Retirement Planning Show

October 11th, 2025.

Episode Transcript

Speaker 1 (00:00):
The opinions, viewpoints and promises made during the following program
are not those of wg y it's staff management or
parent company. iHeartMedia.

Speaker 2 (00:17):
Good morning, Good morning. This is the Retirement Planning Show.
My name is Nicholas Stumas. I am a certified financial
planner with the Retirement Planning Group seven oh five in
Upstate New York. It's getting chilly out. I am still
in shorts though I'm not giving into.

Speaker 3 (00:38):
The fall weather.

Speaker 4 (00:39):
Just you're one of those guys, one of those guys
the shorts in the winter.

Speaker 2 (00:43):
Shorts and sweatshirts, you know, keep the upper half nice
and warm, but out. We're here each week seven to nine,
talk about pre and post retirement planning, talk about stock markets.
We had a difficult Friday yesterday. You know, you start
looking at some of these numbers. The SMP on the

(01:05):
one week was down about two point seven mostly all
absorbed on Friday, and then NASDEK the Technology Index was
down about three percent as well, works out to be
about seven hundred points. So we had a slow, you know,
ending to the week. But again, you know, overall year
to date, a lot of these indexes are still up

(01:25):
quite a bit. Look at the SMP up eleven and
a half percent, NASDK fifteen percent on the year, and
then you look at the one year trailing as well,
NASDK has just been ripping the last one year. We're
up another twenty one percent if you look at you know,
last October until now. You know, and I think once
you really start diving into technology and its capabilities and

(01:49):
what's happening, you know, we kind of had a firsthand experience. Chris,
myself and Dave, we all attended a conference out in
Boston from Monday to Wednesday. Fidelity, our custodian, was hosting it,
and they brought a lot of great ideas and you know,

(02:10):
their market strategists, so they gave outlooks and on the
economy and where they think that we're heading. So again,
you know, tech's in in a great spot right now.
You know, some love it, some hate it, but there
are a lot of new capabilities that advisors are going
to have from a software standpoint, from a user interface,

(02:33):
and you know, they just covered a lot of those
that I think are going to make us, you know,
even more efficient as a company and a firm.

Speaker 4 (02:40):
Yeah, the development and AI is pretty amazing, yet spooky
at the same time, you know, they're showing us these
videos and they got you can create little videos of
yourself as an advisor now and send them out for birthdays, holidays.
And you don't even have to be the one creator
the video. You just take a It just takes your

(03:02):
image and likeness and creates all this stuff for you.
So that was pretty scary to watch. I told your father,
I'm gonna put him on a horse. Yeah, I'm gonna
put a video of him like the old spice.

Speaker 5 (03:12):
Yah.

Speaker 4 (03:13):
We'll dress him up like Santa Claus for Christmas time.
We'll get that going. But no, it's incredible. They can
use your voice, they can use your like likeness. What
she was saying, so photos of you and they create
these videos. But you know, I don't think we'll ever
get there.

Speaker 6 (03:29):
Yeah.

Speaker 2 (03:29):
I don't really want to do things like that. You know,
it feels a little you know, uncomfy, uh, sending videos
that aren't you.

Speaker 4 (03:37):
That's exactly what that woman said. Like the woman who
raised her hand at the at the Q and A
was basically saying, like, I feel like this takes the
personal touch. I don't know if my clients would like this.
She said it would because I feel like this would
take the personal touch out of financial planning. Like it's
a it's a relationship business. So if you're sending someone

(03:58):
as a joke, like yeah, if it's for funny, hey,
you know, here's a funny video of Dave my dad
as a freaking dressed up like Santa. Here you go,
everybody like, hat Merry Christmas. That's one thing. But if
it's to send out like market updates or something on
their portfolio and you're getting this kind of phony looking video,

(04:20):
that's where it gets. You're losing that like you know,
personal touch to financial planning.

Speaker 3 (04:26):
Yeah.

Speaker 2 (04:26):
No, I completely agree, And like I said, I don't
think we're ever going to adapt to doing anything like that.
But but again, it just shows you how far AI
has come already.

Speaker 3 (04:36):
You know, I think we're really just scratching the surface.

Speaker 7 (04:39):
You know.

Speaker 2 (04:39):
You might be someone that goes on Facebook or one
of these social media outlets and sees videos of you know,
a monkey talking.

Speaker 3 (04:48):
Yeah.

Speaker 2 (04:49):
I've seen videos of sports coaches and they the AI
uses their face and likeness or dead people to say things.

Speaker 7 (04:57):
Yeah.

Speaker 4 (04:57):
Or I've seen some of like Kobe Bryant, like people
like taking old photos of him and given like a
speech or something that's just not true at all, or
it's like not a real thing, it's just completely different.

Speaker 2 (05:09):
Well, you saw the presenter that was doing the AI presentation,
the main one right in the big conference room. She
was showing her mother photos of her childhood. Oh yeah,
and she the mom couldn't tell which ones were created
by AI versus the actual photos.

Speaker 3 (05:28):
Right, you know, So that's the spooky part.

Speaker 2 (05:30):
Now AI is starting to implement these memories that might
not have ever actually happened, right, you know, for people
just by doing that. So it, like you said, it's
it's awesome, but it's it's scary, right right. You never
know how far people are going to go with these
with with the technology piece. So but no, I thought

(05:52):
it was very informative. You know, there's a lot of
benefits as well. You know, some things that will make
our business a little bit more efficient that we have
to do manually right now, which I think we can
hand off to AI to help with, you know, even
account openings and you know, just simple tasks that you know,
maybe we don't have to focus on it as an advisor,
spend more time developing the plan, working the overall picture

(06:16):
for the client, you know, and right, I think it's
very important to free up our time to focus on
what our clients actually need.

Speaker 3 (06:24):
Right.

Speaker 4 (06:25):
Even the note taking part of that too. Like we
were saying, the software systems that we're going to be
looking into, part of it is, you know, or summarizing
your meetings with clients, so where we don't have to
sit there and write down all these notes throughout the appointment.

Speaker 3 (06:41):
We can kind of.

Speaker 4 (06:43):
Worry just about the dialogue, like back and forth talking
to people, figuring out, you know, what they're looking to accomplish,
and then the in the background, the software system itself
is just jotting down these appointment notes that we're touching
on with them and summarizing it. So, sitting at hearing
that from the other advice users that are already utilizing
this stuff, we were the only one at the table

(07:04):
that didn't hear of either of these programs, which was
pretty crazy to hear. We were at a fairly younger
advisor table, but they're all using this stuff, which is
just crazy that it's already at this point where where
that that far into the AI wave? They said last
year twenty percent of advisors were using AI this year

(07:25):
when they did the survey again, seventy percent. Next year
it'll be one hundred.

Speaker 7 (07:29):
Yeah.

Speaker 2 (07:30):
I think you're just going to see more and more
people kind of ride the wave, you know, and kind
of start using artificial intelligence in their businesses. You're already
seeing it throughout the market as a whole, not just
in the financial services industry. But you know, something that
was very it was really strange to me was when

(07:53):
one of the presenters was discussing how how individuals go
to college for computer programming, oh yeah, or coding, you know,
and their parents told them, you know, this is where
the the direction of the job market is going. You
should probably go look at you know something with computers. Right,

(08:14):
those are the people that are looking for jobs, right,
They can't find a job, right.

Speaker 4 (08:19):
They said, according to that unemployment rate of like three percent,
like proportionately seven to eight percent of those people, which
was the highest in the category where computer engineering degrees
out of college and computer science. And that is just
that was another strong slide that they showed was just

(08:41):
how many jobs are going to be affected by it
was eighty five percent of the workforce, it said, is
safe dot dot dot for now?

Speaker 3 (08:51):
It's like, oh great, thank you.

Speaker 2 (08:52):
Yeah, I think the job market is shifting. So but
you're still you know, you thought going to school school
for computers. I'm going to help out with the AI,
you know wave that's coming down the line. But AI
is taking over those coding jobs, you know, because it's
a it's a some it's some sort of input type

(09:13):
of position that a computer can do. So again, so
we went to Boston this week. We had a great
time at the conference, covered a lot and we want
to talk about that a little bit today on the show.
But if you want to call in, it is a
call in show. It's one eight hundred eight two five
fifty nine forty nine and that's one eight hundred and

(09:35):
eight two five fifty nine forty nine.

Speaker 3 (09:38):
We're going to take a quick break and we will
be back right after this.

Speaker 8 (09:49):
The biggest mistake in retirement planning waiting too long. The
sooner you start, the more options and peace of mind
you'll have. Dave Kopek and the Retirement Planning Group are
here to help you build a smart plan that grows
with you. Whether you're five years out or just getting serious.
Now is the time. Don't put it off. Visit rpgretire

(10:09):
dot com or call eight eight eight five eight zero
nineteen nineteen to schedule your consultation today.

Speaker 9 (10:16):
Start early, retire.

Speaker 10 (10:18):
Better your retirement future. Are you dreaming of a comfortable,
financially secure retirement. It's closer than you think. The best
time to start planning was yesterday. The second best time
is now. Even small, consistent contributions make a huge difference
over time thanks to the power of compound. Don't let
your retirement dreams just remain dreams. Start setting up your

(10:38):
goals today. Take control of your future. Call eighty eight
five eight zero one nine one nine. That's eighty eight
five eight zero nine one nine for a free consultation.

Speaker 11 (10:49):
Allie Dwyer and her three sons lost their hero, Stephen,
serving our country in the United States. Army was Stephen's
calling and flying helicopters was his passion. Stephen was killed
on a Blackhawk helicopter crash over the Mediterranean Sea. Thanks
to friends like you, tunnel To Towers provided his family
with a mortgage free home, giving them security and hope
in their darkest hours. Help more families like the Dwires

(11:12):
donate eleven dollars a month to tunnel to towers at
T two T dot org. That's T the number two
T dot org.

Speaker 10 (11:21):
Are you ready for retirement or just hoping it works out?
Don't leave your future to chance. At the Retirement Planning Group,
we hope you create a personalized retirement plan so you
can relax knowing you are prepared. Take action today called
eight eight eight five eight zero one nine nine. That's
eight eight eight five eight zero one nine one nine.
Or visit us at our website rpgretire dot com to

(11:43):
schedule your complementary consultation. Your future will say thank.

Speaker 2 (11:48):
You and we are back. Thanks for tuning in this morning.
It's starting to get to that time. It's getting a
little crispy outside, so make sure you you know, you
wear a sweatshirt with those shorts and you'll get a

(12:10):
nice breakfast today.

Speaker 3 (12:12):
Do you usually you live over in Latham? Do you
ever go to that? Is it seventy six seventy six
nin er?

Speaker 2 (12:17):
Yeah, of course, I went there a couple of months ago.
That place is really good, yeah, and nice steak and eggs.

Speaker 3 (12:23):
I used to I.

Speaker 4 (12:24):
Used to frequent there after a long night out when
I was at Siena College as well, because they are
open I think twenty four to seven.

Speaker 3 (12:32):
Well that's nice. Get a little late night snack yep
to absorb the water. Yeah, after a long night of
club sodas.

Speaker 2 (12:43):
But again, this is a call in show, you know,
it's not a Babbel show, as Dave says. So it's
one eight hundred and eight two five fifty nine forty
nine if you want to call in and and ask
any questions.

Speaker 3 (12:54):
But uh, we've had a lot of clients come in.

Speaker 2 (12:57):
From the radio, a lot of great people, sit down,
you know, talk with them.

Speaker 3 (13:02):
Hard work and savers.

Speaker 2 (13:03):
They've you know, kept their head downs, contributed to their
four to one case throughout their working careers, accumulated a
certain amount of assets, and at that point, you know
they're getting to the stage in their life where they
want to retire or start looking at retirement. We do
a lot of income planning, right even for those younger than.

Speaker 3 (13:24):
Sixty two or sixty five or sixty seven.

Speaker 2 (13:26):
Whenever you're going to turn your Social Security on and
if you don't have a pension, we could start mapping
out a game plan on how to take income off
those retirement accounts on a monthly basis.

Speaker 3 (13:35):
You know, I think we do.

Speaker 2 (13:37):
We use E money quite a bit, so our software
program does a great job of forecasting. There's a new
tool called my Plan in e Money now, so we're
able to view your retirement on an annual basis and
it breaks everything down. You know where income's coming from,
what your expense level should be or can be, and

(13:57):
then your asset level over time. It really gives a
forecast of one different income sources are going to turn
on and be available to you, and it also gives
an idea of what that estate or what that legacy
is going to look like look like for your children
or for your nieces, nephews whoever may be inheriting those
accounts from you. So so again we do a lot

(14:18):
of retirement planning. It's right in the name. We just
opened up an office out in Syracuse. We're also going
south now, So for those folks down in Poughkeepsie listening,
we'd be more than happy to sit down and just
have an initial conversation with you.

Speaker 3 (14:35):
It's no cost to you to sit.

Speaker 2 (14:38):
Down and talk to us for an hour and we'll
see you know what you have and and start having
that discussion on you know, whether or not your retirement
plan makes sense at this point. So we spoke about
the market a little bit in the first segment, but
I do want to, you know, get back to you know, Friday,
we had quite the day.

Speaker 3 (14:59):
Markets were down.

Speaker 2 (15:00):
You know, I had a couple of phone calls from
clients panicking a little bit. But but again, there's a
few different items going on that I think is causing
that draw down. You know, number one clearly being the
tariff discussions with Trump and China, and I think Chris
wanted to go over that a little bit.

Speaker 4 (15:19):
Yeah, so what what basically is happening is he Trump
came out and is reinstating these tariff talks with China.
So we saw what happened when the tariff discussions ramped
up back in April. You know, the market dropped down
anywhere from you know, fifteen to twenty percent. So he

(15:45):
he came out and said that they're going to impose
one hundred percent tariff on China on November first. So
obviously the market reacted accordingly to this information. You know,
you started seeing things start to sort of sell off
towards the end of the week because when you're at
all time highs and you're getting more tariff news like this.

(16:06):
Wall Street hates uncertainty, so they're going to just sell
their positions. So we saw a huge decline on Friday,
Like Niko was saying earlier, you know, we ended the
week somewhere around you know, three percent, three and a
half percent down on the on the Nasdaq, and then
two and a half three percent down on the S
and P five hundred. So this selloff could be fueled

(16:29):
solely by the uncertainty with how these how this tariff,
you know, the trade war between uh, the United States
and China is going to play out, and when they're
going to come to another discussion and get to a
middle ground again and have a truce or an understanding
on what it is. But we just saw this with
the EU too. This could be utilized as a bargaining

(16:51):
or a conversation starter where he starts high. You know,
he started at three hundred percent for the EU and
then we landed somewhere around thirty and then got an
influx of new dollars that the EU has to purchase
from the United States through energy and products. So this

(17:11):
is something that we're monitoring to make sure that you know,
if we're gonna see a large sell off in the accounts.
I guess he's he told them there's no reason to
meet G President G in the next three weeks. So
I think it's I think it's a bargaining chip. I
think this is something where he's he's trying to make
it known that he's not messing around. You know, he

(17:35):
wants what he wants out of this deal, and he's
willing to go through these periods of time where he's
implementing you know, astronomical tariffs like one hundred percent and
seeing how they react.

Speaker 3 (17:49):
We've got Dave Kopek on the phone. Oh beautiful. Dave
Kopek is on the phone. He's away. I was just
getting yelled at over there by Ashley and Ilia.

Speaker 6 (17:58):
Hey Dave, good morning, gentlemen.

Speaker 3 (18:03):
How is everyone doing well? How are you? How's the
How is it out there?

Speaker 6 (18:10):
Tennessee is absolutely gorgeous. It's where I'm in Knoxell. It's
like the Adirondecks. It's absolutely beautiful. It's hard to describe
because people haven't been here before. So we're here for
a wedding, so we look forward to it. The weddings
this afternoon. So Julie and I are going to go
out and a little sight seeing this morning, but I

(18:32):
wanted to touch base on a couple of things with
you guys. First of all, both of you guys are fired.
I bought robots and bluff and so you guys.

Speaker 1 (18:40):
Can leave your keys.

Speaker 3 (18:42):
Yeah, thank you.

Speaker 6 (18:48):
That conference that was telling them your your mother, Chris,
and also Nico's telling Julie unbelievable. AI is going to
change the world. I was blown away by artificial intelligence
and how it's going to affect our business. But the
biggest reason why I'm calling this morning is to thank
our listeners and also our clients. We had our most
spectacular golf outing and we did raise the twenty five

(19:11):
thousand dollars that we're going to donate to Tunnel to
Towers and the American Cancer Society. So I want to
say from the bottom of my heart, and I know
from the team at the Retirement Planning Group and all
of our strategic partners and all the people that participated,
thank you, thank you, thank you. It's you know, the
money's going to a good cause.

Speaker 3 (19:33):
Yeah. No, it was a great event. So the final
numbers are in Dave.

Speaker 6 (19:38):
Twenty five, twenty five thousand we raised, which is the
largest that we've ever done. I think last year was
sixteen thousand. So I took my hat. You know, Jimmy
Corporan has done an unbelievable job, you know, putting this
whole thing together, as the rest of the people at
the retirement Planning Group. So we'll send out an email
blast to our strategic partners, the participants and our clients

(19:59):
just to let them know what the final numbers are.

Speaker 3 (20:01):
Did you tell? Did you tell? Did you tell? Did
you tell? Aiden? That he has to match that final number?

Speaker 6 (20:11):
Right? But I also wanted to you know, with the markets,
it's a point in time. Don't get your knees and
knock and the markets are up dramatically. You know, this
is normal. A five to ten ten percent correction happens
two to three times a year in the market. You know,
get in the car, take a ride, turn the TV off.

(20:32):
This is for some people will look at this as
a great buying opportunity. You know, China needs us as
much as we need them. So it's like I said,
it's a point in time. Take a chill pill and
everything will be okay.

Speaker 2 (20:45):
Yeah, I think you probably saw some sell offs too,
just people harvesting some gains.

Speaker 3 (20:48):
For the year.

Speaker 6 (20:48):
Yeah.

Speaker 2 (20:50):
Absolutely again, I mean you saw some uncertain uncertainty, right
geopolitical tensions like Chris was just talking about. There's also
slight upward pressure on bond yields or higher interest rates potentially.
But yeah, there's a there's a lot go on. A
government shutdown right now, there's a lot of noise. You know,
the market doesn't like noise. But I agree with you, Dave.

Speaker 3 (21:09):
You don't keep your head down.

Speaker 6 (21:11):
You've got scrambled eggs right now in the financial markets.
The financial markets do not like uncertainty. And what you
have is you have a lot of uncertainty. And it
doesn't help that the government now is in the third
week of a shutdown. There's a lot of noise coming
out of Washington. Ultimately they're going to come to a compromise.
But do not overreact, because I've seen this in the

(21:33):
forty three years now being in the business numerous times.
Get your piece of paper out and get some dry
powder on the sidelines that maybe look at some opportunities
that you didn't want to buy now are attracted to buy.

Speaker 3 (21:49):
I agree with you.

Speaker 2 (21:50):
And if you're if you're someone out there where your
advisors just like listening to what you're saying, right, if
they you're saying you want to sell out of everything
and your advisors doing it, you know, you want someone
that's going to fight back a little bit and do
it's in your best interest, right, And that's what.

Speaker 6 (22:05):
You don't want to constantly. You don't want to do that.
That's that's fool of gold. Do not do that because
it doesn't make any sense. So, but I'll be listening
to your podcasts broadcast over the internet when we get
in the car, and I want to tell you guys again,
thank you for your participant in the golf fighting again
twenty five thousand dollars to two great causes. And I'll

(22:28):
see you guys. So I'll be listening.

Speaker 2 (22:31):
Sounds good. Go get those dance and shoes on. Yeah,
the wedding. Enjoy the wedding, all right, God bless God bless.

Speaker 6 (22:39):
Yeah.

Speaker 2 (22:39):
It was a great event on Monday. I can't believe
it was only Monday. Yeah, it was a busy week,
had a long week. But but yeah, our Swing for
Your Cure Annual golf tournament was on Monday.

Speaker 3 (22:51):
It was a great cause.

Speaker 2 (22:52):
This year we had a tunnel the Towers and American
Cancer Society as well. So those two great organizationations received
quite a bit of money from the event. You know,
I think a lot of people, Jim Corkoran especially, did
an amazing job and setting that up and making sure
that all of our you know, strategic partners participated. And

(23:14):
you know, I was cracking up. He kept saying, any
dollar you have in your pocket we want today. Yeah,
you know, so he's really he was pushing, and uh,
we had a great year and you know, hopefully every
year we just keep increasing that. But right that's even
with you know, moved back date. Yeah, we had to reschedule.
We had to reschedule the tournament, and you know a

(23:34):
lot of people couldn't make it the the two weeks
later or the week and a half later. So so
again we raised quite a bit of money for Tea
to Tea and American Cancer Society. So we're very proud
of that. All right, So it is a call in
show again. As you just saw, Dave was able to
connect with us. It's twenty one hundred eight two five

(23:57):
fifty nine, and that's twent eight hundred forty nine. We've
got a lot of different ways you can reach out.
You can reach out over the web. We have a
web page www dot rpgretire dot com. If you want
to schedule appointment, you can just go on there and
then send us a question through the question box. I

(24:18):
think it's right on the home page. You can also
view our our faces, our staff, you know, see who
we have in the office and the different areas of expertise,
and we would be more than happy to to set
up that initial meeting uh so again one eight hundred
and eight two five fifty nine forty nine, Or if
you want to call our office and leave a message,
it's five one eight five eight zero one nine one nine.

Speaker 3 (24:41):
Everyone.

Speaker 2 (24:41):
We're gonna take another break. We'll be back right after this.
And we are back everyone. Thanks for tuning in this morning.
It is seven thirty two up here in upstate New York.

(25:04):
We're here each week to help you, so if you
have any questions, feel free to call one eight nine
so so again. We had our annual swing for a
Cure golf tournament on Monday. Then Chris, myself and Dave
were able to swing over to Boston after that for
a few days for a conference. And you know, really
get an outlook on what these individuals at Fidelity saw

(25:30):
coming down the pipeline as far as artificial intelligence, and
you know, like we said earlier, it's it's uh, it's great,
but it's also a little scary, you know, because it
could start taking these jobs from folks and you know,
making things not as personal, I guess, right. So, but

(25:51):
there was also you know, some other takeaways from this
conference as well, and it was more you know, focused
on the client. Some of the presentations that I went to.
You know, one was about you know, a pyramid, right,
and it gives the ideas of the individual and what
makes them happy with a financial advisor, right, meaning you know,

(26:13):
the bottom of the pyramid being just the basics going
all the way up to the top, which is something
that they value the most. At the bottom was managing
the money right investment performance. You know, as long as
you're in line with other advisors or you know, you
have a basic sixty forty portfolio. You know, managing the

(26:34):
money isn't an overly difficult aspect of the financial planning field.
You know, as long as you have good fund companies
that you work with and you choose good mutual funds
and exchange traded funds with lower expense ratios for your clients.
Your performance should be there pretty pretty easily, and you're

(26:55):
able to have the conversations in difficult times like this
week that we're not going to sell out of things,
you know. So that pyramid starts at the bottom as
far as managing the money. Once you go higher up
in the pyramid, it goes from managing managing the money
to achieving goals, peace of mind, and then fulfillment all
the way at the top. So achieving goals, you know,

(27:17):
setting guidelines and what you want to accomplish in your retirement,
that's really going to provide that fulfillment for you and
that sense of achievement, you know, and living the life
that you envisioned. So that's where I think we really do,
you know, a great job, because we don't limit folks,
you know, we tell them about their options with their portfolios,

(27:39):
and we try to make the best decisions to get
those fulfillment moments for our clients and retirement, because.

Speaker 3 (27:46):
That's that's really what it's what it's about, you know.

Speaker 2 (27:49):
The A couple of weeks ago, a client emailed me
he was looking at a truck camper. So you know,
we'd looked through the accounts. You know, might not make
sense to take it from this account, but hey, what
if we look at this joint account and we look
at the capital gains, it's not too bad. We could
probably take it from there with not too much of
a tax liability.

Speaker 3 (28:07):
Pull a little bit out of the RATH or.

Speaker 2 (28:10):
Or the IRA, you know, depending on who you are.
So again, you can look at the different accounts and
kind of start coming up with a plan on the
tax side of it to account for the distribution that
they need for that truck camper, which is going to
give them senses of fulfillment. You know, this individual is
going out with his son and grandson, I think as

(28:32):
soon as he picks it up tomorrow, so he's going
to have, you know, those memories for the rest of
his life, and you know he's really gonna enjoy using that.
So again, it's working around the money. You know, maybe
in great years we harvest some gains and say, hey, client,
you know, do do you need some extra money? What
have you been thinking about doing? Do you want to
take that trip that you've been thinking about for the

(28:52):
last three years? You know, I think it's it's time
to start doing that. You know, we had clients passed
away this year, great, great clients that have been around
a long time with the firm, and you know, it's
just tough.

Speaker 3 (29:07):
You know, one in.

Speaker 2 (29:08):
Particular I'm thinking of just retired about a year ago
and he ended up passing away from an unexpected cause.

Speaker 3 (29:15):
Right, so you don't know what's coming around the corner.

Speaker 2 (29:18):
I think, you know, Fidelity did a great job at
the conference in Boston discussing it and what clients really value.
You know, we can talk about numbers still we're you know,
red in the face, but at the end of the day,
it's how's your how's your relationship with your your daughter
that you haven't talked to in a couple of years,
how's a relationship with your grandchildren? You know, it's it's

(29:38):
working around the family engagement. I think family engagement was
another great topic that was discussed, and you know we
can do that as advisors. You know, I think they
said seventy five percent of millennials struggle with family conversations
surrounding money.

Speaker 4 (29:55):
You know, so well, most people don't even have that conversation.
You sit down and you ask someone like, uh, we
just ran into this not that long ago. A couple
of weeks ago, someone asked sat down and asked for us,
do you think or do you think that we should
tell our kids how much money we have? And I said, absolutely,

(30:16):
I think they should know. I mean eventually they It
should be an open dialogue, like it's not it's not
something yet they just hide, hide, hide, Like if you
if you're gonna live to your in your seventies and eighties,
your kids are going to be in their forties, fifties,
sometimes maybe sixties, so they're not going to be kids anymore.
So they already they have kids of their own and

(30:36):
maybe even grandkids of their own. So just having that
open dialogue of like knowing this is here. You know
it's managed by these people at Retirement Planning Group, and
these are the guys you're gonna call and talk to
if God forbid anything happens to me. We're one phone
call away. And this is how it's gonna you know,
the flow of things is going to happen, and come

(30:59):
in and sit in a point with them, you know,
if you know what's so, you know what's going on,
you know how everything is structured, you know what we're
doing on our end for them so that it's not
all just chaos if something happens to them. You're trying
to figure out how to navigate a parent's death on
top of it, getting all their assets consolidated. Its consolidating everything,
meeting new advisors that you never met before. So I

(31:22):
think that was a huge part where they said that
most of the advisors deal with their clients in not
the next generation.

Speaker 2 (31:30):
Yeah, having a face to associate a name with is
great too, Right, Maybe your parents or you're telling your children, hey,
call Chris over at retirement Planning group if anything ever
happens to me. If they've never met Chris, you know
what's to say they you know, they don't just do
everything themselves, right, something happens, right, generally, if we have

(31:51):
the children's names, numbers will reach out start saying, hey,
this is what we have to do to make sure
that there's not a huge major, you know, taxiability for
you receiving this inherited IRA or whatever the account might be.
So again, it's family engagement. It's starting that dialogue. Maybe
we don't talk about the exact number as far as

(32:11):
the you know, net worth and investable assets. But maybe
we talk about the types of accounts that you have
and how those will be handled at you're passing, because
they might have a huge tax liability coming down the
line that they're unaware of. If you have a sizable
deferred comp or some sort of pre tax IRA or
a four to oh one K, you know they're gonna

(32:32):
have to take that out within ten years under current law.
You know, who's to say that doesn't change, it's five
years if you have a trust as a beneficiare on
that on that IRA or four to oh one k
as well, So a five year withdrawal window. A million
bucks is two hundred grand a year if you take
it out evenly. So so again that's going to cause
a huge tax liability where there might be ways to.

Speaker 3 (32:53):
Spread that out, you know, So start the conversation.

Speaker 2 (32:56):
Involve your children, let them know what they're looking at
at as far as a potential legacy, a potential inheritance,
or what you have structured. Some might already know, you know,
if you've done a near vocable trust and you have
them as the trustees, you know, then they should be
aware of what's in that trust, right so so you
can do some planning around that, and they can expect,

(33:17):
you know, for most positions to step up in basis
on any stocks or appreciated stocks in that trust account.
So again there's a lot of conversations to be had
surrounding the estate.

Speaker 3 (33:29):
And you know, the holidays coming up.

Speaker 2 (33:32):
We always talk about holidays are a great time to
you know, pull your son or your daughter aside and say, hey,
I'd like to have a conversation soon about the estate
that we've accumulated throughout our lifetimes and you know, how
that's going to be divvied up or how that's going
to what my wishes are right, and always make sure

(33:52):
that it's not just a conversation, you know, make sure
you have that piece of paper that says this is
how my estate's going to be handled at my demise.

Speaker 4 (34:00):
Yeah, And that's and that's like part of the the
holistic financial planning approach that at the Retirement Planning Group
we try to provide. It's not just managing assets, it's
also managing relationships not only within your family, but goals setting.
You know, if you want to buy a home in Florida,
if you're looking to relocate or do anything along those lines,

(34:23):
that's that's that's why we're there. We're not just there
to say, you know, we're going to manage your money
and we'll send you off income. There's a lot of
other aspects of it, you know, healthcare costs, estate planning.
We utilize different attorneys in the area to do legal documents,
you know, will healthcare proxy, power of attorney trust. But

(34:43):
that was another thing in that slide show eight. It
was saying only eight percent of clients that they interviewed
say that their advisor has spent any time helping them
with planning healthcare costs for the client and their family,
navigating major life events, facilitating productive conversations with their loved

(35:04):
ones about financial matters, and managing other family expenses.

Speaker 3 (35:08):
That's crazy.

Speaker 4 (35:09):
That's that's a very low number that I thought was
going to be much much higher the UH. And that's
all done through the money for us, pretty much like
right within your my plan tool. Then Nico brought up
earlier the you can go through all these things managing
your expenses, managing your family's expenses, you know, going over
healthcare costs, you know, long term care planning and utilizing

(35:33):
different insurance policies is something that we talk about every
meeting because of how expensive nursing homes are.

Speaker 2 (35:41):
So that's just your fifteen to twenty thousand dollars a month.
Oh yeah, some facilities, you know, depending on how much
care you need as well, so they could diminish it
in a state. You know, we've done some long term
care over the last week. We did a long term
care policy where we ended up doubling the amount of
assets that she'll have now for long term care insurance

(36:04):
right day.

Speaker 3 (36:05):
One dollar one double that long term care benefit.

Speaker 2 (36:08):
She's seventy right now, you know, and then if you
wait fifteen years, maybe in her mid eighties is when
she'll use it. Benefit was like eleven twelve thousand dollars
a month with the inflation rider.

Speaker 3 (36:18):
That's great.

Speaker 2 (36:18):
So you're looking at, you know, very close to paying
the long term care facility. And again, even if she
does something less than that, she goes to some sort
of senior housing or senior living at four or five
thousand bucks a month, you know, you're still going to
get a cash payout. So she'll be net positive on
that long term care policy paying out so or at.

Speaker 3 (36:41):
Home care, you know, any type of care needed.

Speaker 2 (36:45):
Yeah, at home you know, pay your grandchild to come
over and take care of you. So again, if you
haven't done any planning, now's the time, so give us
a CALLI five eight zero nine one nine. That's eight
eight eight five eight zero one nine. We are going
to take our final break of this hour show and
we'll be back right after this.

Speaker 8 (37:13):
Planning for retirement doesn't have to be overwhelming, especially when
you have the right team by your side. At Retirement
Planning Group, Dave Kopek and his team are here to
help you build a strategy tailored to your goals and lifestyle.
Whether you're nearing retirement or just getting started, now's the
time to take control of your future. Schedule your free
consultation today at RPG retire dot com or call eight

(37:36):
eight eight five eight zero nineteen nineteen Retirement Planning Group
Retire with confidence.

Speaker 10 (37:42):
You've spent a lifetime saving for retirement. Now it's time
to make that money work for you. Here's the secret
most people miss. You have to create your own retirement
income plant. Social Security is not enough, pensions are rare.
You need a strategy that turns savings into monthly income
that will last a lifetime. At the retirement planning group
build customized income distribution pins so you can retire with confidence,

(38:04):
retire smart, live well. Call eight eight eight five eight
zero nine one nine for your complementary consultation.

Speaker 11 (38:12):
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Speaker 10 (39:01):
To be prepared, call my office to find out your
options well eighty eight five eat zero one nine one
nine eighty eight five eat zero one nine one nine
for a complementary consultation, and we are back.

Speaker 3 (39:26):
We've been talking a lot today. How about those Giants?

Speaker 4 (39:32):
How about those giants, New York Giants? Yeah, yeah, the
young guns look good.

Speaker 3 (39:38):
Down go the Birds. Yep.

Speaker 4 (39:39):
That they couldn't have beat a better team to beat.

Speaker 2 (39:42):
I love it as a fellow NFC East Yeah.

Speaker 4 (39:48):
Uh, that Scatabo guy looks like he could run through
a brick wall. Scataboo. And then Dart looked pretty damn
good too. He probably could. You know, he's built like
a like a pit bull is no joke. But yeah,
it was nice to see that the defense did their thing.
The offense definitely did their thing. They actually looked like

(40:10):
a team. Yeah, so your dad coming back to the Giants. No,
we don't want them back. He left, so we're not
accepting new Giants fans. You can't hop on now. He's
Bill's mafia still, Yeah, he's he went over to the
Bills so he can stay over there.

Speaker 3 (40:23):
Yeah, you guys ever went to the Bills game.

Speaker 4 (40:26):
No, last time we were in Buffalo, we did drive
by their constructing the new stadium. Yeah, and that is
gonna be insane. They put two billion with a B
into that stadium.

Speaker 3 (40:38):
Yeah.

Speaker 2 (40:39):
A lot of a lot of teams are redoing their stadiums.
I think the Commanders are redoing fed Ax. Really, yeah,
they're gonna do a new field. And then I was
watching a game the other day and they were I
forget which team it was, but they were redoing their
stadium too. Who was it, but it was gonna it's

(40:59):
not goato like twenty thirty. So a lot of these
teams are playing four five years. The amount of money
going into these stadiums, Oh my god.

Speaker 4 (41:08):
But I mean billions of dollars, literally two billion dollars.
And I think they went over budget for the bill stadium.

Speaker 2 (41:14):
So it's like, we need to find an ETF for
someone stadium constructions.

Speaker 4 (41:19):
Someone called in and actually said, is there any way
to like invest in like gaming sports, like sporting teams,
sporting and like I did a bunch of research on it,
and like not really. It was like no, real because
they're all owned like privately.

Speaker 2 (41:32):
Owned by like Jerry Jones or like someone like that
Magic Johnson, right.

Speaker 4 (41:37):
The Craft family. Magic Johnson is partial owner of the commanders.
Is he really Yeah, well I don't know that Magic Johnson.
All right, what were we talking about before those the
giants came up? I don't think about They're a playoff
team Fidelity conference. You know, other advisors in the space,
how we're doing like a holistic financial planning approach. Some

(42:00):
crazy statistics on how small amount of advisors are offering
those other services along with investment management.

Speaker 2 (42:08):
I want to bring up the statistic I just talked
about overbreak with the sixty forty portfolio.

Speaker 3 (42:14):
Oh yeah, let's do it.

Speaker 2 (42:15):
So I was sitting in on a conference and one
of the chief investment officers over at Fidelity was talking
about the sixty forty portfolio, so sixty percent in stocks
and then forty percent in bonds, and how it's performed
over the last twenty years. He was saying that the
typical sixty forty has returned about seven percent, you know,
which is our bread and butter. That's all we're looking for,

(42:37):
is you know, six seven eight percent a year consistently,
you know, So the sixty forty's returned seven percent, let's say,
over the last twenty years, whereas your traditional one hundred
percent S and P five hundred index has done about
ten and a half percent, and he went on to
say that the sixty forty portfolio did it with about

(42:58):
half the risk. Their sharp their sharp ratios were not consistent.
So you're one hundred percent stock market index. Yes, it
performed three percent better, but you went through a.

Speaker 3 (43:09):
Lot more.

Speaker 2 (43:11):
Stomach aches, a lot more fluctuation, a lot more stomach aches.
You know, twenty twenty two, your portfolio was probably down,
you know, twenty twenty five percent, depending on how tech
heavy you were. And then you know, your typical sixty
forty portfolio just hasn't fluctuated as much. It's more narrow
band of returns, so your account's not going to be down,

(43:33):
you know, as much as your one hundred percent stock
market exposure account will be. So again lowering that risk
adjusted return so that you're not as risky as the
average one hundred percent stock market investor, but you're still
getting you know, over the last twenty years, seven percent. Yeah,
so again, you know, it just goes to show that

(43:55):
for those people getting close to retirement, maybe you don't
want those You can't stomach those fis Team twenty down
swing years anymore. So it's time to start shifting over
to something that's gonna provide a little more hedge or
a little more diversification in the in the stock market,
to where you're not gonna be down as much.

Speaker 4 (44:12):
Right, And that's and that those are the conversations, and
that's why I love the other software system we utilize,
Riskalize or now it's Nitrogen, and it highlights all these things.
So we can take somebody's portfolio, plug them into this
software system and it'll show you your risk score on
a scale of one to one hundred, one being cash,

(44:32):
one hundred being you take all your money and you
put it in in video. So that's where we'll go out.

Speaker 3 (44:40):
Probably be like.

Speaker 4 (44:42):
Man maybe and no, in Vidia is probably a ninety nine.
Plug would be one hundred plug would probably yeah, you're right,
in video is probably a ninety seven. But the U
but the goal of it is just to show you,
like historical returns stress tests is what they call it.
You know, how how would this portfolio have done two
thousand and eight, if we get another year like that,
how would it have done in twenty thirteen when we

(45:04):
get a bull market? Like what is what are the
numbers looking like? And how much of the upside are
you catching and how much of the downside are you mitigating?
And that's a conversation we're gonna have next week with
a guy who, uh, the stock I just mentioned in
video has got a lot of the video. And that's
one of the things where yes, it's a good thing
to keep a portion of those I guess highly appreciated

(45:28):
stocks that you have some type of emotional tie to
because of how much money they've they've earned you. But
at the same time, if that company were to go
belly up, or have one of its competitors get the
better contract, or something goes on upper management, something goes on.
Look what just happened to unh you know, they were
down fifty percent after that CEO got assassinated and then

(45:49):
they got started getting SEC filings or whatever. We're in
back and now they're coming back. Yeah, that's true. Warren
Buffett butt into them.

Speaker 3 (45:56):
So I took my profits and ran.

Speaker 4 (45:59):
But yeah, just the purpose of it is build out
a portfolio for you. That's where we do all of
our portfolio construction and sit down with you and see
how this portfolio aligns with your retirement goals.

Speaker 3 (46:12):
Yeah, I think you know, everyone's different.

Speaker 2 (46:14):
Right, we act in a fiduciary capacity, so we have
to put ourselves in your shoes, acting your best interest
and really figure out what the point of your accounts are.
What are we going to do with this roth ira
or we're trying to maximize growth, or were trying to
set up some sort of tax free income stream. To you,
what are we doing with your four O one K, right,
what's the purpose of it? Maybe you have pensions, maybe

(46:35):
you have very strong social security and you're really not
going to utilize a lot of those dollars. Let's start
coming up with a strategy to use that for something
else versus retirement income. Let's start taking care of the
tax liability and your portfolio and turning it into a
tax free estate for the kids. So we do a
lot of planning. I think that's you know, the CFP

(46:55):
was a very long course for me. Took a year
and a half, almost two years. But they're yeah, probably
should have been quicker, but I was working the.

Speaker 3 (47:05):
Co It is a long course.

Speaker 4 (47:06):
The modules alone probably took how long probably was a
year six months to a year.

Speaker 2 (47:12):
Yeah, but the company was going through some changes at
the time. You know, there's a lot of stuff on
the plate. So I took my time, made sure I
learned one of the the they covered so much. You know,
it's not just investment management. I think that was one
of the seven modules. Right, you go through everything from
a state you know, legacy, uh, college funding. Right, there's

(47:36):
all these different avenues that you need to know about.
You need to inform clients about to be able to
act in their best interest.

Speaker 6 (47:43):
Right.

Speaker 2 (47:43):
So I think that course was extremely beneficial for for
not only myself but also the firm because I was
able to contribute more and uh and really start mapping
out game plans for for these clients that are walking in.
So again we are growing. We are down in Poughkeepsie,

(48:04):
Hudson area.

Speaker 3 (48:05):
Now yep, and up north and Q's.

Speaker 2 (48:08):
And we've got an office now out in Syracuse, Yes
we do. And Ona, which I love going to Onana.
You've got great food out there, Brooks. Oh the we
we got some bread this week. Did you tell your dad? Oh,
we did get the cinnamon loaf? We did.

Speaker 4 (48:27):
No, I didn't tell him. He wasn't in the office.
He didn't get to I almost missed out on it.

Speaker 2 (48:32):
I went I was going to carve your father off
a piece and store it somewa It was almost gone by,
Like by the time.

Speaker 3 (48:37):
I thought to do that, there was two slices left. Yeah,
there was.

Speaker 6 (48:41):
Yeah.

Speaker 4 (48:41):
I walked into the kitchen and there was literally just
the end of it. There's just the butt of the loaf.
And I was like, oh man, yeah it is.

Speaker 3 (48:49):
It is.

Speaker 4 (48:50):
When I cut off a s I left a fraction
of a piece there for whoever got the lucky last piece.

Speaker 2 (48:55):
But it was phenomenal. I don't know who makes it,
I do, but I love you. I'm I'm not giving
you my source.

Speaker 3 (49:02):
Yeah.

Speaker 2 (49:02):
I stopped at their house on was it Friday morning,
picked it up fresh out the oven. No, not that
that they came Thursday going by their house as a
follow up, but uh yeah that that food was that
that bread was amazing.

Speaker 3 (49:14):
Oh my god. I finally got a slice. The first
time I didn't even get a slice.

Speaker 4 (49:17):
I almost missed it. The first time, I definitely got
a slice. I took two.

Speaker 3 (49:20):
Yeah, second time I almost missed it. And then we
got donuts on Friday too.

Speaker 4 (49:24):
Yeah, someone dropped off donuts too. It's like we're like
a rotating pastry office.

Speaker 3 (49:30):
It's not good. No, it's a good thing. I went
to the gym last. I'd be rolling out of the
office by the time.

Speaker 2 (49:34):
I wouldn't fit through this door into the studio. But
but yeah, we like to have fun, we like to eat. Yeah, clearly.
Uh So if you if you're a baker, we'd love
to sit down and chat with you.

Speaker 3 (49:45):
So give us a call. It's five one eight five
eight zero one nine one nine is the office number.
And then you can also check us out on the web.

Speaker 2 (49:53):
It's a www dot rpg retire dot com. Again, we
do planning for all Also, folks, just met with an
individual that was twenty eight years old, you know, you
just started working at a local school, and he's got
a four or three BE available to him, so we're
gonna help him out with that. He's got an older
four or three B that is no longer contributing to

(50:15):
so we're gonna take advantage of rolling that into a
self directed IRA account and then we'll be able to
manage that and something a little bit more aggressive than
a target date twenty sixty fund. So again, even if
your children are going through different career moves, they might
have all these old accounts that are stacking up at
different custodians. Maybe it's time to consolidate those and start

(50:36):
actively managing those a little bit more aggressively to try to.

Speaker 3 (50:39):
Allow them to grow. You know, target date funds, they'll grow.

Speaker 2 (50:43):
But again they're they're a little bit more passive type
of investment strategies until you get to the late stages
of those funds.

Speaker 3 (50:50):
You know, they're all baskets of baskets. They're very over diversified.

Speaker 4 (50:54):
Yeah, they have a management fee associated with them, like
any other investment, so it's they just don't Typically from
what I've seen, they just don't perform as well as
like a large cap growth fund just available through their
own plan in and of itself. I've seen a couple
good ones, i will say that, but the vast majority

(51:16):
it's better to do it.

Speaker 3 (51:19):
On your own.

Speaker 4 (51:20):
It's better to get advice on what are the best
mutual funds in my plan and where should I be
structuring this money that I'm going to be saving for
the next twenty thirty years of my career. You might
think one or two percent a year doesn't matter, but
over the course of thirty forty years, if that account's
just can be sitting there. That compound effect is going
to be astronomical. Yeah, so yeah, make sure you get

(51:42):
ahead of the ball.

Speaker 2 (51:42):
If there's any of those old accounts floating around, feel
free to reach out. We could sit down, take a
look at them and see what's in your best interest.

Speaker 3 (51:50):
So again, and give us a call.

Speaker 2 (51:51):
Numbers five one, eight, five, eight, zero, nine one nine
is a.

Speaker 3 (51:57):
Calling show as well.

Speaker 2 (51:58):
We'll be back on the other side of the hour
eight hundred eight two five fifty nine forty nine. Again
if you want to call in and ask a question
or have a discussion.

Speaker 3 (52:07):
Eight hundred eight two five fifty.

Speaker 12 (52:14):
The Feds hand out pink s lefts. I'm Roncher's stern
Fox News. President Trump taking the unprecedented step of firing
more than four thousand federal workers during a government shutdown.
Here's Fox's Jarrett Houpin at the White House.

Speaker 5 (52:28):
Federal workers across the government are being notified of reductions
in force, a spokesperson for the White House Budget Office,
as layoffs are substantial. The Trump administration has warned of
layoffs if the government shutdown continued, a departure from previous shutdowns,
when federal workers were furloughed but brought back to work
once the spending bill was passed. A group of unions

(52:49):
representing federal workers is suing, asking a federal judge in
San Francisco to block the firings, arguing the administration is
improperly using the shutdown as the basis layoffs. At the
White House. Jared Halpern Fox.

Speaker 12 (53:03):
News, President Trump getting ready to hit China with a
massive round of new tariffs. Here's Fox of Jill Nato
and Washington.

Speaker 13 (53:10):
President Trump says China has become a hostile and starting
in November, everything important into the US from China will
face an extra one hundred percent tariff. That's on top
of the thirty percent tariff already on Chinese goods. China's
imposed new curbs on exports of rare earth minerals, requiring
foreign companies to get special approval to export them.

Speaker 12 (53:33):
They hit the world with something that really is not
anything that people are going to do, and it's it
was shocked.

Speaker 13 (53:41):
China dominates the world in rare earth minerals, which are
key components and smartphones, cars and more. In Washington Jill
Nato Fox.

Speaker 12 (53:50):
News, President Trump says he plans to be in Israel
and Egypt next week following the ceasefire he negotiated between Israel,
Hanamas and Fox News has learned US RISK members will
also arrive in Israel by tomorrow to oversee the ceasefire.
America is listening to Fox News.

Speaker 1 (54:11):
The opinion's viewpoints and promises made during the following program
are not those of wgy it's staff, management or parent company.

Speaker 14 (54:18):
iHeartMedia and good morning, Welcome to the Retirement Playing Show.

Speaker 2 (54:33):
For those of you just tuning in, my name is
Nicholas Dumas, certified financial planner with the Retirement Planning Group.
Alongside me for the next hour is Christopher Kopec and
Christopher McCarthy got the two Chris's C Squared and Nico here.

Speaker 3 (54:51):
If you want to call in.

Speaker 2 (54:52):
It's eight hundred and eight twenty five fifty nine forty nine.
Someone called you Chris.

Speaker 3 (54:57):
Junior and Chris Senior even though you got aren't related.

Speaker 7 (55:01):
All right, we may have to start a trending, so I.

Speaker 3 (55:04):
Might call you junior and Senior Junior Senior.

Speaker 7 (55:07):
I'm still calling you special care Is.

Speaker 3 (55:09):
That offensive to you if I call you senior?

Speaker 7 (55:12):
Love of God?

Speaker 6 (55:13):
No?

Speaker 7 (55:13):
No, I'm good, I'm good. Call me whatever you want.

Speaker 3 (55:17):
Elder.

Speaker 7 (55:19):
Okay, now you push it.

Speaker 2 (55:22):
What's the deal with that? With the t boxes at
the swing for a care of the tournament? We did
sixty five?

Speaker 3 (55:31):
Yeah, I'm calling bs. I think it's got to be
it's got.

Speaker 4 (55:35):
To be the winners of that tournament. I think it's
gotta be older than that. I'm talking eighteen under here.
That was an I've never heard of that.

Speaker 3 (55:43):
We're playing from two hundred and fifty yards on a
part five? Yeah, what is that?

Speaker 7 (55:50):
Not right?

Speaker 3 (55:51):
I need a recount. I don't agree with it. But
it was a great tournament for a great cause.

Speaker 2 (55:55):
And I don't know if you heard, but Dave called
in and we actually had a final number. We raised
twenty five thousand dollars. Amazing for a tunnel to Towers
and American Cancer Society.

Speaker 7 (56:05):
Great day, so great, very.

Speaker 3 (56:08):
Very successful tournament.

Speaker 2 (56:10):
There was a great banquet after, if you want to
call it that buffet, and we had some some raffle
prizes and I think everyone pretty much walked away with something.

Speaker 3 (56:19):
Hopefully yep, if they didn't and if they didn't, call.

Speaker 4 (56:22):
Jim, yeah, he's probably got it. Between how much his
son in law one they were filling his truck I
don't know the lucky tickets the Corkoran. If you want
to win at our tournament, just sit at Jim Corkoran's
table and the Corkorans have the luck.

Speaker 2 (56:37):
I was starting to stand up for the two hundred
dollars gift card to h the hair salon down the
road from us, down the Hallway hair slon.

Speaker 3 (56:47):
Two hundred bucks. You put your tickets at the hair salon.

Speaker 2 (56:49):
There was like there wasn't a bunch of tickets in there.
So I threw like four or five, and I'm like,
I'm totally gonna win this and give the Kendra, you know,
get some get some brownie points here yep, and a
shart stand up and all some landing.

Speaker 3 (57:01):
Yeah, you're here going wool.

Speaker 4 (57:04):
I was like, ah, that was funny. One guy we
were sitting with, he goes, I heard that woo. It's
like a celebratory woo. He's like, I've heard that like
ten times today.

Speaker 3 (57:17):
But uh, but no.

Speaker 2 (57:18):
It was a really good event and a lot of
newer clients came to so disa able to chat with them.
And we've got a lot of great folks now, you know,
so oh we do have a We've got a caller,
Mike from Scatcoke. Good morning, Mike.

Speaker 15 (57:33):
Hey, good morning guys, great show. I had a question
about that sixty forty portfolio. I know there are like
balanced funds that have that in there. Should I be
buying like a mutual fund that has like uh stock
funds that are sixty percent and bond funds that are

(57:54):
sixty percent, or buy a balanced I see like Fidelity
or Vanguard has a balanced fund. That's the same thing.

Speaker 3 (58:02):
I would say probably not.

Speaker 2 (58:04):
If you're buying a balance fund, you know it could
accomplish the same thing. But we generally we build them ourselves,
so we'll do, you know, straight stock funds. So maybe
we do three stock funds twenty percent each, right, so
that gives you your sixty percent in stocks, and then
maybe two R two bond funds at twenty percent each,
so that gives you or forty percent bonds. So we

(58:27):
like doing the specific funds rather than those actually balanced funds.
But if you're someone I know, there's I could say
fun companies right without recommending, I'm not gonna say, but
there's some fun companies out there that offer those balance funds, Mike,
and they might you know, be close, but we generally
like to design them ourselves and build them with fun

(58:47):
companies that we know and like.

Speaker 4 (58:49):
So then the reason for that, Mike is the sectors
within the the equity market and the bond market. So
if you want sixty percent equity, you want to hit
like technology. You want to hit like large cap value,
large cap growth, blue chip stocks. So there's different areas
within that equity market alone, MidCap small cap, so you

(59:10):
want to find, especially if it's in within your four
to one K plan, what mutual funds hit those areas.
And then the same thing with the bond market, if
you're doing like a multi sector bond fund or a
high yield bond fund, there's there's just different areas that
you want to build up to that sixty.

Speaker 6 (59:30):
Yeah, it makes sense. Good, that's helpful, thanks guys.

Speaker 2 (59:33):
Yeah, no problem, fellow scata Coke gentlemen. We love to
see that, you know.

Speaker 4 (59:39):
I know, my dad's probably sitting there with a big
old smile on his face listening to that.

Speaker 3 (59:43):
I'm laughing.

Speaker 2 (59:44):
I'm laughing at the way Ashley spelled scata Coke. There's
a there's a G in there.

Speaker 3 (59:50):
Yeah, don't yeah, don't put that on your spelling.

Speaker 2 (59:55):
But no, that's a that's a great question, right, and
it relates back to portfolio management. We utilize risk allies,
you know, even if we we probably should do that
just as a comparison.

Speaker 3 (01:00:05):
Put a balance fund in there compared to.

Speaker 2 (01:00:07):
A sixty forty portfolio that we build and just see,
you know, what the risk number is, what the actual
allocation is, a lot of those funds in the balance fund,
you know, they're probably just one fund company, I would say,
depending on who's building it. But again there's different options,
you know, and you know, it's nice to see that

(01:00:29):
people are listening, right, absolute sixty forty portfolio were talking
about in the last show, and it's done about seven
percent over the last twenty years. Your typical sixty forty
portfolio with almost you know, half the risk that the
sharp ratio as a one hundred percent stock market exposure fund.
So you're S and P five hundred index and you're

(01:00:51):
getting the less risk. But the S and P five
hundred index is only done about ten and a half
eleven percent over the same timeframe.

Speaker 3 (01:00:58):
So again a.

Speaker 2 (01:01:00):
Lot to digest there, and it depends who you are
as an investor, right, depends where you are in life,
what you're looking to accomplish with the with the money
that you've accumulated, whether that's income, whether that's you know, growth,
depends on who you are.

Speaker 7 (01:01:17):
One thing that I love is that when we sit
down with clients, I think the clients appreciate that we
try to let them know what they're in and why
they're in it. I totally agree about what you guys
were saying about the balance fund approach. I think we
have a lot more flexibility if we can design our
own sixty forty right and use highly rated funds for

(01:01:42):
each the you know category of the sixty forty split,
you know, And I love that. But I think the
clients really appreciate the mechanics of what we're doing, why
we're doing it, and I think the more they understand,
the more comfortable they are with what we're doing. And
I think it's very import.

Speaker 4 (01:02:00):
It also gives us more customization. Like we were saying,
like you can get in and out of these sectors
that may be hot for a year or two but
then fall out of favor, whereas like a balance fund,
like it's it's one mutual fund, you're putting all your
eggs in one basket. If that mutual fund manager gets
fired or it gets caught, you know, doing illegal stuff

(01:02:21):
or whatever, there's like an article that comes out about
them that a lot of people could move money out
of that and sell out of it. So if you're
in like a semiconductor technology fund with all these microchips
and everything, and then you're in an energy and then
you're in a healthcare and then you're in a just
a blue chip growth you know mag seven position like

(01:02:44):
those can make up your your equity exposure and you
can have full customization of when you want to get
in and out of those sectors or add more to one,
get have less of one. And then same thing with
the bonds, right, you can do the same thing with
those other mutual funds, like a multisector bond fund that's
in government in securitized bonds, or a high yield bond

(01:03:07):
fund that's more focused on, you know, creating dividends and interest.
So there's a lot that goes behind the scenes. When
you just say, oh, sixty forty, you know, sixty equity
forty bond.

Speaker 7 (01:03:17):
I think you touched on something huge shoe. Like if
we're sitting down with one client and we're doing a
sixty forty split. Well, one client for the sixty percent
stock portball, though they might want to be more aggressive right,
well than that sixty whereas the next investor might be
more of a large cap well more conservative.

Speaker 3 (01:03:37):
Right.

Speaker 2 (01:03:38):
So, if you want to call in to today's show,
you've already had a great call from Mike. It's eight
hundred and eight two five fifty nine forty nine, and
that's twenty one hundred eighty two five fifty nine forty nine.
We're here for the next forty five minutes. We are
going to take a quick break. We'll be back right.

Speaker 3 (01:03:54):
After this.

Speaker 8 (01:04:00):
Time flies and retirement will be here before you know it.

Speaker 9 (01:04:04):
Are you ready?

Speaker 8 (01:04:05):
Don't wait until it's two weight to get your plan
in place. Dave Kopek and the team at Retirement Planning
Group are helping people just like you take control of
their financial future right now. Call eight eight eight five
eight zero nineteen nineteen today or go to rpgretire dot
com to schedule your consultation.

Speaker 9 (01:04:25):
Retirement won't wait. Why should you.

Speaker 10 (01:04:28):
We are living through the greatest wealth transfer in the
history of mankind. Trillions of dollars of wealth will change
hands from one generation to the next, your money to
our beloved children and grandchildren. Are you ready? Your future
is written by chance, it's written by action. Now's the
time to build your plan, protect your assets, and position
yourself for the opportunity. Don't wait, take action. The future

(01:04:51):
favors those that are prepared. Call eighty eight five eight
zero one nine one nine. That's eighty eight five eight
zero one nine one nine.

Speaker 11 (01:04:59):
Born on a Emerica's darkest day of nine to eleven,
the Tunnel to Towers Foundation has been helping America's heroes
ever since. People who put their lives on the line
for our country and our communities need your help now
more than ever. Join Tunnel to Towers on its mission
to do good in their honor. Never forget nine to
eleven or the sacrifices of this country's heroes and their families.

(01:05:21):
Show your support. Donate eleven dollars a month at T
two t dot org. That's t the number two t
dot org.

Speaker 3 (01:05:30):
Retirement is in a Sunday thing. It's a now thing.

Speaker 10 (01:05:33):
Whether you're just starting out or nearing the finish line,
the best time to build your retirement plan is today.
Don't wait for the right moment let's create a plan
that works for you, secure your future and the freedom
that comes with it. Call my office today and take action.
Eighty eight eight five eight zero one nine one nine.
That's eighty eight five eight zero one nine nine and

(01:05:57):
your future will thank you.

Speaker 3 (01:06:09):
And we are back talking about haircuts. We shut out roots.

Speaker 2 (01:06:16):
It's amazing what we get accomplished in our time together.
Market went through quite a bit on Friday. I want
to bring that up again. Market was down this week,
Tariff talk, geopolitical tensions, you uncertainty, bond yield rising, a
little bit of pressure.

Speaker 3 (01:06:35):
On the bond.

Speaker 2 (01:06:36):
Market, treasuries, the tenure rows, mainly due to the government shutdown.

Speaker 3 (01:06:42):
I would believe.

Speaker 2 (01:06:44):
Economic data too, some concerns about strength strength of the economy.

Speaker 6 (01:06:49):
Uh.

Speaker 2 (01:06:50):
Corporate earnings earnings were fine. I think outlook was low,
So lower outlook on quarterly earnings moving forward. But again
again I think I think it's a lot of noise.
You see a lot of noise in the marketplace right now,
and you know, people just need to be patient, you know,

(01:07:10):
and don't make any drastic changes in your portfolio, especially
if it's designed according to your risk profile and your suitability,
so that you're not feeling draw downs larger than you
can withstand. So again there's some some noise. Markets were down.

(01:07:30):
Tech was down about three percent this week, but we're
still up. You know, the one year Tech is still
up over twenty one percent. So we're in a bowl market.
We've been in a bowl market for sixteen years now,
according to Fidelity's market research team, and you know a
lot of times they were saying that the bowl markets

(01:07:51):
last about.

Speaker 3 (01:07:51):
Eighteen eighteen years. So we might be coming to some
late innings.

Speaker 2 (01:07:56):
But again, I think there's still a lot of room
for run and then you know, maybe a broader based
rally will happen here over the next couple of years.
You're seeing a lot of those big blue chip companies
that have pulled the market over the last several years.
You're in videos, your your facebooks, you know, those fang stocks.

(01:08:16):
But we see a broader based rally. A lot of
people were talking about mid gaps, financials and even international international.
There was a statistic that thirty of the last sixty
months has outperformed domestic, right, so in the past that
was that number was about twenty of the last sixty months.

(01:08:36):
So again I think you're seeing some more well, you're
seeing favorable returns in international right now, being up thirty
percent on the year compared to domestic.

Speaker 3 (01:08:46):
So there's a lot of discussion.

Speaker 2 (01:08:48):
Points and a lot of areas that you should have
exposure to in your portfolio, you know. And if your
advisor isn't discussing that, then we'd be more than happy
to see if we could put a second pair of
eyes on that account and make sure it's got a
proper allocation.

Speaker 4 (01:09:04):
My dad just texted you, guys, have better. You guys
had better left me a piece of that cinnamon bread
this time where.

Speaker 3 (01:09:11):
There'll be some ass kicking.

Speaker 4 (01:09:13):
Well, there's gonna be some ask Oh my god, because
that's gown.

Speaker 7 (01:09:20):
I'm leaving the country.

Speaker 3 (01:09:21):
How many pieces you have? Oh McCarthy, half a loaf?

Speaker 2 (01:09:24):
No, No, I didn't. Honestly, you're giving them time to think.
I thought I was gonna catch him.

Speaker 7 (01:09:30):
I carried it from the here.

Speaker 2 (01:09:33):
We go, from the aluminum foil to your mouth. You
carried it, No, I wish I will. And I that
was Oh my god, that was heavenly and it was heavy,
and I'm going, oh, we're gonna have bum with this.
So I start to unwrap it, and Jimmy gets the
knife out and you caught.

Speaker 3 (01:09:48):
Me go like a couple of hyenas.

Speaker 4 (01:09:51):
Yeah, and he gave me a nice the two crime suspects.

Speaker 7 (01:09:55):
Oh my god. But once, thank god I got that piece, because,
like you said, it was like the Piranha happy.

Speaker 3 (01:10:01):
I think, Jared said. I think Jared sneaky tip. I
asked him. He said, I didn't even have a piece,
That's what I said. Yeah. I was like, well, you better,
you better go get one because it's about to be gone.

Speaker 7 (01:10:11):
It's amazing.

Speaker 2 (01:10:14):
Yeah, I'm sure it was. Absolutely. I had one slice
I had.

Speaker 7 (01:10:19):
After Julie's cut. I have one sliver and then it
was gone.

Speaker 4 (01:10:24):
Wow, Jimmy must have Scooby dude sandwich all in one bite.

Speaker 7 (01:10:32):
But it was some amazing Jimmy snacks. All right, I'm
thinking about it right now. I can't see. It was
good stuff. Good, it was good stuff.

Speaker 6 (01:10:47):
Who all right?

Speaker 3 (01:10:48):
Oh, Davis, here.

Speaker 6 (01:10:49):
All right here. I just had to stop and pull over.
You're telling me that you three stooges ate all the
cinnamon bread that that beautiful woman and husband brought to us.
Are you telling me that there is that one? David?

Speaker 3 (01:11:11):
I tried left.

Speaker 2 (01:11:12):
I tried, and I almost got my hand bitten off.
I was trying to get trying to get you a piece.

Speaker 4 (01:11:17):
Yeah, I think I went in about ten thirty am
and there was just the butt of the loaf left,
and I did cut it in half, so I didn't
take the rest.

Speaker 6 (01:11:26):
So who took the butt? Who took the button?

Speaker 3 (01:11:29):
That would be probably mister Jim Corkory.

Speaker 7 (01:11:33):
I'll tell you he was off the quick on his feet.
I've never seen him move that quick before.

Speaker 6 (01:11:39):
The spectacular woman who's a client of ours, tells me
that everyone, everyone that eats my bread, my cinnamon bread,
thinks it's spectacular. I sup, boy, you know I love that.
Bring me in a piece, bring me in a piece.

Speaker 7 (01:11:56):
She should go in and get business.

Speaker 6 (01:11:59):
Guess what, uh, you know what, you know what, McCarthy.
You got to get the recipe your baking the one
this week, you know?

Speaker 7 (01:12:08):
Bye bye?

Speaker 3 (01:12:10):
God love you, Oh God, you better get the oven
mits out.

Speaker 7 (01:12:17):
No, no, once you have a cinnamon bed like that.

Speaker 3 (01:12:23):
She purposely said, make sure you save some for Dave. Whoops.

Speaker 7 (01:12:28):
Well there'll be a strategy next time. We're gonna have
to carve out. Yeah. So anyways, people we have coming
in a great people.

Speaker 2 (01:12:38):
Yeah, yeah, well a lot of treats and a lot
of a lot of sweets.

Speaker 3 (01:12:43):
So again, if you want to sit down and bring
us a baked good or a veggie platter, we could use.
We use anything other than sugar. Oh boy. So McCarthy,
what have what have you been seeing.

Speaker 2 (01:12:59):
In appointments recently and a lot of I know you
had a pretty long meeting yesterday with a woman.

Speaker 3 (01:13:05):
Anything you know major?

Speaker 2 (01:13:07):
No.

Speaker 7 (01:13:08):
I think it gets back to what we were talking
about before. I think the clients really appreciate us cluing
them in. I think they feel better when they understand
what we're doing and why we're doing it. You know,
you guys were talking about international being the play and
I love the model that we have created because without

(01:13:30):
overcoll we've had international exposure, so on and so forth.
So I think when people see what we're doing and
putting them into the model to accomplish their goal, I
think they feel really good about where tore going.

Speaker 2 (01:13:45):
I think I like that, right, you don't know what
you don't know, right, So if you're if you don't
understand the investment landscape and you're just plugging away into
a target, date fund, right, you really don't know what
you're what you're doing. I don't want to say that
with all due respect, but again there's options, right, and

(01:14:05):
there's these different types of mutual funds that are in
your four oh one K or four three B or
deferred cop that are available to you that might be
more suitable for where you are at, where you're in,
where you're located in life right now.

Speaker 3 (01:14:20):
So I agree to that.

Speaker 2 (01:14:22):
You know, I think a lot of people don't know,
you know, what they should be doing or what options
are available to them. So we generally, you know, start
pointing them towards where they should be looking.

Speaker 4 (01:14:33):
I also think too, to highlight what I've been seeing too,
is like people who come from other firms, you know,
maybe that firm, well, I can tell the firm isn't
like an open architecture firm. So one of the major
benefits in something that I talk about a lot with
everyone who comes in is the fact that we can
go out and vet any investment positions out there through

(01:14:54):
any of our strategic partners that we have through NIM
the company, you know, we can utilize their investments and
back to that fidelity conference that we just had. One
of the slides that I ended up taking a picture
of was that selecting high quality managered managers there we go,
may improve your excess rate of return. So not all

(01:15:17):
mutual fund ETF managers are created equally, you know. So
if you're in uh XYZ financial company and you look
at your statement and it's the same name for every position,
you know, it's just their growth fund, their value fund,
their MidCap fund, their small cap fund, and it's all
the same name. There's probably one or two of those

(01:15:39):
funds that are very well rated, well performing, but there's
probably a couple of them that there's a competitor out
there that they're doing a lot better. And the number
one category where you see a performance gap is private equity,
which makes sense, you know, you obviously if you're in
that space, you want a high, well vetted manager of

(01:15:59):
that money. But the number two category was public equity.
So these mutual funds, and like we were saying earlier,
one to two percent compounding year over year. If that
if you're performing a little bit better than the competitors
on hundreds of thousands of dollars or millions of dollars,
that makes all the difference.

Speaker 2 (01:16:15):
In the private space, you definitely want a good manager,
right because that the field is a lot narrower and
you want to you want someone that knows.

Speaker 3 (01:16:24):
What they're doing and what the point of the fund is.

Speaker 2 (01:16:27):
So I could see the private equity being one of
the largest alpha differences, biggest gap, that's the biggest gap.
But the public I mean, that's that's where everyone is, right,
the public equity. So you definitely want a fund manager
that's going to outperform relative to their peers.

Speaker 3 (01:16:43):
Now have we've seen that too. We've seen that over
the last few years.

Speaker 2 (01:16:46):
We had a position in our portfolios that was, you know,
being a dog. It really wasn't performing up the par
and what we liked. So we've started trimming it out
of pretty much everyone's accounts to shift. You know, I
think we do a lot more ETFs now at Retirement
Planning Group, you know, the exchange traded funds versus mutual funds.
They're a lot lower expense ratio and they track indexes,

(01:17:11):
you know, a little more passive. They're also great for
non qualified accounts. They don't kick out capital gain taxiabilities
at the end of the year, so.

Speaker 3 (01:17:20):
We do a lot of work with ETFs now.

Speaker 4 (01:17:23):
And that's and that's what we see with equities. So
like equities, it's a lot that you reap the benefits
of being in the equity market within an ETF. And
there's not much disparity with a mutual fund because mutual
funds have higher expense ratios to hold, so we can
hit those numbers and those growth numbers that we're looking
at within an ETF, whereas the bonds were still typically

(01:17:43):
going to go with a actively managed mutual fund because
you want someone dealing with those underlying bonds actively. You
would that active management makes a lot of sense in
the bond sector, you would think the opposite. But I
completely agree with you.

Speaker 2 (01:17:58):
I think you do need more of a active manager
in the bond space because you see some of these
core bond ETFs and the yields four four and a half.
Some of these corporate bond mutual funds are getting seven
eight percent interest still right six right, you know, so
you can with an active manager, you're gonna see, you know,
potentially higher returns. We've got a corporate bond fund that's

(01:18:19):
up eight percent this year, right, you know, if we
could get eight percent in the bond market every year.

Speaker 3 (01:18:24):
Sign me up. Look at the risk return.

Speaker 2 (01:18:28):
So again, I think a lot of people out there
you don't know what you don't know, and let us
be that guide and that person to you know, start
bringing up these these different opportunities that you may have
available to you in your retirement, your your workplace, retirement
from So give.

Speaker 3 (01:18:45):
Us a call.

Speaker 2 (01:18:45):
Numbers eight eight eight five eight zero one nine one
nine five eight zero. We're gonna take another break. We'll
be back right after this. And we are back. Sorry,

(01:19:13):
he's eating a banana. I feel like a tennis player.
See how the tennis players are. We're always eating bananas.

Speaker 3 (01:19:19):
Potassium. It's energy, right, gives the energy. Yeah, it keeps
you going.

Speaker 4 (01:19:23):
They say bananas are great to have while you're working
out thirty minutes prior.

Speaker 3 (01:19:28):
Yeah. Yeah, well usually I'll have a banana before I
head over to Vent and while you're on the radio.
Really gets you go.

Speaker 2 (01:19:36):
Yeah, a cup of coffee and a banana. I'm ready
to go for another three hours.

Speaker 3 (01:19:41):
There you go?

Speaker 7 (01:19:41):
What Vent?

Speaker 3 (01:19:42):
Do you got to the one in Clifton Park?

Speaker 7 (01:19:44):
You do? Okay? I assume so.

Speaker 2 (01:19:46):
Well, last night it was pretty dead. It was because
it was Friday night. I was able to get on
everything that I wanted to get on.

Speaker 7 (01:19:53):
So beautiful.

Speaker 3 (01:19:55):
I must fit through the door. Have you been to
the one right here in Latham? Yeah?

Speaker 2 (01:20:00):
I went after the radio show. Oh yeah, a couple
of months ago.

Speaker 7 (01:20:05):
Nice.

Speaker 3 (01:20:06):
That Went's huge lot of people there though.

Speaker 4 (01:20:08):
I think it was an old Walmart or something kmart kmart,
that whole facility was, you know back in the day.

Speaker 7 (01:20:16):
Man, it just blows your mind how big some of
these companies were that you never in a million years. Yeah,
I thought that they'd be gone.

Speaker 2 (01:20:25):
Right you that told me the biggest Walmart in the
country is the one right down by Cross Cads.

Speaker 3 (01:20:29):
The biggest wal Mart in the country is in Albany, Yep.
Never I've never been there.

Speaker 4 (01:20:35):
It's like it's massive. I've never even been to it.
But I saw that someone was talking about the other day.
They're like, oh, it's the biggest. I saw an article
on and it was like, the biggest wal Mart in
the country is in Albany, New York.

Speaker 2 (01:20:45):
Never knew that down there. I love I love the Walmarts.
I go through all their five dollars DVD bins. Oh yeah,
they got all those old movies in there.

Speaker 3 (01:20:57):
You could bundle them up. Never closed that either their
clothes everybody the Are you okay? The microphones falling apart?
Hit your head off the mic?

Speaker 7 (01:21:07):
No, No, I'm kind of not good.

Speaker 3 (01:21:09):
Oh it's just that one down there on the corner.
I just hold it.

Speaker 7 (01:21:14):
I'm just hold I'm going to sit here. I'll be slavish.

Speaker 3 (01:21:18):
Uh.

Speaker 2 (01:21:19):
So, yeah, we talked about pre and post retirement planning
as well, and uh, today's show, we were talking a
little bit about the markets. We were talking about the
Fidelity conference in the first hour, but I'm not sure
if you know, everyone was tuned in at that point.
You know, it was a lot about AI, artificial intelligence.
You know, how it's gonna redesign different labor markets, different

(01:21:42):
parts of the workforce, and uh, and I think it's
starting to come into the financial services industry more and more.
You know, you see robo investing as well, and uh,
just allowing AI to manage your retirement accounts and your portfolio,
you know, based on specific parameters that you put in

(01:22:03):
the software, so you know, robo investing. I think that's also,
you know, starting to become more prevalent. But again, I
like having that you know touch, that personal touch with
an advisor and really mapping out you know what makes
the most sense. You know, AI is great, but you know,
can AI outperform standard you know active managers?

Speaker 3 (01:22:27):
I don't know.

Speaker 4 (01:22:28):
That's it's still in the work, so it's to be determined,
I guess, but it's it's going to change the landscape
of everything. There's no doubt about that. In having some
type of allocation to this, I feel like if you're
in the equity space or want to be in the
equity space, is almost like necessary because all of these

(01:22:49):
companies you're seeing a shift now, they're all getting in
the micro chip space everyone. So it's not only in Vidio,
it's a m D, it's you know, Silent or Taiwan
Semi conduct. There's just so many companies now in this
space that are buying up data centers and now they're
having to well. And then the flip side of the

(01:23:09):
coin that no one's really talking about is the power
behind it. So you also a huge opportunity is in
the nuclear energy space, which is going to fuel all
of these data centers, so they're not going to run
on windmills or solar. So in traditional and they need

(01:23:30):
to stay on twenty four to seven round the clock.
That's why they're testing all these many nuclear reactor sites
right now. So there's a lot going on in that
space alone where it's coming down the line, like that's
how all of this stuff is going to. The power
grid is going to completely change with the AI space
because there's just going to need The amount of power

(01:23:50):
that these data centers are going to need to run
on a twenty four hour basis is going to be insane.

Speaker 2 (01:23:56):
Yeah, and you're starting to see a lot of these
plants either go up or be transformed from what they
were prior. You know, So power is gonna be huge
in the AI revolution, if that's what you want to
call it. It's more of an exponential type of development.
I would say. You know, the computer started in what

(01:24:17):
the early two thousands, that's when you had the Internet
bubble all that.

Speaker 3 (01:24:24):
But again, it just kind of how far they've come.

Speaker 2 (01:24:26):
You know, you start looking at some of these old televisions,
you look at these old computers.

Speaker 3 (01:24:31):
You know, I got a computer right here.

Speaker 2 (01:24:32):
And my my my cell phone right You used to
have these huge boxes and now everything's just becoming more
and more user friendly right, So you're seeing how it's
already adapted so far, and now we're starting to see
how the actual technology is adapting within it, within the computers.
So again I think, you know, returns could continue. You know,

(01:24:57):
I think, like I said, it's more of an exponent
expert type of thing, and AI is going to start
building on top of itself, you know, so AI will
train AI and uh, you know, it's just incredible and
you know, I'm scared.

Speaker 4 (01:25:09):
Generative AI, that's what that's what they refer to it as.
That's what they were talking about in the one breakout
session that me and my dad went to. It was
a peer to peer discussion, so you got to hear
what other advisors, how they're using utilizing AI, and what
this generative AI is. And generative AI is AI that
is continuously learning on itself and adapting around how you

(01:25:34):
want it structured. And one of the craziest things was
this one that this software system that this guy is utilizing.
You was sitting next to me and I was asking
him these questions on okay, so how does this work?
And you know, how do you set this up? And
is it is it you know, accurate? But he said
that there is. When he first started it, it took

(01:25:54):
about a month for the AI to learn how he
likes his appointments notes structured, how he likes his like,
how to delegate his follow up tasks, and all these
things after an appointment, how he likes to write his emails,
and how he likes his email structured. But he said
it took a month, and after that month, he said,
there is no justice that you can't distinct between the

(01:26:15):
two now, his old the way he used to do it,
and the way the AI does it now because it
kept learning on itself throughout the month when he'd make
corrections to it, to the point where there is no
difference now, which is crazy.

Speaker 7 (01:26:27):
I'm dying to learn more about it. I know you
guys were raving about it when he got back. Yeah,
all the.

Speaker 2 (01:26:32):
New No, it's incredible the capabilities that AI has brought
to us, right, all the different avenues that we can
use it for. So, you know, some great some I
think will probably pass on, but uh, you know a
lot of advisors are going to start moving towards this,
this AI landscape and the investment management industry. So again

(01:26:57):
there's you know, ways to utilize it. Properly, and there's
ways to utilize it not so properly. So you just
need to as a firm, you know, we need to
decide what makes the most sense for us and kind
of lean into it and make our lives easier, which
essentially will create more time to help clients.

Speaker 7 (01:27:15):
I think it's going to be a beautiful blend. But
you know, you can't have a relationship with a computer, right,
I really we know such pride in what we're doing
and that interaction and stuff. But I think it'll be
a beautiful blend at some point. I'm really excited to

(01:27:35):
learn more about it and get it more implemented in
our day to day practice. Right.

Speaker 2 (01:27:40):
Also hurting us, you know, the AI and the one
presenter was talking about the neats, right, so the not
educated or not educating, what was it, Chris not educating.

Speaker 4 (01:27:55):
Not being educating, not in training, uh or not I
don't know, enrolled or something like that in a job
or just forget the other one. Yeah, there was, but
I have the stats on that, which I'm glad you
brought this up. This was about gen Z workers and
they did a poll right on gen Z workers and

(01:28:17):
going into the work environment. What are the like statistics
on these new because this guy he was in HR,
he's been an HR. He deals with like top company CEOs,
like mag seven CEOs and like goes across and deals
with their HR departments and how to structure all this
stuff and how to relate to the new next generation
of the working class, and how you implement new employees

(01:28:41):
and have all different age groups kind of blend together
and you know, work and cohabitate. Well, he said, he's
never seen anything like what's coming down the line in
gen Z for the workforce and for the workforce and
the stats on this. Sixty three percent of gen Z,
the new wave of employees come out of college, had

(01:29:01):
a parent submit their job application on their behalf, seventy
seven percent brought that parent to the interview with them,
seventy three percent had their parents complete their work assignments
for them, and forty four percent had a parent speak
to the manager on their behalf when asking for a

(01:29:24):
raise or a promotion. The average expectation unbelievable. Average expectation
of wage coming out of college. Oh yeah, this is
even better. One hundred and one thousand dollars is the
average expected wage. Average expected wage of what these this
group of people are looking for as well. In the
bottom the bare minimum, what they're saying they're going to they.

Speaker 3 (01:29:46):
Would take eighty.

Speaker 2 (01:29:49):
It's incredible, you know, to get try to get rewarded.
They want to get rewarded for their years at college.
They haven't done anything in the workforce.

Speaker 4 (01:29:57):
I mean, it's crazy that the entitlement phase.

Speaker 7 (01:30:02):
Hopefully it's gonna well, well.

Speaker 4 (01:30:04):
Yeah, because there's gonna be some very very disappointed knowledge
graduates when they're going to apply. In their first interview
they say, and so what are you looking for? I'm
looking for about one hundred at minimum.

Speaker 7 (01:30:21):
It'd be like, mah, what do you think?

Speaker 6 (01:30:22):
Yeah?

Speaker 3 (01:30:23):
Right, yeah, man, what should I get?

Speaker 2 (01:30:25):
Saw one of the most inflated We only got a
minute left, but throughout COVID, right, the wages and because
the stimulus and money being given, you know, for people
that were unemployed, you saw such an inflated rate on
real wages.

Speaker 7 (01:30:43):
Yeah.

Speaker 2 (01:30:44):
Right, So over the last several years, people are expecting
to make more to get off the couch and work.
Whereas they were given what six hundred week, seven hundred
a week to they said it was up to one
thousand thousand a week to sit on the couch. Yeah,
sit in the height of COVID.

Speaker 4 (01:30:59):
So I know so that you have this wave of
people who think you know that, Oh I got paid
to do nothing during COVID.

Speaker 3 (01:31:07):
So why do I have to work to make an
extra two hundred dollars a week? Right, So we're gonna
take a break. Everyone.

Speaker 2 (01:31:12):
If this is a callin show eight hundred eight two
five fifty nine forty nine. If you have a question,
and that's eight hundred eight two five fifty nine forty nine,
We're gonna take our last break.

Speaker 3 (01:31:21):
We'll be back right after this.

Speaker 8 (01:31:28):
The biggest mistake in retirement planning waiting too long. The
sooner you start, the more options and peace of mind
you'll have. Dave Kopik and the Retirement Planning Group are
here to help you build a smart plan that grows
with you. Whether you're five years out, we're just getting serious.
Now is the time. Don't put it off. Visit rpgretire

(01:31:49):
dot com or call eight eight eight five eight zero
nineteen nineteen to schedule your consultation today.

Speaker 9 (01:31:55):
Start early, retire, better.

Speaker 10 (01:31:57):
Your retirement future. Are you dreaming of a comfortable, financially
secure retirement. It's closer than you think. The best time
to start planning was yesterday. The second best time is now.
Even small, consistent contributions make a huge difference over time
thanks to the power of compound. Don't let your retirement
dreams just remain dreams. Start setting up your goals today.

(01:32:18):
Take control of your future. Call eighty eight five eight
zero one nine one nine. That's eighty eight fight eight
zero nine one nine for a free consultation.

Speaker 11 (01:32:28):
Ali Dwyer and her three sons lost their hero, Stephen.
Serving our country in the United States Army was Stephen's calling,
and flying helicopters was his passion. Stephen was killed in
a Blackhawk helicopter crash over the Mediterranean Sea. Thanks to
friends like you, Tunnel to Towers provided his family with
a mortgage free home, giving them security and hope in
their darkest hours. Help more families like the Dwiers donate

(01:32:51):
eleven dollars a month to Tunnel to Towers at T
two t dot org. That's t the number two t
dot org. Born on America's darkest day of nine e one,
the Tunnel to Towers Foundation has been helping America's heroes
ever since. People who put their lives on the line
for our country and our communities need your help now
more than ever. Join Tunnel to Towers on its mission

(01:33:12):
to do good in their honor. Never forget nine to
eleven or the sacrifices of this country's heroes and their families.
Show your support donate eleven dollars a month at T
two t dot org. That's t the number two t
dot org.

Speaker 3 (01:33:26):
Portions of the following program were pre recorded and we
are back.

Speaker 2 (01:33:44):
It was a great Uh did you hear that Tunnel
to Towers commercial?

Speaker 3 (01:33:50):
That was Uh.

Speaker 2 (01:33:52):
I want to thank you everyone for coming to the
golf event.

Speaker 3 (01:33:56):
Yeah, it was great one more time on.

Speaker 2 (01:33:59):
Last Monday, and uh and all the sponsors and and
everyone that you know helped out and gave money or
sponsored a whole you know, we had a car like Leah,
So I wanna thank them.

Speaker 3 (01:34:13):
Your your bride over there, Yes, shout out Leah.

Speaker 7 (01:34:18):
Yeah that was awesome.

Speaker 2 (01:34:20):
Uh but no, we had a great turnout even though
we had to reschedule, and uh, you know, we raised
a lot of money. So for two excellent organizations Tunnel
the Towers American Cancer Society. I think everyone's you know,
affected by you know, these Uh, these events, right, everyone
knows the loved one who may have had cancer. Everyone

(01:34:41):
knows a vet, you know, someone that needs help. Uh
maybe the surviving spouse. So like that commercial just said, uh,
the spouse was able to have a mortgage free home,
you know, from Tunnel to Towers. So just great organizations.
I'm glad we were able to do it for Tunnel
the Towers this year also, and uh, you know, look
forward to many many were years of that event that

(01:35:01):
we do.

Speaker 7 (01:35:02):
Actually, it's an honor. It's an honor to represent these
charities and a lot of great people that are affiliated.
You know, we're very fortunate, very fortunate. And then how'd
you swing the club? Shockingly not bad? I had we

(01:35:24):
we actually hid in the eagle. It was the part
five before the car, yep. And I got lucky as
hell and uh had to have Oh you see me.
You see, when people golf with me, they feel a
lot better about their own game.

Speaker 3 (01:35:44):
Mine too.

Speaker 7 (01:35:45):
Oh my goodness. But I got lucky enough. I hit
it on the green for number two and we tapped
it in.

Speaker 3 (01:35:51):
Wow.

Speaker 7 (01:35:51):
Well it wasn't a top, but it was a reasonable putt. Yeah,
but yeah, it was fun. What a perfect day.

Speaker 3 (01:35:58):
Yeah, I mean it.

Speaker 4 (01:36:00):
We lucked out because the the one week it decided
to rain in the entire summer that we've had Bingo
our golf tournament. So we pushed it back a week
and a half and it ended up betting great. We
lost a couple of people by pushing it back, we
picked up a couple of people by pushing it back,
but we still had a pretty good turnout and obviously
we hit our we hit our number, so that's it

(01:36:22):
was a great event. Two great organizations yep.

Speaker 7 (01:36:26):
In a shout out topareways, I thought they did a
really nice job.

Speaker 4 (01:36:29):
Yeah we got I got multiple compliments on A couple
of people came out to me and were like, I
can't believe this is a public course. They keep this
place very well maintained, yep, And I think kudos to
them for putting the money into it and keeping the
greens and the fairways as trimmed as they do.

Speaker 7 (01:36:47):
I tell you, I thought the food was very good
food too.

Speaker 2 (01:36:51):
I'm never I'll never understand why that wasn't our home
golf course in uh in high school mechanic fille. Oh yeah, literally,
the one of the holes is lined up right next
to the high school. Another hole is line up right
next to the elementary school, but I think Waterford that's
their home course. So we had to go down to MGC,

(01:37:12):
which is still a great course. I loved MGC, but.

Speaker 3 (01:37:15):
I'll never understand that I could have just walked over there. Cool,
but it is what it is.

Speaker 2 (01:37:20):
So our office number is five eight five eight zero
one nine one nine, or you can reach us on
the web rpg retire dot com. Again, my name is
Nicholas Tumas, certified Financial Planner. Here with two advisors with
the firm, Chris Copec and Chris McCarthy, and we're here
to chat.

Speaker 6 (01:37:39):
Uh.

Speaker 2 (01:37:39):
You know, this past week we went to Boston and
we were just talking about it before the break as
far as the neats, so the next generation and the
workforce and you know what's kind of coming down the
pipeline and what we're already seeing as far as statistics,
and it's kind of it's kind of nerve wracking right
as far as where the labor market's heading. You know,
we just had a government shutdown. They didn't release the

(01:38:01):
jobs report really so they were kind of delaying that.
But again, you know what's to come down the pipeline.
I think the birth rate is down as well, so
we're getting less people coming into the workforce. And the
nice thing is, he said, people are working longer, right,
so a lot of people are working into their seventies,

(01:38:22):
which the country as a whole actually needs because of
the declining right number of participants in the workforce. So
so again it's kind of you know, I think everything's
fine right now, but down the down the road here,
you know, we need to start figuring out and maybe
AI solves that gap in population.

Speaker 7 (01:38:43):
Yeah.

Speaker 2 (01:38:43):
So but again it's kind of it's kind of scary,
it is. And the quality as well, as we were
talking about earlier.

Speaker 4 (01:38:49):
That's the that's the thing is the quality, the quality
of the workforce, they said, finding talent. So if you're
a business owner out there, finding talent is going to
be like you're going to spend way more time than
you thought you were going to ever have to spend
on finding talent within your business in the next you know,
five ten years, and you may be doing it right now.
But it's something that I was just saying to McCarthy

(01:39:13):
in our last break. If you are of that next generation,
or you have kids or grandkids, who are gen z.
It's it's going to be a hell of a lot
easier to stand out in the crowd as far as
someone who's just doing the bare minimum right or showing
up to work early, leaving late, putting in a little

(01:39:33):
bit extra time doing you know, asking your boss if
they you can do anything before you head out for
the day, Is there anything I can do for you
besides just packing up and leaving it's five o'clock. You know,
It's like it's going to be a lot easier to
stand out if you are the outlier within that generation.
So I was saying that maybe climbing the optimistic outlook

(01:39:54):
on this is if you are going into the labor force,
it's going to be easier than ever to climb to
the top of the corporate ladder if you're in a
corporate structure, or get that promotion just by by being there,
by being on time, by doing the right thing, and
just doing the bare minimum of your job.

Speaker 2 (01:40:10):
Did you go to the one presentation with the woman
and her brother, Yes, and how she was talking about
the interns that she was hiring.

Speaker 4 (01:40:16):
Yes, she said the best quote out of all of that.
And then I'll let you get into it is. She said,
we hire slow, we fire fast. I was like, I
love that quote. I wrote it down.

Speaker 2 (01:40:30):
The one intern that she was interviewing or not interviewing.
She hired him and he ended up showing late, showing
up late to work forty five minutes late, two days
in a row. Second day, he came in with a
breakfast sandwich in his hand. Also, oh boy, and she
said you better have one for me. He goes, and

(01:40:50):
she goes, you're fired two days in a row, forty
five minutes late.

Speaker 3 (01:40:55):
Yeah, breakfast sandwich in the hand. You know, no socks.
She said.

Speaker 2 (01:40:58):
He wasn't wearing any sock or anything like that, So
socks is odd. It's like, well, I don't know some people,
if you got like loafers or something, I always wear socks.

Speaker 7 (01:41:07):
But I'll tell you one thing. You know, we have
been fortunate. We've met a lot of successful people. Right,
what is a client? So on and so forth. And
I don't care how young or old you are. If
you pulled all the people that have been successful, they're
going to say, there is no substitute for hard work. Right, period.

(01:41:32):
You go into anything where you feel you're entitled good.

Speaker 3 (01:41:36):
Luck, right, And that's the same thing as like there's no.

Speaker 4 (01:41:40):
They say, like, oh, you're gonna if you do the
bare minimum and just work your your eight hours there,
that's also the thing. Or like a forty hour work
we throw that out the window if you want to
if you want to excel and you want to like
build anything, or you're a owner of a company or
looking to grow, take that for forty hour work. We
could double it. And that's where ballpark you're going to

(01:42:04):
be at if you want to out do the competition. Right,
but down the line, who knows, maybe a forty hour
work week and you'll be you'll be set because nobody
wants to work.

Speaker 7 (01:42:15):
And again they got to get pat the entitlement.

Speaker 2 (01:42:18):
Yeah, and that's where AI kind of interlapse, right, because
that can allow you to free up time right right,
So maybe you don't have to work the eighty hours
seventy hours anymore if you have an efficient AI strategy, Yeah,
to allow the computers or technology to you know, do

(01:42:38):
some of those.

Speaker 3 (01:42:41):
Mind numbing tasks. That's true.

Speaker 4 (01:42:43):
They did say while efficiency within employees is dropping, AI
is picking up the slack, and it's only going to
compound on itself to the point where AI is going
to become super efficient. So you know, we got that's
the benefit, I guess of the lacking labor force.

Speaker 7 (01:43:01):
And you're also going to find maybe AI is going
to take the job away from these entitlement people, because again,
the people survival of the fittest, the people who are
willing to work the hardest and are that much more
committed are the ones that are going to survive.

Speaker 3 (01:43:20):
You know what, AI doesn't do eat all the cinnamon bread.

Speaker 4 (01:43:24):
No, they don't, not yet, right for now, AI is
coming for your job.

Speaker 7 (01:43:30):
No, no, no, nobody's gonna take this guy's job.

Speaker 3 (01:43:35):
Way now. AI can't give me knuckles every day.

Speaker 7 (01:43:38):
That's right there, right, oh god, we have then we
do all right?

Speaker 3 (01:43:44):
Anything else you want to say, No, I'm just happy.

Speaker 7 (01:43:49):
Yeah, yeah, yeah, we have a lot of fun. We
work hard, but we we have a lot of fun.
We're very fortunate with all the clients. We have a
lot of good people come through the doors. You know.
And another thing we talked about earlier. A lot of times,

(01:44:09):
you know, we've seen some crazy portfolios that have walked
through the door. Yes, you know, yesterday I had a
meeting as you know what a comment she decided to
sign on, and she was showing me one of her
investments that has done well, and I said, please don't
take anything personally. This fund has done well for you,

(01:44:31):
but part of what we do is we analyze what
you have and we see if we can improve on it. So,
actually you and I Chris met with her in a
previous appointment, and one of your recommendations, I just merely said,
large cap growth fund, you've done well, but one we've
been using, which is a five star, has outperformed your

(01:44:55):
fund by five percent this year. Please don't take it personally.
This is an example of what we do. Right. We're
trying to maximize what you're doing.

Speaker 3 (01:45:06):
Right.

Speaker 2 (01:45:06):
I like that, So we'll end on that note, trying
to maximize what you're doing.

Speaker 7 (01:45:11):
Uh.

Speaker 2 (01:45:12):
Color office numbers eight eight eight five eight zero one
nine one nine. It's five one eight five eight zero
one nine one nine. Everyone have a great day, and
thanks for listening.

Speaker 4 (01:45:30):
The information or services discussed on this show is for
informational purposes only, and it is not intended to be
personal financial advice.

Speaker 3 (01:45:36):
The investments and services offered by us may not be
suitable for all investors. If you have any doubts as
to the merits of an investment, you should seek advice
from an independent financial