Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
SPEAKER_01 (00:00):
Welcome back to the Excel in Retirement podcast,
where we help good people makewise financial decisions so that
they may excel in retirementwith confidence.
Learn more at clientsexcel.com.
Now to your host, David Treese.
SPEAKER_00 (00:24):
Welcome back to episode 126.
I'm so glad you're herelistening.
Well, I've developed a packingstrategy when I have a trip
coming up.
It's nothing fancy and you mightdo something similar.
I list out everything I want totake on paper.
And when it's time to pack, itcreates a more efficient
process.
I'm not having to think aboutevery day and go here and go
(00:46):
there.
I have a strategy for what I'mdoing.
When it comes to what to do whenwe get there to wherever we're
vacationing at, I'm more of awe'll figure it out when we get
there kind of guy.
Mallory, my wife, on the otherhand, she plans every detail and
she squeezes in extra activitiesjust on the off chance that
something doesn't take as longas she had anticipated.
(01:07):
Her objective is to Squeeze thatlemonade for all the lemonade
she can get out of it.
When we're hired for a job, theperson hiring us normally sets
out some parameters for what weare being hired for and lets us
know what our objectives of theposition are, right?
We have a game plan like we dowhen we go on vacation.
(01:28):
When people come in to visitwith us, one of the questions I
often ask them is, why has theiradvisor invested their money in
the way that they have?
And another question I often askis, has your advisor discussed
with you how to take money outof your accounts and make it
last as long as possible?
And you may be surprised, butvery few people can answer these
(01:50):
questions.
And it never ceases to amaze methat folks are within a decade
and oftentimes five or lessyears from their target
retirement date, but theiradvisor hasn't thought it was
important enough to discuss adistribution strategy.
And There's no rationale for theway that they're invested either
(02:11):
that the client can explainoften.
When it comes to importantthings, it's only natural to
have a game plan for what ourapproach should be.
We realize that life is a fluidsituation and things come up,
but having a strategy allows usto have a reason for why we do
what we do.
If our goal is is just simply tomake money in our retirement
(02:34):
accounts, I would encourage youto think about expanding your
goals and objectives.
We can do more than one thing ata time, and just making money
may not be good enough.
Maybe you could do more.
In our process, we normallyspend 60 to 90 minutes with
folks in our initial discoverymeeting.
And our goal with that is justto learn about our clients'
(02:56):
concerns and goals.
We want to understand where ourclient's coming from, what's
important to them, what they maybe fearful about.
And we want to come up with agame plan to try to mitigate
those things or make assumptionsor a game plan about if it is
within reason that they canachieve these things that they
(03:17):
have as goals.
By gathering this data, itallows us to customize a plan to
help them meet their objectivesand show them what's possible
with their money.
After our discovery session, wespend a couple hours here
internally, depending on thecomplexity of the situation,
putting together an analysis ofour client's situation.
(03:38):
We illustrate where their fundsare now, and what their goals
and objectives are.
We create their monthly cashflow analysis.
We illustrate a future cash flowanalysis.
And finally, we give some ideasto help them optimize their
situation if there are any.
That's our goal is to be able tocreate value and to give them a
(04:00):
reason for why they are investedthe way that they are.
It allows us to have a why.
And otherwise, we areessentially just hoping for the
best outcome.
And you You know as well as I dothat hope is not a strategy.
When we're hoping for the bestoutcome on vacation, It might
(04:20):
mean not being able to go on aboat tour or maybe not being
able to get that umbrella downat the beach or maybe not
getting reservations at the goodrestaurant.
In retirement, on the otherhand, hoping for the best
outcome may mean for youspending through your funds
quicker than you otherwise wouldor need to even.
Or worse, it can mean runningout of money.
(04:42):
Or it may mean paying more intaxes on your accounts than you
need to.
Or things not being set upproperly for your beneficiaries
And the list could go on and on,my friend.
Many of our clients have worked40 or more years to save for
retirement.
I would implore you to take afew minutes to understand if you
(05:02):
have a good game plan together.
If you don't know how to besttake distributions to supplement
your social security, or if youdon't have an idea of why you're
invested the way that you are,let us know.
We'd be happy to walk throughour process with you.
We'd be happy to talk And it'slike the old saying goes, an
(05:23):
ounce of prevention is worth apound of cure.
We love
SPEAKER_01 (05:30):
to connect.
Investing involves risk,including potential loss of
principal.
Any references to protection orlifetime income generally refer
to fixed insurance products,never securities or investments.
(05:52):
Insurance guarantees are backedby the financial strength and
claims-paying abilities of theinsuring carrier.
Annuity withdrawals are subjectto ordinary income taxes and
potentially a 10% IRS penaltybefore age 59½.
Roth distributions are tax-freeafter age 59 and a half, and the
account has been open for atleast five years.
(06:13):
This podcast is intended forinformational purposes only.
It is not intended to be used asthe sole basis for financial
decisions, nor should it beconstrued as advice designed to
meet particular needs of anindividual's situation.
Clients Excel is not permittedto offer, and no statement made
during this show shallconstitute tax or legal advice.
(06:35):
Our firm is not affiliated withor endorsed by any governmental
agency.
The information and opinionscontained herein provided by
third parties have been obtainedfrom sources believed to be
reliable, but accuracy andcompleteness cannot be
guaranteed by Clients Excel.
The use of logos and ortrademarks of hosting sites are
the property of their respectiveowners and are not an
(06:58):
endorsement by those owners ofour firm or our program.
Welcome back to the Excel in Retirement podcast,
where we help good people makewise financial decisions so that
they may excel in retirementwith confidence.
Learn more at clientsexcel.com.
Now to your host, David Treese.
SPEAKER_00 (00:24):
Welcome back to episode 126.
I'm so glad you're herelistening.
Well, I've developed a packingstrategy when I have a trip
coming up.
It's nothing fancy and you mightdo something similar.
I list out everything I want totake on paper.
And when it's time to pack, itcreates a more efficient
process.
I'm not having to think aboutevery day and go here and go
(00:46):
there.
I have a strategy for what I'mdoing.
When it comes to what to do whenwe get there to wherever we're
vacationing at, I'm more of awe'll figure it out when we get
there kind of guy.
Mallory, my wife, on the otherhand, she plans every detail and
she squeezes in extra activitiesjust on the off chance that
something doesn't take as longas she had anticipated.
(01:07):
Her objective is to Squeeze thatlemonade for all the lemonade
she can get out of it.
When we're hired for a job, theperson hiring us normally sets
out some parameters for what weare being hired for and lets us
know what our objectives of theposition are, right?
We have a game plan like we dowhen we go on vacation.
(01:28):
When people come in to visitwith us, one of the questions I
often ask them is, why has theiradvisor invested their money in
the way that they have?
And another question I often askis, has your advisor discussed
with you how to take money outof your accounts and make it
last as long as possible?
And you may be surprised, butvery few people can answer these
(01:50):
questions.
And it never ceases to amaze methat folks are within a decade
and oftentimes five or lessyears from their target
retirement date, but theiradvisor hasn't thought it was
important enough to discuss adistribution strategy.
And There's no rationale for theway that they're invested either
(02:11):
that the client can explainoften.
When it comes to importantthings, it's only natural to
have a game plan for what ourapproach should be.
We realize that life is a fluidsituation and things come up,
but having a strategy allows usto have a reason for why we do
what we do.
If our goal is is just simply tomake money in our retirement
(02:34):
accounts, I would encourage youto think about expanding your
goals and objectives.
We can do more than one thing ata time, and just making money
may not be good enough.
Maybe you could do more.
In our process, we normallyspend 60 to 90 minutes with
folks in our initial discoverymeeting.
And our goal with that is justto learn about our clients'
(02:56):
concerns and goals.
We want to understand where ourclient's coming from, what's
important to them, what they maybe fearful about.
And we want to come up with agame plan to try to mitigate
those things or make assumptionsor a game plan about if it is
within reason that they canachieve these things that they
(03:17):
have as goals.
By gathering this data, itallows us to customize a plan to
help them meet their objectivesand show them what's possible
with their money.
After our discovery session, wespend a couple hours here
internally, depending on thecomplexity of the situation,
putting together an analysis ofour client's situation.
(03:38):
We illustrate where their fundsare now, and what their goals
and objectives are.
We create their monthly cashflow analysis.
We illustrate a future cash flowanalysis.
And finally, we give some ideasto help them optimize their
situation if there are any.
That's our goal is to be able tocreate value and to give them a
(04:00):
reason for why they are investedthe way that they are.
It allows us to have a why.
And otherwise, we areessentially just hoping for the
best outcome.
And you You know as well as I dothat hope is not a strategy.
When we're hoping for the bestoutcome on vacation, It might
(04:20):
mean not being able to go on aboat tour or maybe not being
able to get that umbrella downat the beach or maybe not
getting reservations at the goodrestaurant.
In retirement, on the otherhand, hoping for the best
outcome may mean for youspending through your funds
quicker than you otherwise wouldor need to even.
Or worse, it can mean runningout of money.
(04:42):
Or it may mean paying more intaxes on your accounts than you
need to.
Or things not being set upproperly for your beneficiaries
And the list could go on and on,my friend.
Many of our clients have worked40 or more years to save for
retirement.
I would implore you to take afew minutes to understand if you
(05:02):
have a good game plan together.
If you don't know how to besttake distributions to supplement
your social security, or if youdon't have an idea of why you're
invested the way that you are,let us know.
We'd be happy to walk throughour process with you.
We'd be happy to talk And it'slike the old saying goes, an
(05:23):
ounce of prevention is worth apound of cure.
We love
SPEAKER_01 (05:30):
to connect.
Investing involves risk,including potential loss of
principal.
Any references to protection orlifetime income generally refer
to fixed insurance products,never securities or investments.
(05:52):
Insurance guarantees are backedby the financial strength and
claims-paying abilities of theinsuring carrier.
Annuity withdrawals are subjectto ordinary income taxes and
potentially a 10% IRS penaltybefore age 59½.
Roth distributions are tax-freeafter age 59 and a half, and the
account has been open for atleast five years.
(06:13):
This podcast is intended forinformational purposes only.
It is not intended to be used asthe sole basis for financial
decisions, nor should it beconstrued as advice designed to
meet particular needs of anindividual's situation.
Clients Excel is not permittedto offer, and no statement made
during this show shallconstitute tax or legal advice.
(06:35):
Our firm is not affiliated withor endorsed by any governmental
agency.
The information and opinionscontained herein provided by
third parties have been obtainedfrom sources believed to be
reliable, but accuracy andcompleteness cannot be
guaranteed by Clients Excel.
The use of logos and ortrademarks of hosting sites are
the property of their respectiveowners and are not an
(06:58):
endorsement by those owners ofour firm or our program.
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