October 4, 2025 • 40 mins
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hello, and welcome to Money Talks with Terry Sandbold and
Blake Sandbold and guys, you've got a topic that's been
of great interest to me and I've been reading about
this for a while.
Speaker 2 (00:09):
Today. What's it called.
Speaker 3 (00:10):
Yeah, it's called the generation wealth shift, And as we
talk about it, we'll go through some of the details
and some of the stats on that. But there's going
to be an enormous amount of money changing hands even
over the next ten years. Yeah, So I mean we're
going to talk about how important it is to plan.
So along with the show today, we do have a
Money Tals mailer of the Week. It is an estate
(00:33):
planning booklet. It's about fourteen pages of information. So if
you'd like your copy of that as well, give us
a call at nine five two five four four two
eight three seven. But yeah, when you think about it,
your goal in life is to build your investments up,
your assets up to be able to control when you
(00:53):
want to retire, at what level you'd like to retire.
One of the things that doesn't happen though, is not
everybody spends all the money, so it builds up ideally,
which is a good thing. And as that money grows
and grows and grows. There's going to be an enormous
amount of money changing hands, like we mentioned, in the
next roughly ten years, so how should it be handled.
(01:17):
There's going to be a lot of things that we
can do as financial advisors to help plan for that
and make sure it's efficiently transferred at the time that
it is transferred. But there's a lot of different things
to look at as you go forward. So we're going
to talk about that.
Speaker 1 (01:31):
Today absolutely, and before we dive into this very interesting topic,
the millennials and gen z should be very happy to
hear about Blake. You've got a great event coming up
here in just a couple of days.
Speaker 2 (01:42):
We do very excited for this.
Speaker 4 (01:44):
So we've got a seminar this coming Tuesday, so right
around the corner. It'll be from six to seven thirty
The Retirement Playbook, A Guide to Confident Planning.
Speaker 2 (01:54):
So we're very excited about that.
Speaker 4 (01:56):
Terry and I will both be speaking there, going through
planning for leg see income needs, social security, and additional
retirement essentials. Naturally, as I'm talking, maybe we'll talk a
couple of minutes about the market there as well.
Speaker 3 (02:09):
So I think it'll it'll slide into it.
Speaker 4 (02:11):
It might might just happen, but yeah, very excited about that.
So limited capacity there, So if you are interested attending,
give her office a call nine to five two five
four four two eight three seven or online at Sandbold
fg dot com.
Speaker 1 (02:27):
Wonderful.
Speaker 3 (02:28):
Yeah, So today we're going to discuss the generational wealth
transfer that's underway basically, and the urgent need for next
generation planning and the benefits of early investing and the
looming shortage of financial advisors out there because a lot
of financial advisors. There's been a trend of a lot
of advisors roughly a lot of them are now in
(02:49):
their late fifties, sixties, and seventies, and they're starting to
wind down a little bit as time goes on. So
the uh and that was a big kind of like
the baby boomer crowd kind of went with the age
a little bit. There was more financial planners following the
baby boomer age, but now the advisors are baby boomers
as well. So it's one of those things where looking
(03:11):
at the amount of new financial advisors coming up, the
younger ones, there are not as many to fill in
those shoes, so there's going to be an abundance of
need out there. I think some statistics have said there's
maybe a one hundred thousand person shortage in the advisor.
Speaker 2 (03:29):
Industry in the next ten years. In the next ten years, yeah, wow, Yeah,
one hundred thousand less.
Speaker 4 (03:34):
And I think the study went on to say the
average financial advisor right now is around.
Speaker 2 (03:39):
Age fifty eight. And you know, you look at that.
Speaker 4 (03:42):
If you say average retirement age is probably give or
take sixty five, you know, as common age for a
lot of people, there's going to be a large shortage
in the industry.
Speaker 3 (03:54):
And we think when yeah, and I think one trend there,
if you're trying to determine who do you work with
and to build your financial future, I think it's going
to be more and more difficult for the one person
operation or one person shop or one person advisor group
to succeed in the future because when they retire, you're
sitting out there looking I have to hire or go
(04:16):
interview a new advisor to take their place. So at
Sandville's Financial Group, we really emphasize this. We try to
fill all categories by age also have advisors, So we
do have some advisors in their twenties, thirties, forties, fifties, sixties,
and even seventies, so that it's a team approach here,
which I think is very beneficial for individuals to look
at it that way, because if one did retire there
(04:39):
is it's a team approach. We sit and do weekly
meetings or bi weekly meetings twice a week, meeting with
our advisors, going over our marketing strategies, our portfolio design,
what we're recommending, what's going on in the market. So
we're continually doing that. So if you meet with one
of us versus the next advisor in our group, you're
getting the same information, the same recommendations, and the same
(05:03):
abilities there because let's face it, one advisor cannot do
everything one hundred percent for everybody. You know, they might
have a specialty. We have people in our office that
specialize on the market. We have some that specialize in retirement,
we have some that specialize in social security, we have
some that specialize in insurance.
Speaker 2 (05:22):
So we group that.
Speaker 3 (05:22):
All together for you so you'd get a very thorough
analysis and a holistic approach to your financial future. And
I think that's interesting too. As we work with people
that are aging, we want to help the next generation,
so we team them up with some of our younger
advisors to team write up so they can work with
them twenty thirty, even forty years in some cases, which
(05:45):
I think is very very important.
Speaker 2 (05:47):
So it used to be a lot.
Speaker 3 (05:49):
Of individual planners, a lot of individual addresses that type
of thing, doing their own thing, But I think that
will end up being a bit phased out over time,
wouldn't you agree, Blake?
Speaker 2 (05:58):
Yeah, I think so.
Speaker 4 (05:59):
I think it's to be a large, large change there.
So I think, you know, being focused on a on
a team mentality with someone that you can work with
for a long term relationship, I think that's going to
be increasingly important. And you know, I think you know, generationally,
you look at needs are different for different generations, and
you know, that's where we've done a lot of shows
(06:20):
over the years, Kelly, where we've talked about what are
you know, the key aspects that you want to look
for in an advisor relationship, and you know, it's you
want one.
Speaker 2 (06:28):
Who's has the skill set that that.
Speaker 4 (06:31):
You you know it fits you specifically. And that's where
I think, you know, as we've built out a team
intentionally with that in mind, where we have different skill
sets and there's cross communication on the back end. So
I think it's it's going to be a very changing
landscape over the next ten to fifteen years.
Speaker 3 (06:49):
Yeah, So I think that's the And the financial planning
side of the world is more complex than it ever
has been too, So becoming specialists internally inside your firm
like ours, I think is critical to build strengths and
not everybody's going to be the best in everything all
at the same time. So I think that's even if
Blake and I want to say that that's what we are,
(07:11):
you know, we might there might be five percent that
we're not the best in. We'll talk about that after
the show's over. But anyway, you know, it's one of
those things that having the team approach I think is
very helpful. So when people work with us, I think
the thing that's really interesting is if they have a question,
they call in and just use an example of Blake
or myself or one of our other advisors are in
(07:32):
a meeting, they don't have to leave a voice spaill. Yeah,
because I've said this on the show, I hate voice spails. Yeah,
oh yeah, and because it's not a good communication for
you. You might have a very urgent question and you like
a very responsive answer that day. In many cases, so
our team will know what is your question in regards
(07:54):
to let me get you to the right advisor, let
me get you to the right service team member, and
the specialist type of thing. So we really take a
lot of pride in doing it that way, so you
don't have to if you gave us a call on
a Friday afternoon, the last thing I think people want
to do, especially if it's something urgent, is leave a
message on Friday afternoon at three o'clock and don't get
a phone call back till Monday or Tuesday, and all
(08:17):
weekend they're trying to wonder what's going to be the answer.
So I think that's really important as you go forward.
And at Sandville Financial Group, I founded the firm back
in nineteen eighty six with one goal in mind is
to help as many people as we can better their
financial futures. And now we have thousands of people all
(08:37):
across the country, so we really are proud of that.
And we received many many referrals per week from our
existing clientele, which is the best compliment we can get
as well, you know, and we do the show we've
been doing the show almost twenty four years now, So
we the thing that when we first started the show,
(08:59):
our goal was to help a few people. Now we're
helping thousands of people. Now we're I mean, our show
can be on iHeartRadio nationwide, so you can listen to
wherever you're at. So the thing that's really important about
that is we're just trying to help you. The bottom line.
So if you are working with somebody but you're not
getting the attention you deserve or fuel you're getting, give
(09:20):
us a call for a no cost second opinion. And
I always use the phrase, we always use the phrase
our job is to earn your business every time we
meet or talk, not just the first time, not just
the second time. And we're not trying to be a
big sales organization. We're here to help you with your
(09:40):
financial future. There can be products that can be solutions
as time goes on, or investment products, you know, just
any type of portfolio we can build from scratch, which
I think is important for you to understand too. So
we're not we don't have any allegiance to any one
company for any type of investment or any type of insurance.
(10:01):
We will help you do the analysis you don't have
to go and shop around and chop around on your own,
try to figure out what's best. We'll help you sort
that out. And then ongoing reviews and meetings and helping
you with the planning process is very, very critical because
you can have a great plan, but if it's in
the bottom drawer of your desk, it's not the best plan.
So again, we're talking about the generation wealth shift, and
(10:25):
we do have the Money Talks mailer of the Week
is entitled Understanding your Estate Critical Elements of a state
of an Estate Strategy. So again, if you would like
your copy, give us a call nine five two five
four four two eight three seven. If you'd like to
request a second opinion, also give us the same number
nine five two five four four two eight three seven,
(10:49):
or request both online at sandwaldfg dot com.
Speaker 1 (10:53):
You're listening to Money Talks with Terry Sandbold and Blake
Sandbold and we're talking about the generation wealth shift. Blake,
and it's a bigot.
Speaker 2 (11:04):
It's a big one.
Speaker 4 (11:04):
I mean, it is pretty staggering. And you know Terry
mentioned a little bit earlier in the show, but you
think about it. I mean, the baby Boomers really were
one of the first large ones to create substantial wealth.
I mean, there was substantial wealth creation coming out of
World War Two, and you know, stock ownership, home ownership,
et cetera really really propelled that. So, you know, we've
(11:27):
seen a lot of different research and studies where if
you look over the next twenty years, there's expected to
be over eighty four trillion dollars moving from parents to
grant to from parents and grandparents and children, grandchildren and charities.
Eighty four trillion dollars. I mean, that's a stagering amount
of wealth. So you kind of think about that, that's
you know, essentially more than a trillion dollars a year
(11:49):
by twenty thirty two.
Speaker 2 (11:51):
That's a lot of a lot of moves.
Speaker 4 (11:54):
So you know, I think that's really leads to a
lot of different planning opportunities and challenges. And you know,
without planning, you know, funds can be lost, what can
slip through the cracks? Is it done as tax efficiently
as it should with that transfer? So I think that's
gonna be a very key theme for a lot of people.
(12:14):
How how can we move that properly? Family conflict? You know,
what happened that that never happens with money right, so
making sure things are spelled out the proper way for
children beneficiaries. And you know, a large part that that
we like recommending too is you know, maybe a letter
(12:34):
talking about why you made a decision in a certain way.
You know, if something seems kind of different or unusual
in a certain manner, explaining that can.
Speaker 2 (12:42):
Actually be very helpful.
Speaker 4 (12:44):
So we've seen a number of clients that have done that.
And you know, one you can talk to children about
it beforehand.
Speaker 2 (12:51):
But you know, a lot of.
Speaker 4 (12:53):
Times we've found people having success and either a written
letter or a video.
Speaker 2 (12:58):
Talking about what was wealth to you?
Speaker 4 (13:00):
Why did you build this, why was important? What do
you hope they do with it? And you know, what
do they want to spend it on? Do you want
them to spend it flexibly? Et cetera, Because I mean,
how many times have we seen terry where there's such
a reluctance to sell or change a portfolio to say, well, no, mom,
dad had that stock or they built this, I don't
want to spend it.
Speaker 2 (13:21):
You know, it can be a mentality.
Speaker 3 (13:23):
Well, and then we might go back and say, well, yeah,
twenty years ago it was a very good investment, but
it is doing lower single digit returns and there's many
more opportunities out there, right, so let's take a look
at diverse finds. Some maybe not all. You might want
to keep a small piece because it was in the
family forever, that type of thing, but it's got to
make financial sense for the future as well. So we've
(13:45):
had multi generational meetings in the conference room at the
same time, which is fun. I've mentioned this before on
the shows, but one time I had four generations at
the table at one time, and it was all females.
I kind of tease and they control the money anyway
sometimes in the family. So but that was that was great.
(14:07):
The great grandma, the grandma, the daughter, and the you
know or all four generations basically, and they walked away
from that meeting feeling really good as a as a family,
which is the ultimate goal there. But looking at doing
a state planning, people when you think about a state
planning or you say that, they automatically think, well, when
(14:28):
i'm older, I'll look at that. But things can happen,
and just as we see in the news, things can happen,
and planning accordingly is very very key. But the thing
is we're trying to help you maintain the money that
your family has worked so hard to grow as the
bottom line, So you can do a lot of things
(14:48):
in the estate planning process. You can protect things from
a tax efficient standpoint, how you might how you spend
your money in retirement can make a big difference. What
you do with your rm DS required minimum distributions. Should
you have life insurance to leverage your estate? What are
the different ways you can do this and protect with
some insurance products. But looking at the money management is
(15:09):
very very critical. Some are at capital gains rates, some
are at ordinary income tax rates. Looking at all the
pieces that have to fit together is very very key,
and a lot of people sometimes learn by mistakes how
costly it was, and it's like, gosh, I wish if
my parents would have done this or this, Gosh, there
would have been a whole different number on the board,
so to speak, not to think, but in that fashion.
(15:31):
But it can make a huge difference. And managing money
all the way through their whole lifetime is critical. So
people in retirement, the first ten years of retirement are
kind of ingrain in it because it's new to them.
They're creating their own paycheck. But beyond that, are they
continuing to manage it? Or are your grandparents or parents
that might be in their late seventies, eighties, or even nineties,
(15:54):
are their dollars being managed properly. A lot of times
they get forgotten about and just left alone, kept in
the same thing they've been in for five ten years,
Like Blake was saying, sure, and that.
Speaker 2 (16:04):
Could be a very.
Speaker 3 (16:07):
I guess you'd say, an underperforming strategy for the family. Yeah,
because it may go to the next generation as well.
So if you're a parent, you have a senior well,
if you're an adult, have a senior parent that has investments,
make sure that they are being looked at properly. And
at some point they may not be on top of
(16:28):
that financial game. So are they making the right decisions?
Are they giving up undo taxes? You know there's unnecessary
pain more than they need to, So looking at all
of that is very, very critical. Our beneficiaries up to date.
You know, simple things like that, when was the last
time you checked on your beneficiary agreement or arrangements on
(16:48):
all your investments, all your insurance, even your employee benefit programs?
Do you have beneficiaries aligned or updated too? So many
different things to look at there. But again there's so
many things to look at and what happens with the couple.
Sometimes if one is very involved in the investment strategy,
(17:08):
but that person dies first, if that second person is
not involved, it can be very daunting for that second person.
So that's why a financial planning group working with both
of you, I think, is very critical, because then it's
the transition is a more of a paperwork transition. It's
not a mental transition trying to figure out what do
(17:31):
I do all of a sudden. They don't know what
to do. And if you're frantic there, if you're not
teamed up with the right people, the right firms, you
may make the wrong decisions. I had one time I
was referred from a person that won the lottery. Oh wow,
And the friends said, you really need to talk to
so and so. They're great friends of us. Call them
(17:54):
and say mention that first so they know that you
are for real and all that. And they said, we
probably they probably know who you are from the radio
show and all that. So I reached out to them.
First thing. They said, we're not allowed to talk to anybody,
And I said, what is that? We're not allowed to
talk to anybody. Our attorney said, we can only talk
(18:14):
to their financial planner.
Speaker 1 (18:16):
Oh see, that smells bad.
Speaker 3 (18:18):
And I said, whose money is this? Is it your
money or is it the attorney's money? I said, I understand,
hopefully they're just trying to protect you from the bad
people out there so to score. But your best friends
referred me to you, you need to look at all
different things and then decide what to do. Nope, we
(18:39):
can't talk to anybody else. Sorry, though they just told
us we couldn't and they wouldn't go any further. And
you can only do so much when you make a
phone call like that. But you always get concerned. Are
the people that you're working with looking at your best
interest or their own? And if you're starting to wonder
or sense that you're not with the right group. So
(19:00):
I think that's really important, and the world of a
state planning trust is very, very key. You have to
have confidence in the trust the ethics of the firm
you're working with and know that they're working for your
best interest, not theirs. So that's how we started our
company in nineteen eighty six with one mission, Honesty, dependability
(19:20):
and knowledge, where the three key words that we started
our foundation of our company on. And if you're working
with somebody and they're great for you, that is great,
That is wonderful. That's the goal. If you're not sure,
if you think you could do better, you want to
get a second opinion. We are right here to take
a call meet with you. And we always say earn
(19:44):
your business, so very very important for you to pick
who you want and who can be on your team
to win the financial game.
Speaker 2 (19:52):
Well, and that is.
Speaker 1 (19:52):
A great that's perfect. And you give an opportunity for
people to get to know you and the team a
little bit. And you've got one of those coming up
this coming Tuesday, Blake, both of you will be speaking.
Tell us a little bit about what's gonna what's gonna happen.
Speaker 4 (20:05):
Yes, we've got a fun presentation the Retirement Playbook, a
guide to confident Planning. As you mentioned, this Tuesday, October seventh,
from six to seven thirty, UH be going through a
variety of Talckets topics ranging from legacy planning, social security,
additional retirement strategies to consider UH changing income expenses, et cetera.
(20:28):
So both Terry and I will be speaking there. Well,
we'll have appetizers drinks. So if you'd like to attend,
give her office a call at nine to five two
five four four two eight three seven or go online
to Saandbold FG dot com.
Speaker 1 (20:42):
Welcome back to Money Talks with Terry Sandbold and Blake Sandbold,
and today we're talking about the generation wealth shift Blake
and there's a lot of money that's going to move.
Speaker 2 (20:52):
A lot of money that's going to move.
Speaker 4 (20:53):
And so I guess this great wealth transfer has also
become known as the Silver Tsunami, which is it's kind
of funny. It makes me think if I met with
this one lady and was out of Minnesota, and you know,
she she was a little older herself, and she talked
about all the old guys out there, just as the
Q Tips.
Speaker 2 (21:13):
That's awesome.
Speaker 1 (21:14):
It's just.
Speaker 2 (21:16):
See all the Q tips with their cars racing around here,
and just why we like to meet her. She's fun,
she's fun.
Speaker 4 (21:26):
But yeah, I mean, you think about the Silver Tsunami
great wealth transfer.
Speaker 2 (21:31):
You know, Serulei.
Speaker 4 (21:33):
Has put it, as you know, up to one hundred
and twenty four trillion in assets moving hands by twenty
forty eight. You know, the study kind of showed Interestingly,
widowed women will be among the largest recipients as assets
transfer first between spouses and then to then to children, grandchildren, charities.
So that really speaks to what Terry and I have
(21:56):
talked about for a long time, making sure both couples
are actively engaged just knowing where.
Speaker 2 (22:01):
Assets are at.
Speaker 4 (22:02):
Statistically, men do pass first, so both being involved and
understanding where things are at is incredibly important. But we've
got an interesting chart looking at the numbers of this.
So assets transferred and inherited through twenty forty eight by
generation Baby boomers, you know, amongst each other, will receive
(22:23):
about six trillion. Gen X jumps up quite a bit,
so that's from you know, ages being born nineteen sixty
five to nineteen eighty thirty nine trillion. Millennials again born
nineteen eighty one to nineteen ninety six forty six trillion. Wow,
massive amount of money Gen Z collectively put together on
(22:44):
this chart nineteen seven or later fifteen trillion, so substantial
amount of wealth. And you know, I think a big
part on this really comes down to communicating early about
what is going on with this. You know, what is
going to be important, planning topics and conversations need to
be different amongst families with this much wealth moving forward.
Speaker 2 (23:08):
So big part that we look at here.
Speaker 4 (23:12):
You know why early investing matters is kind of the
simple thing on this, So inheritance isn't the only piece
of the puzzle. One of the most common powerful lessons
we can teach the next generation is the value of
starting early. So that's a really key part. So we've
got an example here. So assuming six percent growth, we're
not getting into taxes, so this is just purely compound.
Speaker 2 (23:34):
Interest as far as how we're looking at this.
Speaker 4 (23:38):
So someone's starting to invest at age twenty five, consistent
annual investment, even for just fifteen years could result in
a nest egg of roughly one point three to five
million by age sixty seven, compared to delayed start at
thirty five and saving for thirty years would yield less
than nine hundred and fifty thousand dollars.
Speaker 2 (23:59):
So it's it's really what did we have on that?
Speaker 4 (24:02):
I think one hundred dollars a month going into it,
So pretty pretty staggering type things to think about. So
investing early is really a massive deal and the interest
of your crew just by getting started early and letting
time be on your side is huge compared to delaying things.
(24:22):
So it's also you know, it's a great way to
get people engaged in thinking about it. And you know,
I think a lot of young people they can feel
scrapped and say, well where do I where do I go?
I've I've got you know, college, det et cetera. You know,
is investing that really the first thing I want to
do and think about. But getting in that mindset and
getting engaged is really huge.
Speaker 3 (24:42):
Yeah, even if you're starting off and you have a
part time job or a job around school, you can
start a roth ira for example, and that's that's after
tax money, but once you put it in, it grows
tax efferred and it's income tax free down the road
when you take it out. The thing I think that
people forget about it on a roth ira is the
contributions can come out at any age. It's the interest
(25:04):
that has the issue at before fifty nine and a half,
so it can be something that's very beneficial. And using
that example like Blake was using there, let's say that
all that money was income text fred down the road.
Speaker 2 (25:17):
That's a huge deal.
Speaker 3 (25:18):
So emphasizing that if you have a four to one
K that has a Wroth option, and you're a younger person,
that may be very important to look at that option
because you're looking at do you want to pay the
tax bill upfront on the money or do you want
to pay the tax bill on the end when you
take it out. So if it's magnified over multiple years,
many years, in many in many ways, the Wroth four
(25:40):
one K option can be much better for a lot
of younger people especially. So we look at all of
that when we're building retirement plans and savings plans. The
thing that's really important is just getting started. One thing
that I've noticed too is when we're doing a retirement
plan for a couple, the couple is more in tune
with making sure they're kids are getting started. Also, we
(26:02):
try to ingrain that in them as we go through
the meetings and make sure how are your kids doing? Oh?
And they parents like to break about successes of their kids. Okay,
so if they are successful, are they putting some money?
Are they paying themselves first? And they say, what do
you mean? I says, are they saving some money and
then spending the rest? Well, I never thought of it
(26:23):
that way, you know, So I mean, they will coach
them to come in and give us a call, and
we'll send them along with our intro book too as
an opener for them, you know, things like that, to
make sure that they are in tune with what we're doing.
From time to time, we'll have the kids will come
in with the parents adult kids, and they'll they'll also
(26:46):
do that as maybe sometime a checkpoint if one of
the parents has passed. They want to make sure that
mom or dad are okay, and if they haven't been
in our office before that, that's probably shame on us
for not making sure that they are in our office
before that.
Speaker 2 (27:02):
We do make a point to do that.
Speaker 3 (27:03):
But sometimes they live out of state also, and they'll
come in and I'll never forget the one time one
of our very earliest clients back in I think it
was nineteen eighty seven, the husband died. The surviving spouse,
she came in with her son and we did a
regular review. I went through everything and gave me talked
(27:25):
about who we are, what we do for him. So
saw us in person, and he turned to his mom
and he says, now I know exactly why you're here.
He says, I don't have to worry about you anymore
in your financial future. So I'm so glad I came
in in person, could see the operation meet with Terry
and the team and all of that. He says, so
(27:45):
this is great, and he said that out loud to
us while we're sitting there, So I thought, that's a
great compliment to hear that. But that's what our goal is,
is to make sure that moms and dads, grandmas and
grandpas and kids and grandkids are on the way to
a great financial future. So we've we've had, as Blake knows,
(28:08):
he's he's contributing to this number. We have twelve grand
children right now and number thirteen's on the way.
Speaker 1 (28:15):
Who's got number thirteen?
Speaker 3 (28:16):
Oh that would be Caitlin.
Speaker 2 (28:17):
Okay, all right, so she's setting.
Speaker 3 (28:19):
She's setting the pace anyway.
Speaker 4 (28:22):
But she'll have six and the oldest currently is seven
Will Will he'll almost be eight.
Speaker 2 (28:30):
When the when the six is born. Wow.
Speaker 3 (28:34):
So anyway, yeah, Well, what's interesting is one of the
grand kids came up to me and says, you know, no, Grandpa,
I just want to let you know I'm learning about
numbers and I really like numbers, and Blake and I,
of course would just get a big smile on her
face when they says right. And I says, well, if
you really like numbers in the future, you're probably going
(28:56):
to love money. I'll tell you all about that later.
And he gave me this puzzled look a little bit.
It's like it's like, well, but he wanted I want
to make sure that I knew that he liked numbers.
So I mean, that's that's great. So it's indirectly rubbing
off just seeing Blake, David, myself and our family being
(29:19):
involved in this business and knowing that what we do
in general terms helping people with their investments and things
like that. But that's what it's all about. Blake got
started setting up a seminar when he was in the
third grade, had nine year olds. I came in and
was a guest speaker at his class. So we've talked
about that many times on the radio. But I said,
(29:43):
I said to Blake, I says, should I call him
talk to the teacher? No, I'll set it up dad.
Speaker 1 (29:48):
Ye, my goodness.
Speaker 3 (29:53):
So we did a booklet on how money grows one
dollar day, five dollars a day, ten dollars a day,
till age sixty five, So I mean the earlier you start,
the better. Somewhat is for kids to talk about it
as a financial game. Sometimes it is a good way
to look at that. Do you want to win the
financial game? Here's what you need to do. So many
of you are beyond nine years old, but you can
(30:16):
make a difference for you. So let us know if
we can help.
Speaker 1 (30:18):
Absolutely, we've got more money talks in just a moment.
It's money Talks with Terry Sambold and Blake Samdbled and
today we've been talking about the generation wealth shift Blake
and you know, just staggering amounts of money will be
transferring and people need to be prepared for that. But
you have ways to help.
Speaker 4 (30:36):
We have ways to help. We have ways to help.
So first way we can help is we've actually got
a great presentation this week, this coming Tuesday, October seventh,
from six to seven thirty. It will be the Retirement Playbook,
a Guide to Confident Planning. So Terry and I will
both be speaking there, going through a variety of retirement
planning topics, social security, cash flow analysis, or retirement plan
(31:00):
in general. It should be a lot of fun, so
we're very excited for it. So if you're interested in tending,
that could be a great way to get started. Our
phone number is nine five two five four four two
eight three seven, or you can go online to sampled
fg dot com. The other thing that we do have
is we've actually got a great moneytop smailer this week,
Understanding your State Critical elements of an estate strategy. This document,
(31:25):
i would say, is applicable for everyone listening to the
show today. All ages and stages should be thinking about
a state planning. And you know, Terry mentioned it earlier,
so many people think, well, that's a state planning, that's
for old people, right, That's that's just uh, you know,
I'll think about that after I retire. And the reality
is you should be starting very early. I mean, if
(31:46):
you have kids, children, you need to be thinking about
a state planning. And you know what, what if something happened,
is your family taken care of, You've got a million
dollar insurance policy and other assets. You've got an estate
and you need to be thinking about that. So great
thing goes through elements of a will, letter of intense trust, executor,
(32:08):
guardenship designations, second and third marriages. You know, common things
to be thinking about. There listening out accounts, you name it.
It's a great booklet.
Speaker 2 (32:20):
That we have on that.
Speaker 4 (32:21):
So if you're interested, give our office a call again
nine five two five four four two eight three seven
or online at sandpl fg dot com.
Speaker 2 (32:30):
Perfect.
Speaker 3 (32:31):
Yeah, so many things to think about in regards to
the state planning and your overall planning process. The thing
that is important is your world changes. So as your
world changes, I mean, it can be be newly weed
and all of a sudden you're jointly owning the first
home where you know, things are pooled together, so to speak.
(32:51):
If something happen to one of you, how are they
separated if they needed to be separated, or if there's
children along the way, make sure you're updating your beneficiary
arrangements as the children appear, so to speak. That would
be a terrible thing to oh, we forgot to put
Billy on here, so to speak.
Speaker 2 (33:09):
You know that type of thing.
Speaker 3 (33:12):
And then different things, I mean, charities are really important
for a lot of people and they and they should be.
It's like how do you plan out your estate that way?
You know, and along the way if you're doing gifting
different things like that. On the wealth transfer, it doesn't
all have to be at death, you know, it can
be you can have a planned out process where if
(33:33):
you're a successful person, how do you shift some of
your assets before you pass? You know, what are some
of the gifting rules and regulations on that without having
to do a gift tax return so to speak. Many
things to look at there. But when you think about it,
without planning that wealth can slip through the cracks, so
to speak. They can be lost to taxes, They can
(33:56):
be lost to family conflict or just poor financial decas
visions along the way. So one thing is if you
do not have beneficiary arrangements on things, even as simple
as checking in savings accounts, they can go through probate.
And we had an issue with a person that sold
(34:18):
some property and they put the money in a savings account.
They thought it was a joint account. I asked them
if it was a joint account.
Speaker 1 (34:23):
YEP.
Speaker 3 (34:23):
They both said it was a joint account. One died.
They were going to move that money to other things.
Within thirty days, one of the two died and the
spouse could not get their own money from the salor
of their property without going through probatenelievable. And where they
had it at the bank. The bank never put them
on the account, and it was it was too bad
(34:44):
and too sad that they did that, but cost them
seventy five hundred dollars just to get their own money.
So you don't want to learn by mistakes.
Speaker 4 (34:51):
Yeah, well, you know you hear sometimes with that and saying,
well one of them just signed for it, they can
just open it for both of us. That's called an
individual will.
Speaker 2 (35:00):
Account, not a joint account. Not a joint account. So
I think that's a great thing to look at.
Speaker 4 (35:07):
And you know, there are certain bank accounts where they
can have as an example, you know, a payable on
death type designation where the assets flow through on that
so which works like a beneficiary type designation. So those
those are are really important things to look at where
you know, checking savings, that's where you've got your liquidity.
Speaker 2 (35:26):
If you're not both listed there as an example in
this case, that's that's a difficult spot to be.
Speaker 3 (35:31):
Yeah. So one things we on our reviews with their clients,
we always update beneficiary arrangements, make sure they're updated. It
could have been well, my when I was younger, maybe
my without children, maybe your parents were the beneficiaries and
now you're married and have children.
Speaker 2 (35:47):
Yes, like you just never thought all of a sudden.
Speaker 3 (35:48):
It's like, oh gosh, well my parents had passed away
and they were the primary beneficiaries, so then were the
secondary beneficiary set up? And if they weren't, then it
can go through this state and go through pro too.
So there's many different things there just to bring up,
and that's part of working with a financial advisor group
like ours, is a more holistic approach to your financial future,
(36:10):
not just investments. And that's it, walk away, did great,
have a nice day. We'll see again in a year.
You know, that type of approach. There's more to it
than that. It's very very important. We want to talk
with you, ideally in a quarterly basis because the world
changes quite quickly, as you know. We could use this
year as an example. Many things have changed this year.
Oh yeah, and many things will change next year. That's
(36:32):
not a big bold statement on my part.
Speaker 2 (36:35):
Things will be different now. So it's really.
Speaker 3 (36:38):
Important to have a meaningful conversation with your family, build
solid estate plans, make sure your errors are properly prepared
to so knowing who we are, if we're working with people,
we want to make sure their beneficiaries know who we are.
I had one time I was at church and after
(36:59):
that I was talking to you. You a member that
is a heart surgeon, and he says, Terry, I put
all the financial planners information in their medical files. I says, really,
He says, because if somebody has a medical issue that
I'm dealing with, like a heart issue, first, one of
the first people they want to talk to is their
financial advisor. Interesting, and it made me think about that
(37:22):
a little bit, and he said, he says, I know,
I'm one of the few that does that, but it
is if something happens, we do get a call and
hopefully they know who to call. If they don't, they're scrambling. Yeah,
and it can be in a situation where gosh, we
don't know who to call. We know they have a
lot of investments, we're not sure where they're at. Then
(37:43):
that advisor's not doing their job if they didn't get
the connection going there. So very very important to do that.
But we do emphasize with everybody that has an advisor anywhere,
make sure your beneficiaries have that information as well.
Speaker 1 (37:57):
Absolutely, we have just a couple of minutes left here
on money talks Blake and you know, talking about the
generation wealth shift today and starting early.
Speaker 4 (38:07):
Yeah, it's starting early. And you know, there's so many
assets that are going to be changed hands. And you know,
I think Terry was making a really good point of
making sure your beneficiaries or whoever's going to receive the
assets are prepared. And you know, we we used to
say that, you know, you think about that predominantly with
very very large assets, to say, you know, it's it
(38:29):
can be a burden to an extent, you know, to
say you're you're gonna be tasked with handling all this money.
Speaker 2 (38:34):
Maybe you've never invested, you're not prepared for it.
Speaker 4 (38:37):
So having those discussions early is actually incredibly important. I mean,
if someone has all of a sudden comes into millions
of dollars that's life changing money, they may not know
how to handle that. That that might be very daunting.
So starting up those lines of communication of saying, you know,
here's here's what some of this may look like, and
start to give primers.
Speaker 2 (38:57):
On that and say here's as an example. You know,
if they if they're working with us, here's.
Speaker 4 (39:01):
The group that has helped us build preserve some of
this in certain cases, let's start having those mutual meetings
and understand and you know it can be you know,
maybe you're well established, maybe it is someone younger who's
going to inherit those Making sure that they start understanding
and being educated about the market in different ways is huge.
Speaker 3 (39:20):
Yeah, there's many options on distributions inheriting money depending on
what it is. So if it's an IRA, they may
have a ten year rule where they can take it
out over ten years instead of cash it all on,
pay tax on one year. So if they don't understand
that their tendencies are I just cash it all, all
the chips in and then I deal with it, we
might have created the biggest tax bility you possibly could
(39:41):
have put against yourself, so to speak. Sure, So sitting
down with people like us, we can go through all
those pieces before they're transacted and look at all of
that as well. So very very key to sit down
and work with somebody that is very familiar with retirement planning,
a state planning, investments, insurance, all of the holistic things
that we do at Sandwold Financial Group. And if you
(40:03):
would like to meet with us or have a conversation,
give us a call at nine five two five four
four two eight three seven, and can be all across
the country or located in Minnetaka, Minnesota. That does not
mean you have to live in Minnetaka, Minnesota. We have
thousands of clients nationwide, so again our number is nine
five two five four four two eight three seven
Hello, and welcome to Money Talks with Terry Sandbold and
Blake Sandbold and guys, you've got a topic that's been
of great interest to me and I've been reading about
this for a while.
Speaker 2 (00:09):
Today. What's it called.
Speaker 3 (00:10):
Yeah, it's called the generation wealth shift, And as we
talk about it, we'll go through some of the details
and some of the stats on that. But there's going
to be an enormous amount of money changing hands even
over the next ten years. Yeah, So I mean we're
going to talk about how important it is to plan.
So along with the show today, we do have a
Money Tals mailer of the Week. It is an estate
(00:33):
planning booklet. It's about fourteen pages of information. So if
you'd like your copy of that as well, give us
a call at nine five two five four four two
eight three seven. But yeah, when you think about it,
your goal in life is to build your investments up,
your assets up to be able to control when you
(00:53):
want to retire, at what level you'd like to retire.
One of the things that doesn't happen though, is not
everybody spends all the money, so it builds up ideally,
which is a good thing. And as that money grows
and grows and grows. There's going to be an enormous
amount of money changing hands, like we mentioned, in the
next roughly ten years, so how should it be handled.
(01:17):
There's going to be a lot of things that we
can do as financial advisors to help plan for that
and make sure it's efficiently transferred at the time that
it is transferred. But there's a lot of different things
to look at as you go forward. So we're going
to talk about that.
Speaker 1 (01:31):
Today absolutely, and before we dive into this very interesting topic,
the millennials and gen z should be very happy to
hear about Blake. You've got a great event coming up
here in just a couple of days.
Speaker 2 (01:42):
We do very excited for this.
Speaker 4 (01:44):
So we've got a seminar this coming Tuesday, so right
around the corner. It'll be from six to seven thirty
The Retirement Playbook, A Guide to Confident Planning.
Speaker 2 (01:54):
So we're very excited about that.
Speaker 4 (01:56):
Terry and I will both be speaking there, going through
planning for leg see income needs, social security, and additional
retirement essentials. Naturally, as I'm talking, maybe we'll talk a
couple of minutes about the market there as well.
Speaker 3 (02:09):
So I think it'll it'll slide into it.
Speaker 4 (02:11):
It might might just happen, but yeah, very excited about that.
So limited capacity there, So if you are interested attending,
give her office a call nine to five two five
four four two eight three seven or online at Sandbold
fg dot com.
Speaker 1 (02:27):
Wonderful.
Speaker 3 (02:28):
Yeah, So today we're going to discuss the generational wealth
transfer that's underway basically, and the urgent need for next
generation planning and the benefits of early investing and the
looming shortage of financial advisors out there because a lot
of financial advisors. There's been a trend of a lot
of advisors roughly a lot of them are now in
(02:49):
their late fifties, sixties, and seventies, and they're starting to
wind down a little bit as time goes on. So
the uh and that was a big kind of like
the baby boomer crowd kind of went with the age
a little bit. There was more financial planners following the
baby boomer age, but now the advisors are baby boomers
as well. So it's one of those things where looking
(03:11):
at the amount of new financial advisors coming up, the
younger ones, there are not as many to fill in
those shoes, so there's going to be an abundance of
need out there. I think some statistics have said there's
maybe a one hundred thousand person shortage in the advisor.
Speaker 2 (03:29):
Industry in the next ten years. In the next ten years, yeah, wow, Yeah,
one hundred thousand less.
Speaker 4 (03:34):
And I think the study went on to say the
average financial advisor right now is around.
Speaker 2 (03:39):
Age fifty eight. And you know, you look at that.
Speaker 4 (03:42):
If you say average retirement age is probably give or
take sixty five, you know, as common age for a
lot of people, there's going to be a large shortage
in the industry.
Speaker 3 (03:54):
And we think when yeah, and I think one trend there,
if you're trying to determine who do you work with
and to build your financial future, I think it's going
to be more and more difficult for the one person
operation or one person shop or one person advisor group
to succeed in the future because when they retire, you're
sitting out there looking I have to hire or go
(04:16):
interview a new advisor to take their place. So at
Sandville's Financial Group, we really emphasize this. We try to
fill all categories by age also have advisors, So we
do have some advisors in their twenties, thirties, forties, fifties, sixties,
and even seventies, so that it's a team approach here,
which I think is very beneficial for individuals to look
at it that way, because if one did retire there
(04:39):
is it's a team approach. We sit and do weekly
meetings or bi weekly meetings twice a week, meeting with
our advisors, going over our marketing strategies, our portfolio design,
what we're recommending, what's going on in the market. So
we're continually doing that. So if you meet with one
of us versus the next advisor in our group, you're
getting the same information, the same recommendations, and the same
(05:03):
abilities there because let's face it, one advisor cannot do
everything one hundred percent for everybody. You know, they might
have a specialty. We have people in our office that
specialize on the market. We have some that specialize in retirement,
we have some that specialize in social security, we have
some that specialize in insurance.
Speaker 2 (05:22):
So we group that.
Speaker 3 (05:22):
All together for you so you'd get a very thorough
analysis and a holistic approach to your financial future. And
I think that's interesting too. As we work with people
that are aging, we want to help the next generation,
so we team them up with some of our younger
advisors to team write up so they can work with
them twenty thirty, even forty years in some cases, which
(05:45):
I think is very very important.
Speaker 2 (05:47):
So it used to be a lot.
Speaker 3 (05:49):
Of individual planners, a lot of individual addresses that type
of thing, doing their own thing, But I think that
will end up being a bit phased out over time,
wouldn't you agree, Blake?
Speaker 2 (05:58):
Yeah, I think so.
Speaker 4 (05:59):
I think it's to be a large, large change there.
So I think, you know, being focused on a on
a team mentality with someone that you can work with
for a long term relationship, I think that's going to
be increasingly important. And you know, I think you know, generationally,
you look at needs are different for different generations, and
you know, that's where we've done a lot of shows
(06:20):
over the years, Kelly, where we've talked about what are
you know, the key aspects that you want to look
for in an advisor relationship, and you know, it's you
want one.
Speaker 2 (06:28):
Who's has the skill set that that.
Speaker 4 (06:31):
You you know it fits you specifically. And that's where
I think, you know, as we've built out a team
intentionally with that in mind, where we have different skill
sets and there's cross communication on the back end. So
I think it's it's going to be a very changing
landscape over the next ten to fifteen years.
Speaker 3 (06:49):
Yeah, So I think that's the And the financial planning
side of the world is more complex than it ever
has been too, So becoming specialists internally inside your firm
like ours, I think is critical to build strengths and
not everybody's going to be the best in everything all
at the same time. So I think that's even if
Blake and I want to say that that's what we are,
(07:11):
you know, we might there might be five percent that
we're not the best in. We'll talk about that after
the show's over. But anyway, you know, it's one of
those things that having the team approach I think is
very helpful. So when people work with us, I think
the thing that's really interesting is if they have a question,
they call in and just use an example of Blake
or myself or one of our other advisors are in
(07:32):
a meeting, they don't have to leave a voice spaill. Yeah,
because I've said this on the show, I hate voice spails. Yeah,
oh yeah, and because it's not a good communication for
you. You might have a very urgent question and you like
a very responsive answer that day. In many cases, so
our team will know what is your question in regards
(07:54):
to let me get you to the right advisor, let
me get you to the right service team member, and
the specialist type of thing. So we really take a
lot of pride in doing it that way, so you
don't have to if you gave us a call on
a Friday afternoon, the last thing I think people want
to do, especially if it's something urgent, is leave a
message on Friday afternoon at three o'clock and don't get
a phone call back till Monday or Tuesday, and all
(08:17):
weekend they're trying to wonder what's going to be the answer.
So I think that's really important as you go forward.
And at Sandville Financial Group, I founded the firm back
in nineteen eighty six with one goal in mind is
to help as many people as we can better their
financial futures. And now we have thousands of people all
(08:37):
across the country, so we really are proud of that.
And we received many many referrals per week from our
existing clientele, which is the best compliment we can get
as well, you know, and we do the show we've
been doing the show almost twenty four years now, So
we the thing that when we first started the show,
(08:59):
our goal was to help a few people. Now we're
helping thousands of people. Now we're I mean, our show
can be on iHeartRadio nationwide, so you can listen to
wherever you're at. So the thing that's really important about
that is we're just trying to help you. The bottom line.
So if you are working with somebody but you're not
getting the attention you deserve or fuel you're getting, give
(09:20):
us a call for a no cost second opinion. And
I always use the phrase, we always use the phrase
our job is to earn your business every time we
meet or talk, not just the first time, not just
the second time. And we're not trying to be a
big sales organization. We're here to help you with your
(09:40):
financial future. There can be products that can be solutions
as time goes on, or investment products, you know, just
any type of portfolio we can build from scratch, which
I think is important for you to understand too. So
we're not we don't have any allegiance to any one
company for any type of investment or any type of insurance.
(10:01):
We will help you do the analysis you don't have
to go and shop around and chop around on your own,
try to figure out what's best. We'll help you sort
that out. And then ongoing reviews and meetings and helping
you with the planning process is very, very critical because
you can have a great plan, but if it's in
the bottom drawer of your desk, it's not the best plan.
So again, we're talking about the generation wealth shift, and
(10:25):
we do have the Money Talks mailer of the Week
is entitled Understanding your Estate Critical Elements of a state
of an Estate Strategy. So again, if you would like
your copy, give us a call nine five two five
four four two eight three seven. If you'd like to
request a second opinion, also give us the same number
nine five two five four four two eight three seven,
(10:49):
or request both online at sandwaldfg dot com.
Speaker 1 (10:53):
You're listening to Money Talks with Terry Sandbold and Blake
Sandbold and we're talking about the generation wealth shift. Blake,
and it's a bigot.
Speaker 2 (11:04):
It's a big one.
Speaker 4 (11:04):
I mean, it is pretty staggering. And you know Terry
mentioned a little bit earlier in the show, but you
think about it. I mean, the baby Boomers really were
one of the first large ones to create substantial wealth.
I mean, there was substantial wealth creation coming out of
World War Two, and you know, stock ownership, home ownership,
et cetera really really propelled that. So, you know, we've
(11:27):
seen a lot of different research and studies where if
you look over the next twenty years, there's expected to
be over eighty four trillion dollars moving from parents to
grant to from parents and grandparents and children, grandchildren and charities.
Eighty four trillion dollars. I mean, that's a stagering amount
of wealth. So you kind of think about that, that's
you know, essentially more than a trillion dollars a year
(11:49):
by twenty thirty two.
Speaker 2 (11:51):
That's a lot of a lot of moves.
Speaker 4 (11:54):
So you know, I think that's really leads to a
lot of different planning opportunities and challenges. And you know,
without planning, you know, funds can be lost, what can
slip through the cracks? Is it done as tax efficiently
as it should with that transfer? So I think that's
gonna be a very key theme for a lot of people.
(12:14):
How how can we move that properly? Family conflict? You know,
what happened that that never happens with money right, so
making sure things are spelled out the proper way for
children beneficiaries. And you know, a large part that that
we like recommending too is you know, maybe a letter
(12:34):
talking about why you made a decision in a certain way.
You know, if something seems kind of different or unusual
in a certain manner, explaining that can.
Speaker 2 (12:42):
Actually be very helpful.
Speaker 4 (12:44):
So we've seen a number of clients that have done that.
And you know, one you can talk to children about
it beforehand.
Speaker 2 (12:51):
But you know, a lot of.
Speaker 4 (12:53):
Times we've found people having success and either a written
letter or a video.
Speaker 2 (12:58):
Talking about what was wealth to you?
Speaker 4 (13:00):
Why did you build this, why was important? What do
you hope they do with it? And you know, what
do they want to spend it on? Do you want
them to spend it flexibly? Et cetera, Because I mean,
how many times have we seen terry where there's such
a reluctance to sell or change a portfolio to say, well, no, mom,
dad had that stock or they built this, I don't
want to spend it.
Speaker 2 (13:21):
You know, it can be a mentality.
Speaker 3 (13:23):
Well, and then we might go back and say, well, yeah,
twenty years ago it was a very good investment, but
it is doing lower single digit returns and there's many
more opportunities out there, right, so let's take a look
at diverse finds. Some maybe not all. You might want
to keep a small piece because it was in the
family forever, that type of thing, but it's got to
make financial sense for the future as well. So we've
(13:45):
had multi generational meetings in the conference room at the
same time, which is fun. I've mentioned this before on
the shows, but one time I had four generations at
the table at one time, and it was all females.
I kind of tease and they control the money anyway
sometimes in the family. So but that was that was great.
(14:07):
The great grandma, the grandma, the daughter, and the you
know or all four generations basically, and they walked away
from that meeting feeling really good as a as a family,
which is the ultimate goal there. But looking at doing
a state planning, people when you think about a state
planning or you say that, they automatically think, well, when
(14:28):
i'm older, I'll look at that. But things can happen,
and just as we see in the news, things can happen,
and planning accordingly is very very key. But the thing
is we're trying to help you maintain the money that
your family has worked so hard to grow as the
bottom line, So you can do a lot of things
(14:48):
in the estate planning process. You can protect things from
a tax efficient standpoint, how you might how you spend
your money in retirement can make a big difference. What
you do with your rm DS required minimum distributions. Should
you have life insurance to leverage your estate? What are
the different ways you can do this and protect with
some insurance products. But looking at the money management is
(15:09):
very very critical. Some are at capital gains rates, some
are at ordinary income tax rates. Looking at all the
pieces that have to fit together is very very key,
and a lot of people sometimes learn by mistakes how
costly it was, and it's like, gosh, I wish if
my parents would have done this or this, Gosh, there
would have been a whole different number on the board,
so to speak, not to think, but in that fashion.
(15:31):
But it can make a huge difference. And managing money
all the way through their whole lifetime is critical. So
people in retirement, the first ten years of retirement are
kind of ingrain in it because it's new to them.
They're creating their own paycheck. But beyond that, are they
continuing to manage it? Or are your grandparents or parents
that might be in their late seventies, eighties, or even nineties,
(15:54):
are their dollars being managed properly. A lot of times
they get forgotten about and just left alone, kept in
the same thing they've been in for five ten years,
Like Blake was saying, sure, and that.
Speaker 2 (16:04):
Could be a very.
Speaker 3 (16:07):
I guess you'd say, an underperforming strategy for the family. Yeah,
because it may go to the next generation as well.
So if you're a parent, you have a senior well,
if you're an adult, have a senior parent that has investments,
make sure that they are being looked at properly. And
at some point they may not be on top of
(16:28):
that financial game. So are they making the right decisions?
Are they giving up undo taxes? You know there's unnecessary
pain more than they need to, So looking at all
of that is very, very critical. Our beneficiaries up to date.
You know, simple things like that, when was the last
time you checked on your beneficiary agreement or arrangements on
(16:48):
all your investments, all your insurance, even your employee benefit programs?
Do you have beneficiaries aligned or updated too? So many
different things to look at there. But again there's so
many things to look at and what happens with the couple.
Sometimes if one is very involved in the investment strategy,
(17:08):
but that person dies first, if that second person is
not involved, it can be very daunting for that second person.
So that's why a financial planning group working with both
of you, I think, is very critical, because then it's
the transition is a more of a paperwork transition. It's
not a mental transition trying to figure out what do
(17:31):
I do all of a sudden. They don't know what
to do. And if you're frantic there, if you're not
teamed up with the right people, the right firms, you
may make the wrong decisions. I had one time I
was referred from a person that won the lottery. Oh wow,
And the friends said, you really need to talk to
so and so. They're great friends of us. Call them
(17:54):
and say mention that first so they know that you
are for real and all that. And they said, we
probably they probably know who you are from the radio
show and all that. So I reached out to them.
First thing. They said, we're not allowed to talk to anybody,
And I said, what is that? We're not allowed to
talk to anybody. Our attorney said, we can only talk
(18:14):
to their financial planner.
Speaker 1 (18:16):
Oh see, that smells bad.
Speaker 3 (18:18):
And I said, whose money is this? Is it your
money or is it the attorney's money? I said, I understand,
hopefully they're just trying to protect you from the bad
people out there so to score. But your best friends
referred me to you, you need to look at all
different things and then decide what to do. Nope, we
(18:39):
can't talk to anybody else. Sorry, though they just told
us we couldn't and they wouldn't go any further. And
you can only do so much when you make a
phone call like that. But you always get concerned. Are
the people that you're working with looking at your best
interest or their own? And if you're starting to wonder
or sense that you're not with the right group. So
(19:00):
I think that's really important, and the world of a
state planning trust is very, very key. You have to
have confidence in the trust the ethics of the firm
you're working with and know that they're working for your
best interest, not theirs. So that's how we started our
company in nineteen eighty six with one mission, Honesty, dependability
(19:20):
and knowledge, where the three key words that we started
our foundation of our company on. And if you're working
with somebody and they're great for you, that is great,
That is wonderful. That's the goal. If you're not sure,
if you think you could do better, you want to
get a second opinion. We are right here to take
a call meet with you. And we always say earn
(19:44):
your business, so very very important for you to pick
who you want and who can be on your team
to win the financial game.
Speaker 2 (19:52):
Well, and that is.
Speaker 1 (19:52):
A great that's perfect. And you give an opportunity for
people to get to know you and the team a
little bit. And you've got one of those coming up
this coming Tuesday, Blake, both of you will be speaking.
Tell us a little bit about what's gonna what's gonna happen.
Speaker 4 (20:05):
Yes, we've got a fun presentation the Retirement Playbook, a
guide to confident Planning. As you mentioned, this Tuesday, October seventh,
from six to seven thirty, UH be going through a
variety of Talckets topics ranging from legacy planning, social security,
additional retirement strategies to consider UH changing income expenses, et cetera.
(20:28):
So both Terry and I will be speaking there. Well,
we'll have appetizers drinks. So if you'd like to attend,
give her office a call at nine to five two
five four four two eight three seven or go online
to Saandbold FG dot com.
Speaker 1 (20:42):
Welcome back to Money Talks with Terry Sandbold and Blake Sandbold,
and today we're talking about the generation wealth shift Blake
and there's a lot of money that's going to move.
Speaker 2 (20:52):
A lot of money that's going to move.
Speaker 4 (20:53):
And so I guess this great wealth transfer has also
become known as the Silver Tsunami, which is it's kind
of funny. It makes me think if I met with
this one lady and was out of Minnesota, and you know,
she she was a little older herself, and she talked
about all the old guys out there, just as the
Q Tips.
Speaker 2 (21:13):
That's awesome.
Speaker 1 (21:14):
It's just.
Speaker 2 (21:16):
See all the Q tips with their cars racing around here,
and just why we like to meet her. She's fun,
she's fun.
Speaker 4 (21:26):
But yeah, I mean, you think about the Silver Tsunami
great wealth transfer.
Speaker 2 (21:31):
You know, Serulei.
Speaker 4 (21:33):
Has put it, as you know, up to one hundred
and twenty four trillion in assets moving hands by twenty
forty eight. You know, the study kind of showed Interestingly,
widowed women will be among the largest recipients as assets
transfer first between spouses and then to then to children, grandchildren, charities.
So that really speaks to what Terry and I have
(21:56):
talked about for a long time, making sure both couples
are actively engaged just knowing where.
Speaker 2 (22:01):
Assets are at.
Speaker 4 (22:02):
Statistically, men do pass first, so both being involved and
understanding where things are at is incredibly important. But we've
got an interesting chart looking at the numbers of this.
So assets transferred and inherited through twenty forty eight by
generation Baby boomers, you know, amongst each other, will receive
(22:23):
about six trillion. Gen X jumps up quite a bit,
so that's from you know, ages being born nineteen sixty
five to nineteen eighty thirty nine trillion. Millennials again born
nineteen eighty one to nineteen ninety six forty six trillion. Wow,
massive amount of money Gen Z collectively put together on
(22:44):
this chart nineteen seven or later fifteen trillion, so substantial
amount of wealth. And you know, I think a big
part on this really comes down to communicating early about
what is going on with this. You know, what is
going to be important, planning topics and conversations need to
be different amongst families with this much wealth moving forward.
Speaker 2 (23:08):
So big part that we look at here.
Speaker 4 (23:12):
You know why early investing matters is kind of the
simple thing on this, So inheritance isn't the only piece
of the puzzle. One of the most common powerful lessons
we can teach the next generation is the value of
starting early. So that's a really key part. So we've
got an example here. So assuming six percent growth, we're
not getting into taxes, so this is just purely compound.
Speaker 2 (23:34):
Interest as far as how we're looking at this.
Speaker 4 (23:38):
So someone's starting to invest at age twenty five, consistent
annual investment, even for just fifteen years could result in
a nest egg of roughly one point three to five
million by age sixty seven, compared to delayed start at
thirty five and saving for thirty years would yield less
than nine hundred and fifty thousand dollars.
Speaker 2 (23:59):
So it's it's really what did we have on that?
Speaker 4 (24:02):
I think one hundred dollars a month going into it,
So pretty pretty staggering type things to think about. So
investing early is really a massive deal and the interest
of your crew just by getting started early and letting
time be on your side is huge compared to delaying things.
(24:22):
So it's also you know, it's a great way to
get people engaged in thinking about it. And you know,
I think a lot of young people they can feel
scrapped and say, well where do I where do I go?
I've I've got you know, college, det et cetera. You know,
is investing that really the first thing I want to
do and think about. But getting in that mindset and
getting engaged is really huge.
Speaker 3 (24:42):
Yeah, even if you're starting off and you have a
part time job or a job around school, you can
start a roth ira for example, and that's that's after
tax money, but once you put it in, it grows
tax efferred and it's income tax free down the road
when you take it out. The thing I think that
people forget about it on a roth ira is the
contributions can come out at any age. It's the interest
(25:04):
that has the issue at before fifty nine and a half,
so it can be something that's very beneficial. And using
that example like Blake was using there, let's say that
all that money was income text fred down the road.
Speaker 2 (25:17):
That's a huge deal.
Speaker 3 (25:18):
So emphasizing that if you have a four to one
K that has a Wroth option, and you're a younger person,
that may be very important to look at that option
because you're looking at do you want to pay the
tax bill upfront on the money or do you want
to pay the tax bill on the end when you
take it out. So if it's magnified over multiple years,
many years, in many in many ways, the Wroth four
(25:40):
one K option can be much better for a lot
of younger people especially. So we look at all of
that when we're building retirement plans and savings plans. The
thing that's really important is just getting started. One thing
that I've noticed too is when we're doing a retirement
plan for a couple, the couple is more in tune
with making sure they're kids are getting started. Also, we
(26:02):
try to ingrain that in them as we go through
the meetings and make sure how are your kids doing? Oh?
And they parents like to break about successes of their kids. Okay,
so if they are successful, are they putting some money?
Are they paying themselves first? And they say, what do
you mean? I says, are they saving some money and
then spending the rest? Well, I never thought of it
(26:23):
that way, you know, So I mean, they will coach
them to come in and give us a call, and
we'll send them along with our intro book too as
an opener for them, you know, things like that, to
make sure that they are in tune with what we're doing.
From time to time, we'll have the kids will come
in with the parents adult kids, and they'll they'll also
(26:46):
do that as maybe sometime a checkpoint if one of
the parents has passed. They want to make sure that
mom or dad are okay, and if they haven't been
in our office before that, that's probably shame on us
for not making sure that they are in our office
before that.
Speaker 2 (27:02):
We do make a point to do that.
Speaker 3 (27:03):
But sometimes they live out of state also, and they'll
come in and I'll never forget the one time one
of our very earliest clients back in I think it
was nineteen eighty seven, the husband died. The surviving spouse,
she came in with her son and we did a
regular review. I went through everything and gave me talked
(27:25):
about who we are, what we do for him. So
saw us in person, and he turned to his mom
and he says, now I know exactly why you're here.
He says, I don't have to worry about you anymore
in your financial future. So I'm so glad I came
in in person, could see the operation meet with Terry
and the team and all of that. He says, so
(27:45):
this is great, and he said that out loud to
us while we're sitting there, So I thought, that's a
great compliment to hear that. But that's what our goal is,
is to make sure that moms and dads, grandmas and
grandpas and kids and grandkids are on the way to
a great financial future. So we've we've had, as Blake knows,
(28:08):
he's he's contributing to this number. We have twelve grand
children right now and number thirteen's on the way.
Speaker 1 (28:15):
Who's got number thirteen?
Speaker 3 (28:16):
Oh that would be Caitlin.
Speaker 2 (28:17):
Okay, all right, so she's setting.
Speaker 3 (28:19):
She's setting the pace anyway.
Speaker 4 (28:22):
But she'll have six and the oldest currently is seven
Will Will he'll almost be eight.
Speaker 2 (28:30):
When the when the six is born. Wow.
Speaker 3 (28:34):
So anyway, yeah, Well, what's interesting is one of the
grand kids came up to me and says, you know, no, Grandpa,
I just want to let you know I'm learning about
numbers and I really like numbers, and Blake and I,
of course would just get a big smile on her
face when they says right. And I says, well, if
you really like numbers in the future, you're probably going
(28:56):
to love money. I'll tell you all about that later.
And he gave me this puzzled look a little bit.
It's like it's like, well, but he wanted I want
to make sure that I knew that he liked numbers.
So I mean, that's that's great. So it's indirectly rubbing
off just seeing Blake, David, myself and our family being
(29:19):
involved in this business and knowing that what we do
in general terms helping people with their investments and things
like that. But that's what it's all about. Blake got
started setting up a seminar when he was in the
third grade, had nine year olds. I came in and
was a guest speaker at his class. So we've talked
about that many times on the radio. But I said,
(29:43):
I said to Blake, I says, should I call him
talk to the teacher? No, I'll set it up dad.
Speaker 1 (29:48):
Ye, my goodness.
Speaker 3 (29:53):
So we did a booklet on how money grows one
dollar day, five dollars a day, ten dollars a day,
till age sixty five, So I mean the earlier you start,
the better. Somewhat is for kids to talk about it
as a financial game. Sometimes it is a good way
to look at that. Do you want to win the
financial game? Here's what you need to do. So many
of you are beyond nine years old, but you can
(30:16):
make a difference for you. So let us know if
we can help.
Speaker 1 (30:18):
Absolutely, we've got more money talks in just a moment.
It's money Talks with Terry Sambold and Blake Samdbled and
today we've been talking about the generation wealth shift Blake
and you know, just staggering amounts of money will be
transferring and people need to be prepared for that. But
you have ways to help.
Speaker 4 (30:36):
We have ways to help. We have ways to help.
So first way we can help is we've actually got
a great presentation this week, this coming Tuesday, October seventh,
from six to seven thirty. It will be the Retirement Playbook,
a Guide to Confident Planning. So Terry and I will
both be speaking there, going through a variety of retirement
planning topics, social security, cash flow analysis, or retirement plan
(31:00):
in general. It should be a lot of fun, so
we're very excited for it. So if you're interested in tending,
that could be a great way to get started. Our
phone number is nine five two five four four two
eight three seven, or you can go online to sampled
fg dot com. The other thing that we do have
is we've actually got a great moneytop smailer this week,
Understanding your State Critical elements of an estate strategy. This document,
(31:25):
i would say, is applicable for everyone listening to the
show today. All ages and stages should be thinking about
a state planning. And you know, Terry mentioned it earlier,
so many people think, well, that's a state planning, that's
for old people, right, That's that's just uh, you know,
I'll think about that after I retire. And the reality
is you should be starting very early. I mean, if
(31:46):
you have kids, children, you need to be thinking about
a state planning. And you know what, what if something happened,
is your family taken care of, You've got a million
dollar insurance policy and other assets. You've got an estate
and you need to be thinking about that. So great
thing goes through elements of a will, letter of intense trust, executor,
(32:08):
guardenship designations, second and third marriages. You know, common things
to be thinking about. There listening out accounts, you name it.
It's a great booklet.
Speaker 2 (32:20):
That we have on that.
Speaker 4 (32:21):
So if you're interested, give our office a call again
nine five two five four four two eight three seven
or online at sandpl fg dot com.
Speaker 2 (32:30):
Perfect.
Speaker 3 (32:31):
Yeah, so many things to think about in regards to
the state planning and your overall planning process. The thing
that is important is your world changes. So as your
world changes, I mean, it can be be newly weed
and all of a sudden you're jointly owning the first
home where you know, things are pooled together, so to speak.
(32:51):
If something happen to one of you, how are they
separated if they needed to be separated, or if there's
children along the way, make sure you're updating your beneficiary
arrangements as the children appear, so to speak. That would
be a terrible thing to oh, we forgot to put
Billy on here, so to speak.
Speaker 2 (33:09):
You know that type of thing.
Speaker 3 (33:12):
And then different things, I mean, charities are really important
for a lot of people and they and they should be.
It's like how do you plan out your estate that way?
You know, and along the way if you're doing gifting
different things like that. On the wealth transfer, it doesn't
all have to be at death, you know, it can
be you can have a planned out process where if
(33:33):
you're a successful person, how do you shift some of
your assets before you pass? You know, what are some
of the gifting rules and regulations on that without having
to do a gift tax return so to speak. Many
things to look at there. But when you think about it,
without planning that wealth can slip through the cracks, so
to speak. They can be lost to taxes, They can
(33:56):
be lost to family conflict or just poor financial decas
visions along the way. So one thing is if you
do not have beneficiary arrangements on things, even as simple
as checking in savings accounts, they can go through probate.
And we had an issue with a person that sold
(34:18):
some property and they put the money in a savings account.
They thought it was a joint account. I asked them
if it was a joint account.
Speaker 1 (34:23):
YEP.
Speaker 3 (34:23):
They both said it was a joint account. One died.
They were going to move that money to other things.
Within thirty days, one of the two died and the
spouse could not get their own money from the salor
of their property without going through probatenelievable. And where they
had it at the bank. The bank never put them
on the account, and it was it was too bad
(34:44):
and too sad that they did that, but cost them
seventy five hundred dollars just to get their own money.
So you don't want to learn by mistakes.
Speaker 4 (34:51):
Yeah, well, you know you hear sometimes with that and saying,
well one of them just signed for it, they can
just open it for both of us. That's called an
individual will.
Speaker 2 (35:00):
Account, not a joint account. Not a joint account. So
I think that's a great thing to look at.
Speaker 4 (35:07):
And you know, there are certain bank accounts where they
can have as an example, you know, a payable on
death type designation where the assets flow through on that
so which works like a beneficiary type designation. So those
those are are really important things to look at where
you know, checking savings, that's where you've got your liquidity.
Speaker 2 (35:26):
If you're not both listed there as an example in
this case, that's that's a difficult spot to be.
Speaker 3 (35:31):
Yeah. So one things we on our reviews with their clients,
we always update beneficiary arrangements, make sure they're updated. It
could have been well, my when I was younger, maybe
my without children, maybe your parents were the beneficiaries and
now you're married and have children.
Speaker 2 (35:47):
Yes, like you just never thought all of a sudden.
Speaker 3 (35:48):
It's like, oh gosh, well my parents had passed away
and they were the primary beneficiaries, so then were the
secondary beneficiary set up? And if they weren't, then it
can go through this state and go through pro too.
So there's many different things there just to bring up,
and that's part of working with a financial advisor group
like ours, is a more holistic approach to your financial future,
(36:10):
not just investments. And that's it, walk away, did great,
have a nice day. We'll see again in a year.
You know, that type of approach. There's more to it
than that. It's very very important. We want to talk
with you, ideally in a quarterly basis because the world
changes quite quickly, as you know. We could use this
year as an example. Many things have changed this year.
Oh yeah, and many things will change next year. That's
(36:32):
not a big bold statement on my part.
Speaker 2 (36:35):
Things will be different now. So it's really.
Speaker 3 (36:38):
Important to have a meaningful conversation with your family, build
solid estate plans, make sure your errors are properly prepared
to so knowing who we are, if we're working with people,
we want to make sure their beneficiaries know who we are.
I had one time I was at church and after
(36:59):
that I was talking to you. You a member that
is a heart surgeon, and he says, Terry, I put
all the financial planners information in their medical files. I says, really,
He says, because if somebody has a medical issue that
I'm dealing with, like a heart issue, first, one of
the first people they want to talk to is their
financial advisor. Interesting, and it made me think about that
(37:22):
a little bit, and he said, he says, I know,
I'm one of the few that does that, but it
is if something happens, we do get a call and
hopefully they know who to call. If they don't, they're scrambling. Yeah,
and it can be in a situation where gosh, we
don't know who to call. We know they have a
lot of investments, we're not sure where they're at. Then
(37:43):
that advisor's not doing their job if they didn't get
the connection going there. So very very important to do that.
But we do emphasize with everybody that has an advisor anywhere,
make sure your beneficiaries have that information as well.
Speaker 1 (37:57):
Absolutely, we have just a couple of minutes left here
on money talks Blake and you know, talking about the
generation wealth shift today and starting early.
Speaker 4 (38:07):
Yeah, it's starting early. And you know, there's so many
assets that are going to be changed hands. And you know,
I think Terry was making a really good point of
making sure your beneficiaries or whoever's going to receive the
assets are prepared. And you know, we we used to
say that, you know, you think about that predominantly with
very very large assets, to say, you know, it's it
(38:29):
can be a burden to an extent, you know, to
say you're you're gonna be tasked with handling all this money.
Speaker 2 (38:34):
Maybe you've never invested, you're not prepared for it.
Speaker 4 (38:37):
So having those discussions early is actually incredibly important. I mean,
if someone has all of a sudden comes into millions
of dollars that's life changing money, they may not know
how to handle that. That that might be very daunting.
So starting up those lines of communication of saying, you know,
here's here's what some of this may look like, and
start to give primers.
Speaker 2 (38:57):
On that and say here's as an example. You know,
if they if they're working with us, here's.
Speaker 4 (39:01):
The group that has helped us build preserve some of
this in certain cases, let's start having those mutual meetings
and understand and you know it can be you know,
maybe you're well established, maybe it is someone younger who's
going to inherit those Making sure that they start understanding
and being educated about the market in different ways is huge.
Speaker 3 (39:20):
Yeah, there's many options on distributions inheriting money depending on
what it is. So if it's an IRA, they may
have a ten year rule where they can take it
out over ten years instead of cash it all on,
pay tax on one year. So if they don't understand
that their tendencies are I just cash it all, all
the chips in and then I deal with it, we
might have created the biggest tax bility you possibly could
(39:41):
have put against yourself, so to speak. Sure, So sitting
down with people like us, we can go through all
those pieces before they're transacted and look at all of
that as well. So very very key to sit down
and work with somebody that is very familiar with retirement planning,
a state planning, investments, insurance, all of the holistic things
that we do at Sandwold Financial Group. And if you
(40:03):
would like to meet with us or have a conversation,
give us a call at nine five two five four
four two eight three seven, and can be all across
the country or located in Minnetaka, Minnesota. That does not
mean you have to live in Minnetaka, Minnesota. We have
thousands of clients nationwide, so again our number is nine
five two five four four two eight three seven
Popular Podcasts
Las Culturistas with Matt Rogers and Bowen Yang
Ding dong! Join your culture consultants, Matt Rogers and Bowen Yang, on an unforgettable journey into the beating heart of CULTURE. Alongside sizzling special guests, they GET INTO the hottest pop-culture moments of the day and the formative cultural experiences that turned them into Culturistas. Produced by the Big Money Players Network and iHeartRadio.
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.