Haven Financial Group Radio - 9/14/25

Episode Transcript

Speaker 1 (00:00):
You've worked hard for your money, but do you know
how to make it work hard for you. You need
a team with experience, vigilance, and a strategy to help
you live the retirement you deserve. Find your financial safe
haven with Haven Financial Group. Today, you're listening to the
new and improved Haven Financial Group Radio Show, where we
bring you comprehensive weekly financial wisdom from the professionals. It's

(00:23):
all about helping you solve retirement problems so you can
make your nest egg last. Your tune to the Haven
Financial Group Radio Show with your host Larry Kolvig and
Kim Karrigan your guides to weekly retirement confidence. If you're
interested in protecting and growing what you have, let us
be your financial safe haven. The full nines are always

(00:43):
open at six point two five four eighty four hundred.
Now get your financial questions ready because the Haven Financial
Group Radio Show starts now.

Speaker 2 (00:54):
Good morning, and welcome to the Haven Financial Group Radio Show.
I'm Larry Kolvig, founder and c of the Haven Financial
Group on with us today. Also Kyle Thomas, certified financial
Planner on the Haven Investment Team. Kim going to be
with you another week.

Speaker 3 (01:09):
Thank you, it's great to be with you as well,
and I trust that everything is great with the two
of you.

Speaker 2 (01:14):
Very good, very good follows in the air. And football
season has begun.

Speaker 3 (01:18):
Yes, that it has, that it has, And you guys
are big Vikings fans.

Speaker 2 (01:24):
Yes, yes we are, yes, sure, disappointed many times or
all over all these years, but we're cautiously optimistic. Let's
just put it that way.

Speaker 3 (01:33):
Oh. I love that. All right, Well, we're gonna we're
gonna cheer hard for the Vikings this year, that's for certain.
I love the subject matter today, and that's emotions and finances.
And I mean, there's so many obvious reasons why emotions
are involved in finances, not the least of which is
that all of us work very hard for you know,
a great retirement, and we want to make sure that

(01:55):
everything is exactly right. But boy, the uncertainty in the
economy also can throw things for a loop.

Speaker 2 (02:01):
It certainly can. You know, we work hard for all
the dollars that we accumulate, small, medium or large, and
then you put fear and excitement and overconfidence, you know,
the fearful news, the negative news. All that stuff lends
itself to Oh my goodness, am I going to have
enough money? Am I going to lose it all? And
all these things are very normal, and that's what we're

(02:21):
going to talk about today.

Speaker 3 (02:22):
Yeah, understanding how emotions in finance can be linked. That'll
be the first subject that we tackle. The dues and don'ts,
a portfolio rebalancing, financial strategy for you and your spouse,
and then we'll wrap things up today with financial advisors
and managing emotional decisions. So let's get started here, and Kyle,

(02:43):
maybe you'd like to walk us through. I know you
guys have had these experiences so many times, just sort
of understanding how emotions and finances are linked.

Speaker 4 (02:51):
Yeah, because they are very linked, aren't they. People are
very emotional with their money, which you know he should
be work very hard for it, and you don't like
to have it disappear on you. And market downturn so
it gets very close to hits close to home when
the market does go down, because that's your life's work

(03:13):
right there. Yeah, as I said, it's natural to feel
that during downturns and excitement during rallies. But that's why
we have to keep things in check here and make
sure that we are putting together a solid plan for you,
an investment lineup that works for you, because if we
don't have control around that, our emotional investing can drive

(03:38):
irrational decisions. So that's where we want to make sure
that we have some structure, and we'll probably talk about
that quite a bit here today.

Speaker 3 (03:45):
Absolutely, it seems to me that what would be very
important in all of this is to have a plan,
and that plan has to include some of these ups
and downs that we see in the market on a
regular play basis, and that could maybe qull some of
the fears that people have.

Speaker 4 (04:03):
Yeah, because what we want to do is make sure
that we're investing for a long term approach. We don't
want to be putting a portfolio together that we're just
going to go and change in six months or two years,
whatever the landscape is, if it's some geopolitical thing, if
it's some macroeconomic thing, whatever the case is, because there's

(04:23):
always going to be something there always is in this world,
and what we want to do is maintain consistency with
our portfolio, pick a risk profile that is comfortable for us,
that we can see ourselves in for the long term future,
and stick with that. Doesn't mean that you can't change
your portfolio over time, because as we all know, as

(04:46):
you get older, you like to take some risk off
the table. But for the area that we kind of
really specialize in, which is retirement and all things retirement,
we want to make sure that we're sticking kind of
consistently with the portfolio because once you get to that
retirement phase, there isn't as much changing with your risk
profile once you get there. There is a lot of

(05:10):
changing that took place before you got to that point,
but there could be some smaller changes down the line
once you get into retirement. But once you're there, that's
where a lot of your profile probably stays more similar,
and we're wanting to be more conservative in general in
that phase of life.

Speaker 3 (05:29):
Sure, how do you calculate, Kyle, when someone comes in
to see you, how to calculate maybe what might happen
in the future to make sure that this plan is secure.
It seems very difficult for me to understand how you
go about that.

Speaker 4 (05:46):
We run thousands of different Monte Carlo simulations within our
retirement planning tool, and what this does is it takes
historical market returns and it just inflates them to the
positive or to the negative, and it gives us different
scenarios on what could happen for us. And we have

(06:09):
a first percentile trial, we have a twenty fifth percentile trial,
a seventy fifth, and a ninety ninth and those are
all completely different than what will actually happen. But it
gives us a good perspective of what our potential outcomes here,
and it gives us really bad outcomes of what could
happen because we want to see worst case scenario. That's

(06:31):
not something that we don't want to see. And we also,
you know, it's fun to look at the best case scenario,
but we try not to focus on that. We try
to stress test it and be conservative in our stress testing.
So we look at what is most likely to happen,
but then we also look at what are some worst
case scenarios that could happen, and are we okay in
those worst case scenarios if they do happen. So, yeah,

(06:54):
to answer your question, we have thousands of different trials
that go into our planning to make sure whatever we're
set up for is something that we can sustain.

Speaker 3 (07:03):
And when do you start that kind of testing on
someone's portfolio? Do you start it when they're fifty, Do
you start it when they're sixty five? Give me a
sense of that.

Speaker 4 (07:14):
Well, that's a really good question because the way that
this works, this planning, the further you are away from
retirement or through the end of your plan I should say,
which is mid nineties for us, typically, the more variation
there is. So if we can do it when we
have done it for people in their forties even and
it is good to do it with if you're in

(07:35):
your forties still because it gives you a really good
idea on what kind of portfolio value you could have
at your target retirement age. So it does work for
any age group, but the consistency of how accurate your
data will be gets there most accurate the closer you

(07:56):
get to your target, which is going to be those
mid nineties.

Speaker 2 (07:59):
Right.

Speaker 4 (08:00):
If you think about a string and you're holding it
out really far, you know, you got string in one
finger or one hand, and then the other hand, then
you know, pick it like a guitar. It's kind of
a big vibration if you're really far apart, but if
you bring closer together, there's not going to be as
much vibration there. So it's the same thing with retirement planning.
The more time you have, the more variation there is.

(08:21):
The less time you have, the less variation there is.

Speaker 3 (08:24):
And Larry, I know that Kyle has said this, but
nothing is set in stone.

Speaker 2 (08:29):
No, I mean anything needs to be there's always adjustment.
Life happens, and it happens really really quick, and you
got to be able to make modifications to whatever your
plan is. But first of all, you got to have
a plan. What we find is a lot of people
they just are winging it. It's emotional, it's a guesswork.
We don't know what we don't know. Well, what you
don't know can hurt you. We hope it doesn't hurt

(08:51):
your overall retirement. But it's really having a consistent strategic plan,
avoiding knee jerk reactions, avoiding the guessing game over the
long run, knowing how much risk you have in your portfolio.
Most people don't know until something negative happens and then
they panic. And that's where fear and panic comes in.
And you should know how much risk you're taking, and

(09:13):
you should know how much you're paying. And again that
shouldn't be too much to ask for. The problem is
most people are not getting that attention because they're not
getting the information, the attention, they don't have the good
the communications not there. The confidence in their plan is
I don't know if I'm going to make it or not.
And that's that we're at Haven. We really want to

(09:34):
instill that confidence. We want to have as many meetings
as it takes to get you comfortable with where you're
at or where you need to go in the future. Again,
avoiding this emotional guess work again, a well structured plan
paired with guidance from somebody that is really a partner,
that's looking out for your best interests, that's helping you

(09:54):
stay accountable. Accountability is extremely important, especially with the all latility.
We want we encourage our clients to call us just
maybe so we can have the conversation. Remember we we've
had this conversation before, and just by having that short conversation, Yeah,
you're right, Larry, you're right. And again that's so very

(10:15):
very important. So if you don't know, if you have
a plan, give us a call at six one two
five four eighty four hundred, email us, come on in visit.
You have nothing to learn, start somewhere, to get somewhere,
and you're never too young to get started.

Speaker 3 (10:31):
It's something you just said, Larry that I think is
so great, and that's it. Even clients that you have
at times can feel uncomfortable, ill at ease, and you
advise them give us a call, let's walk through this again.
I think that's an understandable place for people to be.

Speaker 2 (10:46):
I would agree. I would agree. The problem is coming
back to this again. Most people are not getting the attention.
We deal with all the retirement topics, and we always
say retirement is more than a meeting once or twice
a year for forty five minutes to an hour. You
deserve more, you should get more, and if you're not
getting it, come on in and visit with us.

Speaker 3 (11:04):
Six one two five zero four eight four zero zero.
That's how you can set up an appointment and see
these experts at Haven Financial Group to talk about your
retirement future. When we come back, dues and don'ts of
portfolio rebalancing. This is the Haven Financial Group Radio Show.

Speaker 1 (11:21):
Don't go too far. We're gathering more important insights and retirement.
Please government the Haven Financial Group Radio Show. We'll be
right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kolvig and Kim Karragan. Now back to

(11:41):
the show.

Speaker 2 (11:43):
Welcome back, listeners, and good morning. You're listening to the
Haven Financial Group Radio Show. I'm Larry Kolvig, founder and
CEO of the Haven Financial Group. We have Kyle Thomas
with us today, a certified financial planner on the Haven
Investment Team, talking about the emotions of money and investment
and retirement and it can be really be a roller coaster, right,

(12:03):
It certainly can, but there's hope at the end of
the tunnel. It takes a plan and if you implement
it properly, you can have some great success.

Speaker 3 (12:12):
Yeah, it's understandable that people will have regardless of what
kind of plan you have and how well you've planned.
You ever think everybody's going to have those moments where
they're not feeling great about it because there's outside forces
that you can't do anything about. And when you have
a partner like those of Haven Financial Group, you can
call discuss it and I think probably get a really
better sense of where you stand and how maybe outside

(12:36):
influences may affect your retirement plan. Six one two five
zero four eight four zero Zero's how you get hold
of these folks here and Haven Financial Group, we want
to talk about the dues and don'ts a portfolio rebalancing.
So what we've been talking about here is your emotions
and how they play into your finances and having a
plan how important that is. But a plan is not

(12:59):
set in stroke. A plan is a great guide, but
sometimes there do need to be some changes, you know,
thanks to outside influences. Maybe things that have changed it
changed with you, and maybe it's just your comfort level.
So Kyle Thomas is with us, and Kyle, let's talk
about some of the dues and don'ts. When people come

(13:20):
in and say, Kyle, I'm just not comfortable. What should
we do?

Speaker 2 (13:25):
Yeah?

Speaker 4 (13:27):
You know that gets boiled down to our risk profile again, right,
And that's the way that we look at it is need,
willingness and ability. Do we need to take any risk?
If you don't need to take any risk, maybe you
have an ability to take more risk because you don't
necessarily need the asset base that you have to live
your life and achieve your goals. Those are kind of

(13:50):
two extremes typically, but the way that we land the
plane for that is looking at the willingness factor and
how much risk are you willing to take? How much
volatility can your portfolio handle without you know, you having
some serious concerns about the portfolio and wanting to just

(14:13):
go to all cash one day, or if the market's
rallying up, you go into all equities because history tells
us responding like that hurts you in the long run.
So that's where it goes back to that consistency piece again.
But then you know, once we land on that risk profile,
making sure that we are using a consistent, disciplined approach

(14:37):
to rebalancing your accounts. And one of the biggest ways
that we do that to start off in our relationships
is making sure that we asset locate, we put specific
investments in specific accounts. We have the WROTH accounts be
the most aggressive, and we have the IRA accounts be

(14:59):
the most. The least efficient investments, I should say, so
stuff that produces a lot of interest and dividends and
that type of stuff, because we don't want to pay
the taxes on those. And then we use the non
qualified accounts for investments that are going to be very
tax efficient, so investments that don't pay interest and dividends

(15:21):
are very minimal at least, So that's kind of where
we start out, and then we go from there and
actively rebalance when we find that the portfolio warrants it.

Speaker 3 (15:34):
What might make a portfolio warrant or rebalance.

Speaker 4 (15:38):
So every day our investment team is monitoring each person's portfolio.
In the morning, we go in and we sort every
person's portfolio and we sort by the variants, so we
have a model target and we have an actual model percentage,

(16:00):
and if that variance between those two hits a certain threshold,
it triggers us to rebalance. And you know, so far
this year, for example, April was a big one for
rebalancing because the market had a dip, and then since
then people have been rebalanced in the following months because

(16:20):
the market has been coming back and probably multiple times
actually now. So that's where we're being strategic and our rebalancing.
We're not just using a blanket approach of say every
quarter we're going to rebalance, or twice a year we're
going to rebalance, because that's not strategic. That's just that's
just doing it whenever we want to do it, when

(16:41):
it makes sense for each person's.

Speaker 3 (16:43):
Account and when that rebalancing occurs, or let's say you
recognize and you identify a need for rebalance, he's a
phone call made to those clients and do they come
in and are they an active part of that rebalancing?

Speaker 1 (17:00):
Not?

Speaker 4 (17:00):
Not typically, because what we are we're honored to have
the discretionary ability in these portfolios. So we were able
to trade all of these accounts without doing that, which
allows us to act quicker because if we had to
call our hundreds of clients each time we did this,

(17:21):
it wouldn't allow us to get these changes in a
timely manner. And we want to be sure that we
can be as efficient as possible with everyone that we
work with. In that way, we're able to trade every
single person's account if we if we need to that
specific day, then you know, we can get everything done
in one one shot.

Speaker 2 (17:42):
You know, KIM as a wealth management company, it's what
we do. And then again we're blessed to be able
to work for people as a partner in managing their
investments the investment team. Uh, communication is important. Some people
do want a little bit more.

Speaker 1 (17:55):
Uh.

Speaker 2 (17:56):
They'll see that where we that we re recent rely
recently rebalanced and they call and ask is if that
were what we're doing. We have no problem having those conversations.
But you know, that's what they that's what they want
us to do, to have the hands on approach that
we're doing what we're supposed to be doing. We're looking
at the tax situation, you know, taking advantage of tax

(18:16):
loss harvesting when there's volatility. We've saved a lot of
clients a lot of money in taxes by monitoring and
doing that strategically. I have clients that are of the
age of the required minimum distribution. They don't need it,
so what do they do that They're charitable and they
do qualified charitable distributions. It makes tax sense, So we

(18:38):
want to do taxes really drives a lot of the conversation.
But again, the coordination of the investments, to the estate plan,
to the tax plan, to insurance, all these things should
be coordinated. And thankfully at Haven we have all these pieces.
It took ten years to really get all these pieces
in play, but we have it, and we talk to

(19:01):
each other, we coordinate these things. I bring Lance our
CPA in probably in a dozen meetings a week to
discuss these things. I have clients that just bought a
house in Florida over the weekend and they were in
this past Monday morning to figure out where's the best
place to draw the money. And we're all part of
that conversation. So and there's no additional costs to have that,

(19:26):
and people find it very, very very valuable. So they're
paying us to do what we're supposed to do. Imagine that.

Speaker 1 (19:33):
Well.

Speaker 3 (19:33):
I just think it's really important that we point this
out because I think when we talk about emotions associated
with our finances, this has got to be a comfort
level to know that my investments, my portfolio is being
looked at on a regular basis and if it needs
some kind of assistance, it's going to be taken care of.
I think that has to be a real comfort for people.

Speaker 2 (19:55):
Yeah, and I would say we're taking it a step
further at Haven two, our new educational center that seats
of thirty. You know, I mentioned we have a fraud
prevention class for the local police department next week. We
already have enough people signed up for three classes, and
we're going to have other ones, like a tax lance
will do a tax class here. The big Beautiful bill.

(20:15):
People want to know what's in that bill and how
does it affect them? You know, Medicare is coming up,
so we'll do Medicare informative classes. You know, we're big
in the education piece, and we're taking a step further
to the public, but always to our existing clientele as well.
Just because you become a client doesn't mean the education

(20:35):
stuff because just guess what happens. Things are always changing
and if nobody tells you what these changes are, you're
probably wondering, well, I wonder if that affects me or
if it doesn't. We want you to know and not
because these changes are so fun and we're trying to
flatter you with all of our smarts. It's the nature
of retirement and that gives that gives our clients the confidence.

(21:00):
We just had a week and a half ago our
big client appreciation event, and I don't remember. I can't
tell you how many thank yous we got. And again
we're not patting ourself on the back, but the thank
you's poured in. We have pushed. Almost a thousand people
are at the event, who really really they said, you
guys really do care and if they find that so very.

Speaker 3 (21:22):
Appropriate, absolutely and comforting, that is for sure for sure.
If you're looking for a partner who can help you
do away with anxiety and a whole lot more. And
I laugh only because you know we all feel a
little anxious right now. We're looking for someone to do
away with our anxiety. I'm not sure that they can
promise that in every facet of your life, but I

(21:43):
think they could certainly help you with your finances and
with your retirement. Give them a call at Haven Financial
Group at six one two five zero four eight four
zero zero. Let me give you the number again, six
one two five zero four eight four zero zero. Tell
me you heard us here on the radio. You'd like
to come in for a consultation when we come back.

(22:04):
Financial strategy for you and your spouse right here on
the Haven Financial Group Radio Show.

Speaker 1 (22:11):
Ready to find your financial safe haven. Your dream retirement
is in reach. Don't go away, The Haven Financial Group
Radio Show will be right back. Are you worried that
your financial strategy might be missing something, Well, you're in
the right place. Larry Kolvig is back and ready to
help you find your financial safe haven.

Speaker 2 (22:33):
Good morning once again, and welcome to the Haven Financial
Group Radio Show. I'm Larry Kolvig, founder and CEO of
the Haven Financial Group on with Kyle Thomas, certified Financial
Planner on the Haven Investment Team. Feel free to give
us a call at six one two five O four
eighty four hundred, or visit us online Havenfinancialgroup dot com.

(22:54):
See you at the calendar of all the educational events,
upcoming events, all kinds of retirement calculators and tools on
the site. We have a great community website as well,
where we'd like to share pictures and information of other
retirees that are maybe in the same position you are.
So you know, if any of this information sounds valuable,

(23:14):
come on in and visit with us. There's no cost
to do it, and you might find it very, very invaluable.

Speaker 3 (23:20):
So, gentlemen, let me ask you this. Do you find
a lot of couples who come in, sit down and
want to talk to you, but they're both in two
different places.

Speaker 2 (23:30):
I'll start with this one. In all the years that
I've done this, you know, you bring emotions that you
bring personalities into play, you bring money into play, and
then maybe you bring a marriage or a partner into play. Wow,
that can get very very interesting. And there's not enough
time for this show, but lots of interesting stories where

(23:51):
they didn't even know what each other had married for
forty years and they had no clue of what the
other one had. We can give you thousands of stories,
but for the sake of time, we're not going to.
These relationships can get very strained. You know, I don't
know what the statistics are, but newly married folks that
they tend to have a lot more arguments over money

(24:11):
in those first few years. So it's no different than
when you become retired. The communication, the sharing of information,
you know, walking that type rope a little bit. And
you know, money can make people get on edge, and
you know, there's a variety of different things. Do you
have commingled assets, do not have commingled assets? Do you

(24:31):
have separate assets? You know, what are the pros and cons?
We're gonna we get into that quite often that people
don't even think about. Like if you have a non
qualified brokerage account and only if you're married and only
one of you is on that account, that could be
very problematic. And if one of you passes nothing worse
than that, then they have to go through a living

(24:53):
probate as the surviving spouse. We see that all the
time and It sounds so simple, but it's a mistake
that people make and we want to avoid those mistakes.

Speaker 3 (25:05):
Sure, absolutely well. I think it is probably amazing that
couples can be married for a lifetime and they get
to retirement and maybe they see money differently, and it's
at this point that they realize that and maybe a
little bit of that is just the stress of being
in retirement much more time together. You know, things seem

(25:25):
to change over time. So let's talk about some of
the great ways to put together strategies and at what point, Kyle,
you put these strategies together as a couple to make
sure that when that golden year rolls around and everybody retires,
everybody's sympatico.

Speaker 4 (25:42):
One thing that is kind of funny in our planning software,
there's different goals and things that you're concerned about or
stuff that you want to do and all that, and
one of the things that you could be concerned about
is spending too much time together. And it's kind of
a funny thing, but it's also kind of true, right
because a lot of people's lives are built around their kids,

(26:07):
right or other things, their work, and then once they
get into retirement, your life completely changes. Now you have
all this free time and you're spending it with your
spouse and you haven't done this for numerous years, so
it's a big change. And the way that we go

(26:28):
about that is well, one, I mean, whatever they're comfortable with,
that's I mean, that's kind of the approach that we
go with. But we are able to break things down separately.
The big thing is, though, is regardless of how separate
accounts are titled or you know, where they're held, all
of that, it's important that the household is working in coordination.

(26:52):
So that's the big goal that we're just trying to
achieve at the end of everything. And we can have
separate goals on there for spouse A and then spouse
be has their own thing, but we want to make
sure everything is in coordination. So like social security, right,
well they might not be equal things and there could
be different opinions on those, but we want to make

(27:13):
sure that we're choosing the best option that works together
for them as a household, and same with any pension benefits.
Risk profiles. You know, if there's one risk profile that's
a thirty percent stock and then one that's an eighty
percent stock, we're probably going to want to meet in
the middle somewhere still, right, And that's what it's all about,

(27:34):
and that's kind of what marriage is about too, in
essence to it, right, a compromise, I.

Speaker 3 (27:40):
Would imagine that you find that couples for the first
time we're talking more about what happens to their money
after they pass away, and maybe not everybody agrees.

Speaker 4 (27:54):
Yeah, that's that's a big thing too, and you know,
some that's where estate planning can be a really big key.
And each spouse for their i ra's you can name
beneficiaries out right however we want that to be. But
then you know, other accounts like a non qualified account
and individual account, you know, you maybe you want to

(28:16):
have some more estate planning done with those and have
it in a trust or something like that, because that's
where you can get a little more creative in how
those accounts are then paid out to beneficiaries or if
there's a joint account, you know, that's that's where it
all comes down to that compromising again and making sure

(28:36):
that the goals are aligned, because in the end, you know,
goals should be aligned in a marriage like that, and
we just want to make sure that we're making everyone
happy and that we can come to the table and
be on the same page together.

Speaker 2 (28:55):
What we want to avoid, though, is I see this
scenario way too often. We're couple are not in agreement,
whether it be beneficiaries or what have you, and it
allows them not to make any decision whatsoever. I call
that decision making constipation. Nothing gets decided and we got
problems and then they make no decisions when I don't

(29:16):
think most listeners are going to want the government, taxes, lawyers,
probate to be the beneficiary just because you couldn't make
some decision. A state planning also can change, so start
somewhere to get somewhere. It's why so many people don't
have wills or a trust or powers of attorney. Yet
everybody's talking about it. Yet twenty thirty years later, you're

(29:37):
still listening and you don't have it. And again that's
not true to trying to be funny. It's serious because oftentimes,
you know, life happens, happens quickly. Life's calendar doesn't always
cooperate with our calendar often, and something happens you're not prepared.
And as we're speaking to couples or partners, in this situation.
I mentioned it in previous weeks that if you are together,

(30:02):
both of you should be involved, and I've said it
before that for some reason, this year I have met
with more widows and widowers that lost a loved one
and had no involvement in anything that was going on,
whether it's investments, insurance, to staateplay, all these things, and
now they're left holding holding the keys to something. They
don't have a clue how to drive and don't even

(30:23):
know where to start. And anybody knows when you lose
a loved one, that is not the time to try
to be figuring it out. So as much as sometimes
spouses don't want to be involved and they let the
other one do it, caution, caution, caution, at least have
some awareness and understanding so you're not left out in
the cold like so many that I visited with this year.

Speaker 3 (30:43):
So, Larry, is that the biggest problem that you see
with couples when it comes to finances or is there
something else that's a really common problem that you seem
to hear about when couples come in on a regular basis?
What is that the biggest, you know, issue that maybe
you see because maybe people listening can relate and will

(31:04):
realize that there is a way to overcome it.

Speaker 2 (31:06):
Well, again, it comes back to the communication. Maybe one
if you're married, one spouse just a handles it all
and takes care of it, and the other one lets
them and they just don't let themselves in. Well, I
don't need to worry about it because he's been doing
it for forty years. Yeah, I know, but there might
not be another forty years. So we want to make
sure we're prepared. We want to make sure things are
titled properly. You know. I see sometimes people put kids'

(31:28):
names as owners on checking accounts and stuff like that.
Probably not a good idea. Maybe signer is okay, but
ownership I'd be very cautious. So it's just a variety
of dues and don'ts and things that we consistently see
their pitfalls and mistakes. But by having conversations, ongoing conversations,
most of these can be avoided. So again, any type

(31:49):
of relationships has to have good communication. Without the communication,
you're going to have hiccups, disagreements, and maybe some of
those strategies just are not going to work out the
way you want them to.

Speaker 3 (32:01):
Sure, absolutely So if you're looking for a partner who
can help you and your spouse or your partner get
through these financial decisions in a way that's successful for
everyone and keeps emotions tamped down. Give the folks that
Haven Financial Group a call at six one two five
zero four eight four zero zero six one two five
zero four eighty four hundred is the number. Let them

(32:25):
know that you heard us right here on the radio.
When we come back. Financial advisors and managing financial Well,
let me try that again. Financial advisors and managing emotional decisions.
That's what we're going to talk about when we come
back right here on the Haven Financial Group Radio Show.

Speaker 1 (32:41):
Don't go too far. We're gathering more important insights and
retirement ways, Devin. The Haven Financial Group Radio Show will
be right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kolvig and Kim Karagan. Now back to

(33:01):
the show.

Speaker 2 (33:03):
Good morning once again, and welcome to the Haven Financial
Group Radio Show. I'm Larry Kolviick, founder and CEO of
the Haven Financial Group on with Kyle Thomas, certify Financial
Planner on the Haven Investment Team proudly celebrating ten years
of being in business. Ten ten years from the time
the door has opened, and we've been very fortunate and

(33:23):
blessed number one to work hard but able to help
so many people in all of these retirement areas that
aren't necessarily fun topics to discuss, but they're important topics
and we want people to feel comfortable and confident that
by having these conversations in these retirement prep years. If

(33:44):
you will, if you're younger, older, maybe you're already retired
and you're listening again, give us a call at six
one two five four eighty four hundred, or maybe come
to one of our classes. On havenfinancialgroup dot com. You
can see all of our educational classes. It's how we
all learn through education, and we're very, very proud and

(34:04):
we find it very important. Just this past week we
had full classes, almost full classes, so people are wanting
to learn. Not a better way to than just come
out to the classes or just come in and visit
with us.

Speaker 3 (34:18):
We want to talk about the role your financial advisor
might play when it comes to helping you manage your emotions.
We've been talking about emotions and finance throughout this entire show,
but we want to take a moment and just talk
specifically about relationships and that being your financial advisor. And you, Kyle,
I think in some ways you probably have to play

(34:41):
an advisor. You have to play a role a marriage
counselor even at times right with some of these folks
as you walk through putting a great plan together, keeping
everybody happy and keeping everybody comfortable.

Speaker 4 (34:59):
Yeah, because there are now so many times that we
can't even count where the goals are are different or
the risk profile tolerances are are different. So it's very
common for that to happen. Actually, I mean it's part
of the if you look at behavioral finance, you know,

(35:21):
men and women just think different naturally, so that's gonna
that's going to play into it. So you know, but
there's a huge human element that we've discussed here today,
and when you're working with a financial planner, UH, it's
important to it's important to make sure that you're in
that right risk profile R. And one of the things

(35:42):
that we do is, uh, we look at back testing
our portfolios and we also look, well, the first role
of investing actually is past returns are not indicative of
future returns, right, But that's the best data that we have.
We look back over the last seventy five years, so

(36:03):
we backtest, but then we also look back over seventy
five years of history to help us formulate those best
portfolios that we believe we can create. And we talked
about the need, the willingness, and the ability and what
risk profile it is. A lot of people ask about
one hundred minus your age for your risk profile and
they say, well, I mean that's fine, but if you're

(36:24):
going to be working with an advisor, you can come
up with a much better answer and solution to what
your needs are. As we get back to that human element,
there's a whole lot that goes into it that an
advisor does, as well as the behavioral part and managing
the relationships and making sure everyone's happy well.

Speaker 3 (36:43):
And I really believe that not every financial advisor does that.
I feel confident that there are some out there who
take a look at the plan, they use the technology,
and then they look at a couple who's not going
to along and they say, hey, you got to work
this out. Let me know what you want to do.

(37:04):
And I know for a fact that that is not
the approach that you have, bet Haven.

Speaker 2 (37:09):
It is not the approach you are very accurate at that.
I hear quite often, and I don't quite understand it
that advisors don't have the compassion, they don't have the
discussions the way you described is. I hear that quite often,
which would not be our approach. You know, we joke
some days I'm a financial counselor other days I'm a

(37:30):
marriage counselor you know, communication. It comes down to that again.
I got a funny story here. A couple of weeks ago,
I had a couple in from Lakeville, second marriage, and
we're talking with taking him through our process that we
take everybody through and asking questions, and we're on the
topic of a pension and he has a pension and

(37:51):
I asked them, I said, now, are you planning to
have a spousal continuation on that pension? And it was
complete silence, crickets, and I figured they must not have
heard me, so I asked him the question again, will
your spouse have spousal continuation if something happens to you?
And he blurted out, She's not getting any of it.
And I think I heard a pin drop in my

(38:12):
office and I decided, I think I'm going to leave,
and you guys talk this through a little bit. So again,
that happens more often than you think. So the communication
is so important, you know, really, you know, being the
adult in the room when you know, talking things through
and all the things that you would expect from from
a marriage or a long time relationship. So again, everybody

(38:36):
handles this stuff differently. Money can cause stress. There's all
kinds of negative and negativity in the news, inaccurate information.
You know, we're doing that quite often, you know, clear
in the air of where did you hear that? Where
did you hear that? I got to call that last
week that I was like, oh, my goodness, did you
hear what's going to happen? I said, no, I must
not be in the know. Well, all the banks in

(38:57):
the United States of America are going to be closed
by Wednesday. Really, that's so interesting. I would have thought
maybe I would have heard of that, but I haven't.
What's your source? I'm not even gonna say what the
source was. But again, i'd be careful of all that
negative news out there. It's just it's overwhelming, and that's
why anxiety does get so high.

Speaker 3 (39:18):
Well, it seems like a really good financial advisor is
listening to everybody in the room and maybe can interpret
some things that maybe a couple cannot interpret, you know,
bouncing back and forth, or they're not hearing what the
other one is saying. So, I mean, Kyle, you get

(39:38):
a counselor degree.

Speaker 4 (39:41):
I don't have a specific counselor degree, but I'm one
of several cfps on the team, and that actually is
a huge part of our training to become a certified
financial planner, the behavioral finance part of it, and just
being able to understand people's emotions and be able to

(40:02):
come up with solutions for that, and just looking at
the different types of there's different types of emotions that
people have, you know, like anchoring into specific investments is
one of those, right, So there's so many different kinds
of emotions that come into play, and we're just there

(40:22):
to help manage those emotions to not necessarily, you know,
break them down, but just try to build around them
and create some kind of sense of comfort and maybe
eventually it does kind of break that down just because
of the plan we're putting together, but just making sure
that whoever we're working with knows that we were caring

(40:46):
about their accounts and their livelihood so that they can
be comfortable with us and and create a great long
term relationship.

Speaker 3 (40:56):
Absolutely.

Speaker 2 (40:56):
Kim, my wife doesn't like when I say this, but
we got two ears in one mouth for a reason.
Sometimes listening is way more important than talking. And I
have heard this over the years that a lot of
advisors don't listen and they want to do all the
talking just because they think they're the smartest person in
the room. We ask lots of questions. I love when

(41:18):
people say, our guy, our gal has never asked us
any of this information. And my thought is, how can
they be really retirement advising and not ask these questions. See,
just financial advising throughout the course of your years is
different than retirement advising. There should be a difference because
now we're coordinating not just investments, but all the other

(41:41):
pieces of retirement are now coming into play and they
should be coordinated. And oftentimes people are doing this over here,
this over here, nothing over here, and it is inefficient, costly,
and they're going about it exactly the wrong way.

Speaker 1 (41:57):
Yeah.

Speaker 3 (41:58):
Absolutely, you need someone in your corner, folks. There's no
two ways about it, because it can be overwhelming. There
are times in the course of our lives where we
feel unsteady, and it's great to have a partner who
can say, hey, listen, you've done the work, this is
the way it's supposed to be, and everything is okay.

Speaker 2 (42:18):
For sure, to give you the confidence that you should
have the attention you deserve, understanding what you're paying for
all these services, because you are paying for something, because
I hear I bet you I heard it three times
this past week. What are you paying your guy or gal? Well,
I don't pay him anything. Well, I know they're not
working for free, but what value are you getting? Are

(42:39):
you having these discussions annual enrollments coming up for Medicare?
Shop it out because there's a lot of changes. If
you haven't had life insurance reviewed, maybe it's about time.
If nobody's paying attention to your investments, or you don't know,
or we talked about rebalancing, maybe that's time that you should.
Maybe it's other discussions that you're not having that you

(43:02):
should have. We're getting well into we're getting close to
the fourth quarter and third and roth conversions are the
appropriate Is anybody talking to you about it? Are you
drawing from the right accounts or don't don't you know?
These are questions that you should have answers to, and
maybe we're the ones that can give you those answers.

Speaker 3 (43:22):
Yeah. I think if you have the answers to those questions,
chances are very good you'll sleep better at night. Six
one two five zero four eight for zero zero. That's
how you reach the folks that Haven Financial Group. Give
that number a call, tell them you heard Larry on
the radio. You'd like to set up an appointment. It
is free. You can come in, have a consultation, talk

(43:43):
about what's important to you, what maybe is keeping you
up at night. If you already have a portfolio, you
can bring it in and have that portfolio test it.
Maybe it's that time. Six one two five zero four
eight four zero zero is the number. Listen. Finances are
emotion know two ways about it, gentlemen, And I think
this has been a great topic to address because I

(44:04):
know a lot of people out there feel emotional about
their finances at one time or another.

Speaker 2 (44:10):
Kim as always great to be with. You look forward
to next week, have a blessed week and go.

Speaker 3 (44:15):
Vikings Investment Advisory service is offered through Guardian Well Strategies LLC,
Haven Financial Group and Guardian Well Strategies LLC are not
affiliated companies, and investments involve risk, and, unless otherwise stated,
are not guaranteed. Please consult with the qualified financial advisor
and or tax professional before implementing any strategy discussed herein

(44:36):
and comments regarding it safe and secure.

Speaker 1 (44:37):
Investments and guaranteed income streams only refer to fixed insurance products.
They do not refer in any way to securities or
investment advisory products.

Speaker 3 (44:45):
Fixed insurance and annuity product guarantees are subject to the
claims paying ability of the issuing company.