Do You Need To Change Financial Advisors? Ep. 118

David tells a funny story about having mice. Here is the link to the newsletter he mentioned.

Excerpt from the show: The hurdle that some people have is taking the next step. They reached out for help, issues have been identified, a plan of action to better the circumstances has been presented, but we sometimes worry about what comes next.

I’ll tell you, it took hours to get the garage in order and the better part of a day. But the results are worthwhile. Moving on from an old advisor who isn’t helping you get to the next stage of life is in my mind a lot easier than cleaning out a garage!

Here’s the other thing; just because someone helped you get to one spot, that doesn’t necessarily mean they’re the right person to get you to the next spot. Investing and financial planning when we’re within five years of retirement is a lot different than when we have ten or twenty years before we are going to retire.

Investment advisory services offered through CreativeOne Wealth, LLC. Clients Excel, LLC and CreativeOne Wealth are not affiliated companies. Licensed Insurance Professionals. Investing involves risk, including potential loss of principal. Any references to protection or lifetime income generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the insuring carrier. Annuity withdrawals are subject to ordinary income taxes and potentially a 10% IRS penalty before age 59-1/2. Roth distributions are tax free after age 59-1/2 and the account has been open for at least 5 years. This video is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet particular needs of an individual’s situation. Clients Excel is not permitted to offer and no statement made during this show shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by any governmental agency. The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Clients Excel. The use of logos and/or trademarks of hosting sites are the property of their respective owners and are not an endorsement by those owners of our firm or our program.

Episode Transcript

SPEAKER_00 (00:00):
Welcome to the Excel in Retirement podcast, where we
help good people make wisefinancial decisions so that they
may excel in retirement withconfidence.
I'm David Treese of ClientsExcel.
Well, welcome back to episode118 of the Excel in Retirement
show.

(00:21):
I appreciate you listening in.
I've got a little bit of a funnystory to tell you here today.
We had chickens for about fiveand a half years at our house.
And I grew up in the city forthe most part.
And when we lived out in thecountry and we moved out there,
kind of wanted to have chickens.
And so I had the misinformedunderstanding that it would be

(00:43):
okay to store their chicken feedin our garage that is on our
house.
And we took a break from thechickens probably about 18
months ago or so.
And a persistent problem hasremained despite not having the
chickens and I bet you couldfigure out what it is if you
thought about it you'd probablyfigure out that we have mice and

(01:07):
for some reason Mallory my wifeshe doesn't like mice too much
and our garage looked like yoursmay have at one point or a lot
of people's has looked it wasfilled to the brim you know you
just put something out there andtry to forget it for a minute
and you'll get to it later andlater never comes it was filled
to the brim and from what Iunderstand That's a wrap

(01:29):
paradise.
I told you about the trailer, orI told our newsletter
subscribers, I should say, aboutour trailer that we bought a few
weeks ago.
Well, truth be told about thattrailer, the reason we really
got it was to make it easier toclean our garage out.
And we wanted to be able toefficiently do that since we
don't have a pickup truck.

(01:49):
And a couple weekends ago, I hadthe trailer loaded up with stuff
to haul off, and I was so proudof myself for effectively
backing the trailer up when itwas time to unload it.
And as I was unloading it, I sawsomething darting out of the
corner of my eye.
Now mind you, I'd driven about30, 35 minutes away from the
house, and as I was takingthings off the trailer,

(02:12):
something was catching thecorner of my eye.
And I looked closer, and therewas a mouse, and he was
scurrying around the trailertrying to hide in whatever was
left on there.
And finally, when the trailerwas unloaded, I thought he'd do
the logical thing and jump offand head for safety.
Do you think that happened?
Not a chance.
He backed his little self intothe corner of the trailer

(02:34):
between the wood planks and themetal frame of the trailer, and
he just had his little headpoking out.
And that mouse would not get offthe trailer to save my life.
So I drove away.
What was I supposed to do,right?
But judge me if you will, Iaccelerated really fast to try
to throw him off the trailer,and I got to a stop sign a few

(02:56):
miles later, and I was hopingthat I'd flung him off, but no
luck.
He was hanging on for dear life.
And I decided there was no wayin the world I was going to take
this mouse back to my house andhave to hear it from Mallory
about why I brought that mouseback.
And so I stopped in this bigparking lot that was pretty much

(03:16):
empty and I opened the backhatch of the car and we had a
brush in there.
And it's the kind of brush thatyou use to remove ice from your
windshield.
And the mouse was finally, orexcuse me, the mouse had finally
met his match when thosebristles of that brush had come
in contact with them.

(03:36):
Boy, when that happened, hedarted off that trailer and
headed for some shrubs close by.
And now every time we drive bythat place I asked my wife.
I wonder what he's doing.
Hopefully he's found a newfamily to live with.
And she seems to think he hasanyway.
And we'll let her believe that.
I have to admit, though, we knewwe had a mouse problem for a

(03:57):
while in the garage.
But really, we had planned andhad chosen to punt on doing
anything about it.
And excuses are easy to come by.
It's hard to get out there on aSaturday after you've had a long
week and cleaned the garage out,especially this time of year as
it's getting hotter.
But we still had a problemwhether we chose to acknowledge

(04:17):
it or not, right?
Sometimes when we meet withfolks for our initial strategy
session or to discovery sessionwhere we just try to learn about
what they're trying to achieveand figure out if we have a
basis to work together, we canidentify areas of opportunity
where by making a few changes,they may benefit.
Subconsciously, we know if we'rereaching out for help by

(04:41):
attending a workshop or fillingout a request online or going to
a website looking for more helpand researching, we're
indicating that that we're notgetting all the help that we
need or desire.
If we were, we would not besearching if we were being fully
served, I don't think.
Examples of this may be youradvisor isn't helping you with

(05:03):
social security planning, ormaybe your advisor isn't looking
for ways to lessen your lifetimetax burden in your tax-deferred
accounts, or maybe we'reconcerned about how much we may
lose if the market goes down, ormaybe we're not earning enough
interest and the market is upand we don't understand why
we're not making more money.

(05:24):
Whatever the case is, we'retrending in the right direction
by getting help, I believe.
It's It's kind of like when wedecided to first talk to the
exterminator about our mouseproblem, or when we bought
traps.
We were trending in the rightdirection, but ultimately we
knew we had to get our doggonejunk out of the garage or the

(05:44):
mice problem would probablystick around.
The hurdle that some people havein taking the next step is that
they just don't know what'sgoing to happen when they do
that.
There's a lot of unknowns there.
But generally, in my experience,when we take the first step, we
get more understanding of whatcomes next.

(06:05):
And generally, it's the rightmove if we've been thinking and
planning that and we'reresonating with what's
happening.
A plan of action has beenidentified oftentimes, but
sometimes we just don't knowwhat to do or what comes next.
I'll tell you though, it tookhours to get the garage in order

(06:25):
and it took the better part of aday.
But the results are worthwhile.
Just like when you do researchand then you implement a plan,
the research is worthwhilebecause you're getting the
benefit of your hard work.
When you have figured out thatyou have an issue, taking action
is the natural next step.
Moving on from an old advisor,if that's the case, maybe

(06:46):
because he isn't helping you getto the next stage in life.
It may be a lot harder.
like trying to clean out ourgarage.
It's not the most enjoyablething, but you know it needs to
happen.
And it's not a personal thing.
It's a business decision, right?
Here's the other thing.
Just because someone helps youget to one spot in your life, it
doesn't necessarily mean they'rethe right person to get you to

(07:10):
the next spot, right?
Investing in financial planningwhen we're within five years of
retirement is a lot differentthan when we have 10 or 20 years
before we're going to retire.
We don't have the benefit oftime to deal with errors when
they happen, or maybe not evenerrors, just like market
downturns that naturally happenand occur from time to time.

(07:32):
And so the game gets a lot moreserious because we're closer to
using those funds.
I hope you've enjoyed thiscontent today and this little
silly story.
If we can help you, please reachout.
You can find more information atclientsexcel.com and there'll be
a link in the show notes.
Hope you have a great day.

(07:55):
Investment advisory servicesoffered through Creative One
Wealth, LLC.
Clients Excel, LLC and CreativeOne Wealth, LLC are not
affiliated companies.
Investing involves risk,including potential loss of
principal.
Licensed insuranceprofessionals.
Any reference to protection orlifetime income generally refer

(08:17):
to fixed insurance products,never securities or investments.
Insurance guarantees are backedby the financial strength and
claims paying ability of theinsuring carrier.

(08:55):
of an individual situation.
Clients Excel is not permittedto offer and no statement made
during this show shallconstitute tax or legal advice.
Our firm is not Thank you.