retirement planning specialists at WGUI Timement Planning Group. We
understand that retirees face many important decisions that can affect
their long term financial success. Some of these decisions revolve
around making investments that can help create a hedge against
outliving their income, the impact of the Platian taxation and
(13:21):
rising healthcare cost. Because over ninety percent of our clients
are retirees with similar concerns, we are in the best
position to approach such challenges with experience and skill. Most
of our clients lack the time, the desire, or the
experience the manage to their own investment portfolios. We consider
it an honor and a privilege to help our clients
make sound investment decisions that will contribute to a secure future.
(13:45):
We welcome the opportunity to become your partner and establishing
your retirement plan. Give us a call today for your
complementary consultation at five point eight five zero one nine
one nine. That's five eight by the zero one nine
one nine or rpg retire on the web. We have
spent a lifetime saving for retirement. Now it's time to
make that money work for you. Here's the secret most
people miss. You have to create your own retirement income.
(14:08):
Plant Social security is not enough, tensions are rare. You
need a strategy that turns savings into monthly income that
will last a lifetime. At the Retirement Planning Group, we
build customized income distribution plans so you can retire with confidence,
retire smart, live well. Call eight eight eight five eight
zero nine for your complementary consultation.
Speaker 3 (14:40):
I'll never ask you where you're cool with. I'll never
ask you where you've been. I've never call and checked
your story. You stayed out calling you. I've never try
to getch you. I didn't want to know the truth.
(15:05):
I'd rather go on live and Blinder then go on
over without you.
Speaker 2 (15:13):
I was shouting little Toby talking about you, the consumer
of financial products. Interviewing your future financial professional that you
could be possibly working with for decades. It's a process, folks.
(15:33):
It's no different than interviewing somebody for a job. You
do a little research. You find out about their background,
years of experience, credential certifications, where they're located, do a
little background check, see if they haven't been you know,
the best advisor, which there's different ways to do that
(15:57):
through thinra called broke or check. So we start off
with number one. We're going to go through ten through
ten of these today. How's the advisor compensated? Number two?
What's their business model number three. This is key. This
is probably one that will probably be the Achilles heel
(16:18):
for a lot of us when we lose a client
or somebody gets upset. Communication. How often do you communicate
with me? Once I become a client through the Retirement
Planning Group? So you want to know what type of communication?
(16:41):
Is it? Email? Is it digital? Is it through telephone calls?
They have questions concerns, do they talk to you the
advisor or the sale assistant, the operation manager? Is it
(17:03):
once a quarter, semiannually, once a year. You're building a relationship,
no different than if you're dating somebody. You're holding hands,
everything's merry and wonderful, and you're going down that path
(17:24):
of happiness. What happens if things go off the rails?
Who's available to talk to if I'm disenchanted, if I
have questions or concerns, Now, I'd say you at the
Retirement Planning Group, you see something from us every week.
(17:48):
We have what we call the ninety day no contact.
If we haven't talked to you in ninety days, we
get a little flag at our office on our computer
system that basically says we need to reach out to you.
See if everything's Okay, most of our clients we do
a review with their investments on a semi annual every
six months, right, I think that that's more than adequate enough.
(18:12):
And we have at least at a minimum one face
to face meeting a year. So communication is king the
other question, and don't feel awkward asking this. What do
you expect from me? Meaning you the client? Right? How
(18:39):
involved should I be involved in the decisions for my
financial retirement plan, whether it's a retirement income distribution plan
a total wealth management plan. Ninety nine percent of our
clients are fully allocated with us with a total wealth
management plan. Why is that? Because most of our clients
(19:08):
not only have a desire for the retirement income distribution,
they have problems as far as considering what to do
with their overall estate plan, what they should do as
far as wealth replacement for a surviving spouse, legacy planning.
So we have the capabilities of doing all that. Here's
(19:28):
a question that was brought up to me just recently,
and I really haven't heard it that frequently, and I
wanted to write it down before I came in tonight.
What made you become a financial advisor? What drove you
to get into this business. Well, my background is farming,
(19:53):
and then my parents got really stupid and bought a restaurant.
And then I had a ball and chain on my
ankle for years working in the restaurant. And then my
father passed away when I was young. So people will say, wow,
you know, why didn't you keep the restaurant? Because I
wanted a life and because of my circumstance, because of
(20:16):
what happened with my father passing away, my mother having
to work like a dog, I knew that there had
to be some type of a job out there that
I could facilitate working with people to put them in
a position where they didn't have to go through what
we went through. So don't be afraid to ask your
(20:39):
financial team or your financial advisor, how do they get
in the business. I met a gentleman the other day,
just a new graduate from Siena College, and he's had
a desire to be a financial advisor for ever since
he got into school. Well, just had to be that
(21:01):
that gentleman we hired at the retirement planning group and
now he's a new team member. So some people know
from the get go. Some people fall into it. Some
people have a desire to work, have a passion to
basically protect people. And I started years ago, forty three
years ago. I started with the idea that I wanted
(21:23):
to make a difference, a long lasting, long term relationship
with people to make sure they know that they're safe
and secure and if thing does happen, they're more than
adequately protected. Number six, there's ten of these folks. What
type of investment products does this organization, the Retirement Planning
(21:46):
Group offer to the clients? Critical? Do you have any
proprietary products? Is there anything that you have a bias against?
And why should he ask that? It's important to understand
that there is not a predetermined destination for your assets.
(22:09):
What do I mean by that? If XYZ is on
the door and they only have X y Z products,
that's really not I don't think a very diversified investment platform.
You want to research that they have the ability to
go out and choose products. That what we call it
the Retirement Planning Group best of breed? What does that mean?
(22:32):
Some investments at Fidelity are fantastic, some are fit out
of the investments at Vanguard are fantastic, Some a JP Morgan,
some of Goldman Sachs, That's why at the Retirement Planning
Group we have open architecture. We can direct our money
to go where we feel it's best suited for the
(22:52):
needs and the desires and the long term goals of
our clients. We're not locked in a box. We are
what we call open architects sure, not only as far
as our investments, but also all of our protection products.
We have two platforms that we utilize. One is CRUMP.
The only one whos juris Montgomery. They are what we
(23:13):
call m GAS master General agencies for insurance products. They
have the full platform hundreds of companies that they deal
with as far as insurance companies, So we're able to
go out and search where the best products are to
fit the need of the client. So when you ask
(23:35):
the question what type of investment products do you use,
you should also say how diversified are those portfolios? And
do you have any bias towards any types of investments?
Let the advisor describe to you how they manage assets
(23:56):
and how they select the types of products that they
utilized for someone such as yourself. So I'm gonna summarize
again the first six and then to come back from
our break I'll be able to tell you a little
bit more of the final four. Number one, how are
you compensated? Don't be bashful, they need to tell you exactly.
(24:23):
Two what is your business model? Is it just retirement
income distribution or do you basically do total wealth management? Also?
Three communication? How do they communicate with you phone, email, text, messaging?
(24:49):
And how frequently do they do it? Number four what
do they expect? Right? What do you expect from the client? Five?
What made you to decide to become a financial advisor?
(25:11):
You've been doing a short period of time. Personally myself,
I've been doing it for forty three years. Most of
my staff that's with me has been, you know, except
for the younger guys that just joined us, well over
ten years. And the types of products. What are the
investment products that you utilize in order to build out
not only your investment portfolios, but also your insurance, your
(25:34):
protection portfolios, et cetera. So these are some of the
questions that I think is necessary. So again we offer
a complimentary consultation. I'll give out our telephone number eighty
eight five eight zero one nine one nine for my
office eight eight eight five eight zero one nine one nine.
Anything that I'm discussing today and call us and have
(25:56):
a free consultation. We'll be right back after this message.
Speaker 1 (26:03):
Paul Stevens, President Trump, delivering the commencement addressed this morning
at the US Military Academy in West eighty six percent.
Speaker 2 (26:11):
Do you know that your eighty six percent of the
population has no defined benefit pension plan. For most of us,
we have to take our life savings and create a
paycheck for the rest of our lives in retirement. What
is your plan for retirement income distribution? How you manage
your assets during the most critical years of your lifetime.
Nobel Prize winning economist William Sharp has called retirement income
(26:32):
distribution the nastiest, hardest problem in finance. He points out
that investment, uncertainty, and mortality can derail the most careful
laid out retirement income plan. Call our offices today to
start the process of building a retirement income distribution plan.
After forty one years of being in the financial services business,
you need to start taking action to start building your
(26:53):
own personal retirement income distribution plan. How do you do that?
To take action? Five one eight five eight zero one nine.
That's five one eight five eight zero one nine one
nine or RPG retire on the web. Don't procrastinate, motivate
to start building your retirement income distribution plan five one eight,
five eight zero one nine one nine.
Speaker 4 (27:14):
Why talk on the phones. They're at the screen doing
(27:37):
the job.
Speaker 2 (27:37):
Living in the dream, getting paid. Yeah, right, bagging.
Speaker 5 (27:43):
About to say approve that we still out for a
laugh too, and.
Speaker 2 (27:48):
We are back home to nine up de cooping your host.
This is retirement ready topics specific talking about ten questions
you should ask your future financial team and why it's
(28:12):
important you want to make sure that you're on the
right boat, right train, because if you're not setting up
upright on the front end, it could be devastating, cataclysmic
(28:35):
as far as ultimately reaching your goal of a quality
retirement filled with happiness and no anxiety. Talked a little
bit about some basic questions which I'll highlight again before
(28:57):
we say goodbye, But a little bit of a note here.
We're going to have another presentation on June twenty fifth
at the Century House in Latham, and it's going to
be based off of what I considered to be one
of the most critical components of retirement, how to build
(29:20):
out a pension benefit of retirement income distribution plan, and
it's going to go over annuities, what's fact, what's fiction,
what are the pros, what are the cons What are
the products that are available not only during my accumulation
years but also during my retirement distribution years. That's going
(29:43):
to be June twenty fifth. We're going to have two presentations.
One that will be specific for accumulation, one that will
be specific for retirement income distribution. And I think you'll
find it extremely informative. Why are we doing this because
we live in a landslipe right now that we have
(30:08):
eleven two hundred people every day durning the age of
sixty five that are trying to figure out how they're
going to take all this money that they've accumulated in
their lifetime and create retirement income benefits. So quickly, I'll
just go over these bullet points. I'm not going to
get into detail. The first one, what you should How
(30:30):
are you compensated the advisor? What's your business model? How
do you communicate with your clients? What do you expect
from your clients? What made you become a financial advisor?
What are the type of products that you use to
build diversified portfolios. Do you have a bias? Right now
here is number seven. We'll go through seven, eight, nine,
(30:54):
and ten, and then I'll highlight these again. How much
emphasis do you put on retirement income distribution? How do
you structure a retirement income portfolio? Do you include solid security,
any pension assets? Do you manage any different types of
(31:19):
what we call the bumps in the road risk like
bear markets and longevity risk. And when I say that
retirement planning is a different way to think about money,
it's complete opposite, folks, of what you did during your
accumulation years. Yes, it's important to get a competitive rate
(31:39):
of return, but point of entry and understanding understanding which
for most of us will be the largest sum of
money that we've ever had in our lifetime. How you
can create a check Once your check stops, you're going
to have to start taking monthly income off of these
(32:00):
assets once you retire to cover your expenses. For some
of us, it's a daunting task. For others, depending on
how you set it up. On the front end, you're
basically on cruise control. Number eight. Do you have a
minimum account size for clients that the retirement planning growth.
(32:25):
We do not have a minimum account size. We don't
care if you get twenty thousand dollars or twenty million dollars.
We're going to be able to help you. Of course,
it's going to be much harder for people that have undersaved,
but we believe that it's worth your time for us
to sit down with you and try to offer you
(32:47):
some type of service in order for you to get
to your destination. You might not like what we tell you,
but the bottom line is is that we do not
have a minimum account size number nine. Do you have
a network a team? Most people that listen to the
(33:10):
show understand that we work through Fidelity the Mothership, So
we have all of the resources through Fidelity in conjunction
with a lot of our strategic partners such as CPAs,
attorneys and products specialists. We have access to insurance specialists.
(33:34):
That is a critical component for a lot of people,
especially if you're under the age of sixty five and
you're not Medicare eligible. So there are many financial products
out there and things can get complex, and you want
to make sure that your unique financial situation, your goals,
and your concerns are met, not only the tax scenario,
(33:59):
but also what is necessary for the estate planning side
and who do you turn to in order to make
informed decisions? We believe that a total wealth managed platform
is basically in your best interests where you don't have
too many hands in the pot that can spoil the
stew Number ten and this is the big one. What's
(34:27):
the biggest lesson that I've learned the financial advisor me
in my forty three years of business? And why should
someone ask me this question? This is the key to
any successful retirement plan. It all boils down to this, folks.
(34:55):
You cut through all the stuff and you get down
to it. The real question that you want answered is
this is a person that I can trust that I
can basically put my life savings in your hands and
we can build a long term working relationship. Trust. You
(35:19):
have to trust the team. You know, if you're in
stocks and bonds, I can guarantee you one thing. You're
going to have some days that you're euphoric and you're
dancing in the street, and you're gonna have some days
that you're going to be depressed and you're not going
to be very happy because of the downturns. The question
is is how much of that volatility are you willing
(35:44):
to accept because everyone knows that every day when the
stock market and the bond market opens, it's either going
to be a plus or it's going to be a
negative based on your asset allocation. That's why when I
talk talk about this new world that we live in,
(36:05):
as far as eleven thousand, two hundred people a day
that are now turning the age of sixty five, most
of you, most of you are looking for some type
of savings, an allocation with your assets that's going to
provide you peace of mind and safety. Proactively managing an
(36:29):
account during your retirement years can be challenging, and after
forty three years of doing this now, I'm a firm
believer that you need to have baseline income. Baseline income
is a certain guaranteed portion of your portfolio, pension, social
(36:51):
security venuities, ladder, bond portfolios, whatever it may be that
guarantees you X number of dollars, whether or it's a
good stock market or a bad stock market. Greatest concern
for people do I have enough money and will it
last me a lifetime. There are products out there that
(37:14):
are specific for this new generation of retirees where you
can create your own pension that's why on June twenty fifth,
it's the Century House, we're having another workshop. As I said,
we just had one this past week. We had about
one hundred and fifty people there. It's going to be
on creating your own personal pension benefit, how to create
(37:36):
it not only during your accumulation years, but also during
your distribution, the pros and cons, the facts and fictions
that are currently out there, and why we believe at
the Retirement Planning Group there are opportunities out there for
individuals that are looking for safety, quality of life and
(37:58):
retirement income that will left to lifetime. So if you
want to attend this workshop, it's June twenty fifth at
the Century House, call my office eight eight eight five
eight zero one nine one nine. Check us out on
the web rpgretire dot com again. Eight eight eight five
eight zero one nine one nine. I'm Dave Kopek. I'm
(38:19):
coming back from my last segment again. I'm here live
if you have any questions one eight hundred talk WGY.
That's one eight hundred eight two five fifty nine forty
nine and again, Happy moorl Day weekend, your partner for success.
David Kopek here WG wise retirement planning specialists the Retirement
(38:40):
Planning Group. We understand that retirees face many important decisions
that can affect their long term financial success. Some of
these decisions revolve around making investments that will help create
a hedge against outliving their assets, the impact of inflation, taxation,
and rising healthcare quests. Most of our clients like the time,
(39:00):
the desire, or the experience to manage their own investment portfolios.
We consider it to be an honor and a privilege
to help our clients make sound investment decisions they will
contribute to a secure financial future for them. Because over
ninety percent of our clients are retirees with similar concerns,
we are in the best position to approach such challenges
(39:21):
with experience and skill. Give us a call today five
one eight, five eight zero one nine one nine five
one eight five eight zero one nine one nine or
RPG retire on the web. We are living through the
greatest wealth transfer in the history of mankind. Trillions of
dollars of wealth will change hands from one generation to
the next. Your money to our beloved children and grandchildren.
(39:43):
Are you ready? Your future is written by chance. It's
written by action. Now's the time to build your plan,
protect your assets, and position yourself for the opportunity. Don't wait,
take action. The future favors those that are prepared. Call
eighty eight five eight zero one nine n right, that's
eighty eight five eats or old one nine one night.
Speaker 5 (40:18):
I'm just trying to be a father. He's a daughter
and his son be a lover to their mother, everything
to everyone. I've been that on brid and early from
all business in my suit, him dressed up for success,
(40:39):
from my head down to my booth. I don't do
it for all the money. There's Bill's head.
Speaker 2 (40:45):
I can't paid all right where.
Speaker 5 (40:47):
I don't do it for all the glory.
Speaker 2 (40:51):
He rest in peace for you know, Toby passed away.
You know I'm Memorial Day weekend. For a lot of us.
It's cookouts and hamburgers and hot dogs and family and friends.
But don't forget folks. You know some people out there
(41:12):
have made the ultimate sacrifice for us to have these freedoms.
And don't be afraid to get on your knee and
say a little prayer. May they rest in peace. And
when you see someone wearing the uniform, tell them how
much you appreciate the sacrifice that they're currently making to
protect this great old country. As I said earlier this
(41:36):
morning when I did the show this morning, the biggest
mistake I felt that I made in my life is
that I didn't serve my country. And I had the
opportunity and I walked away from it. When I was
a sophomore in college at Siena, I was going to
go into the ROTC program and I got real close.
I was headed for the quantcet Hut, and then I
(41:56):
turned around. I said, no, I can't do this. There's
too much, too many other things going on my life.
So today we talked about the ten questions, the ten
questions when you're considering working with a financial professional. You
(42:16):
know a lot of people start working with a financial
professional say they wish they had done so sooner. Right,
we all know that data and all that information. It's
been proven by Fidelity, VANGUARDE while working with a financial
advisor will put you in a better position and you'll
(42:37):
have more money in the pot. But before you begin
the search, right before you start the search, you got
to sit down and do some soul searching yourself, thinking
about your financial goals and what you're trying to achieve right,
you still on the accumulation mode. We're you're in the
(42:59):
conservation and preservation because we're all quite well aware that
three to five years before retirement at the Retirement Planning Group,
we call that the red zone. That's where you want
to basically be prepared to start building out your buckets
of money. So find a professional that you feel comfortable with.
(43:22):
Start the process. Like I said, it's no different you're
interviewing this person. This person's going to work for you.
So if you're going to consider it a professional, you
got to ask the questions and I'm going to highlight
them one more time. How they compensated commissions, fees, combination
(43:42):
of both. That's what we are at the Retirement Planning Group.
We are a hybrid what we call a hybrid platform.
We do fees and we also do commissions based off
of insurance products. What is their business model? Do they
just manage money or do they do the total wealth
management platform transactional discretionary. You need to ask that question
(44:08):
so you're not surprised or you're shocked. What the end
result is. Communication, as in any relationship, you want to
know how we communicate. How do you communicate with me personally?
How often do you communicate with me? How often will
I see you? Do I work with you or someone
else on your team? Is it once a quarter, once
(44:30):
a year? Right, something happens to you. This is a
big one that's going on in our industry right now.
Who's going to step up and basically take the ball
and run with it? Need to understand that, especially working
with an older advisor such as myself. I have a
(44:50):
succession plan. I have a team behind me. I got
three other guys. One's my son, Nicholas Dumas and the
other one, of course, is Chris McCarthy. That's a question
that you definitely want to ask. What do you expect
from me the client? It's kind of like an autopilot,
(45:14):
and I hear from you when I want to hear,
or you get upset if I got questions. I think
this is an important one too. That sounds kind of corny.
What made you become a financial professional? A lot of
different reasons. Some people fall into the job, people have
a passion for it. Some people basically, you know, met
(45:36):
someone and said, listen, I think you can be good
at this. But I think it's a good question to
ask gives you an idea of what brought the person
into the financial services industry. The products that you utilize
to build out your portfolios, right, how do you select them?
(45:56):
Who selects them? We work through Fidelity and Lity have
basically one hundred percent of their investments through the retirement
Planning Group. Of course, the answer to that is no,
the custodian our assets and we can go wherever we
want to go, use their research, use their products, or
anybody else's that we want to use. How much emphasis
(46:18):
do you put on retirement income distribution planning? Huge, especially
if you do not have a pension benefit. Huge. Retirement
income distribution planning is critical for individuals that do not
(46:38):
have pension benefits. And how do they set them up?
What are the business models that you utilize, What are
their structures, et cetera. Do you have a minimum account size?
We don't. Now, I can be very honest with you.
I can't spend as much time with you if you
(46:59):
have twenty thousand dollars versus somebody that might have millions
of dollars with us. But I want you to understand
we will work with you, we will build a plan,
and we will basically facilitate what you're looking for. What
is your network? How many people do you work with?
(47:19):
How large is your book of business? Do you have
other professionals that you work with such as CPA's attorneys,
products specialists, etc. Why is that important? Well, it's important
because if you're building out a plan, sometimes you don't
have all the answers and you have to reach out
to these strategic partners in order to facilitate what you're
looking for in order for you to make informed decisions
(47:45):
for the client. Then, as I just said, this is
when I think is key. Sounds kind of corny, but
I think it's key. The real as in the whole
for you as a consumer of financial products is to
(48:08):
find a person that you feel you can trust, so
you can basically have someone that is going after your
own unique individual and family goals and you can build
it out for years a long working relationship. You're doing
(48:31):
yourself at the service, folks. If you're only evaluating your
financial team based on the net return on the portfolio.
A lot of times people will come in and they'll say,
you know, how did you do what kind of returns
do you have on your portfolio? That's the wrong question.
What you should be asking is that do you have
(48:52):
income streams that will last a lifetime? Are your clients
happy with the allocation of their assets Because you can't
basically compare an apple to an orange, You can't compare
the stock market to a retirement income distribution plan because
(49:13):
you're not one hundred percent allocated into stocks. You're going
to have all types of investments, especially if you don't
have a pension benefit, stocks, bonds, cash, alternative investments, annuities, etc.
So make sure you're asking these questions and you're basically
getting an understanding of exactly how the organization works, how
(49:39):
often you're going to meet with your financial team, and
do they meet the needs of what you're looking for.
As I said, we're going to have another workshop June
twenty fifth, I can't overemphasize enough for people that are
currently out there that are going to retire in the
near future, if not over the next five to ten years.
(50:02):
We're going to talk about the pros and cons of annuities.
What's fact, what's fiction? Are they expensive? Are they an
investment platform that doesn't give you flexibility? Low cost, low fees.
It's going to be held June twenty fifth at the
(50:25):
Century House. If you'd like to attend, I would say
that you're probably pretty You should call in pretty quick
because a lot of these topic specifics get filled up.
It's eighty eight five eight zero one nine nine eight
eight eight five eight zero one nine one nine. That's
the Income Distribution Seminar at the Century House, June twenty fifth.
(50:47):
And again for all of you, be safe, enjoy your
Memorial Day weekend. You know, don't drink and drive. You
got to go out and have a few drinks. Make
sure you got a DD and God bless thank you
to the.
Speaker 1 (51:01):
Vets listening to the Retirement Planning Show hosted by Dave Kopek.
If you would like to talk with Dave or someone
at the Retirement Planning Group called five one eight five
eight zero one nine one nine. That's five one eight
five eight zero one nine one nine during business hours,
(51:21):
or visit RPG retire dot com. The Retirement Planning Group
has five convenient offices located in Albany, Malta, Lens Falls, Syracuse,
and Oneata. Tune in again next week for retirement planning
strategies with Dave Kopek right here on WGY.
Speaker 6 (51:45):
The information or services discussed on this show is for
informational purposes only and is not intended to be personal
financial advice. The investments and services offered by US may
not be suitable for all investors. If you have any
doubts as to the merits of an investment, you should
seek advice from an independent financial advice.
Speaker 2 (52:02):
Are you ready for retirement or just hoping it works out?
Don't leave your future to chance. At the Retirement Planning Group,
we hope you create a personalized retirement plan so you
can relax knowing you are prepared. Take action today called
eight eight eight five eight zero one nine one nine.
That's eight eight eight five eight zero one nine one nine,
Or visit us at our website rpgretire dot com to
(52:24):
schedule your complementary consultation. Your future will say thank you.
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