Episode Transcript
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Speaker 1 (00:02):
Good afternoon and welcome. This is the Retirement Planning Show.
My name is Christopher Kopik, and with me today is
Chris McCarthy. How you doing, Chris.
Speaker 2 (00:11):
I'm doing well, Chriss. How are you, Chriff?
Speaker 1 (00:13):
Pretty good. I can't believe it's already September.
Speaker 2 (00:16):
I can't believe it either.
Speaker 1 (00:18):
Football season is among us.
Speaker 2 (00:19):
It's crazy. It's crazy how fast the summer went by.
But fall's a great comedy year.
Speaker 1 (00:26):
Yes it is. I love the fall. You know, you
get football seasons back, weather, it gets a little cooler,
colors are going to start changing. So it's always it's
always a good time it is.
Speaker 2 (00:38):
I love it too.
Speaker 1 (00:40):
But yeah, we are the Retirement Planning Group today we
wanted to kind of review our process, go over you know,
who we are, what we do, and just give a
highlight of how our business is structured so that everyone
is fully well aware of how we operate as fiduciary
financial advisors. So, Chris, if you want to start and
(01:03):
give a little bit of a background on who you are,
what you do at the Retirement Planning Group.
Speaker 2 (01:08):
Well, I have been in the business financial business for
forty years. I celebrated forty years in February. Hard to believe,
and I'm blessed. I've been affiliated with the Retirement Planning
Group for the last year and a half and I
can honestly say it's the best team I've ever been
a part of. And I've been very fortunate. I have
(01:30):
worked with and still work with us some wonderful, wonderful people.
But I have been specializing a lot with the investment
world as well as the annuity world. So I just
really enjoy our team. I think we each bring a
specialty to the table. We work with each other, we
(01:54):
complement each other, and we help each other. So it's
really just been a great opportunity for me to be
affiliated with you guys.
Speaker 1 (02:06):
Yeah, and how that appointment process is structured here, So
we are the Retirement Planning Group is a registered investment
advisory firm. So we do pre and post retirement planning
where we will look at a client's you know booklet,
will have everyone fill out this confidential questionnaire booklet, and
(02:29):
we will sit down and try and build out a
game plan specific to that individual or couple based on
what they're looking to accomplish within retirement or meet their
retirement goals or ages whatever they that may be. So myself,
you know, I am a Sienna graduate. I graduated in
twenty twenty one and have been getting my licenses to
(02:51):
become a fully certified financial planner and I'm en route
to do that still. But at the firm, you know,
I'm a financial analyst and a financial advisor, so I
do a lot of the back end work researching mutual
funds ETFs, you know, trying to find some different investments
for the model allocations that will then build out with
(03:12):
all of the relationships that we have as far as
who we clear through. You know, we do everything custodian
through Fidelity Investments, so all of our assets are held
at Fidelity in but we do have open architecture, you know,
with who we do work with. You know, we we
do a lot of work with all the other investment
management companies out there, you know, through their investments and
(03:34):
strategies that they offer us because of the RIA, the
registered investment advisory platform that we are. We also have
relationships with insurance you know companies. We have our insurance
licenses and have that aspect of the business through insurance products,
you know, such as annuities or life insurance, you know,
(03:55):
legacy planning, you know, different tools like that that we
can offer to clients as well, which you've specialized in,
you know, for the majority of your career.
Speaker 2 (04:03):
Yeah, long time. It's been a long time, and that's
what I love about being affiliated with the Retirement Planning Group.
We offer a lot of different phases of planning, but
more than anything, I love the three appointment process that
we have. It's so important that people understand when we
first meet, we get to know each other. Like Chris
(04:26):
said earlier, I think that's so important. There is no pressure,
there's nothing that we're looking to pull out at the
right time. We get to know each other. We can't
recommend anything without getting to know who you are, where
you are, where you want to be, and how can
(04:46):
we get you there. So it's a great process. It's
a very.
Speaker 1 (04:52):
It's not rushed, no, And to break that process down,
you know, the first appointment is just like Chris was saying,
it's a meet and greet. So we sit down, we
have a cup of coffee, we go over the questionnaire
booklet that we send out all of our clients. We
try and just get to know if they're a good
fit for us and our services and if we're a
good fit for them. So that's always the first appointment,
(05:14):
you know, it's just getting to feel out for one another.
The second appointment is where we'll then go ahead and
plug in all the information discussed and appointment one into
some software systems that we utilize. One of them that's
very advantageous for us and our clients is e Money,
which is a financial planning dashboard that we utilize to
(05:35):
project out retirement you know, at different hypothetical ages or scenarios.
You know, it helps with a lot of that planning
on a long term basis, you know, thirty forty year
outlook on retirement, incorporating you know, required minimum distributions and
a lot of other factors, growth rates. So and it
(05:57):
gives people we can give access to people in clients
as well through a dashboard that they have access to
to keep track on their retirement goals. So it's super
helpful and beneficial to us and the clients as well.
You know, it's full full transparency on our end to
show them the plan and you know how we're structuring
(06:17):
the plan and you know, hopefully facilitating their goals in
retirement and along with that, you know, we utilize another
software program that is Nitrogen where we do all of
our model allocation building. So that's how we get all
the information in the first one. And it's always it's
always a three appointment process. So the third appointment would
(06:39):
be you come in and then we review all that
information and just go from and make a decision. At
that point, that's when we put the the rubber to
the road. If you like what we have to say,
that's when we go ahead and start implementing.
Speaker 2 (06:52):
And I think it's important because we take the time
we do. We're exploring a number of different happen and
hope that we're going to be able to with the
client pick out the right route and the most beneficial route.
You know what I really love more than anything about
what we do is after the first appointment, we get
(07:14):
to know each other. We take the information we learned
about them, put it into e money and the other
things that we do, and then when we meet for
the second time and we have some ideas to share.
The two favorite responses I see is either one you
watch the people's eyes light up right because I think
(07:38):
they don't realize how well they're doing. And how well
they're going to be or the second one is the
sigh of relief, like, wow, we're going to be okay.
And that's what we're here for. We're here to facilitate
and fulfill as many goals as we can for you.
(07:58):
And we're very realistic. We're very down to earth. We
don't promise anything we can't keep. That doesn't do you
or us any papers. So I think we're very down
to earth ourselves. And we work with people. We listen
to people. I mean, that's what it's all about. We
(08:19):
don't song and dance people, we don't talk over anybody's heads.
We take the time, we answer questions, we share strategies,
and it takes time. It's a process, but we're there
and when people feel good about what they're doing, we
feel good about helping them right.
Speaker 1 (08:39):
And that hits at the holistic financial planning approach that
we try to try to hit on at the retirement
planning group. You know, we're trying to give you a
full scope of what retirement looks like, not only through
investment management, but through asset protection, legacy planning. You know,
insurance needs and coverage. So there's a lot of information
(08:59):
that can out within the first two appointments, and that's
why it's typically a three appointment approach because we want
to give people that time to digest and take in
all this information that we're going to cover and build out,
you know, a customized retirement plan specific to them. You know,
it's no cookie cutter approach. We're trying to facilitate whatever
(09:21):
needs the clients are specific to because one, one client's
appetite for risk and you know, legacy planning and all
these different aspects of retirement is going to be completely
different than you know, somebody else's. So having that time
to sit down and block it out in three separate
appointments to fully get a grasp on their personal situation
(09:42):
is is how we we structure those you know, appointments,
and that's what we find beneficial. You know, some people
are ready to go appointment to or maybe even appointment
one with their radio listeners. You know, they get they
feel like they already know us. But we never try
to put the pressure on anyone. And that's why we
give you know, a three appointment approach because it's it's
it's great for both of us to kind of know
(10:04):
where we stand there, our mindset on investments and asset allocation,
what we think is beneficial for them, and and they
get to fully understand you know, who we are and
how we how we would manage that.
Speaker 2 (10:15):
You know a couple of things you said that I
wanted to piggyback off up, which when you're talking about
different people and it takes time to get to know
each other and get to know what type of investor
you are, Are you a risk taker or not you
it's a transition time to go from accumulation to distribution
(10:40):
and income. It's not going to happen overnight. That's what
we do. I think that's what we specialize in so well,
is to give people different strategies that will help them
transition into that new part of their lives and they'll
be able to do it with peace of mind and
they'll be Another thing that I love about our firm,
(11:04):
we have no minimums. We will talk to anybody that
wants to be talked to. If anybody wants help, we're here.
The third thing, and I think it is also very important.
Not often but people come in and they say, well,
we're shopping advisors. We encourage it. That's how confident we
(11:27):
feel in the service we provide you want to, it's
a very personal decision. Go out, shop advisors, come see us.
You're going to get free consultations, and then you're going
to go and do what's best for you. And I,
like I said, I just I've been doing it a
(11:49):
long time. Your dad's been doing it a long time.
I'm marveled at you. I'm marveled at NICO. I mean again,
best team I've been affiliated with in my whole career.
Speaker 1 (12:02):
Yeah, and that's you know, we're going to get into that,
you know, in the next segment here, because we're going
to be coming up on a break. But you know,
the next segment, we'll be talking about, you know, how
how to transition into this retirement aspect and how to
figure out personally what your retirement goals would be and
what you're looking for out of retirement and if that's
(12:25):
something that you're approaching, you're willing to sit down and
kind of digest and go over, you know, and that's
a lot of the psychological factors going into retirement is
something we will be touching on. But we will take
a quick break right here and we'll be we'll be
right back and we are back. This is the Retirement
Planning Show with Chris Kopek and Chris McCarthy, both the
(12:48):
Chrises are here today special k and we are touching on,
you know, some common themes. You know. The first segment
we just hit on is our process here. You know,
who we are, how we fit into the retirement Planning group,
and how we structure you know, our appointments. And now
we want to go over you know, different different themes
(13:11):
that we see through retirees and retirement and having people,
you know, figure out what their retirement goals are before
they approach retirement, because a lot of people will get
to the stage of actually leaving the workforce and going
into retirement and not really have an idea of what,
you know, life is going to be once they stop working.
(13:35):
So there we wanted to go over some themes that
we see and you know, some different statistics that we
looked up for the show. But you know, one of
the staggering ones to me was sixty percent of people
who are retiring, you know, from twenty twenty to twenty
twenty nine are undergoing the quotes This is from the
New York Times Retirement Reinvention. Does that make sense to you.
Speaker 2 (14:00):
I'm happy to be here. I can't say it does.
I'd like to hear their reasoning behind what they mean.
Speaker 1 (14:07):
Yeah, So what they mean by that is the is,
you know, retirement reinvention is people going into retirement and
they are trying new things. You know, maybe they start
a side business. They're going into something that they've always
wanted to do, you know, whether it's a side hustle,
side business, traveling, starting a business, family time. You know,
(14:31):
it's just there re they have to reinvent themselves. You know,
you're so you're so attached to your job, You're so
you associate life so much with your day to day
schedule and routine that when it gets all mixed up,
you know, in retirement, you know, you go from working
every day nine to five, maybe forty hours a week
into just nothing. So a lot of the retirees, that's
(14:55):
what they were. The poll was taken you know on
a twenty twenty to twenty t twenty nine retirees sixty
that's a lot of people who are reinventing the reinventing
their life.
Speaker 2 (15:06):
I think what we do, which really complements that is
that because when we sit down with people. We give
them a number of different scenario. You know, we talk
about social security, we talk about their investment, We talk
about you know, an income stream that they know that
they can count on. And we also are big endorses
(15:30):
of the go go years of retirement, the slogo years,
and the no go years. We try to show people
enjoy your money while you're young and you can the traveling,
so on and so forth. We often a big advocate
sometimes of people taking their Social Security earlier than later.
(15:52):
I don't know if most people realize this, but to
break even point on average can be anywhere from seventy
nine to eighty two. Would a person debating if they
should take the security at sixty two or sixty seven.
We cover a lot of these different avenues to sign
(16:12):
to find out what's going to be the best route
for the people we're talking.
Speaker 1 (16:17):
To, right and and that always hits on too, like
how are you going to utilize the money in retirement?
You've been saving your entire life and it's and it's
time to flip the switch. You know, you've you've accumulated
wealth for thirty forty you know, sometimes fifty years in
a career or a job that you have been working
(16:39):
at and now instead of being a saver and an accumulator,
you are going to be a spender and we'll be
sending distributions off of these assets to supplement your lifestyle
in retirement. So there's a lot of different avenues in
different ways that people approach us. You know, some people
are travelers, you know, they want to see the world
in retirement. They want to go travel to Europe or
(17:00):
South America or Asia, and or even our country right
here in the United States, which is you know, undervalued
on how beautiful the United States is. But as far
as different you know scenarios, some people start a business,
you know, they always say, oh, man, I really you know,
this is a passion of mine I've always had. I'm
just going to try it out and see what. You know,
(17:21):
If I make ten twenty thousand dollars a year doing this,
that's fine. You know, It's just something that I've always
wanted to do. And then you know, there's family time
as well. Some people are you know, I'm just going
to relax, spend time with family, friends, loved ones. And
none of these are wrong answers, and these are all
different scenarios that we hear on a day to day basis.
(17:41):
But you know, our job is to now structure your
assets and your portfolio to mimic how your lifestyle is
going to be. And you know that's just part of
what you know we do over here is is getting
to know each person on an individual level or each
family on an individual level, and understand what they're looking
to accomplish out of their retirement years. So another uh,
(18:07):
pretty staggering statistic is the working post retirement. You know,
that's that's something that people always say, well, maybe I'm
gonna I'm gonna retire, but then a lot of people
end up going back, you know, and working part time
because of the lifestyle change. And it says, you know,
fifty five percent continue working. So more than half the
people go into retirement and then they either pick up
(18:28):
a part time job or a passion related job that
they're supplementing their income in retirement. For So even though
you know, twenty percent say they plan on working in retirement,
but fifty five percent end up doing it.
Speaker 2 (18:46):
You see, I'm very very poor, can it? You know?
I got you guys. I love what I do, I
love what we do. I can't see myself ever fully
retiring it and I don't have to God willing as
long as I can still walk and think and everything.
And I love working with people. I just love it.
I always have. And so I think being active and whether,
(19:09):
like you said, a lot of career people they finally
retire and now maybe they have an opportunity to reinvent,
go do something you've always wanted to do fuller, part time.
And that's that's why it's so important. I think the
three meeting process, because we really take the time. You know,
(19:31):
it's not an Olympic event. You're not out in fifty
nine minutes and thirteen second. We want to get to
know people. It's so important. The more we know, the
more we can help, and together we can really put
together a very strong game plan that will hopefully cater
to all your needs. Right.
Speaker 1 (19:53):
And another powerful number here is while we're on the
you know, working post retirement and creating a plan and
you know having it set up, is sixty six percent
of you will feel that you need to work in retirement.
And we just saw this yesterday. You know this. We
met with this great couple who came in as prospects
and he said, you know, I'm shopping around financial advisors
(20:15):
and I've I've always been told that I'm going to
have to work until I'm seventy and just sitting there
running basic calculations on his social security. You know, he
had a beautiful spreadsheet, you know that was that was fantastic.
Speaker 2 (20:28):
Broke it all help, baby, it all help.
Speaker 1 (20:30):
He brought his numbers in, he did his homework, and
he knew exactly how much money they spend a year,
and just off basic hypotheticals of you know, a five
percent withdrawal rate off his assets and then his social
Security at sixty seven, I said, I don't see why
you shouldn't be able to retire at sixty seven hitting
this you know, spend level. So I don't you know
(20:51):
this notion that people feel that, well, I'm going to
have to work forever. You know, I'm going to work
till I'm seventy. I'm going to work till i'm you know,
seventy five, whatever it may be. You know, people feel
that they're never going to be able to retire. They
need to meet with a financial planning team who can
run these projections for them and show them scenarios of
retirement at different ages and stages of their life.
Speaker 2 (21:12):
And I love what you did yesterday with this couple
because right in front of them, we did what is
the difference between taking at sixty seven or seventy right,
and we knew right there it was he would be
I think almost eighty one before he broke even. And
(21:32):
even he said himself, why would I want more money
later when I can utilize money now a sooner? And
we're like, we agree. You know, if you want to
continue to work after you start taking it at sixty seven,
at least you don't have to worry about being penalized
(21:55):
for making too much money, right and then to use it.
You brought up a great point about different strategy. Even
if you don't need the money right now, put it
away every month. You'd be amazed how much you're heart
later when you want to do more with it.
Speaker 1 (22:11):
Right, And that's just the beauty of you know, compound
interest as well, Like the earlier you start, the better
off you're going to be. So if you're if you're
sitting on the sidelines and procrastinating saving for retirement, Chris
just brought up a great point, like start setting money aside,
whether it's fifty bucks to a thousand bucks a month,
whatever you can afford, you should be doing it because
(22:32):
it's it's just something that in the long run is
gonna is going to help you out. You know, when
you get to your later years in life. We always
say it to younger clients that your your four oh
one K accounts and all these retirement accounts that you're
contributing to, you're going to be shocked by the end
of your career when you see how much has accumulated
versus how much you put in right.
Speaker 2 (22:52):
It's and again, when you're investing on a regular basis,
you can actually afford, to me be a little more
aggressive with your strategy then you would if it was
a lump summer money. But you know as well as
I it's just a great way to get into building
(23:13):
for your future. And there's so many Another thing I
love what we do because we're reduciarias. If you're in
a position that you're still working, maybe you're five or
ten years out from retirement, that doesn't mean we won't
help you in any way possible. If you wanted our
advice about investments in your four h one K, your
(23:37):
four or three B maybe you work for the state
and you're working with your deferred comp We help clients
all the time, whether it's with us or not, and
we take a lot of pride in that because down
the road people have been very grateful that we took
the time to not only manage money that they did
(23:58):
business with us, but manage money they had outside about
I think it's very important.
Speaker 1 (24:05):
Right, yeah, looking at those four one K accounts, we
do a lot of work with that. And Chris brought
up a good point about five to ten years out.
We usually refer to five years out of retirement as
the red zone. So if you're not planning five years
out from retirement.
Speaker 2 (24:18):
You should be.
Speaker 1 (24:19):
And that's where you know, we see clients all the
time who come in and there. It's not to say
that you know, you can't figure it out in two
years or three years before, but you should. Really There's
a lot of information and we go over a lot
of stuff, and a lot of it should be structuring
your current portfolio at work to facilitate your retirement. You know,
you should be changing the investments in these allocations or
(24:42):
talking with someone to structure that in a more you know,
financially responsible way. Knowing that I'm going to retire in
five years. But you know, this is all something that
we're going to continue to go over, you know, how
we structure portfolios to reflect these retirement goals. And if
you know this is at all anything that's interesting you,
our office number is eight eight eight five eight zero
(25:06):
one nine one nine, and we always offer a complementary
consultation where we go over and have that initial review
with folks to get a plan together, you know, and
set up that first meeting, just the meet and greet
to have a coffee. But we are coming up on
a break here, so we will be right back after this. Alrighty,
(25:29):
and we are back. This is the Retirement Planning Show.
My name is Christopher Kopik. I am here with Chris
McCarthy and we are talking finance and this segment we're
going to go over how we structure portfolios to reflect
these retirement goals that a lot of our clients have.
You know, we just touched on, you know, some different
(25:51):
mindsets on retirement. You know, if you're a traveler, if
you are going to work part time in retirement, if
you're more of a legacy planner, you know, you got
a lot of kids, grandkids, you want to set some
money aside. So all these different mindsets have all these
different approaches on how we're going to invest their accounts
(26:12):
in assets that we manage.
Speaker 2 (26:14):
And I think it's very important to say this. We
are not cookie cutter investors. We love that what is
so important about getting to know each other and we
will design a portfolio that will cater to your needs.
I think your intro was so spot on. That's why
(26:37):
we take the time to get to know the people
we're dealing with. What are their goals short term, long term?
What financial needs do they have short term long term?
These are a lot of questions that need to be
answered before we can really design a portfolio that will
(26:58):
cater to your needs. And it's so important. Like I
said that, nobody is rushed. We don't feel we take
the time we need the answers, and it's very rewarding
because I think people really appreciate that, especially when they
(27:18):
come in for the first meeting. I like to think
we put them at ease and just say, hey, we're
getting to know each other. You're not going to hear
any recommendation, no pressure, no pressure whatsoever. We want to
make sure we're good for you, and we want to
make sure it's a good fit for us. But you know,
(27:38):
I'll tell you we've been so blessed. We've met so
many wonderful, down to earth people. It's just very rewarding.
And I love what we do. I think we have
a very great team and a very wonderful service that we.
Speaker 1 (27:55):
Provide, right, And I couldn't agree more in the how
we you know, let's just run through some scenarios here.
So for someone who like we were talking about earlier,
for someone who is a traveler, you know, in your retirement,
you're going to want to travel a lot, you know,
see the world, that kind of that kind of retiree.
So when we when we approach people who are looking
(28:18):
to spend a lot of assets off of their retirement
accounts within you know, let's say a five year window.
You know, mister and missus Apple come in. They say,
you know, for the first five years of retirement, we
want to travel the world. We've been saving all this money.
We want to go see things while we're young, active
and the go go years, the go go years. Let's
go and see everything they want to see. So how
(28:41):
that portfolio is going to be structured. Is structured is
for those first five years, you're not going to want
to take a whole lot of risk because if you
have a thirty percent down year in the market, well,
there goes your travel fun because you're you're spending more
assets are coming off these accounts in those first five
(29:02):
years with US sending distributions to you for travel and
and all the other expenses that come along with it.
Speaker 2 (29:11):
It's more painful to sell out of a down market, right,
And and that's why and we're going to eventually get
into our other three bucket approach, something that we work
very very closely with.
Speaker 1 (29:24):
Right And that's and that's yeah, we honestly probably should
have brought that up in segment one because that's huge
part of what we do. But we will touch on that.
But as far as this like model we would do
for the traveler, it would be, you know, you'd have
more assets set aside in bonds or money markets or
bond alternatives at least you know, six months to a
(29:44):
year's worth of distributions for acute or accounting for your
travel expenses. So this is all something that you know,
if you have all these ideas of traveling you're gonna
want a nest egg to pull from to continue your
travels instead of putting it all in the equity market
and hoping and praying that every year that it goes
up and up. So looking at someone like that, you're
(30:05):
gonna want to be a little more conservative for those
five years of your your traveling, whereas someone who's more
focused on, well, I'm gonna continue working. I'm gonna work
part time. I'm gonna follow my passion of creating a
small business. You know, I'm gonna make some side money. Well,
we can be more equity focused with you because you're
gonna have income and you're gonna have money coming in
(30:26):
the door, so you don't really need to rely solely
on your investible assets in the accounts that we're managing
and can withstand some up and down swings in the
market if we have a bad year. Right, And then
you got the other folks who are legacy you know
we want we're legacy planning. You know, we're conservative investors.
We just want to make sure the money's there for
(30:49):
our kids and our grandkids. Well, that's more of a
balanced approach because you want the assets to grow. If
you're really not gonna pull from them, and you still
want that equity exposure, but you want that downside protection
in case, you know, a couple of years down the
line you pass away, you still want that principal amount
to be there for whoever's inheriting that money. Right, So,
(31:10):
there's a bunch of different philosophies, and like McCarthy brought up,
you know, the three bucket approach we do a lot
of work with and that's kind of our philosophy on
investment management for the most part. You know, and it's
Bucket one is cash and cash alternatives, you know, whether
it's money markets or t bills. You know, guaranteed rate
assets and fixed assets fall into bucket one. You know.
(31:35):
Bucket two is your bonds. You know, you're taking a
step out of cash. You're getting some bond exposure to
fill bucket one. So high yielding assets, whether it's bonds
or covered call writing strategies, you know, equities acting like
bonds to get a yield. And then bucket three is growth.
Bucket three is the equity sleeve. You know, let's get
(31:56):
some technology in there, let's get some S and P
five hundred in there, and let's you know, let these
assets grow and everyone is going to have a different
mix in percentage amount allocated into each of these buckets.
Speaker 2 (32:10):
That's right, And again, diversification we all know is extremely important.
But I think we also take a lot of pride
in explaining to people when they walk through the door
it's like, oh, you've got to be in a sixty
forty and well, five years ago, sixty forty really wasn't
all that attractive, but today it is because interest rates
(32:31):
have been high since twenty twenty two, So we're taking
an advantage of a stage of situation that we're in
the middle of right now. There's a reasoning why we
have designed portfolios like we have in the bond sector,
because it's a great way to set yourself up for
(32:53):
high yields. We're still getting them, but also when the
Feds start dropping rates, we're going to see capitaliation on
a lot of these bonds. So you're going to get
money in two different avenues and you reducing risk on
your PORTFOLIOO right. So it's more like a bird in
the hand opportunity instead of tune to bush. And there's
(33:17):
a reasoning behind what we do, and it's important for
us that the clients understand that, you know, I've got
I think it's very They may not want to know
every single detail, right, but I think it's important that
they understand the game plan and why we're doing what
we're doing right.
Speaker 1 (33:36):
And this goes to that second meeting that we have
with everybody, Like Chris is saying, we want to inform
and you know, have people knowledgeable about what we're doing
behind the scenes, so we show them. You know, Nitrogen
or Riskalize is a software system that we utilize to
build out all of our model allocations. And we bring
(33:58):
it right up, you know, in the second appointment, and
we say, this is how we manage assets. These are
all the mutual funds and ETFs that we invest in.
This is what it's done in the last five years.
You know, here's the expense ratio, here's the current yield
on it. So a lot of this stuff goes right
over people's heads. You know, they look at us and
they're like, wow, I don't understand anything of what you're saying.
(34:18):
But the point of that is, you know what we're
doing on the back end. You know all the research
that goes into this. You know that all of these
positions are vetted. You know, there are four or five
star rated morning Star funds that we are doing research on, so.
Speaker 2 (34:33):
In a regular basis.
Speaker 1 (34:34):
Yeah, yeah, And that's the beauty of the open architecture.
You know, the RIA, the registered investment advisory firm that
we are, that we touched on in the beginning. We
have completely open architecture on what we can invest in.
There's no although we're custodian, our assets are at Fidelity,
we have no requirements to invest with them. There's no
minimums we have to meet. We just go out and
(34:56):
find the best of breed funds for whichever sect of
the market we're looking to hit. And you know, I
like how you phrase like everything. You know, everything's got
a purpose. You know, we have, you know, an income model,
we have more aggressive models. We have there's so we'll
show you our best you know of breed, what we
go out and vet and do for our investments. But
(35:18):
like we keep hitting on, you know, there's no cookie
cutter approach to this. Like if you come in and
say you want to put all your money in you
know X y Z stock, well sure, you know we're
not gonna We're not gonna recommend it. But We're not
going to sit here and say no, you can't do it.
So that's the that's the purpose.
Speaker 2 (35:37):
You know.
Speaker 1 (35:38):
We're just here to you know, facilitate our recommendations to you,
you know, being fiduciaries, we go out and do all
the work on the back end to research and analyze
all this stuff and then it's and then it's just
the implementation making the client feel comfortable with it, you know,
based on their risk tolerance. We have everybody fill out
a risk tolerance questionnaire so we know where they're at
and that's and that's going to give us the basis
(35:59):
on where do you why you know, how much risk
are you willing to take on? And how much upside
are you willing to forfeit for you know, more protection
and security?
Speaker 2 (36:08):
You know, I got to tell you now more than ever.
I love when we are constantly talking to reps with
a number of the fun families that we work with,
and we meet them on a regular basis and they
help us tremendously because we're asking them what are your
(36:29):
people saying? Where you seeing the market trends? So on
and so forth. I mean, we're blessed that we have
fidelity analysts that we can contact and do contact on
a regular basis. But when you have a lot of
these other popular family funds that are coming in, we're
getting a real feel of where the markets are going.
(36:50):
We don't have a crystal ball, we don't pretend to,
but we work hard at what we know and we
do the best we can to try to get their
clients into the best model that's going to benefit them
the most for what they're looking.
Speaker 1 (37:04):
For, right and it just comes down to having a
lot of research in financial analysts and teams that we
can rely on and fall back to for advice and
knowledge and getting to know where the market's at. And
if you hear the opinion from not only one source,
but ten different sources throughout you know, the course of
(37:25):
the year or whatever we're quarter, you know what whatever
rote sector we're of the market is, you know hot,
or what's coming into favor, what's falling out of favor,
And if there's a lot of the same answers being
said around with all these major companies, well then we start,
you know, digging into that theme and really honing in
on what what does make sense to invest in for
this timeframe? And we're not market timers. You know, we
(37:48):
want to highlight that you know, we are we are
you know, investors where we feel that the models that
we build out are six months to a year timeframe.
You know, we'll rebalance if we see fit. But it's
it's not a set it and forget it portfolio. But
it's also not you know, a day trading.
Speaker 2 (38:09):
Yeah, no, you know. And we don't promise a thing.
We can't have a reasonable expectation to delip.
Speaker 1 (38:18):
Right, and we are coming up on another break, so
we will be right back after this quick break and
we're back. This is the Retirement Planning Show with Chris
and Chris. If any of this stuff is interesting to you,
you can call our number at eight eight eight five
eight zero nine one nine. We do offer a complimentary
(38:41):
consultation for the first appointment, like we've been touching on.
It's just a me you, Chris and a coffee.
Speaker 2 (38:48):
That's right, get to know each other.
Speaker 1 (38:50):
Yep, and we'll get to go over your confidential questionnaire booklet.
Now we have everyone figure out and see if we
can be of service.
Speaker 2 (38:58):
That's right. And the more we information we get, the
more we can help.
Speaker 1 (39:02):
Yeah, and this has been a very quick hour right
in the last segment.
Speaker 2 (39:08):
I know you know another thing and I've loved this
from day one. Very important for the listeners to know
we do not have minimums.
Speaker 1 (39:18):
Yes, that's a good point.
Speaker 2 (39:19):
We always will talk to anybody that wants to be
talked to, anybody that wants to be helped. We will
do the best we can. And I think it's important.
I think it's also a nice way to give back,
you know, because we always had the philosophy we don't
care if you have a dollar or one hundred million dollars.
(39:40):
We're going to still get the same attention and effort
that we're going to give anyone. You know, we don't discriminate.
So I'm very proud of the service that we offer.
Speaker 1 (39:55):
Right along with that, you know, our maximum fee that
we charge for client it is one percent and it's
an all in fee, uh for our asset management and
advisory services. So along with not having a minimum, like
Chris was saying, we have, we don't believe in it.
You know, some people who we meet with have said
to us before and appointments, oh I thought you guys,
(40:17):
I didn't think I had enough money to meet with
you guys. And we and that's always kind of you know,
sad to hear. But we don't have any minimum so
we're not like ultra high net worth advisors where you
have to have a million dollars or half a million
dollars in order to come meet with us. We meet
with everybody and we try to help out everybody.
Speaker 2 (40:34):
Yeah, and you know, like I said, we have a
lot of experience. I mean, your father and I have
been in the business a long time. I marvel at you, Nika,
and how much knowledge and experience you have already, and
a lot of people that come into the office they
want to know, you know, is the office is going
to be of AMRO law. Yes, we're going to be
(40:56):
an MFO law. We've got your dad and I. But
we also look at you and Nikop and your hard
working guys, very very knowledgeable, very personable. Again, I love
our team.
Speaker 1 (41:09):
Yeah, yeah, we and we love helping everybody out, you know.
We like the the group of clients that we have,
you know, are great and we love facilitating you know,
our services to our clients. You know, it's something that
it's very fulfilling from our end to see a plan
come together and then facilitate that plan and you know,
(41:29):
help help people out and to reach their retirement goals.
Speaker 2 (41:32):
And just like we talked about in an earlier segment,
when people come in, it doesn't matter if they have
money with us under fidelity or outside. Right, we love
helping people. Will help you manage your four one K,
your four three B, your four fifty seven deferred comp
with the state, it doesn't matter. We take a lot
(41:54):
of pride in helping clients and perspective client. There's a
number of people that come in to talk to us
and we help them, but they're going to be clients
five or ten years down the vote. Yeah, but I
think they, I know they appreciate the effort that we
give them today. Right. So it's all about building relationship
(42:17):
and it's all about helping people and helping each.
Speaker 1 (42:21):
Other, right, And and that goes to you know, to
touch on that you know, like he was just saying,
there's some people who we've met with where we're not
gonna have them signed on as clients for five, ten years,
twenty years down the line, because we're just meeting with
them right now to either facilitate you know, four oh
one k help or we're looking at their portfolio and
(42:43):
we're restructuring it to make sure they're invested in the
right ways they should be or recommendations that, you know,
based on what they want to be in. You know,
maybe a target date fund isn't necessarily great for you.
You know, some people like it because it, you know,
d risks their folio. But if someone wants a little
bit more risk and wants to invest and make their
(43:04):
own model allocation throughout their four one K plan with
their investments available to them, we do that all the time.
I know, we research the funds in four one K plans.
We'll give you a hypothetical allocation based on how risky
you want to be, and and rebalance into that, you know.
So that's that's something that we don't charge a fee for.
(43:27):
We're not paid on it. It's just a service that
we provide to clients just to help them out, you know.
It's it's everyone should have some type of advice, which
I'm shocked doesn't happen as much with their four one
K plans.
Speaker 2 (43:42):
It's an unfortunate reality I've seen over the forty years
I've been in the business. There isn't enough help pretty
employees to learn what they have and how they can
maximize their potential. Right. And I think another thing that's
very very important is when you said earlier, you know,
(44:04):
our normal fee is one percent, that is our maximum fee,
and you're all in. You're not going to see surprise
charges or fees showing up on your statement, so on
and so forth. I think we're shocked sometimes when people
come in here. We had a gentleman come in that
(44:25):
I think it was something new to all of us.
Two hundred and twenty positions in one portfolio. I don't
think Warren Buffett has two hundred dollar position, you know.
And the thing is, it's just you can't be too careful.
It's important you know what you're paying for what you're getting.
(44:47):
Make sure that you know if you're working with an advisor.
We're not looking to step on any colors. We want
people to know what they're paying so there's no surprises, right.
Speaker 1 (45:00):
Hurts to get a second opinion, Like specifically with that
guy who had two hundred positions in his IRA account.
You know, maybe if it was a non qualified individual account,
you know, when you're doing some type of direct indexing
where you're owning.
Speaker 2 (45:12):
An underlying tax.
Speaker 1 (45:14):
Purposes yep, then maybe that would make sense, but when
we saw it in an IRA account, I think we
our eyeballs almost popped out of our heads.
Speaker 2 (45:21):
Well, it just it's overkill and and it makes us suspicious.
What is the motive of the advisor, right?
Speaker 1 (45:30):
You know, to make these trades?
Speaker 2 (45:33):
That's right? Are you really thinking about your client's best interest?
And that would have come down to you know, like
I said, we don't have crystal balls. We work hard
at what we know. We're straight up, we're transparent, you know.
We when people come to us we're shopping advisors, we
encourage it. We want to make sure that if we're
(45:56):
going to develop a relationship, that both sides feel good
about it, right, and you know, and it's again it's
a very personal decision. But I am I'm a little biased,
but I think we offer a lot of expertise and
in a number of different areas, not just retirement planning.
(46:17):
You touched on legacy planning. We work with state planning attorneys.
We're not lawyers, but we know enough to be dangerous
and it's a vital, important part of most, if not all,
of our clients' future. And you know, also tax planning.
(46:39):
You know, we do a lot of work with like
you were talking about with direct indexing. We take a
lot of pride in educating the people we work with
and we hopefully offer enough services and enough ideas that
they're going to feel good about and they're going to
(47:00):
benefit tremendously, not only themselves, but their children, their grandchildren.
And this is looking at the whole picture. We don't
have connovision. We look at the whole picture.
Speaker 1 (47:13):
Right, and that's the holistic financial planning approach. It's just
offering everything that you possibly can that's you know, of
use in the financial services industry for your clients, because
not everybody is the same. Some products may make sense
to others, whereas you know, other people don't like them
or feel comfortable with them. And that's why we have
(47:33):
relationships with insurance companies and annuities and life insurance products
and attorneys who we can refer people to for legacy
planning and asset protection. So it's it's an all we
it's not a one stop shop, but we try to
facilitate everything that we possibly can on a on a
financial planning side. And you know, part of what we
(47:56):
wanted to hit on today too was it is it
is absolutely never too soon to start planning this out.
And you know, now that we only have a couple
minutes left today, I did want to hit on, you know,
an article that we posted on our website which is
www dot rpg retire dot com and it is a
decision not made is still a decision. And I like
(48:20):
that quote, you know, it's the title of the article
because for people who are procrastinating, putting aside this idea
of you know, oh we'll get to it, you know,
oh we'll get to it later, or oh, you know,
maybe next year I'll start looking at a retirement plan
or investing or doing this, and that your procrastination is
the is the most costly, yep, decision that you can
(48:42):
possibly make when you're looking at retirement planning.
Speaker 2 (48:44):
You know, I remember years ago and it was a
saying that stuck with me for the most part of
forty years. You know, people don't plan to fail. They
failed to plan right. And you know in who said
you again were spot on. No decision is still a decision,
(49:06):
you know, and it's it breaks my heart sometime because
too many times over the years, people came maybe a
little late in the game and they said boy, I
wish I.
Speaker 1 (49:20):
Just so you know, how often do we hear that one?
I wish I knew this soon. I wish I started
investing sooner, you know.
Speaker 2 (49:28):
And our job is, Okay, we can't do anything about
the path, but what can we work with today? How
can we build your future? And again, I think that's
where a lot of our experience and expertise has been
very beneficial for a lot of wonderful clients that.
Speaker 1 (49:46):
We have today exactly you know, and that and that
just goes to, you know, delaying these these this plan
and pushing it off, it's just going to lead to
a more rushed decision, you know, a maybe something that
you're not only affecting your your assets, you're affecting your
mindset because you're also emotionally probably not in the best
(50:09):
headspace when you're approaching retirement. You're like, oh, man, I
should have saved more, I should have put more aside.
It could be a stressful thing to go through this
as you're approaching you know, sixty five seventy. But you know,
we did want to wrap up with just saying, you know,
so do not wait for that perfect moment to say,
you know, now I'm going to become an investor or
a saver. You know, start with what you have where
(50:31):
you are, and just build on top of that. You know,
you will thank yourself in the future just by staying
consistent and disciplined. So it's it's the name of the game,
you know. Discipline and consistently investing on a monthly or
periodic basis will help you in the long run. That's
what we are here to help facilitate and then help
(50:51):
in your retirement years. If this has been beneficial to
you at all, please feel free to reach out at
eight eight eight five eight zero one nine nine And
this is the Retirement Planning Show is Chris and Chris.
Thank you for joining us. And the best time to
start planning was yesterday. The second best time is today.
(51:15):
Thank you very much, and we will be back next week.
Good afternoon and welcome. This is the Retirement Planning Show.
My name is Christopher Kopik, and with me today is
Chris McCarthy. How you doing, Chris.
Speaker 2 (00:11):
I'm doing well, Chriss. How are you, Chriff?
Speaker 1 (00:13):
Pretty good. I can't believe it's already September.
Speaker 2 (00:16):
I can't believe it either.
Speaker 1 (00:18):
Football season is among us.
Speaker 2 (00:19):
It's crazy. It's crazy how fast the summer went by.
But fall's a great comedy year.
Speaker 1 (00:26):
Yes it is. I love the fall. You know, you
get football seasons back, weather, it gets a little cooler,
colors are going to start changing. So it's always it's
always a good time it is.
Speaker 2 (00:38):
I love it too.
Speaker 1 (00:40):
But yeah, we are the Retirement Planning Group today we
wanted to kind of review our process, go over you know,
who we are, what we do, and just give a
highlight of how our business is structured so that everyone
is fully well aware of how we operate as fiduciary
financial advisors. So, Chris, if you want to start and
(01:03):
give a little bit of a background on who you are,
what you do at the Retirement Planning Group.
Speaker 2 (01:08):
Well, I have been in the business financial business for
forty years. I celebrated forty years in February. Hard to believe,
and I'm blessed. I've been affiliated with the Retirement Planning
Group for the last year and a half and I
can honestly say it's the best team I've ever been
a part of. And I've been very fortunate. I have
(01:30):
worked with and still work with us some wonderful, wonderful people.
But I have been specializing a lot with the investment
world as well as the annuity world. So I just
really enjoy our team. I think we each bring a
specialty to the table. We work with each other, we
(01:54):
complement each other, and we help each other. So it's
really just been a great opportunity for me to be
affiliated with you guys.
Speaker 1 (02:06):
Yeah, and how that appointment process is structured here, So
we are the Retirement Planning Group is a registered investment
advisory firm. So we do pre and post retirement planning
where we will look at a client's you know booklet,
will have everyone fill out this confidential questionnaire booklet, and
(02:29):
we will sit down and try and build out a
game plan specific to that individual or couple based on
what they're looking to accomplish within retirement or meet their
retirement goals or ages whatever they that may be. So myself,
you know, I am a Sienna graduate. I graduated in
twenty twenty one and have been getting my licenses to
(02:51):
become a fully certified financial planner and I'm en route
to do that still. But at the firm, you know,
I'm a financial analyst and a financial advisor, so I
do a lot of the back end work researching mutual
funds ETFs, you know, trying to find some different investments
for the model allocations that will then build out with
(03:12):
all of the relationships that we have as far as
who we clear through. You know, we do everything custodian
through Fidelity Investments, so all of our assets are held
at Fidelity in but we do have open architecture, you know,
with who we do work with. You know, we we
do a lot of work with all the other investment
management companies out there, you know, through their investments and
(03:34):
strategies that they offer us because of the RIA, the
registered investment advisory platform that we are. We also have
relationships with insurance you know companies. We have our insurance
licenses and have that aspect of the business through insurance products,
you know, such as annuities or life insurance, you know,
(03:55):
legacy planning, you know, different tools like that that we
can offer to clients as well, which you've specialized in,
you know, for the majority of your career.
Speaker 2 (04:03):
Yeah, long time. It's been a long time, and that's
what I love about being affiliated with the Retirement Planning Group.
We offer a lot of different phases of planning, but
more than anything, I love the three appointment process that
we have. It's so important that people understand when we
first meet, we get to know each other. Like Chris
(04:26):
said earlier, I think that's so important. There is no pressure,
there's nothing that we're looking to pull out at the
right time. We get to know each other. We can't
recommend anything without getting to know who you are, where
you are, where you want to be, and how can
(04:46):
we get you there. So it's a great process. It's
a very.
Speaker 1 (04:52):
It's not rushed, no, And to break that process down,
you know, the first appointment is just like Chris was saying,
it's a meet and greet. So we sit down, we
have a cup of coffee, we go over the questionnaire
booklet that we send out all of our clients. We
try and just get to know if they're a good
fit for us and our services and if we're a
good fit for them. So that's always the first appointment,
(05:14):
you know, it's just getting to feel out for one another.
The second appointment is where we'll then go ahead and
plug in all the information discussed and appointment one into
some software systems that we utilize. One of them that's
very advantageous for us and our clients is e Money,
which is a financial planning dashboard that we utilize to
(05:35):
project out retirement you know, at different hypothetical ages or scenarios.
You know, it helps with a lot of that planning
on a long term basis, you know, thirty forty year
outlook on retirement, incorporating you know, required minimum distributions and
a lot of other factors, growth rates. So and it
(05:57):
gives people we can give access to people in clients
as well through a dashboard that they have access to
to keep track on their retirement goals. So it's super
helpful and beneficial to us and the clients as well.
You know, it's full full transparency on our end to
show them the plan and you know how we're structuring
(06:17):
the plan and you know, hopefully facilitating their goals in
retirement and along with that, you know, we utilize another
software program that is Nitrogen where we do all of
our model allocation building. So that's how we get all
the information in the first one. And it's always it's
always a three appointment process. So the third appointment would
(06:39):
be you come in and then we review all that
information and just go from and make a decision. At
that point, that's when we put the the rubber to
the road. If you like what we have to say,
that's when we go ahead and start implementing.
Speaker 2 (06:52):
And I think it's important because we take the time
we do. We're exploring a number of different happen and
hope that we're going to be able to with the
client pick out the right route and the most beneficial route.
You know what I really love more than anything about
what we do is after the first appointment, we get
(07:14):
to know each other. We take the information we learned
about them, put it into e money and the other
things that we do, and then when we meet for
the second time and we have some ideas to share.
The two favorite responses I see is either one you
watch the people's eyes light up right because I think
(07:38):
they don't realize how well they're doing. And how well
they're going to be or the second one is the
sigh of relief, like, wow, we're going to be okay.
And that's what we're here for. We're here to facilitate
and fulfill as many goals as we can for you.
(07:58):
And we're very realistic. We're very down to earth. We
don't promise anything we can't keep. That doesn't do you
or us any papers. So I think we're very down
to earth ourselves. And we work with people. We listen
to people. I mean, that's what it's all about. We
(08:19):
don't song and dance people, we don't talk over anybody's heads.
We take the time, we answer questions, we share strategies,
and it takes time. It's a process, but we're there
and when people feel good about what they're doing, we
feel good about helping them right.
Speaker 1 (08:39):
And that hits at the holistic financial planning approach that
we try to try to hit on at the retirement
planning group. You know, we're trying to give you a
full scope of what retirement looks like, not only through
investment management, but through asset protection, legacy planning. You know,
insurance needs and coverage. So there's a lot of information
(08:59):
that can out within the first two appointments, and that's
why it's typically a three appointment approach because we want
to give people that time to digest and take in
all this information that we're going to cover and build out,
you know, a customized retirement plan specific to them. You know,
it's no cookie cutter approach. We're trying to facilitate whatever
(09:21):
needs the clients are specific to because one, one client's
appetite for risk and you know, legacy planning and all
these different aspects of retirement is going to be completely
different than you know, somebody else's. So having that time
to sit down and block it out in three separate
appointments to fully get a grasp on their personal situation
(09:42):
is is how we we structure those you know, appointments,
and that's what we find beneficial. You know, some people
are ready to go appointment to or maybe even appointment
one with their radio listeners. You know, they get they
feel like they already know us. But we never try
to put the pressure on anyone. And that's why we
give you know, a three appointment approach because it's it's
it's great for both of us to kind of know
(10:04):
where we stand there, our mindset on investments and asset allocation,
what we think is beneficial for them, and and they
get to fully understand you know, who we are and
how we how we would manage that.
Speaker 2 (10:15):
You know a couple of things you said that I
wanted to piggyback off up, which when you're talking about
different people and it takes time to get to know
each other and get to know what type of investor
you are, Are you a risk taker or not you
it's a transition time to go from accumulation to distribution
(10:40):
and income. It's not going to happen overnight. That's what
we do. I think that's what we specialize in so well,
is to give people different strategies that will help them
transition into that new part of their lives and they'll
be able to do it with peace of mind and
they'll be Another thing that I love about our firm,
(11:04):
we have no minimums. We will talk to anybody that
wants to be talked to. If anybody wants help, we're here.
The third thing, and I think it is also very important.
Not often but people come in and they say, well,
we're shopping advisors. We encourage it. That's how confident we
(11:27):
feel in the service we provide you want to, it's
a very personal decision. Go out, shop advisors, come see us.
You're going to get free consultations, and then you're going
to go and do what's best for you. And I,
like I said, I just I've been doing it a
(11:49):
long time. Your dad's been doing it a long time.
I'm marveled at you. I'm marveled at NICO. I mean again,
best team I've been affiliated with in my whole career.
Speaker 1 (12:02):
Yeah, and that's you know, we're going to get into that,
you know, in the next segment here, because we're going
to be coming up on a break. But you know,
the next segment, we'll be talking about, you know, how
how to transition into this retirement aspect and how to
figure out personally what your retirement goals would be and
what you're looking for out of retirement and if that's
(12:25):
something that you're approaching, you're willing to sit down and
kind of digest and go over, you know, and that's
a lot of the psychological factors going into retirement is
something we will be touching on. But we will take
a quick break right here and we'll be we'll be
right back and we are back. This is the Retirement
Planning Show with Chris Kopek and Chris McCarthy, both the
(12:48):
Chrises are here today special k and we are touching on,
you know, some common themes. You know. The first segment
we just hit on is our process here. You know,
who we are, how we fit into the retirement Planning group,
and how we structure you know, our appointments. And now
we want to go over you know, different different themes
(13:11):
that we see through retirees and retirement and having people,
you know, figure out what their retirement goals are before
they approach retirement, because a lot of people will get
to the stage of actually leaving the workforce and going
into retirement and not really have an idea of what,
you know, life is going to be once they stop working.
(13:35):
So there we wanted to go over some themes that
we see and you know, some different statistics that we
looked up for the show. But you know, one of
the staggering ones to me was sixty percent of people
who are retiring, you know, from twenty twenty to twenty
twenty nine are undergoing the quotes This is from the
New York Times Retirement Reinvention. Does that make sense to you.
Speaker 2 (14:00):
I'm happy to be here. I can't say it does.
I'd like to hear their reasoning behind what they mean.
Speaker 1 (14:07):
Yeah, So what they mean by that is the is,
you know, retirement reinvention is people going into retirement and
they are trying new things. You know, maybe they start
a side business. They're going into something that they've always
wanted to do, you know, whether it's a side hustle,
side business, traveling, starting a business, family time. You know,
(14:31):
it's just there re they have to reinvent themselves. You know,
you're so you're so attached to your job, You're so
you associate life so much with your day to day
schedule and routine that when it gets all mixed up,
you know, in retirement, you know, you go from working
every day nine to five, maybe forty hours a week
into just nothing. So a lot of the retirees, that's
(14:55):
what they were. The poll was taken you know on
a twenty twenty to twenty t twenty nine retirees sixty
that's a lot of people who are reinventing the reinventing
their life.
Speaker 2 (15:06):
I think what we do, which really complements that is
that because when we sit down with people. We give
them a number of different scenario. You know, we talk
about social security, we talk about their investment, We talk
about you know, an income stream that they know that
they can count on. And we also are big endorses
(15:30):
of the go go years of retirement, the slogo years,
and the no go years. We try to show people
enjoy your money while you're young and you can the traveling,
so on and so forth. We often a big advocate
sometimes of people taking their Social Security earlier than later.
(15:52):
I don't know if most people realize this, but to
break even point on average can be anywhere from seventy
nine to eighty two. Would a person debating if they
should take the security at sixty two or sixty seven.
We cover a lot of these different avenues to sign
(16:12):
to find out what's going to be the best route
for the people we're talking.
Speaker 1 (16:17):
To, right and and that always hits on too, like
how are you going to utilize the money in retirement?
You've been saving your entire life and it's and it's
time to flip the switch. You know, you've you've accumulated
wealth for thirty forty you know, sometimes fifty years in
a career or a job that you have been working
(16:39):
at and now instead of being a saver and an accumulator,
you are going to be a spender and we'll be
sending distributions off of these assets to supplement your lifestyle
in retirement. So there's a lot of different avenues in
different ways that people approach us. You know, some people
are travelers, you know, they want to see the world
in retirement. They want to go travel to Europe or
(17:00):
South America or Asia, and or even our country right
here in the United States, which is you know, undervalued
on how beautiful the United States is. But as far
as different you know scenarios, some people start a business,
you know, they always say, oh, man, I really you know,
this is a passion of mine I've always had. I'm
just going to try it out and see what. You know,
(17:21):
If I make ten twenty thousand dollars a year doing this,
that's fine. You know, It's just something that I've always
wanted to do. And then you know, there's family time
as well. Some people are you know, I'm just going
to relax, spend time with family, friends, loved ones. And
none of these are wrong answers, and these are all
different scenarios that we hear on a day to day basis.
(17:41):
But you know, our job is to now structure your
assets and your portfolio to mimic how your lifestyle is
going to be. And you know that's just part of
what you know we do over here is is getting
to know each person on an individual level or each
family on an individual level, and understand what they're looking
to accomplish out of their retirement years. So another uh,
(18:07):
pretty staggering statistic is the working post retirement. You know,
that's that's something that people always say, well, maybe I'm
gonna I'm gonna retire, but then a lot of people
end up going back, you know, and working part time
because of the lifestyle change. And it says, you know,
fifty five percent continue working. So more than half the
people go into retirement and then they either pick up
(18:28):
a part time job or a passion related job that
they're supplementing their income in retirement. For So even though
you know, twenty percent say they plan on working in retirement,
but fifty five percent end up doing it.
Speaker 2 (18:46):
You see, I'm very very poor, can it? You know?
I got you guys. I love what I do, I
love what we do. I can't see myself ever fully
retiring it and I don't have to God willing as
long as I can still walk and think and everything.
And I love working with people. I just love it.
I always have. And so I think being active and whether,
(19:09):
like you said, a lot of career people they finally
retire and now maybe they have an opportunity to reinvent,
go do something you've always wanted to do fuller, part time.
And that's that's why it's so important. I think the
three meeting process, because we really take the time. You know,
(19:31):
it's not an Olympic event. You're not out in fifty
nine minutes and thirteen second. We want to get to
know people. It's so important. The more we know, the
more we can help, and together we can really put
together a very strong game plan that will hopefully cater
to all your needs. Right.
Speaker 1 (19:53):
And another powerful number here is while we're on the
you know, working post retirement and creating a plan and
you know having it set up, is sixty six percent
of you will feel that you need to work in retirement.
And we just saw this yesterday. You know this. We
met with this great couple who came in as prospects
and he said, you know, I'm shopping around financial advisors
(20:15):
and I've I've always been told that I'm going to
have to work until I'm seventy and just sitting there
running basic calculations on his social security. You know, he
had a beautiful spreadsheet, you know that was that was fantastic.
Speaker 2 (20:28):
Broke it all help, baby, it all help.
Speaker 1 (20:30):
He brought his numbers in, he did his homework, and
he knew exactly how much money they spend a year,
and just off basic hypotheticals of you know, a five
percent withdrawal rate off his assets and then his social
Security at sixty seven, I said, I don't see why
you shouldn't be able to retire at sixty seven hitting
this you know, spend level. So I don't you know
(20:51):
this notion that people feel that, well, I'm going to
have to work forever. You know, I'm going to work
till I'm seventy. I'm going to work till i'm you know,
seventy five, whatever it may be. You know, people feel
that they're never going to be able to retire. They
need to meet with a financial planning team who can
run these projections for them and show them scenarios of
retirement at different ages and stages of their life.
Speaker 2 (21:12):
And I love what you did yesterday with this couple
because right in front of them, we did what is
the difference between taking at sixty seven or seventy right,
and we knew right there it was he would be
I think almost eighty one before he broke even. And
(21:32):
even he said himself, why would I want more money
later when I can utilize money now a sooner? And
we're like, we agree. You know, if you want to
continue to work after you start taking it at sixty seven,
at least you don't have to worry about being penalized
(21:55):
for making too much money, right and then to use it.
You brought up a great point about different strategy. Even
if you don't need the money right now, put it
away every month. You'd be amazed how much you're heart
later when you want to do more with it.
Speaker 1 (22:11):
Right, And that's just the beauty of you know, compound
interest as well, Like the earlier you start, the better
off you're going to be. So if you're if you're
sitting on the sidelines and procrastinating saving for retirement, Chris
just brought up a great point, like start setting money aside,
whether it's fifty bucks to a thousand bucks a month,
whatever you can afford, you should be doing it because
(22:32):
it's it's just something that in the long run is
gonna is going to help you out. You know, when
you get to your later years in life. We always
say it to younger clients that your your four oh
one K accounts and all these retirement accounts that you're
contributing to, you're going to be shocked by the end
of your career when you see how much has accumulated
versus how much you put in right.
Speaker 2 (22:52):
It's and again, when you're investing on a regular basis,
you can actually afford, to me be a little more
aggressive with your strategy then you would if it was
a lump summer money. But you know as well as
I it's just a great way to get into building
(23:13):
for your future. And there's so many Another thing I
love what we do because we're reduciarias. If you're in
a position that you're still working, maybe you're five or
ten years out from retirement, that doesn't mean we won't
help you in any way possible. If you wanted our
advice about investments in your four h one K, your
(23:37):
four or three B maybe you work for the state
and you're working with your deferred comp We help clients
all the time, whether it's with us or not, and
we take a lot of pride in that because down
the road people have been very grateful that we took
the time to not only manage money that they did
(23:58):
business with us, but manage money they had outside about
I think it's very important.
Speaker 1 (24:05):
Right, yeah, looking at those four one K accounts, we
do a lot of work with that. And Chris brought
up a good point about five to ten years out.
We usually refer to five years out of retirement as
the red zone. So if you're not planning five years
out from retirement.
Speaker 2 (24:18):
You should be.
Speaker 1 (24:19):
And that's where you know, we see clients all the
time who come in and there. It's not to say
that you know, you can't figure it out in two
years or three years before, but you should. Really There's
a lot of information and we go over a lot
of stuff, and a lot of it should be structuring
your current portfolio at work to facilitate your retirement. You know,
you should be changing the investments in these allocations or
(24:42):
talking with someone to structure that in a more you know,
financially responsible way. Knowing that I'm going to retire in
five years. But you know, this is all something that
we're going to continue to go over, you know, how
we structure portfolios to reflect these retirement goals. And if
you know this is at all anything that's interesting you,
our office number is eight eight eight five eight zero
(25:06):
one nine one nine, and we always offer a complementary
consultation where we go over and have that initial review
with folks to get a plan together, you know, and
set up that first meeting, just the meet and greet
to have a coffee. But we are coming up on
a break here, so we will be right back after this. Alrighty,
(25:29):
and we are back. This is the Retirement Planning Show.
My name is Christopher Kopik. I am here with Chris
McCarthy and we are talking finance and this segment we're
going to go over how we structure portfolios to reflect
these retirement goals that a lot of our clients have.
You know, we just touched on, you know, some different
(25:51):
mindsets on retirement. You know, if you're a traveler, if
you are going to work part time in retirement, if
you're more of a legacy planner, you know, you got
a lot of kids, grandkids, you want to set some
money aside. So all these different mindsets have all these
different approaches on how we're going to invest their accounts
(26:12):
in assets that we manage.
Speaker 2 (26:14):
And I think it's very important to say this. We
are not cookie cutter investors. We love that what is
so important about getting to know each other and we
will design a portfolio that will cater to your needs.
I think your intro was so spot on. That's why
(26:37):
we take the time to get to know the people
we're dealing with. What are their goals short term, long term?
What financial needs do they have short term long term?
These are a lot of questions that need to be
answered before we can really design a portfolio that will
(26:58):
cater to your needs. And it's so important. Like I
said that, nobody is rushed. We don't feel we take
the time we need the answers, and it's very rewarding
because I think people really appreciate that, especially when they
(27:18):
come in for the first meeting. I like to think
we put them at ease and just say, hey, we're
getting to know each other. You're not going to hear
any recommendation, no pressure, no pressure whatsoever. We want to
make sure we're good for you, and we want to
make sure it's a good fit for us. But you know,
(27:38):
I'll tell you we've been so blessed. We've met so
many wonderful, down to earth people. It's just very rewarding.
And I love what we do. I think we have
a very great team and a very wonderful service that we.
Speaker 1 (27:55):
Provide, right, And I couldn't agree more in the how
we you know, let's just run through some scenarios here.
So for someone who like we were talking about earlier,
for someone who is a traveler, you know, in your retirement,
you're going to want to travel a lot, you know,
see the world, that kind of that kind of retiree.
So when we when we approach people who are looking
(28:18):
to spend a lot of assets off of their retirement
accounts within you know, let's say a five year window.
You know, mister and missus Apple come in. They say,
you know, for the first five years of retirement, we
want to travel the world. We've been saving all this money.
We want to go see things while we're young, active
and the go go years, the go go years. Let's
go and see everything they want to see. So how
(28:41):
that portfolio is going to be structured. Is structured is
for those first five years, you're not going to want
to take a whole lot of risk because if you
have a thirty percent down year in the market, well,
there goes your travel fun because you're you're spending more
assets are coming off these accounts in those first five
(29:02):
years with US sending distributions to you for travel and
and all the other expenses that come along with it.
Speaker 2 (29:11):
It's more painful to sell out of a down market, right,
And and that's why and we're going to eventually get
into our other three bucket approach, something that we work
very very closely with.
Speaker 1 (29:24):
Right And that's and that's yeah, we honestly probably should
have brought that up in segment one because that's huge
part of what we do. But we will touch on that.
But as far as this like model we would do
for the traveler, it would be, you know, you'd have
more assets set aside in bonds or money markets or
bond alternatives at least you know, six months to a
(29:44):
year's worth of distributions for acute or accounting for your
travel expenses. So this is all something that you know,
if you have all these ideas of traveling you're gonna
want a nest egg to pull from to continue your
travels instead of putting it all in the equity market
and hoping and praying that every year that it goes
up and up. So looking at someone like that, you're
(30:05):
gonna want to be a little more conservative for those
five years of your your traveling, whereas someone who's more
focused on, well, I'm gonna continue working. I'm gonna work
part time. I'm gonna follow my passion of creating a
small business. You know, I'm gonna make some side money. Well,
we can be more equity focused with you because you're
gonna have income and you're gonna have money coming in
(30:26):
the door, so you don't really need to rely solely
on your investible assets in the accounts that we're managing
and can withstand some up and down swings in the
market if we have a bad year. Right, And then
you got the other folks who are legacy you know
we want we're legacy planning. You know, we're conservative investors.
We just want to make sure the money's there for
(30:49):
our kids and our grandkids. Well, that's more of a
balanced approach because you want the assets to grow. If
you're really not gonna pull from them, and you still
want that equity exposure, but you want that downside protection
in case, you know, a couple of years down the
line you pass away, you still want that principal amount
to be there for whoever's inheriting that money. Right, So,
(31:10):
there's a bunch of different philosophies, and like McCarthy brought up,
you know, the three bucket approach we do a lot
of work with and that's kind of our philosophy on
investment management for the most part. You know, and it's
Bucket one is cash and cash alternatives, you know, whether
it's money markets or t bills. You know, guaranteed rate
assets and fixed assets fall into bucket one. You know.
(31:35):
Bucket two is your bonds. You know, you're taking a
step out of cash. You're getting some bond exposure to
fill bucket one. So high yielding assets, whether it's bonds
or covered call writing strategies, you know, equities acting like
bonds to get a yield. And then bucket three is growth.
Bucket three is the equity sleeve. You know, let's get
(31:56):
some technology in there, let's get some S and P
five hundred in there, and let's you know, let these
assets grow and everyone is going to have a different
mix in percentage amount allocated into each of these buckets.
Speaker 2 (32:10):
That's right, And again, diversification we all know is extremely important.
But I think we also take a lot of pride
in explaining to people when they walk through the door
it's like, oh, you've got to be in a sixty
forty and well, five years ago, sixty forty really wasn't
all that attractive, but today it is because interest rates
(32:31):
have been high since twenty twenty two, So we're taking
an advantage of a stage of situation that we're in
the middle of right now. There's a reasoning why we
have designed portfolios like we have in the bond sector,
because it's a great way to set yourself up for
(32:53):
high yields. We're still getting them, but also when the
Feds start dropping rates, we're going to see capitaliation on
a lot of these bonds. So you're going to get
money in two different avenues and you reducing risk on
your PORTFOLIOO right. So it's more like a bird in
the hand opportunity instead of tune to bush. And there's
(33:17):
a reasoning behind what we do, and it's important for
us that the clients understand that, you know, I've got
I think it's very They may not want to know
every single detail, right, but I think it's important that
they understand the game plan and why we're doing what
we're doing right.
Speaker 1 (33:36):
And this goes to that second meeting that we have
with everybody, Like Chris is saying, we want to inform
and you know, have people knowledgeable about what we're doing
behind the scenes, so we show them. You know, Nitrogen
or Riskalize is a software system that we utilize to
build out all of our model allocations. And we bring
(33:58):
it right up, you know, in the second appointment, and
we say, this is how we manage assets. These are
all the mutual funds and ETFs that we invest in.
This is what it's done in the last five years.
You know, here's the expense ratio, here's the current yield
on it. So a lot of this stuff goes right
over people's heads. You know, they look at us and
they're like, wow, I don't understand anything of what you're saying.
(34:18):
But the point of that is, you know what we're
doing on the back end. You know all the research
that goes into this. You know that all of these
positions are vetted. You know, there are four or five
star rated morning Star funds that we are doing research on, so.
Speaker 2 (34:33):
In a regular basis.
Speaker 1 (34:34):
Yeah, yeah, And that's the beauty of the open architecture.
You know, the RIA, the registered investment advisory firm that
we are, that we touched on in the beginning. We
have completely open architecture on what we can invest in.
There's no although we're custodian, our assets are at Fidelity,
we have no requirements to invest with them. There's no
minimums we have to meet. We just go out and
(34:56):
find the best of breed funds for whichever sect of
the market we're looking to hit. And you know, I
like how you phrase like everything. You know, everything's got
a purpose. You know, we have, you know, an income model,
we have more aggressive models. We have there's so we'll
show you our best you know of breed, what we
go out and vet and do for our investments. But
(35:18):
like we keep hitting on, you know, there's no cookie
cutter approach to this. Like if you come in and
say you want to put all your money in you
know X y Z stock, well sure, you know we're
not gonna We're not gonna recommend it. But We're not
going to sit here and say no, you can't do it.
So that's the that's the purpose.
Speaker 2 (35:37):
You know.
Speaker 1 (35:38):
We're just here to you know, facilitate our recommendations to you,
you know, being fiduciaries, we go out and do all
the work on the back end to research and analyze
all this stuff and then it's and then it's just
the implementation making the client feel comfortable with it, you know,
based on their risk tolerance. We have everybody fill out
a risk tolerance questionnaire so we know where they're at
and that's and that's going to give us the basis
(35:59):
on where do you why you know, how much risk
are you willing to take on? And how much upside
are you willing to forfeit for you know, more protection
and security?
Speaker 2 (36:08):
You know, I got to tell you now more than ever.
I love when we are constantly talking to reps with
a number of the fun families that we work with,
and we meet them on a regular basis and they
help us tremendously because we're asking them what are your
(36:29):
people saying? Where you seeing the market trends? So on
and so forth. I mean, we're blessed that we have
fidelity analysts that we can contact and do contact on
a regular basis. But when you have a lot of
these other popular family funds that are coming in, we're
getting a real feel of where the markets are going.
(36:50):
We don't have a crystal ball, we don't pretend to,
but we work hard at what we know and we
do the best we can to try to get their
clients into the best model that's going to benefit them
the most for what they're looking.
Speaker 1 (37:04):
For, right and it just comes down to having a
lot of research in financial analysts and teams that we
can rely on and fall back to for advice and
knowledge and getting to know where the market's at. And
if you hear the opinion from not only one source,
but ten different sources throughout you know, the course of
(37:25):
the year or whatever we're quarter, you know what whatever
rote sector we're of the market is, you know hot,
or what's coming into favor, what's falling out of favor,
And if there's a lot of the same answers being
said around with all these major companies, well then we start,
you know, digging into that theme and really honing in
on what what does make sense to invest in for
this timeframe? And we're not market timers. You know, we
(37:48):
want to highlight that you know, we are we are
you know, investors where we feel that the models that
we build out are six months to a year timeframe.
You know, we'll rebalance if we see fit. But it's
it's not a set it and forget it portfolio. But
it's also not you know, a day trading.
Speaker 2 (38:09):
Yeah, no, you know. And we don't promise a thing.
We can't have a reasonable expectation to delip.
Speaker 1 (38:18):
Right, and we are coming up on another break, so
we will be right back after this quick break and
we're back. This is the Retirement Planning Show with Chris
and Chris. If any of this stuff is interesting to you,
you can call our number at eight eight eight five
eight zero nine one nine. We do offer a complimentary
(38:41):
consultation for the first appointment, like we've been touching on.
It's just a me you, Chris and a coffee.
Speaker 2 (38:48):
That's right, get to know each other.
Speaker 1 (38:50):
Yep, and we'll get to go over your confidential questionnaire booklet.
Now we have everyone figure out and see if we
can be of service.
Speaker 2 (38:58):
That's right. And the more we information we get, the
more we can help.
Speaker 1 (39:02):
Yeah, and this has been a very quick hour right
in the last segment.
Speaker 2 (39:08):
I know you know another thing and I've loved this
from day one. Very important for the listeners to know
we do not have minimums.
Speaker 1 (39:18):
Yes, that's a good point.
Speaker 2 (39:19):
We always will talk to anybody that wants to be
talked to, anybody that wants to be helped. We will
do the best we can. And I think it's important.
I think it's also a nice way to give back,
you know, because we always had the philosophy we don't
care if you have a dollar or one hundred million dollars.
(39:40):
We're going to still get the same attention and effort
that we're going to give anyone. You know, we don't discriminate.
So I'm very proud of the service that we offer.
Speaker 1 (39:55):
Right along with that, you know, our maximum fee that
we charge for client it is one percent and it's
an all in fee, uh for our asset management and
advisory services. So along with not having a minimum, like
Chris was saying, we have, we don't believe in it.
You know, some people who we meet with have said
to us before and appointments, oh I thought you guys,
(40:17):
I didn't think I had enough money to meet with
you guys. And we and that's always kind of you know,
sad to hear. But we don't have any minimum so
we're not like ultra high net worth advisors where you
have to have a million dollars or half a million
dollars in order to come meet with us. We meet
with everybody and we try to help out everybody.
Speaker 2 (40:34):
Yeah, and you know, like I said, we have a
lot of experience. I mean, your father and I have
been in the business a long time. I marvel at you, Nika,
and how much knowledge and experience you have already, and
a lot of people that come into the office they
want to know, you know, is the office is going
to be of AMRO law. Yes, we're going to be
(40:56):
an MFO law. We've got your dad and I. But
we also look at you and Nikop and your hard
working guys, very very knowledgeable, very personable. Again, I love
our team.
Speaker 1 (41:09):
Yeah, yeah, we and we love helping everybody out, you know.
We like the the group of clients that we have,
you know, are great and we love facilitating you know,
our services to our clients. You know, it's something that
it's very fulfilling from our end to see a plan
come together and then facilitate that plan and you know,
(41:29):
help help people out and to reach their retirement goals.
Speaker 2 (41:32):
And just like we talked about in an earlier segment,
when people come in, it doesn't matter if they have
money with us under fidelity or outside. Right, we love
helping people. Will help you manage your four one K,
your four three B, your four fifty seven deferred comp
with the state, it doesn't matter. We take a lot
(41:54):
of pride in helping clients and perspective client. There's a
number of people that come in to talk to us
and we help them, but they're going to be clients
five or ten years down the vote. Yeah, but I
think they, I know they appreciate the effort that we
give them today. Right. So it's all about building relationship
(42:17):
and it's all about helping people and helping each.
Speaker 1 (42:21):
Other, right, And and that goes to you know, to
touch on that you know, like he was just saying,
there's some people who we've met with where we're not
gonna have them signed on as clients for five, ten years,
twenty years down the line, because we're just meeting with
them right now to either facilitate you know, four oh
one k help or we're looking at their portfolio and
(42:43):
we're restructuring it to make sure they're invested in the
right ways they should be or recommendations that, you know,
based on what they want to be in. You know,
maybe a target date fund isn't necessarily great for you.
You know, some people like it because it, you know,
d risks their folio. But if someone wants a little
bit more risk and wants to invest and make their
(43:04):
own model allocation throughout their four one K plan with
their investments available to them, we do that all the time.
I know, we research the funds in four one K plans.
We'll give you a hypothetical allocation based on how risky
you want to be, and and rebalance into that, you know.
So that's that's something that we don't charge a fee for.
(43:27):
We're not paid on it. It's just a service that
we provide to clients just to help them out, you know.
It's it's everyone should have some type of advice, which
I'm shocked doesn't happen as much with their four one
K plans.
Speaker 2 (43:42):
It's an unfortunate reality I've seen over the forty years
I've been in the business. There isn't enough help pretty
employees to learn what they have and how they can
maximize their potential. Right. And I think another thing that's
very very important is when you said earlier, you know,
(44:04):
our normal fee is one percent, that is our maximum fee,
and you're all in. You're not going to see surprise
charges or fees showing up on your statement, so on
and so forth. I think we're shocked sometimes when people
come in here. We had a gentleman come in that
(44:25):
I think it was something new to all of us.
Two hundred and twenty positions in one portfolio. I don't
think Warren Buffett has two hundred dollar position, you know.
And the thing is, it's just you can't be too careful.
It's important you know what you're paying for what you're getting.
(44:47):
Make sure that you know if you're working with an advisor.
We're not looking to step on any colors. We want
people to know what they're paying so there's no surprises, right.
Speaker 1 (45:00):
Hurts to get a second opinion, Like specifically with that
guy who had two hundred positions in his IRA account.
You know, maybe if it was a non qualified individual account,
you know, when you're doing some type of direct indexing
where you're owning.
Speaker 2 (45:12):
An underlying tax.
Speaker 1 (45:14):
Purposes yep, then maybe that would make sense, but when
we saw it in an IRA account, I think we
our eyeballs almost popped out of our heads.
Speaker 2 (45:21):
Well, it just it's overkill and and it makes us suspicious.
What is the motive of the advisor, right?
Speaker 1 (45:30):
You know, to make these trades?
Speaker 2 (45:33):
That's right? Are you really thinking about your client's best interest?
And that would have come down to you know, like
I said, we don't have crystal balls. We work hard
at what we know. We're straight up, we're transparent, you know.
We when people come to us we're shopping advisors, we
encourage it. We want to make sure that if we're
(45:56):
going to develop a relationship, that both sides feel good
about it, right, and you know, and it's again it's
a very personal decision. But I am I'm a little biased,
but I think we offer a lot of expertise and
in a number of different areas, not just retirement planning.
(46:17):
You touched on legacy planning. We work with state planning attorneys.
We're not lawyers, but we know enough to be dangerous
and it's a vital, important part of most, if not all,
of our clients' future. And you know, also tax planning.
(46:39):
You know, we do a lot of work with like
you were talking about with direct indexing. We take a
lot of pride in educating the people we work with
and we hopefully offer enough services and enough ideas that
they're going to feel good about and they're going to
(47:00):
benefit tremendously, not only themselves, but their children, their grandchildren.
And this is looking at the whole picture. We don't
have connovision. We look at the whole picture.
Speaker 1 (47:13):
Right, and that's the holistic financial planning approach. It's just
offering everything that you possibly can that's you know, of
use in the financial services industry for your clients, because
not everybody is the same. Some products may make sense
to others, whereas you know, other people don't like them
or feel comfortable with them. And that's why we have
(47:33):
relationships with insurance companies and annuities and life insurance products
and attorneys who we can refer people to for legacy
planning and asset protection. So it's it's an all we
it's not a one stop shop, but we try to
facilitate everything that we possibly can on a on a
financial planning side. And you know, part of what we
(47:56):
wanted to hit on today too was it is it
is absolutely never too soon to start planning this out.
And you know, now that we only have a couple
minutes left today, I did want to hit on, you know,
an article that we posted on our website which is
www dot rpg retire dot com and it is a
decision not made is still a decision. And I like
(48:20):
that quote, you know, it's the title of the article
because for people who are procrastinating, putting aside this idea
of you know, oh we'll get to it, you know,
oh we'll get to it later, or oh, you know,
maybe next year I'll start looking at a retirement plan
or investing or doing this, and that your procrastination is
the is the most costly, yep, decision that you can
(48:42):
possibly make when you're looking at retirement planning.
Speaker 2 (48:44):
You know, I remember years ago and it was a
saying that stuck with me for the most part of
forty years. You know, people don't plan to fail. They
failed to plan right. And you know in who said
you again were spot on. No decision is still a decision,
(49:06):
you know, and it's it breaks my heart sometime because
too many times over the years, people came maybe a
little late in the game and they said boy, I
wish I.
Speaker 1 (49:20):
Just so you know, how often do we hear that one?
I wish I knew this soon. I wish I started
investing sooner, you know.
Speaker 2 (49:28):
And our job is, Okay, we can't do anything about
the path, but what can we work with today? How
can we build your future? And again, I think that's
where a lot of our experience and expertise has been
very beneficial for a lot of wonderful clients that.
Speaker 1 (49:46):
We have today exactly you know, and that and that
just goes to, you know, delaying these these this plan
and pushing it off, it's just going to lead to
a more rushed decision, you know, a maybe something that
you're not only affecting your your assets, you're affecting your
mindset because you're also emotionally probably not in the best
(50:09):
headspace when you're approaching retirement. You're like, oh, man, I
should have saved more, I should have put more aside.
It could be a stressful thing to go through this
as you're approaching you know, sixty five seventy. But you know,
we did want to wrap up with just saying, you know,
so do not wait for that perfect moment to say,
you know, now I'm going to become an investor or
a saver. You know, start with what you have where
(50:31):
you are, and just build on top of that. You know,
you will thank yourself in the future just by staying
consistent and disciplined. So it's it's the name of the game,
you know. Discipline and consistently investing on a monthly or
periodic basis will help you in the long run. That's
what we are here to help facilitate and then help
(50:51):
in your retirement years. If this has been beneficial to
you at all, please feel free to reach out at
eight eight eight five eight zero one nine nine And
this is the Retirement Planning Show is Chris and Chris.
Thank you for joining us. And the best time to
start planning was yesterday. The second best time is today.
(51:15):
Thank you very much, and we will be back next week.
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