Episode Transcript
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Speaker 1 (00:00):
The information or services discussed on this show is for
informational purposes only, and it is not intended to be
personal financial advice. The investments and services offered by us
may not be suitable for all investors. If you have
any doubts as to the merits of an investment, you
should seek advice from an independent financial advisor.
Speaker 2 (00:41):
Good afternoon, and welcome. This is the Retirement Planning Show.
My name is Christopher Kopick, and with me today is
Chris McCarthy. How you doing, Chris, I'm doing well, Criff,
How you, Chris? Pretty good? I can't believe it's already September.
Speaker 3 (00:55):
I can't believe it either.
Speaker 4 (00:57):
Football season is among us.
Speaker 3 (00:58):
That's crazy. It's crazy how fast the summer went by.
But fall's a great timedy year.
Speaker 4 (01:05):
Yes it is. I love the fall.
Speaker 2 (01:07):
You know, you get football seasons back, weather gets a
little cooler, colors are going to start changing. So it's
always it's always a good time.
Speaker 3 (01:16):
It is. I love it too.
Speaker 2 (01:19):
But yeah, we are the Retirement Planning Group. Today we
wanted to kind of review our process, go over you
know who we are, what we do, and just give
a highlight of how our business is structured so that
everyone is fully well aware of how we operate as
fiduciary financial advisors. So, Chris, if you want to start
(01:42):
and give a little bit of a background on who
you are what you do at the Retirement Planning Group, Well,
I have been.
Speaker 3 (01:49):
In the business financial business for forty years. I celebrated
forty years in February. Hard to believe, and I'm blessed.
I've been affiliated with the retire a Planning Group for
the last year and a half and I can honestly
say it the best team I've ever been a part of.
And I've been very fortunate. I have worked with and
(02:10):
still work with us some wonderful, wonderful people. But I
have been specializing a lot with the investment world as
well as the annuity world. So I just really enjoy
our team. I think we each bring a specialty to
the table. We work with each other, we complement each other,
(02:35):
and we help each other. So it's really just been
a great opportunity for me to be affiliated with you guys.
Speaker 2 (02:45):
Yeah, and how that appointment process is structured here, So
we are the Retirement Planning Group is a registered investment
advisory firm, so we do pre and post retirement planning
where we will look at a client's you know booklet,
will have everyone fill out this confidential questionnaire booklet, and
(03:08):
we will sit down and try and build out a
game plan specific to that individual or couple based on
what they're looking to accomplish within retirement or meet their
retirement goals or ages, whatever they that may be. So myself,
you know, I am a Siena graduate. I graduated in
twenty twenty one and have been getting my licenses to
(03:30):
become a fully certified financial planner and I'm in route
to do that still. But at the firm, you know,
I'm a financial analyst and a financial advisor, so I
do a lot of the back end work researching mutual
funds ETFs, you know, trying to find some different investments
for the model allocations that will then build out with
(03:51):
all of the relationships that we have as far as
who we clear through, you know, we do everything custodian
through Fidelity Investments. All of our assets are held at
Fidelity in but we do have open architecture, you know,
with who we do work with.
Speaker 4 (04:06):
You know, we we do a lot of work.
Speaker 2 (04:08):
With all the other investment management companies out there, you know,
through their investments and strategies that they offer us because
of the RIA, the registered investment advisory platform that we are.
We also have relationships with insurance you know companies. We
have our insurance licenses and have that aspect of the
business through insurance products, you know, such as annuities or
(04:32):
life insurance. You know, legacy planning, you know, different tools
like that that we can offer to clients as well,
which you've specialized in, you know, for the majority of
your career.
Speaker 3 (04:42):
Yeah, long time. It's been a long time, and that's
what I love about being affiliated with the Retirement Planning Group.
We offer a lot of different phases of planning, but
more than anything, I love the three appointment process that
we have. It's so important to people understand. When we
first meet, we get to know each other. Like Chris
(05:04):
said earlier, I think that's so important. There is no pressure,
there's nothing that word looking to pull out at the
right time. We get to know each other. We can't
recommend anything without getting to know who you are, where
you are, where you want to be, and how can
(05:25):
we get you there. So it's a great process that
to bury, it's not rushed.
Speaker 2 (05:32):
No and to break that process down. You know, the
first appointment is just like Chris was saying, it's a
meet and greet. So we sit down, we have a
cup of coffee, we go over the questionnaire booklet that
we send out all of our clients. We try and
just get to know if they're a good fit for
us and our services and if we're a good fit
for them. So that's always the first appointment, you know,
(05:53):
it's just getting to feel out for one another. The
second appointment is where we'll then go ahead and plug
in all the information discussed and appointment one into some
software systems that we utilize. One of them that's very
advantageous for us and our clients is e money, which
is a financial planning dashboard that we utilize to project
(06:15):
out retirement you know, at different hypothetical ages or scenarios.
You know, it helps with a lot of that that
planning on a long term basis, you know, thirty forty
year outlook on retirement, incorporating you know, required minimum distributions
and a lot of other factors, growth rates. So and
(06:35):
it gives people we can give access to people in
clients as well through a dashboard that they have access
to to keep track on their retirement goals. So it's
super helpful and beneficial to us and the clients as well.
You know, it's full full transparency on our end to
show them the plan and you know how we're structuring
(06:56):
the plan and you know, hopefully facilitating their goals in retirement.
And along with that, you know, we utilize another software
program that is Nitrogen where we do all of our
model allocation building. So that's how we get all the
information in the first one and it's always it's always
a three appointment process. So the third appointment would be
(07:18):
you come in and then we review all that information
and just go from and make a decision. At that point,
that's when we put the rubber to the road. If
you like what we have to say, that's when we
go ahead and start implementing.
Speaker 3 (07:31):
And I think it's important because we take the time
we do. We're exploring a number of different avenues and
hope that we're going to be able to with the
client pick out the right route and the most beneficial route.
You know, what I really love more than anything about
what we do is after the first appointment, we get
(07:53):
to know each other. We take the information we learned
about them, put it into e money and other things
we do, and then when we meet for the second
time and we have some ideas to share, the two
favorite responses I see is either one you watch the
people's eyes light up right because I think they don't
(08:17):
realize how well they're doing and how well they're going
to be. Or the second one is the sigh of relief, like, Wow,
we're going to be okay, And that's what we're here for.
We're here to facilitate and fulfill as many goals as
we can for you. And we're very realistic. We're very
(08:39):
down to earth. We don't promise anything we can't keep.
That doesn't do you or us any favors. So I
think we're very down to earth ourselves. And we work
with people. We listen to people. I mean, that's what
it's all about. We don't song and dance people, we
(09:00):
don't talk over anybody's heads. We take the time, we
answer questions, we share strategies, and it takes time. It's
a process, but we're there. And when people feel good
about what they're doing, we feel good about helping them.
Speaker 2 (09:17):
Right, and that hits at the holistic financial planning approach
that we try to try to hit on at the
retirement planning group. You know, we're trying to give you
a full scope of what retirement looks like, not only
through investment management, but through asset protection, legacy planning, you know,
insurance needs and coverage. So there's a lot of information
(09:38):
that comes out within the first two appointments, and that's
why it's typically a three appointment approach because we want
to give people that time to digest and take in
all this information that we're going to cover and build out,
you know, a customized retirement plan specific to them. You know,
it's no cookie cutter approach. We're trying to facilitate whatever
(10:00):
needs the clients are specific too, because one one client's
appetite for risk and you know, legacy planning and all
these different aspects of retirement is going to be completely
different than you know, somebody else's. So having that time
to sit down and block it out in three separate
appointments to fully get a grasp on their personal situation
(10:21):
is is how we we structure those, you know, appointments,
and that's what we find beneficial. You know, some people
are ready to go appointment too, or maybe even appointment
one with they're radio listeners. You know, they get they
feel like they already know us. But we never try
to put the pressure on anyone. And that's why we give,
you know, a a three appointment approach because it's it's
it's great for both of us to kind of know
(10:43):
where we stand there, our mindset on investments and asset allocation,
what we think is beneficial for them, and and they
get to fully understand.
Speaker 4 (10:51):
You know, who we are and how we how we
would manage that.
Speaker 3 (10:54):
You know a couple of things you said that I
wanted to piggyback off up, which when you're talking about
different people and it takes time to get to know
each other and get to know what type of investor
you are, Are you a risk taker or not. It's
a transition time to go from accumulation to distribution and income.
(11:20):
It's not going to happen overnight. That's what we do.
I think, that's what we specialize in so well, is
to give people different strategies that will help them transition
into that new part of their lives and they'll be
able to do it with peace of mind and they'll
be relaxed. Another thing that I love about our firm.
(11:42):
We have no minimums. We will talk to anybody that
wants to be talked to. If anybody wants help. We're
here the third day. And I think it is also
very important. Not often but people come in and they
say table's shopping advisors. We encourage it. That's how confident
(12:06):
we feel in the service we provide. You want to,
it's a very personal decision. Go out shop advisors, come
see us. You're going to get free consultations, and then
you're going to go and do what's best for you.
And I, like I said, I just I've been doing
(12:27):
it a long time. Your dad been doing it a
long time. I marveled at you. I'm marveled at Nico.
I mean again, best team I've been affiliated with in
my whole career.
Speaker 2 (12:41):
Yeah, and that's you know, we're going to get into that,
you know, in the next segment here because we're going
to be coming up on a break. But you know,
the next segment we'll be talking about, you know, how
how to transition into this retirement aspect and how to
figure out personally what your retirement goals would be and
what you're looking for out of retirement and if that's
(13:04):
something that you're approaching. You're willing to sit down and
kind of digest and go over, you know, And that's
a lot of the psychological factors going into retirement is
something we will be touching on. But we will take
a quick break right here, and we'll be We'll.
Speaker 4 (13:18):
Be right back.
Speaker 5 (13:23):
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
(13:45):
favors those that are prepared. Call eighty eight five eight
zero one nine one nine. That's eight eight eight five
eight zero one nine one.
Speaker 6 (13:53):
Nine, and we are back.
Speaker 2 (14:07):
This is the Retirement Planning Show with Chris Kopek and
Chris McCarthy, both the Chrises.
Speaker 4 (14:13):
Are here today, Special k.
Speaker 2 (14:17):
And we are touching on you know, some common themes.
Speaker 3 (14:20):
You know.
Speaker 2 (14:20):
The first segment we just hit on is our process here.
You know who we are, how we fit into the
retirement planning group, and how we structure you know, our
appointments and and now we want to go over you know,
different different themes that we see through retirees and retirement
and having people, you know, figure out what their retirement
(14:42):
goals are before they approach retirement, because a lot of
people will get to the stage of actually leaving the
workforce and going into retirement and not really have an
idea of what, you know, life is going to be
once they stop working. So there we want to to
go over some some themes that we see and you know,
(15:02):
some different statistics that we looked up for the show.
But you know, one of the staggering ones to me
was sixty percent of people who are retiring, you know,
from twenty twenty to twenty twenty nine are undergoing the
in quotes. This is from the New York Times, Retirement reinvention.
Speaker 4 (15:22):
Does that make sense to.
Speaker 3 (15:23):
You, I'm I'm happy to be here. I can't say
it does. I'd like to hear their reasoning behind what
they mean.
Speaker 2 (15:31):
Yeah, So what they mean by that is the is,
you know, retirement reinvention is people going into retirement and
they are trying new things, you know, maybe they start
a side business, they're going into something that they've always
wanted to do, you know, whether it's a side hustle,
side business, traveling, starting a business, family time. You know,
(15:54):
it's just they're re they have to reinvent themselves. You know,
you're so you're so attached to your job, You're so
you associate life so much with your day to day
schedule and routine that when it gets all mixed up,
you know, in retirement, you know, you go from working
every day nine to five, maybe forty hours a week
into just nothing. So a lot of the retirees, that's
(16:19):
what they were. The poll was taken you know on
a twenty twenty to twenty twenty nine retirees sixty percent.
That's a lot of people who are reinventing their reinventing
their life.
Speaker 3 (16:30):
I think what we do would really complement that is
that because when we sit down with people, we give
them a number of different scenario. You know, we talk
about social security, we talk about their investment, We talk
about you know, an income stream that they know that
they can count on. And we also are big endorses
(16:54):
of the go go years of retirement, the slogo years,
and the no Goo We try to show people enjoy
your money while you're young, and you can the traveling,
so on and so forth. We often a big advocate
sometimes of people taking their social Security earlier than later.
(17:16):
I don't know if most people realize this, but to
break even point, an average can be anywhere from seventy
nine to eighty two, with a person debating if they
should take their Social Security at sixty two or sixty seven.
We cover a lot of these different avenues to sign
(17:36):
to find out what's going to be the best route
for the people we're talking.
Speaker 2 (17:40):
To, right, and that always hits on too, like how
are you going to utilize the money in retirement? You've
been saving your entire life and it's and it's time to.
Speaker 4 (17:50):
Flip the switch.
Speaker 2 (17:51):
You know, You've you've accumulated wealth for thirty forty you know,
sometimes fifty years in a career or a job that
you have been working at, and now instead of being
a savor and an accumulator, you are going to be
a spender and we'll be sending distributions off of these
assets to supplement your lifestyle in retirement. So there's a
(18:15):
lot of different avenues in different ways that people approach us.
You know, Some people are travelers, you know, they want
to see the world in retirement. They want to go
travel to Europe, for South America or Asia, and or
even our country right here in the United States, which
is you know, undervalued on how beautiful the United States is.
But as far as different you know scenarios, some people
(18:37):
start a business. You know, they always say, oh, man,
I really you know, this is a passion of mine
I've always had. I'm just going to try it out
and see what. You know, if I make ten twenty
thousand dollars a year doing this, that's fine. You know,
It's just something that I've always wanted to do. And
then you know, there's family time as well. Some people
are you know, I'm just going to relax, spend time
with family, friends, loved ones. And none of these are
(19:00):
wrong answers, And these are all different scenarios that we
hear on a day to day basis. But you know,
our job is to now structure your assets and your
portfolio to mimic how your lifestyle is going to be.
And you know that's just part of what you know
we do over here is getting to know each person
on an individual level, or each family on an individual
(19:23):
level and understand what they're looking to accomplish out of
their retirement years. So another pretty staggering statistic is the
working post retirement.
Speaker 3 (19:34):
You know.
Speaker 2 (19:35):
That's that's something that people always say, well, maybe i'm
gonna I'm gonna retire, but then a lot of people
end up going back, you know, and work in part
time because of the lifestyle change. And it says, you know,
fifty five percent continue working. So more than half the
people go into retirement and then they either pick up
a part time job or a passion related job that
(19:57):
they are supplementing their income in retirement for so oh,
even though you know, twenty percent say they plan on
working in retirement, but fifty five percent end up doing it.
Speaker 3 (20:09):
You see, I'm very very fortunate, you know, I got
you guys. I love what I do. I love what
we do. I can't see myself ever fully retiring and
I don't have to, God willing as long as I
can still walk and think and everything. And I love
working with people. I just love it. I always have.
(20:30):
And so I think being active and whether, like you said,
a lot of career people they finally retire and now
maybe they have an opportunity to reinvent, go do something
you've always wanted to do fuller, part time. And that's
that's why it's so important. I think the three meeting
process because we really take the time. You know, it's
(20:55):
not an Olympic event. You're not out in fifty nine
minutes and thirteen second. We want to get to know people.
It's so important. The more we know, the more we
can help, and together we can really put together a
very strong game plan that will hopefully cater to all
(21:15):
your needs.
Speaker 4 (21:16):
Right.
Speaker 2 (21:16):
And another powerful number here is while we're on the
you know, working post retirement and creating a plan and
you know having it set up, is sixty six percent
of you will feel that you need to work in retirement.
And we just saw this yesterday.
Speaker 4 (21:32):
You know this.
Speaker 2 (21:32):
We met with this great couple who came in as
prospects and he said, you know, I'm shopping around financial
advisors and I've I've always been told that I'm going
to have to work until I'm seventy and just sitting
there running basic calculations on his social security. You know,
he had a beautiful spreadsheet. You know that was that
was fantastic.
Speaker 3 (21:52):
It'll all help, baby, it all help.
Speaker 2 (21:54):
He brought his numbers in, he did his homework, and
did he knew exactly how much money they spend a year,
and just off basic hypotheticals of you know, a five
percent with drawrate off his assets and then his social
Security at sixty seven, I said, I don't see why
you shouldn't be able to retire at sixty seven hitting
this you know, spend level. So I don't you know
(22:15):
this notion that people feel that, well, I'm going to
have to work forever. You know, I'm gonna work till
I'm seventy I'm gonna work till i'm you know, seventy five,
whatever it may be. You know, people feel that they're
never going to be able to retire. They need to
meet with a financial planning team who can run these
projections for them and show them scenarios of retirement at
different ages and stages of their life.
Speaker 3 (22:36):
And I loved what you did yesterday with this couple
because right in front of them, we did what is
the difference between taking at sixty seven or seventy right?
And we knew right there it was he would be
I think almost eighty one before he broke even. And
(22:56):
even he said himself, Why would I want more money
later when I can utilize money now right sooner? And
we're like, we agree. You know, if you want to
continue to work after you start taking it at sixty seven,
at least you don't have to worry about being penalized
(23:18):
for making too much money right and then to use it.
You brought up a great point about different strategy. Even
if you don't need the money right now, put it
away every month. You'd be amazed how much you'll have
later when you want to do more with it.
Speaker 2 (23:35):
Right, And that's just the beauty of you know, compound
interest as well, Like the earlier you start, the better
off you're going to be. So if you're if you're
sitting on the sidelines and procrastinating saving for retirement, Chris
just brought up a great point, like start setting money aside,
whether it's fifty bucks to a thousand bucks a month,
whatever you can afford, you should be doing it because
(23:55):
it's it's just something that in the long run is
gonna is going to help you out. You know, when
you get to your later years in life. We always
say it to younger clients that your your four to
one K accounts and all these retirement accounts that you're
contributing to. You're going to be shocked by the end
of your career when you see how much has accumulated
versus how much you put in right.
Speaker 3 (24:16):
It's and again, when you're investing on a regular basis,
you can actually afford to maybe be a little more
aggressive with your strategy then you would if it was
a lung summer money. But you know as well as
I it's just a great way to get into building
(24:37):
for your future. And there's so many Another thing I
love what we do because we're produciary. If you're in
a position that you're still working, maybe you're five or
ten years out from retirement, that doesn't mean we won't
help you in any way possible if you wanted our
advice about investments in you're four to one K, your
(25:01):
four three B. Maybe you work with a state and
you're working with the deferred com We help clients all
the time, whether it's with us or not, and we
take a lot of pride in that because down the
road people have been very grateful that we took the
time to not only manage money that they did business
(25:23):
with us, but manage money they had outside about I
think it's.
Speaker 2 (25:28):
Very important, right, Yeah, looking at those four one K accounts,
we do a lot of work with that. And Chris
brought up a good point about five to ten years out.
We usually refer to five years out of retirement as
the red zone. So if you're not planning five years
out from retirement, you should be. And that's where you know,
we see clients all the time who come in and there.
It's not to say that you know, you can't figure
(25:49):
it out in two years or three years before, but
you should. Really there's a lot of information and we
go over a lot of stuff, and a lot of
it should be structuring your current portfolio at work to
facilitate your retirement. You know, you should be changing the
investments in these allocations or talking with someone to structure
that in a more you know, financially responsible way, knowing
(26:11):
that I'm going to retire in five years. But you know,
this is all something that we're going to continue to
go over, you know, how we structure portfolios to reflect
these retirement goals. And if you know this is at
all anything that's interesting you. Our office number is eight
eight eight five eight zero one nine one nine, and
(26:31):
we always offer a complementary consultation where we go with
Joe Lumber. Alrighty, and we are back. This is the
Retirement Planning Show. My name is Christopher Kopik. I am
here with Chris McCarthy and we are talking finance and
(26:52):
this segment we're going to go over how we structure
portfolios to reflect these retirement goals that a lot of
our clients have. You know, we just touched on, you know,
some different mindsets on retirement. You know, if you're a traveler,
if you are going to work part time in retirement,
if you're more of a legacy planner. You know, you
got a lot of kids, grandkids, you want to set
(27:13):
some money aside. So all these different mindsets have all
these different approaches on how we're going to invest their
accounts in assets that we manage.
Speaker 3 (27:24):
And I think it's very important to say this. We
are not cookie cutter investors. We love that what is
so important about getting to know each other and we
will design a portfolio that will cater to your needs.
I think your intro was so spot on. That's why
(27:47):
we take the time to get to know the people
we're dealing with. What are their goals? Short term, long term?
What financial needs do they have short term long term?
These are a lot of questions that need to be
answered before we can really design a portfolio that will
(28:07):
cater to your needs. And it's so important. Like I said,
that nobody is rushed. We don't feel we take the
time we need the answers, and it's very rewarding because
I think people really appreciate that, especially when they come
(28:28):
in for the first meeting. I like to think we
put them at ease and just say, hey, we're getting
to know each other. You're not going to hear any recommendation,
no pressure, no pressure whatsoever. We want to make sure
we're good for you, and we want to make sure
it's a good fit for us. But you know, I'll
(28:48):
tell you if we've been so blessed, we've met so
many wonderful, down to earth people. It's just very rewarding.
And I love what we do. I think we have
a very great team and a very wonderful service that
we provide.
Speaker 2 (29:06):
Right, And I couldn't agree more in the how we
you know, let's just run through some scenarios here. So
for someone who, like we were talking about earlier, for
someone who is a traveler. You know, in your retirement,
you're going to want to travel a lot, you know,
see the world, that kind of that kind of retiree.
So when we when we approach people who are looking
(29:27):
to spend a lot of assets off of their retirement
accounts within you know, let's say a five year window.
You know, mister and missus Apple come in. They say,
you know, for the first five years of retirement, we
want to travel the world. We've been saving all this money.
We want to go see things while we're young, active.
Speaker 3 (29:44):
And the go go years, the go go years.
Speaker 2 (29:47):
Let's go and see everything they want to see. So
how that portfolio is going to be structured is structured
is for those first five years, you're not going to
want to take a whole lot of risk because if
you have a thirty percent down year in the market,
well there goes your travel fund. Because you're you're spending
(30:08):
more assets are coming off these accounts in those first
five years with us sending distributions to you for travel
and all the other expenses that come along with it.
Speaker 3 (30:20):
It's more painful to sell out of a down market,
right And and that's why, and we're going to eventually
get into our other three bucket approach, something that we
work very very closely with.
Speaker 2 (30:34):
Right, and that's and that's yeah, we honestly probably should
have brought that up in segment one because that's huge
part of what we do. But we will touch on that.
But as far as this like model we would do
for the traveler, it would be, you know, you'd have
more assets set aside in bonds or money markets or
bond alternatives at least you know, six months to a
(30:54):
year's worth of distributions for acute or accounting for your
travel expenses. So this is all something that you know,
if you have all these ideas of traveling, you're gonna
want a nest egg to pull from to continue your
travels instead of putting it all in the equity market
and hoping and praying that every year that it goes
up and up. So looking at someone like that, you're
(31:15):
gonna want to be a little more conservative for those
five years of your of your traveling, whereas someone who's
more focused on, well, I'm gonna continue working. I'm gonna
work part time, I'm gonna follow my passion of creating
a small business. You know, I'm gonna make some side money. Well,
we can be more equity focused with you because you're
gonna have income and you're gonna have money coming in
(31:36):
the door, so you don't really need to rely solely
on your investible assets in the accounts that we're managing,
and can withstand some up and down swings in the
market if we have a bad year. Right, And then
you got the other folks who are legacy you know,
we want we're legacy planning. You know, we're conservative investors.
We just want to make sure the money's there for
(31:59):
our kids and our great kids. Well, that's more of
a balanced approach because you want the assets to grow
if you're really not going to pull from them, and
you still want that equity exposure, but you want that
downside protection in case, you know, a couple of years
down the line you pass away, you still want that
principal amount to be there for whoever's inheriting that money. Right,
(32:19):
So there's a bunch of different philosophies, and like McCarthy
brought up, you know, the three bucket approach, we do
a lot of work with and that's kind of our
philosophy on investment management for the most part, you know,
and it's Bucket one is cash and cash alternatives, you know,
whether it's money markets or T bills. You know, guaranteed
rate assets and fixed assets fall into bucket one.
Speaker 4 (32:44):
You know.
Speaker 2 (32:45):
Bucket two is your bonds. You know, you're taking a
step out of cash. You're getting some bond exposure to
fill bucket one. So high yielding assets, whether it's bonds
or covered call writing strategies, you know, equities acting like
bonds to get a yield. And then bucket three is growth.
Bucket three is the equity sleeve. You know, let's get
(33:06):
some technology in there, let's get some S and P
five hundred in there, and let's you know, let these
assets grow. And everyone is going to have a different
mix in percentage amount allocated into each of these buckets.
Speaker 3 (33:20):
That's right. And again, diversification we all know is extremely important.
But I think we also take a lot of pride
in explaining to people when they walk through the door.
It's like, oh, you've got to be in a sixty forty,
and well, five years ago, sixty forty really wasn't all
that attractive, but today it is because interest rates have
(33:41):
been highsin twenty twenty two. So we're taking an advantage
of a stage of situation that we're in the middle
of right now. There's a reasoning why we have design
portfolios like we have in the bond sector because it's
a great way to set yourself up for high yields.
(34:04):
We're still getting them, but also when the Feds start
dropping rates, we're going to see capital appreciation on a
lot of these bonds, So you're going to get money
in two different avenues and you're reducing risk on your portfolio.
So it's more like a bird in the hand opportunity
instead of tuning to bush. And there's a reasoning behind
(34:28):
what we do, and it's important for us that the
clients understand that. You know, I get I think it's
very they may not want to know every single detail, right,
but I think it's important that they understand the game
plan and why we're doing what we're doing right.
Speaker 2 (34:46):
And this goes to that second meeting that we have
with everybody, Like Chris is saying, we want to inform
and you know, have people knowledgeable about what we're doing
behind the scenes, so we show them. You know, Nitrogen
or risk Aalized is a software system that we utilize
to build out all of our model allocations, and we
(35:07):
bring it right up, you know, in the second appointment,
and we say, this is how we manage assets. These
are all the mutual funds and ETFs that we invest in.
This is what it's done in the last five years.
You know, here's the expense ratio, here's the current yield
on it. So a lot of this stuff goes right
over people's heads. You know, they look at us and
they're like, wow, I don't understand anything of what you're saying.
(35:28):
But the point of that is, you know what we're
doing on the back end. You know all the research
that goes into this. You know that all of these
positions are vetted. You know, there are four or five
star rated morning Star funds that we are doing research
on so on a regular basis.
Speaker 3 (35:44):
Yeah.
Speaker 2 (35:44):
Yeah, And that's the beauty of the open architecture. You know,
the RIA, the registered investment advisory firm that we are,
that we touched on in the beginning, we have completely
open architecture on what we can invest in. There's no
although we're custodian our assets are at Fidelity, we have
no requirements to invest with them. There's no minimums we
have to meet. We just go out and find the
(36:06):
best of breed funds for whichever sector of the market
we're looking to hit. And you know, I like how
you phrase like everything, you know, everything's got a purpose.
You know, we have, you know, an income model, we
have more aggressive models. We have they're so we'll show
you our best you know of breed what we go
out and vet and do for our investments. But like
(36:28):
we keep hitting on, you know, there's no cookie cutter
approach to this. Like if you come in and say
you want to put all your money in you know
X y Z stock, Well sure, you know we're not
gonna we're not gonna recommend it, but we're not going
to sit here and say no, you can't do it.
Speaker 4 (36:45):
So that's the that's the purpose. You know.
Speaker 2 (36:47):
We're just here to you know, facilitate our recommendations to you,
you know, being fiduciaries, we go out and do all
the work on the back end to research and analyze
all this stuff and then it's and then it's just
the implementation making the client feel comfortable with it, you know,
based on their risk tolerance. We have everybody fill out
a risk tolerance questionnaire so we know where they're at
that's and that's going to give us the basis on
(37:09):
where do you lie? You know, how much risk are
you willing to take on? And how much upside are
you willing to forfeit for you know, more protection and security?
Speaker 3 (37:18):
You know, I got to tell you now more than ever.
I'd love when we are constantly talking to reps with
a number of the fun families that we work with,
and we meet them on a regular basis, and they
help us tremendously because we're asking them what are your
(37:38):
people saying? Where you seeing the market trends? So on
and so forth. I mean, we're blessed that we have
fidelity analysts that we can contact and do contact on
a regular basis. But when you have a lot of
these other popular family funds that are coming in, we're
getting a real feel of where the markets are going.
(38:00):
We don't have a crystal ball, we don't pretend to,
but we work hard at what we know and we
do the best we can to try to get the
client into the best model that's going to benefit them
the most for what they're looking.
Speaker 2 (38:14):
For, right and it just comes down to having a
lot of research in financial analysts and teams that we
can rely on and fall back to for advice and
knowledge and getting to know where the market's at. And
if you hear the opinion from not only one source,
but ten different sources throughout you know, the course of
(38:34):
the year or whatever we're quarter, you know, whatever rote
sector we're of, the market is you know, hot, or
what's coming into favor, what's falling out of favor. And
if there's a lot of the same answers being said
around with all these major companies, well then we start,
you know, digging into that theme and really honing in
on what what does make sense to invest in for
this timeframe? And we're not market timers, you know. We
(38:58):
want to highlight that, you know we are we are
you know, investors where we feel that the models that
we build out are six months to a year timeframe.
You know, we'll rebalance if we see fit. But it's
it's not a set in and forget it portfolio. But
it's also not you know, a day trading.
Speaker 3 (39:20):
No, you know, and we don't promise thing. We can't
have a reasonable expectation to delipup.
Speaker 2 (39:28):
Right, and we are coming up on another break, so
we will be right back after this quick break yeap.
Speaker 4 (39:36):
And we're back.
Speaker 2 (39:37):
This is the Retirement Planning Show with Chris and Chris.
If any of this stuff is interesting to you, you
can call our number at eight eight eight five eight
zero one nine nine. We do offer a complimentary consultation
for the first appointment. Like we've been touching on. It's
just a me you, Chris and a coffee.
Speaker 3 (39:58):
That's right, get to know each other.
Speaker 4 (40:00):
Yep.
Speaker 2 (40:01):
Then we'll get to go over your confidential questionair booklet.
Now we have everyone figure out and see if we
can be of service.
Speaker 3 (40:08):
That's right. And the more we information we get, the
more we can help.
Speaker 2 (40:12):
Yeah, and this has been a very quick hour.
Speaker 4 (40:16):
Right in the last segment, I know.
Speaker 3 (40:18):
You know another thing and I've loved this from day one.
Very important for the listeners to know we do not
have minimums.
Speaker 4 (40:28):
Yes, that's a good point.
Speaker 3 (40:29):
We always will talk to anybody that wants to be
talked to, anybody that wants to be helped. We will
do the best we can, and I think it's important.
I think it's also a nice way to give back,
you know, because we always had the philosophy we don't
care if you have a dollar or one hundred million dollars,
(40:50):
We're going to still get the same attention and effort
that we're going to give anyone. You know, we don't discriminate.
So I'm very proud of the service that we offer.
Speaker 2 (41:05):
Right and along with that, you know, our maximum fee
that we charge for clients is one percent, and it's
an all in fee for our asset management and advisory services.
So along with not having a minimum, like Chris was saying,
we have, we don't believe in it. You know, some
people who we meet with have said to us before
(41:25):
and appointments, Oh, I thought you guys. I didn't think
I had enough money to meet with you guys. And
that's always kind of you know, sad to hear. But
we don't have any minimum, so we're not like ultra
high net worth advisors where you have to have a
million dollars or half a million dollars in order to
come meet with us. We meet with everybody and we
try to help out everybody.
Speaker 3 (41:44):
Yeah, and you know, like I said, we have a
lot of experience. I mean, your father and I have
been in the business a long time. I marvel at
you and Nika and how much knowledge and experience you
have already and a lot of people to come into
the office. They want to know, you know, is the
office going to be a m Frow Law. Yes, we're
(42:06):
going to be an ARMFU law. We've got your Dad
and I, but we also got you and Niko and
your hard working guys, very very knowledgeable, very personable. Again,
I love our team.
Speaker 2 (42:19):
Yeah, yeah, and we and we love helping everybody out,
you know.
Speaker 4 (42:22):
We like the the.
Speaker 2 (42:25):
Group of clients that we have, you know, are great
and we love facilitating, you know, our services to our clients.
You know, it's it's something that it's very fulfilling from
our end to see a plan come together and then
facilitate that plan and you know, help help people out
and to reach their retirement goals.
Speaker 3 (42:42):
And just like we talked about in an earlier segment,
when people come in, it doesn't matter if they have
money with us, under fidelity or outside, right, we love
helping people. Will help you manage your four one K,
your four three B four or fifty seven deferred comp
with the state, it doesn't matter. We take a lot
(43:04):
of pride in helping clients and perspective client. There's a
number of people that come in to talk to us
and we help them, but they're gonna be clients five
or ten years down the road. Yeah, but I think they,
I know, they appreciate the effort that we're given today. Right.
(43:24):
So it's all about building relationship and it's all about
helping people and helping each other.
Speaker 2 (43:32):
Right, and that goes to you know, to touch on that,
you know, like he was just saying, there's some people
who we've met with where we're not gonna have them
signed on as clients for five, ten years, twenty years
down the line, because we're just meeting with them right
now to either facilitate you know, four oh one K help,
or we're looking at their portfolio and we're restructuring it
(43:55):
to make sure they're invested in the right ways they
should be, or recommends that, you know, based on what
they want to be in. You know, maybe a target
date fund isn't necessarily great for you. You know, some
people like it because it you know, de risks their portfolio.
But if someone wants a little bit more risk and
wants to invest and make their own model allocation throughout
(44:16):
their four one K plan with their investments available to them,
we do that all the time. You know, we research
the funds in forour one K plans, We'll give you
a hypothetical allocation based on how risky you want to
be and and rebalance into that.
Speaker 4 (44:33):
You know.
Speaker 2 (44:33):
So that's that's something that we don't charge a fee for.
We're not paid on it. It's just a service that
we provide to clients just to help them out, you know.
It's it's everyone should have some type of advice, which
I'm shocked doesn't happen as much with their four one
K plans.
Speaker 3 (44:50):
I'm like, it's an unfortunate reality I've seen over the
forty years I've been in the business. There isn't enough
help pretty employees to learn what they have and how
they can maximize their potential. And I think another thing
that's very very important is when you said earlier, you
(45:13):
know our normal fee is one percent. That is our
maximum fee, and you're all in. You're not going to
see surprise charges or fees showing up on your statement,
so on and so forth. I think we're shocked sometimes
when people come in here. We had a gentleman come
(45:34):
in that I think it was something new to all
of us. Two hundred and twenty positions in one portfolio.
I don't think Warren Buffett has two hundred dollar position,
you know. And the thing is, it's just you can't
be too careful. It's important you know what you're paying for,
(45:55):
what you're getting. Make sure that you know if you're
working with an advisor. We're not looking to step on
any colors. We want people to know what they're paying
so there's no surprises.
Speaker 2 (46:09):
Right, and it's never hurts to get a second opinion,
Like specifically with that guy who had two hundred positions
in his IRA account. You know, maybe if it was
a non qualified individual account, you know, when you're doing
some type of direct indexing where you're owning.
Speaker 4 (46:21):
An underlying tax purposes, then maybe that would make sense.
Speaker 2 (46:26):
But when we saw it in an IRA account, I
think we our eyeballs almost popped out of our heads.
Speaker 3 (46:31):
Well, it's just it's overkill and and it makes us suspicious.
What is the motive of the advisor, right?
Speaker 4 (46:40):
You know, to make these trades?
Speaker 3 (46:43):
That's right? Are you really thinking about your client's best interest?
And that would have come down pill you know, like
I said, we don't have crystal balls. We work hard
at what we know. We're straight up, we're transparent. You know,
we when people come to us with shopping advisors, we
encourage it. We want to make sure that if we're
(47:06):
going to develop a relationship, that both sides feel good
about it, right, and you know, and it's again it's
a very personal decision. But I'm a little biased, but
I think we offer a lot of expertise and in
a number of different areas, not just retirement planning. You
(47:27):
touched on legacy planning. We work with state planning attorneys.
We're not lawyers, but we know enough to be dangerous
and it's a vital, important part of most, if not all,
of our clients' future. And you know, also tax planning.
(47:49):
You know, we do a lot of work with like
you were talking about with direct indexing. We take a
lot of pride in educating the people we work with
and we hopefully offer enough services and enough ideas that
they're gonna feel good about and they're gonna benefit tremendously,
(48:12):
not only themselves, but their children, their grandchildren. And this
is looking at the whole picture. We don't have connovision.
We look at the whole picture.
Speaker 2 (48:23):
Right, and that's the holistic financial planning approach. It's just
offering everything that you possibly can. That's you know, of
use in the financial services industry for your clients, because
not everybody is the same. Some products may make sense
to others, whereas you know, other people don't.
Speaker 4 (48:39):
Like them or feel comfortable with them.
Speaker 2 (48:42):
And that's why we have relationships with insurance companies and
annuities and life insurance products and attorneys who we can
refer people to for legacy planning and asset protection. So
it's it's an all we It's not a one stop shop,
but we try to facilitate everything that we possibly can
on a on a financial planning side. And you know,
(49:06):
part of what we wanted to hit on today too
was it is it is absolutely never too soon to
start planning this out. And you know, now that we
only have a couple minutes left today, I did want
to hit on, you know, an article that we posted
on our website which is www dot rpg retire dot
com and it is a decision not made, is still
(49:28):
a decision. And I like that quote, you know, it's
the title of the article because for people who are procrastinating,
putting aside this idea of you know, oh we'll get
to it, you know, oh we'll get to it later
or oh, you know, maybe next year I'll I'll start
looking at a retirement plan or investing or doing this,
and that your procrastination is the is the most costly
(49:51):
decision that you can possibly make when you're looking at
retirement planning.
Speaker 3 (49:54):
You know, I remember years ago and it was a
saying that stuck with me for the most part of
forty years. You know, people don't plan to fail. They
failed to plan right, And you know, and like you said,
you again were spot on. No decision is still a decision, right,
(50:16):
you know, And it's it breaks my heart sometimes because
too many times over the years people came maybe a
little late in the game and they said, boy, I
wish I I just you sooner.
Speaker 2 (50:31):
Yeah, you know, how often do we hear that one?
I wish I knew this sooner? I wish I started
investing sooner, you know.
Speaker 3 (50:38):
And our job is, Okay, we can't do anything about
the path, but what can we work with today? How
can we build your future? And again, I think that's
where a lot of our experience and expertise has been
very beneficial for a lot of wonderful clients that we
have today.
Speaker 2 (50:57):
Exactly, you know that and that just goes to you know,
delaying these these this plan and pushing it off. It's
just going to lead to a more rushed decision, you know,
a maybe something that you're not only affecting your your assets,
you're affecting your mindset because you're also emotionally probably not
(51:19):
in the best headspace when you're approaching retirement. You're like, oh, man,
I should have saved more, I should have put more aside.
It could be a stressful thing to go through this
as you're approaching you know, sixty five seventy. But you know,
we did want to wrap up with just saying you know,
so do not wait for that perfect moment to say,
you know, now I'm going to become an investor or
a saver. You know, start with what you have where
(51:41):
you are, and just build on top of that. You know,
you will thank yourself in the future just by staying
consistent and disciplined. So it's it's the name of the game.
You know, discipline and consistently investing on a monthly or
periodic basis will help you in the long run. That's
what we are here to help facility tate and then
help in your retirement years. If this has been beneficial
(52:04):
to you at all. Please feel free to reach out
at eight eight eight five eight zero one And this
is the Retirement Planning Show. Is Chris and Chris. Thank
you for joining us and the best time to start
planning was yesterday, the second best time. Thank you very
(52:26):
much and we will be back next week
The information or services discussed on this show is for
informational purposes only, and it is not intended to be
personal financial advice. The investments and services offered by us
may not be suitable for all investors. If you have
any doubts as to the merits of an investment, you
should seek advice from an independent financial advisor.
Speaker 2 (00:41):
Good afternoon, and welcome. This is the Retirement Planning Show.
My name is Christopher Kopick, and with me today is
Chris McCarthy. How you doing, Chris, I'm doing well, Criff,
How you, Chris? Pretty good? I can't believe it's already September.
Speaker 3 (00:55):
I can't believe it either.
Speaker 4 (00:57):
Football season is among us.
Speaker 3 (00:58):
That's crazy. It's crazy how fast the summer went by.
But fall's a great timedy year.
Speaker 4 (01:05):
Yes it is. I love the fall.
Speaker 2 (01:07):
You know, you get football seasons back, weather gets a
little cooler, colors are going to start changing. So it's
always it's always a good time.
Speaker 3 (01:16):
It is. I love it too.
Speaker 2 (01:19):
But yeah, we are the Retirement Planning Group. Today we
wanted to kind of review our process, go over you
know who we are, what we do, and just give
a highlight of how our business is structured so that
everyone is fully well aware of how we operate as
fiduciary financial advisors. So, Chris, if you want to start
(01:42):
and give a little bit of a background on who
you are what you do at the Retirement Planning Group, Well,
I have been.
Speaker 3 (01:49):
In the business financial business for forty years. I celebrated
forty years in February. Hard to believe, and I'm blessed.
I've been affiliated with the retire a Planning Group for
the last year and a half and I can honestly
say it the best team I've ever been a part of.
And I've been very fortunate. I have worked with and
(02:10):
still work with us some wonderful, wonderful people. But I
have been specializing a lot with the investment world as
well as the annuity world. So I just really enjoy
our team. I think we each bring a specialty to
the table. We work with each other, we complement each other,
(02:35):
and we help each other. So it's really just been
a great opportunity for me to be affiliated with you guys.
Speaker 2 (02:45):
Yeah, and how that appointment process is structured here, So
we are the Retirement Planning Group is a registered investment
advisory firm, so we do pre and post retirement planning
where we will look at a client's you know booklet,
will have everyone fill out this confidential questionnaire booklet, and
(03:08):
we will sit down and try and build out a
game plan specific to that individual or couple based on
what they're looking to accomplish within retirement or meet their
retirement goals or ages, whatever they that may be. So myself,
you know, I am a Siena graduate. I graduated in
twenty twenty one and have been getting my licenses to
(03:30):
become a fully certified financial planner and I'm in route
to do that still. But at the firm, you know,
I'm a financial analyst and a financial advisor, so I
do a lot of the back end work researching mutual
funds ETFs, you know, trying to find some different investments
for the model allocations that will then build out with
(03:51):
all of the relationships that we have as far as
who we clear through, you know, we do everything custodian
through Fidelity Investments. All of our assets are held at
Fidelity in but we do have open architecture, you know,
with who we do work with.
Speaker 4 (04:06):
You know, we we do a lot of work.
Speaker 2 (04:08):
With all the other investment management companies out there, you know,
through their investments and strategies that they offer us because
of the RIA, the registered investment advisory platform that we are.
We also have relationships with insurance you know companies. We
have our insurance licenses and have that aspect of the
business through insurance products, you know, such as annuities or
(04:32):
life insurance. You know, legacy planning, you know, different tools
like that that we can offer to clients as well,
which you've specialized in, you know, for the majority of
your career.
Speaker 3 (04:42):
Yeah, long time. It's been a long time, and that's
what I love about being affiliated with the Retirement Planning Group.
We offer a lot of different phases of planning, but
more than anything, I love the three appointment process that
we have. It's so important to people understand. When we
first meet, we get to know each other. Like Chris
(05:04):
said earlier, I think that's so important. There is no pressure,
there's nothing that word looking to pull out at the
right time. We get to know each other. We can't
recommend anything without getting to know who you are, where
you are, where you want to be, and how can
(05:25):
we get you there. So it's a great process that
to bury, it's not rushed.
Speaker 2 (05:32):
No and to break that process down. You know, the
first appointment is just like Chris was saying, it's a
meet and greet. So we sit down, we have a
cup of coffee, we go over the questionnaire booklet that
we send out all of our clients. We try and
just get to know if they're a good fit for
us and our services and if we're a good fit
for them. So that's always the first appointment, you know,
(05:53):
it's just getting to feel out for one another. The
second appointment is where we'll then go ahead and plug
in all the information discussed and appointment one into some
software systems that we utilize. One of them that's very
advantageous for us and our clients is e money, which
is a financial planning dashboard that we utilize to project
(06:15):
out retirement you know, at different hypothetical ages or scenarios.
You know, it helps with a lot of that that
planning on a long term basis, you know, thirty forty
year outlook on retirement, incorporating you know, required minimum distributions
and a lot of other factors, growth rates. So and
(06:35):
it gives people we can give access to people in
clients as well through a dashboard that they have access
to to keep track on their retirement goals. So it's
super helpful and beneficial to us and the clients as well.
You know, it's full full transparency on our end to
show them the plan and you know how we're structuring
(06:56):
the plan and you know, hopefully facilitating their goals in retirement.
And along with that, you know, we utilize another software
program that is Nitrogen where we do all of our
model allocation building. So that's how we get all the
information in the first one and it's always it's always
a three appointment process. So the third appointment would be
(07:18):
you come in and then we review all that information
and just go from and make a decision. At that point,
that's when we put the rubber to the road. If
you like what we have to say, that's when we
go ahead and start implementing.
Speaker 3 (07:31):
And I think it's important because we take the time
we do. We're exploring a number of different avenues and
hope that we're going to be able to with the
client pick out the right route and the most beneficial route.
You know, what I really love more than anything about
what we do is after the first appointment, we get
(07:53):
to know each other. We take the information we learned
about them, put it into e money and other things
we do, and then when we meet for the second
time and we have some ideas to share, the two
favorite responses I see is either one you watch the
people's eyes light up right because I think they don't
(08:17):
realize how well they're doing and how well they're going
to be. Or the second one is the sigh of relief, like, Wow,
we're going to be okay, And that's what we're here for.
We're here to facilitate and fulfill as many goals as
we can for you. And we're very realistic. We're very
(08:39):
down to earth. We don't promise anything we can't keep.
That doesn't do you or us any favors. So I
think we're very down to earth ourselves. And we work
with people. We listen to people. I mean, that's what
it's all about. We don't song and dance people, we
(09:00):
don't talk over anybody's heads. We take the time, we
answer questions, we share strategies, and it takes time. It's
a process, but we're there. And when people feel good
about what they're doing, we feel good about helping them.
Speaker 2 (09:17):
Right, and that hits at the holistic financial planning approach
that we try to try to hit on at the
retirement planning group. You know, we're trying to give you
a full scope of what retirement looks like, not only
through investment management, but through asset protection, legacy planning, you know,
insurance needs and coverage. So there's a lot of information
(09:38):
that comes out within the first two appointments, and that's
why it's typically a three appointment approach because we want
to give people that time to digest and take in
all this information that we're going to cover and build out,
you know, a customized retirement plan specific to them. You know,
it's no cookie cutter approach. We're trying to facilitate whatever
(10:00):
needs the clients are specific too, because one one client's
appetite for risk and you know, legacy planning and all
these different aspects of retirement is going to be completely
different than you know, somebody else's. So having that time
to sit down and block it out in three separate
appointments to fully get a grasp on their personal situation
(10:21):
is is how we we structure those, you know, appointments,
and that's what we find beneficial. You know, some people
are ready to go appointment too, or maybe even appointment
one with they're radio listeners. You know, they get they
feel like they already know us. But we never try
to put the pressure on anyone. And that's why we give,
you know, a a three appointment approach because it's it's
it's great for both of us to kind of know
(10:43):
where we stand there, our mindset on investments and asset allocation,
what we think is beneficial for them, and and they
get to fully understand.
Speaker 4 (10:51):
You know, who we are and how we how we
would manage that.
Speaker 3 (10:54):
You know a couple of things you said that I
wanted to piggyback off up, which when you're talking about
different people and it takes time to get to know
each other and get to know what type of investor
you are, Are you a risk taker or not. It's
a transition time to go from accumulation to distribution and income.
(11:20):
It's not going to happen overnight. That's what we do.
I think, that's what we specialize in so well, is
to give people different strategies that will help them transition
into that new part of their lives and they'll be
able to do it with peace of mind and they'll
be relaxed. Another thing that I love about our firm.
(11:42):
We have no minimums. We will talk to anybody that
wants to be talked to. If anybody wants help. We're
here the third day. And I think it is also
very important. Not often but people come in and they
say table's shopping advisors. We encourage it. That's how confident
(12:06):
we feel in the service we provide. You want to,
it's a very personal decision. Go out shop advisors, come
see us. You're going to get free consultations, and then
you're going to go and do what's best for you.
And I, like I said, I just I've been doing
(12:27):
it a long time. Your dad been doing it a
long time. I marveled at you. I'm marveled at Nico.
I mean again, best team I've been affiliated with in
my whole career.
Speaker 2 (12:41):
Yeah, and that's you know, we're going to get into that,
you know, in the next segment here because we're going
to be coming up on a break. But you know,
the next segment we'll be talking about, you know, how
how to transition into this retirement aspect and how to
figure out personally what your retirement goals would be and
what you're looking for out of retirement and if that's
(13:04):
something that you're approaching. You're willing to sit down and
kind of digest and go over, you know, And that's
a lot of the psychological factors going into retirement is
something we will be touching on. But we will take
a quick break right here, and we'll be We'll.
Speaker 4 (13:18):
Be right back.
Speaker 5 (13:23):
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
(13:45):
favors those that are prepared. Call eighty eight five eight
zero one nine one nine. That's eight eight eight five
eight zero one nine one.
Speaker 6 (13:53):
Nine, and we are back.
Speaker 2 (14:07):
This is the Retirement Planning Show with Chris Kopek and
Chris McCarthy, both the Chrises.
Speaker 4 (14:13):
Are here today, Special k.
Speaker 2 (14:17):
And we are touching on you know, some common themes.
Speaker 3 (14:20):
You know.
Speaker 2 (14:20):
The first segment we just hit on is our process here.
You know who we are, how we fit into the
retirement planning group, and how we structure you know, our
appointments and and now we want to go over you know,
different different themes that we see through retirees and retirement
and having people, you know, figure out what their retirement
(14:42):
goals are before they approach retirement, because a lot of
people will get to the stage of actually leaving the
workforce and going into retirement and not really have an
idea of what, you know, life is going to be
once they stop working. So there we want to to
go over some some themes that we see and you know,
(15:02):
some different statistics that we looked up for the show.
But you know, one of the staggering ones to me
was sixty percent of people who are retiring, you know,
from twenty twenty to twenty twenty nine are undergoing the
in quotes. This is from the New York Times, Retirement reinvention.
Speaker 4 (15:22):
Does that make sense to.
Speaker 3 (15:23):
You, I'm I'm happy to be here. I can't say
it does. I'd like to hear their reasoning behind what
they mean.
Speaker 2 (15:31):
Yeah, So what they mean by that is the is,
you know, retirement reinvention is people going into retirement and
they are trying new things, you know, maybe they start
a side business, they're going into something that they've always
wanted to do, you know, whether it's a side hustle,
side business, traveling, starting a business, family time. You know,
(15:54):
it's just they're re they have to reinvent themselves. You know,
you're so you're so attached to your job, You're so
you associate life so much with your day to day
schedule and routine that when it gets all mixed up,
you know, in retirement, you know, you go from working
every day nine to five, maybe forty hours a week
into just nothing. So a lot of the retirees, that's
(16:19):
what they were. The poll was taken you know on
a twenty twenty to twenty twenty nine retirees sixty percent.
That's a lot of people who are reinventing their reinventing
their life.
Speaker 3 (16:30):
I think what we do would really complement that is
that because when we sit down with people, we give
them a number of different scenario. You know, we talk
about social security, we talk about their investment, We talk
about you know, an income stream that they know that
they can count on. And we also are big endorses
(16:54):
of the go go years of retirement, the slogo years,
and the no Goo We try to show people enjoy
your money while you're young, and you can the traveling,
so on and so forth. We often a big advocate
sometimes of people taking their social Security earlier than later.
(17:16):
I don't know if most people realize this, but to
break even point, an average can be anywhere from seventy
nine to eighty two, with a person debating if they
should take their Social Security at sixty two or sixty seven.
We cover a lot of these different avenues to sign
(17:36):
to find out what's going to be the best route
for the people we're talking.
Speaker 2 (17:40):
To, right, and that always hits on too, like how
are you going to utilize the money in retirement? You've
been saving your entire life and it's and it's time to.
Speaker 4 (17:50):
Flip the switch.
Speaker 2 (17:51):
You know, You've you've accumulated wealth for thirty forty you know,
sometimes fifty years in a career or a job that
you have been working at, and now instead of being
a savor and an accumulator, you are going to be
a spender and we'll be sending distributions off of these
assets to supplement your lifestyle in retirement. So there's a
(18:15):
lot of different avenues in different ways that people approach us.
You know, Some people are travelers, you know, they want
to see the world in retirement. They want to go
travel to Europe, for South America or Asia, and or
even our country right here in the United States, which
is you know, undervalued on how beautiful the United States is.
But as far as different you know scenarios, some people
(18:37):
start a business. You know, they always say, oh, man,
I really you know, this is a passion of mine
I've always had. I'm just going to try it out
and see what. You know, if I make ten twenty
thousand dollars a year doing this, that's fine. You know,
It's just something that I've always wanted to do. And
then you know, there's family time as well. Some people
are you know, I'm just going to relax, spend time
with family, friends, loved ones. And none of these are
(19:00):
wrong answers, And these are all different scenarios that we
hear on a day to day basis. But you know,
our job is to now structure your assets and your
portfolio to mimic how your lifestyle is going to be.
And you know that's just part of what you know
we do over here is getting to know each person
on an individual level, or each family on an individual
(19:23):
level and understand what they're looking to accomplish out of
their retirement years. So another pretty staggering statistic is the
working post retirement.
Speaker 3 (19:34):
You know.
Speaker 2 (19:35):
That's that's something that people always say, well, maybe i'm
gonna I'm gonna retire, but then a lot of people
end up going back, you know, and work in part
time because of the lifestyle change. And it says, you know,
fifty five percent continue working. So more than half the
people go into retirement and then they either pick up
a part time job or a passion related job that
(19:57):
they are supplementing their income in retirement for so oh,
even though you know, twenty percent say they plan on
working in retirement, but fifty five percent end up doing it.
Speaker 3 (20:09):
You see, I'm very very fortunate, you know, I got
you guys. I love what I do. I love what
we do. I can't see myself ever fully retiring and
I don't have to, God willing as long as I
can still walk and think and everything. And I love
working with people. I just love it. I always have.
(20:30):
And so I think being active and whether, like you said,
a lot of career people they finally retire and now
maybe they have an opportunity to reinvent, go do something
you've always wanted to do fuller, part time. And that's
that's why it's so important. I think the three meeting
process because we really take the time. You know, it's
(20:55):
not an Olympic event. You're not out in fifty nine
minutes and thirteen second. We want to get to know people.
It's so important. The more we know, the more we
can help, and together we can really put together a
very strong game plan that will hopefully cater to all
(21:15):
your needs.
Speaker 4 (21:16):
Right.
Speaker 2 (21:16):
And another powerful number here is while we're on the
you know, working post retirement and creating a plan and
you know having it set up, is sixty six percent
of you will feel that you need to work in retirement.
And we just saw this yesterday.
Speaker 4 (21:32):
You know this.
Speaker 2 (21:32):
We met with this great couple who came in as
prospects and he said, you know, I'm shopping around financial
advisors and I've I've always been told that I'm going
to have to work until I'm seventy and just sitting
there running basic calculations on his social security. You know,
he had a beautiful spreadsheet. You know that was that
was fantastic.
Speaker 3 (21:52):
It'll all help, baby, it all help.
Speaker 2 (21:54):
He brought his numbers in, he did his homework, and
did he knew exactly how much money they spend a year,
and just off basic hypotheticals of you know, a five
percent with drawrate off his assets and then his social
Security at sixty seven, I said, I don't see why
you shouldn't be able to retire at sixty seven hitting
this you know, spend level. So I don't you know
(22:15):
this notion that people feel that, well, I'm going to
have to work forever. You know, I'm gonna work till
I'm seventy I'm gonna work till i'm you know, seventy five,
whatever it may be. You know, people feel that they're
never going to be able to retire. They need to
meet with a financial planning team who can run these
projections for them and show them scenarios of retirement at
different ages and stages of their life.
Speaker 3 (22:36):
And I loved what you did yesterday with this couple
because right in front of them, we did what is
the difference between taking at sixty seven or seventy right?
And we knew right there it was he would be
I think almost eighty one before he broke even. And
(22:56):
even he said himself, Why would I want more money
later when I can utilize money now right sooner? And
we're like, we agree. You know, if you want to
continue to work after you start taking it at sixty seven,
at least you don't have to worry about being penalized
(23:18):
for making too much money right and then to use it.
You brought up a great point about different strategy. Even
if you don't need the money right now, put it
away every month. You'd be amazed how much you'll have
later when you want to do more with it.
Speaker 2 (23:35):
Right, And that's just the beauty of you know, compound
interest as well, Like the earlier you start, the better
off you're going to be. So if you're if you're
sitting on the sidelines and procrastinating saving for retirement, Chris
just brought up a great point, like start setting money aside,
whether it's fifty bucks to a thousand bucks a month,
whatever you can afford, you should be doing it because
(23:55):
it's it's just something that in the long run is
gonna is going to help you out. You know, when
you get to your later years in life. We always
say it to younger clients that your your four to
one K accounts and all these retirement accounts that you're
contributing to. You're going to be shocked by the end
of your career when you see how much has accumulated
versus how much you put in right.
Speaker 3 (24:16):
It's and again, when you're investing on a regular basis,
you can actually afford to maybe be a little more
aggressive with your strategy then you would if it was
a lung summer money. But you know as well as
I it's just a great way to get into building
(24:37):
for your future. And there's so many Another thing I
love what we do because we're produciary. If you're in
a position that you're still working, maybe you're five or
ten years out from retirement, that doesn't mean we won't
help you in any way possible if you wanted our
advice about investments in you're four to one K, your
(25:01):
four three B. Maybe you work with a state and
you're working with the deferred com We help clients all
the time, whether it's with us or not, and we
take a lot of pride in that because down the
road people have been very grateful that we took the
time to not only manage money that they did business
(25:23):
with us, but manage money they had outside about I
think it's.
Speaker 2 (25:28):
Very important, right, Yeah, looking at those four one K accounts,
we do a lot of work with that. And Chris
brought up a good point about five to ten years out.
We usually refer to five years out of retirement as
the red zone. So if you're not planning five years
out from retirement, you should be. And that's where you know,
we see clients all the time who come in and there.
It's not to say that you know, you can't figure
(25:49):
it out in two years or three years before, but
you should. Really there's a lot of information and we
go over a lot of stuff, and a lot of
it should be structuring your current portfolio at work to
facilitate your retirement. You know, you should be changing the
investments in these allocations or talking with someone to structure
that in a more you know, financially responsible way, knowing
(26:11):
that I'm going to retire in five years. But you know,
this is all something that we're going to continue to
go over, you know, how we structure portfolios to reflect
these retirement goals. And if you know this is at
all anything that's interesting you. Our office number is eight
eight eight five eight zero one nine one nine, and
(26:31):
we always offer a complementary consultation where we go with
Joe Lumber. Alrighty, and we are back. This is the
Retirement Planning Show. My name is Christopher Kopik. I am
here with Chris McCarthy and we are talking finance and
(26:52):
this segment we're going to go over how we structure
portfolios to reflect these retirement goals that a lot of
our clients have. You know, we just touched on, you know,
some different mindsets on retirement. You know, if you're a traveler,
if you are going to work part time in retirement,
if you're more of a legacy planner. You know, you
got a lot of kids, grandkids, you want to set
(27:13):
some money aside. So all these different mindsets have all
these different approaches on how we're going to invest their
accounts in assets that we manage.
Speaker 3 (27:24):
And I think it's very important to say this. We
are not cookie cutter investors. We love that what is
so important about getting to know each other and we
will design a portfolio that will cater to your needs.
I think your intro was so spot on. That's why
(27:47):
we take the time to get to know the people
we're dealing with. What are their goals? Short term, long term?
What financial needs do they have short term long term?
These are a lot of questions that need to be
answered before we can really design a portfolio that will
(28:07):
cater to your needs. And it's so important. Like I said,
that nobody is rushed. We don't feel we take the
time we need the answers, and it's very rewarding because
I think people really appreciate that, especially when they come
(28:28):
in for the first meeting. I like to think we
put them at ease and just say, hey, we're getting
to know each other. You're not going to hear any recommendation,
no pressure, no pressure whatsoever. We want to make sure
we're good for you, and we want to make sure
it's a good fit for us. But you know, I'll
(28:48):
tell you if we've been so blessed, we've met so
many wonderful, down to earth people. It's just very rewarding.
And I love what we do. I think we have
a very great team and a very wonderful service that
we provide.
Speaker 2 (29:06):
Right, And I couldn't agree more in the how we
you know, let's just run through some scenarios here. So
for someone who, like we were talking about earlier, for
someone who is a traveler. You know, in your retirement,
you're going to want to travel a lot, you know,
see the world, that kind of that kind of retiree.
So when we when we approach people who are looking
(29:27):
to spend a lot of assets off of their retirement
accounts within you know, let's say a five year window.
You know, mister and missus Apple come in. They say,
you know, for the first five years of retirement, we
want to travel the world. We've been saving all this money.
We want to go see things while we're young, active.
Speaker 3 (29:44):
And the go go years, the go go years.
Speaker 2 (29:47):
Let's go and see everything they want to see. So
how that portfolio is going to be structured is structured
is for those first five years, you're not going to
want to take a whole lot of risk because if
you have a thirty percent down year in the market,
well there goes your travel fund. Because you're you're spending
(30:08):
more assets are coming off these accounts in those first
five years with us sending distributions to you for travel
and all the other expenses that come along with it.
Speaker 3 (30:20):
It's more painful to sell out of a down market,
right And and that's why, and we're going to eventually
get into our other three bucket approach, something that we
work very very closely with.
Speaker 2 (30:34):
Right, and that's and that's yeah, we honestly probably should
have brought that up in segment one because that's huge
part of what we do. But we will touch on that.
But as far as this like model we would do
for the traveler, it would be, you know, you'd have
more assets set aside in bonds or money markets or
bond alternatives at least you know, six months to a
(30:54):
year's worth of distributions for acute or accounting for your
travel expenses. So this is all something that you know,
if you have all these ideas of traveling, you're gonna
want a nest egg to pull from to continue your
travels instead of putting it all in the equity market
and hoping and praying that every year that it goes
up and up. So looking at someone like that, you're
(31:15):
gonna want to be a little more conservative for those
five years of your of your traveling, whereas someone who's
more focused on, well, I'm gonna continue working. I'm gonna
work part time, I'm gonna follow my passion of creating
a small business. You know, I'm gonna make some side money. Well,
we can be more equity focused with you because you're
gonna have income and you're gonna have money coming in
(31:36):
the door, so you don't really need to rely solely
on your investible assets in the accounts that we're managing,
and can withstand some up and down swings in the
market if we have a bad year. Right, And then
you got the other folks who are legacy you know,
we want we're legacy planning. You know, we're conservative investors.
We just want to make sure the money's there for
(31:59):
our kids and our great kids. Well, that's more of
a balanced approach because you want the assets to grow
if you're really not going to pull from them, and
you still want that equity exposure, but you want that
downside protection in case, you know, a couple of years
down the line you pass away, you still want that
principal amount to be there for whoever's inheriting that money. Right,
(32:19):
So there's a bunch of different philosophies, and like McCarthy
brought up, you know, the three bucket approach, we do
a lot of work with and that's kind of our
philosophy on investment management for the most part, you know,
and it's Bucket one is cash and cash alternatives, you know,
whether it's money markets or T bills. You know, guaranteed
rate assets and fixed assets fall into bucket one.
Speaker 4 (32:44):
You know.
Speaker 2 (32:45):
Bucket two is your bonds. You know, you're taking a
step out of cash. You're getting some bond exposure to
fill bucket one. So high yielding assets, whether it's bonds
or covered call writing strategies, you know, equities acting like
bonds to get a yield. And then bucket three is growth.
Bucket three is the equity sleeve. You know, let's get
(33:06):
some technology in there, let's get some S and P
five hundred in there, and let's you know, let these
assets grow. And everyone is going to have a different
mix in percentage amount allocated into each of these buckets.
Speaker 3 (33:20):
That's right. And again, diversification we all know is extremely important.
But I think we also take a lot of pride
in explaining to people when they walk through the door.
It's like, oh, you've got to be in a sixty forty,
and well, five years ago, sixty forty really wasn't all
that attractive, but today it is because interest rates have
(33:41):
been highsin twenty twenty two. So we're taking an advantage
of a stage of situation that we're in the middle
of right now. There's a reasoning why we have design
portfolios like we have in the bond sector because it's
a great way to set yourself up for high yields.
(34:04):
We're still getting them, but also when the Feds start
dropping rates, we're going to see capital appreciation on a
lot of these bonds, So you're going to get money
in two different avenues and you're reducing risk on your portfolio.
So it's more like a bird in the hand opportunity
instead of tuning to bush. And there's a reasoning behind
(34:28):
what we do, and it's important for us that the
clients understand that. You know, I get I think it's
very they may not want to know every single detail, right,
but I think it's important that they understand the game
plan and why we're doing what we're doing right.
Speaker 2 (34:46):
And this goes to that second meeting that we have
with everybody, Like Chris is saying, we want to inform
and you know, have people knowledgeable about what we're doing
behind the scenes, so we show them. You know, Nitrogen
or risk Aalized is a software system that we utilize
to build out all of our model allocations, and we
(35:07):
bring it right up, you know, in the second appointment,
and we say, this is how we manage assets. These
are all the mutual funds and ETFs that we invest in.
This is what it's done in the last five years.
You know, here's the expense ratio, here's the current yield
on it. So a lot of this stuff goes right
over people's heads. You know, they look at us and
they're like, wow, I don't understand anything of what you're saying.
(35:28):
But the point of that is, you know what we're
doing on the back end. You know all the research
that goes into this. You know that all of these
positions are vetted. You know, there are four or five
star rated morning Star funds that we are doing research
on so on a regular basis.
Speaker 3 (35:44):
Yeah.
Speaker 2 (35:44):
Yeah, And that's the beauty of the open architecture. You know,
the RIA, the registered investment advisory firm that we are,
that we touched on in the beginning, we have completely
open architecture on what we can invest in. There's no
although we're custodian our assets are at Fidelity, we have
no requirements to invest with them. There's no minimums we
have to meet. We just go out and find the
(36:06):
best of breed funds for whichever sector of the market
we're looking to hit. And you know, I like how
you phrase like everything, you know, everything's got a purpose.
You know, we have, you know, an income model, we
have more aggressive models. We have they're so we'll show
you our best you know of breed what we go
out and vet and do for our investments. But like
(36:28):
we keep hitting on, you know, there's no cookie cutter
approach to this. Like if you come in and say
you want to put all your money in you know
X y Z stock, Well sure, you know we're not
gonna we're not gonna recommend it, but we're not going
to sit here and say no, you can't do it.
Speaker 4 (36:45):
So that's the that's the purpose. You know.
Speaker 2 (36:47):
We're just here to you know, facilitate our recommendations to you,
you know, being fiduciaries, we go out and do all
the work on the back end to research and analyze
all this stuff and then it's and then it's just
the implementation making the client feel comfortable with it, you know,
based on their risk tolerance. We have everybody fill out
a risk tolerance questionnaire so we know where they're at
that's and that's going to give us the basis on
(37:09):
where do you lie? You know, how much risk are
you willing to take on? And how much upside are
you willing to forfeit for you know, more protection and security?
Speaker 3 (37:18):
You know, I got to tell you now more than ever.
I'd love when we are constantly talking to reps with
a number of the fun families that we work with,
and we meet them on a regular basis, and they
help us tremendously because we're asking them what are your
(37:38):
people saying? Where you seeing the market trends? So on
and so forth. I mean, we're blessed that we have
fidelity analysts that we can contact and do contact on
a regular basis. But when you have a lot of
these other popular family funds that are coming in, we're
getting a real feel of where the markets are going.
(38:00):
We don't have a crystal ball, we don't pretend to,
but we work hard at what we know and we
do the best we can to try to get the
client into the best model that's going to benefit them
the most for what they're looking.
Speaker 2 (38:14):
For, right and it just comes down to having a
lot of research in financial analysts and teams that we
can rely on and fall back to for advice and
knowledge and getting to know where the market's at. And
if you hear the opinion from not only one source,
but ten different sources throughout you know, the course of
(38:34):
the year or whatever we're quarter, you know, whatever rote
sector we're of, the market is you know, hot, or
what's coming into favor, what's falling out of favor. And
if there's a lot of the same answers being said
around with all these major companies, well then we start,
you know, digging into that theme and really honing in
on what what does make sense to invest in for
this timeframe? And we're not market timers, you know. We
(38:58):
want to highlight that, you know we are we are
you know, investors where we feel that the models that
we build out are six months to a year timeframe.
You know, we'll rebalance if we see fit. But it's
it's not a set in and forget it portfolio. But
it's also not you know, a day trading.
Speaker 3 (39:20):
No, you know, and we don't promise thing. We can't
have a reasonable expectation to delipup.
Speaker 2 (39:28):
Right, and we are coming up on another break, so
we will be right back after this quick break yeap.
Speaker 4 (39:36):
And we're back.
Speaker 2 (39:37):
This is the Retirement Planning Show with Chris and Chris.
If any of this stuff is interesting to you, you
can call our number at eight eight eight five eight
zero one nine nine. We do offer a complimentary consultation
for the first appointment. Like we've been touching on. It's
just a me you, Chris and a coffee.
Speaker 3 (39:58):
That's right, get to know each other.
Speaker 4 (40:00):
Yep.
Speaker 2 (40:01):
Then we'll get to go over your confidential questionair booklet.
Now we have everyone figure out and see if we
can be of service.
Speaker 3 (40:08):
That's right. And the more we information we get, the
more we can help.
Speaker 2 (40:12):
Yeah, and this has been a very quick hour.
Speaker 4 (40:16):
Right in the last segment, I know.
Speaker 3 (40:18):
You know another thing and I've loved this from day one.
Very important for the listeners to know we do not
have minimums.
Speaker 4 (40:28):
Yes, that's a good point.
Speaker 3 (40:29):
We always will talk to anybody that wants to be
talked to, anybody that wants to be helped. We will
do the best we can, and I think it's important.
I think it's also a nice way to give back,
you know, because we always had the philosophy we don't
care if you have a dollar or one hundred million dollars,
(40:50):
We're going to still get the same attention and effort
that we're going to give anyone. You know, we don't discriminate.
So I'm very proud of the service that we offer.
Speaker 2 (41:05):
Right and along with that, you know, our maximum fee
that we charge for clients is one percent, and it's
an all in fee for our asset management and advisory services.
So along with not having a minimum, like Chris was saying,
we have, we don't believe in it. You know, some
people who we meet with have said to us before
(41:25):
and appointments, Oh, I thought you guys. I didn't think
I had enough money to meet with you guys. And
that's always kind of you know, sad to hear. But
we don't have any minimum, so we're not like ultra
high net worth advisors where you have to have a
million dollars or half a million dollars in order to
come meet with us. We meet with everybody and we
try to help out everybody.
Speaker 3 (41:44):
Yeah, and you know, like I said, we have a
lot of experience. I mean, your father and I have
been in the business a long time. I marvel at
you and Nika and how much knowledge and experience you
have already and a lot of people to come into
the office. They want to know, you know, is the
office going to be a m Frow Law. Yes, we're
(42:06):
going to be an ARMFU law. We've got your Dad
and I, but we also got you and Niko and
your hard working guys, very very knowledgeable, very personable. Again,
I love our team.
Speaker 2 (42:19):
Yeah, yeah, and we and we love helping everybody out,
you know.
Speaker 4 (42:22):
We like the the.
Speaker 2 (42:25):
Group of clients that we have, you know, are great
and we love facilitating, you know, our services to our clients.
You know, it's it's something that it's very fulfilling from
our end to see a plan come together and then
facilitate that plan and you know, help help people out
and to reach their retirement goals.
Speaker 3 (42:42):
And just like we talked about in an earlier segment,
when people come in, it doesn't matter if they have
money with us, under fidelity or outside, right, we love
helping people. Will help you manage your four one K,
your four three B four or fifty seven deferred comp
with the state, it doesn't matter. We take a lot
(43:04):
of pride in helping clients and perspective client. There's a
number of people that come in to talk to us
and we help them, but they're gonna be clients five
or ten years down the road. Yeah, but I think they,
I know, they appreciate the effort that we're given today. Right.
(43:24):
So it's all about building relationship and it's all about
helping people and helping each other.
Speaker 2 (43:32):
Right, and that goes to you know, to touch on that,
you know, like he was just saying, there's some people
who we've met with where we're not gonna have them
signed on as clients for five, ten years, twenty years
down the line, because we're just meeting with them right
now to either facilitate you know, four oh one K help,
or we're looking at their portfolio and we're restructuring it
(43:55):
to make sure they're invested in the right ways they
should be, or recommends that, you know, based on what
they want to be in. You know, maybe a target
date fund isn't necessarily great for you. You know, some
people like it because it you know, de risks their portfolio.
But if someone wants a little bit more risk and
wants to invest and make their own model allocation throughout
(44:16):
their four one K plan with their investments available to them,
we do that all the time. You know, we research
the funds in forour one K plans, We'll give you
a hypothetical allocation based on how risky you want to
be and and rebalance into that.
Speaker 4 (44:33):
You know.
Speaker 2 (44:33):
So that's that's something that we don't charge a fee for.
We're not paid on it. It's just a service that
we provide to clients just to help them out, you know.
It's it's everyone should have some type of advice, which
I'm shocked doesn't happen as much with their four one
K plans.
Speaker 3 (44:50):
I'm like, it's an unfortunate reality I've seen over the
forty years I've been in the business. There isn't enough
help pretty employees to learn what they have and how
they can maximize their potential. And I think another thing
that's very very important is when you said earlier, you
(45:13):
know our normal fee is one percent. That is our
maximum fee, and you're all in. You're not going to
see surprise charges or fees showing up on your statement,
so on and so forth. I think we're shocked sometimes
when people come in here. We had a gentleman come
(45:34):
in that I think it was something new to all
of us. Two hundred and twenty positions in one portfolio.
I don't think Warren Buffett has two hundred dollar position,
you know. And the thing is, it's just you can't
be too careful. It's important you know what you're paying for,
(45:55):
what you're getting. Make sure that you know if you're
working with an advisor. We're not looking to step on
any colors. We want people to know what they're paying
so there's no surprises.
Speaker 2 (46:09):
Right, and it's never hurts to get a second opinion,
Like specifically with that guy who had two hundred positions
in his IRA account. You know, maybe if it was
a non qualified individual account, you know, when you're doing
some type of direct indexing where you're owning.
Speaker 4 (46:21):
An underlying tax purposes, then maybe that would make sense.
Speaker 2 (46:26):
But when we saw it in an IRA account, I
think we our eyeballs almost popped out of our heads.
Speaker 3 (46:31):
Well, it's just it's overkill and and it makes us suspicious.
What is the motive of the advisor, right?
Speaker 4 (46:40):
You know, to make these trades?
Speaker 3 (46:43):
That's right? Are you really thinking about your client's best interest?
And that would have come down pill you know, like
I said, we don't have crystal balls. We work hard
at what we know. We're straight up, we're transparent. You know,
we when people come to us with shopping advisors, we
encourage it. We want to make sure that if we're
(47:06):
going to develop a relationship, that both sides feel good
about it, right, and you know, and it's again it's
a very personal decision. But I'm a little biased, but
I think we offer a lot of expertise and in
a number of different areas, not just retirement planning. You
(47:27):
touched on legacy planning. We work with state planning attorneys.
We're not lawyers, but we know enough to be dangerous
and it's a vital, important part of most, if not all,
of our clients' future. And you know, also tax planning.
(47:49):
You know, we do a lot of work with like
you were talking about with direct indexing. We take a
lot of pride in educating the people we work with
and we hopefully offer enough services and enough ideas that
they're gonna feel good about and they're gonna benefit tremendously,
(48:12):
not only themselves, but their children, their grandchildren. And this
is looking at the whole picture. We don't have connovision.
We look at the whole picture.
Speaker 2 (48:23):
Right, and that's the holistic financial planning approach. It's just
offering everything that you possibly can. That's you know, of
use in the financial services industry for your clients, because
not everybody is the same. Some products may make sense
to others, whereas you know, other people don't.
Speaker 4 (48:39):
Like them or feel comfortable with them.
Speaker 2 (48:42):
And that's why we have relationships with insurance companies and
annuities and life insurance products and attorneys who we can
refer people to for legacy planning and asset protection. So
it's it's an all we It's not a one stop shop,
but we try to facilitate everything that we possibly can
on a on a financial planning side. And you know,
(49:06):
part of what we wanted to hit on today too
was it is it is absolutely never too soon to
start planning this out. And you know, now that we
only have a couple minutes left today, I did want
to hit on, you know, an article that we posted
on our website which is www dot rpg retire dot
com and it is a decision not made, is still
(49:28):
a decision. And I like that quote, you know, it's
the title of the article because for people who are procrastinating,
putting aside this idea of you know, oh we'll get
to it, you know, oh we'll get to it later
or oh, you know, maybe next year I'll I'll start
looking at a retirement plan or investing or doing this,
and that your procrastination is the is the most costly
(49:51):
decision that you can possibly make when you're looking at
retirement planning.
Speaker 3 (49:54):
You know, I remember years ago and it was a
saying that stuck with me for the most part of
forty years. You know, people don't plan to fail. They
failed to plan right, And you know, and like you said,
you again were spot on. No decision is still a decision, right,
(50:16):
you know, And it's it breaks my heart sometimes because
too many times over the years people came maybe a
little late in the game and they said, boy, I
wish I I just you sooner.
Speaker 2 (50:31):
Yeah, you know, how often do we hear that one?
I wish I knew this sooner? I wish I started
investing sooner, you know.
Speaker 3 (50:38):
And our job is, Okay, we can't do anything about
the path, but what can we work with today? How
can we build your future? And again, I think that's
where a lot of our experience and expertise has been
very beneficial for a lot of wonderful clients that we
have today.
Speaker 2 (50:57):
Exactly, you know that and that just goes to you know,
delaying these these this plan and pushing it off. It's
just going to lead to a more rushed decision, you know,
a maybe something that you're not only affecting your your assets,
you're affecting your mindset because you're also emotionally probably not
(51:19):
in the best headspace when you're approaching retirement. You're like, oh, man,
I should have saved more, I should have put more aside.
It could be a stressful thing to go through this
as you're approaching you know, sixty five seventy. But you know,
we did want to wrap up with just saying you know,
so do not wait for that perfect moment to say,
you know, now I'm going to become an investor or
a saver. You know, start with what you have where
(51:41):
you are, and just build on top of that. You know,
you will thank yourself in the future just by staying
consistent and disciplined. So it's it's the name of the game.
You know, discipline and consistently investing on a monthly or
periodic basis will help you in the long run. That's
what we are here to help facility tate and then
help in your retirement years. If this has been beneficial
(52:04):
to you at all. Please feel free to reach out
at eight eight eight five eight zero one And this
is the Retirement Planning Show. Is Chris and Chris. Thank
you for joining us and the best time to start
planning was yesterday, the second best time. Thank you very
(52:26):
much and we will be back next week
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