April 1, 2024 • 27 mins
Financial planning news
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Episode Transcript
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(00:00):
The topics and opinions express in thefollowing show are solely those of the hosts
and their guests and not those ofW FOURCY Radio. It's employees are affiliates.
We make no recommendations or endorsements forradio show programs, services, or
products mentioned on air or on ourweb. No liability explicit or implies shall
be extended to W FOURCY Radio.It's employees are affiliates. Any questions or
comments should be directed to those showhosts. Thank you for choosing W FOURCY
(00:21):
Radio. Welcome to the Ask theExperts Show on W four CY Radio and
Talkboard TV, where we bring youeducational information from top local experts in the
fields of legal, health, financialand home improvement. Now sit back and
(00:41):
listen to experts in family law,association, law, hearing laws, business
brokers, home care, along withmany other topics. Now Here are your
hosts, Spevo and Sophia. Hey, Good morning, Triple Welcome to another
Cash Experts show where we bring youthe top experts in the fields of legal,
(01:03):
health, financial and home improvement.We've got a wonderful show for you
this morning. We're going to betalking about money management, wealth management and
I got to tell you. Firstof all, I hope everybody had a
wonderful Easter. I know I did. We had a record breaking crowd this
(01:30):
year of fourteen thousand people. Igo to one of the largest churches in
South Florida, but fourteen thousand peopleanyway, a great day days April.
First, let me welcome you toour guest, longtime guest, Ray for
(01:55):
our Good morning Ray, Good morningSteve. And yes, it was a
beautiful weekend here in Florida for theEaster holidays. And as I look out
across the water over to Clearwater Beach, let me tell you it too was
packed. And they were in achurch that was outside. They were not
(02:15):
in the church that was inside.Oh no, I just meant that everybody
was out on the beach having agood time. Right. It's funny.
I was thinking about pro vice yesterday. You have been in business for such
a long time, and you're ina business that you know what, you
(02:38):
get one major complaint, it couldwipe your whole business out. But you've
been in business for a long timehelping people with their money management and their
finances, and you've done such awonderful job for your clients, and it
(02:59):
just shows you how long you've beenaround for how great a job you do
for your clients, because in yourbusiness you walk that type rope and it
must be such a great feeling knowingyou've helped so many people. See thank
you. We will be celebrating ourthirty eighth anniversary in August. Hard to
(03:24):
believe, but yes, we havebeen around a long time and today we're
working with about eleven hundred families scatteredover more than thirty states and managing about
one point nine billion dollars on behalfof those clients. And yes, it
(03:46):
is a difficult business from a regulatorystandpoint. There are so many nuances that
are involved, so you need tobe very careful on that type rope that
you talked about relative to the regulators. But more importantly, I think that
typew wrote with the clients working ata fiduciary standard of care, where we
(04:09):
must always provide within the client's bestinterest, not in our best interests.
And unfortunately not all financial planners areheld to that high standard. But we're
very proud of the fact that forthe past thirty eight years we have worked
at a fiduciary standard of care withall of our clients, and it's probably
(04:30):
one of the reasons that our turnoverof clients are so low relative to others
in the industry and something of whichwe are very proud of. And our
best source of new clients comes fromour existing clients, which is a testament
to the great job that all fourteenfinancial advisors provide to our clients. Ray
(05:00):
tell people about the services you provide, Steve. As we've talked about before,
the major difference between us and mostother firms is we believe that as
financial planners, that you should doa written financial plan. We see the
(05:20):
financial plan as the holistic view ofeach individual's personal financial situation and that education
planning, retirement planning, is stateplanning, investing, insurance, whether it's
life, disability, health, orproperty and casualty, all of those things
(05:44):
are subsets of the financial plan,and we believe that if you have a
financial plan that's written, that yourodds of success are much better. Just
think of going into certury and thedoctor doesn't have a plan on how he's
going to operate, or you're involvedin some something in the court system and
(06:09):
your lawyer hasn't made any plan asto how they're going to defend you.
Sure, can they still do agreat operation? Maybe? Can they still
win a trial? Perhaps? Butif you have a written plan, the
odds of success are significantly higher.And that's why we believe so strongly in
(06:30):
financial planning, and it's the reasonthat all of our financial planners are certified
financial planners, or soon will be. You know, everybody this morning is
talking about powerball, the lottery.I mean it's had a billion dollars.
And you know you don't have tojust win the power ball. I mean
(06:55):
you can make up to as muchas a million dollars. I get,
I think five, right, Butwhat if you win the lottery or you
win a lot of money from thelottery, what advice do you give?
I asked you like first steps thatthey should take. So, Steve,
(07:15):
you know, it's funny you mentioneda million dollars since you and I were
together, I don't know, Idon't remember whether I emailed you or not.
But did you know I won fivehundred thousand dollars in the lottery these
past two weeks. Right, it'sjust going to be an able pool.
So of course it is, Steve, of course, So anyway, I
(07:40):
say, what, Ray, You'revery good at what you do. But
you've got a great sense of humorto thank you, so, Steve.
You know, winning the lottery iswhat I refer to as sudden money.
It just came out of nowhere.Sometimes it happens as a result of inheritance.
(08:00):
Sometimes it might happen, you know, winning the lottery. Unfortunately for
others it might be because they wanta very large lawsuit. But whenever any
of those events occur, the bestthing for someone to do is to make
sure the very first thing is theysign the back of the ticket and date
(08:28):
it and then be sure to putit in a very safe place. The
next step will depend upon the statein which you live. Many states do
not disclose who the winner is.Here in Florida, by law, they
(08:48):
must disclose who the winner the winneris, so there's no need to hide
behind a limited liability corporation or anythinglike that. But your first step should
be to reach out to your financialadvising team, and that would include your
certified financial planner, your lawyer,and your accountant. And you'll want to
(09:11):
get all three of them together ina room before you claim your prize to
discuss with them the implications. Now, this next drawing for Powerball will be
about for nine hundred and eighty fivemillion dollars. It could slip over to
one billion dollars. And of coursethe money of the nine hundred and eighty
(09:37):
five dollars eighty five thousand million dollarsis if you take it over a series
of payments over the next thirty years, the vast majority of people are going
to take it as a lump sum. So it's going to be around four
hundred and twenty million dollars in today'sworld on that nine hundred and eighty five
(09:58):
million, a very tidy sum.Unfortunately, out of that, Uncle Sam's
gonna want his take, which willbe another roughly forty percent. So now
you've dwindled down to something around twohundred and fifty million dollars, but a
paltry sum, Steve, I mean, you know after a taxing, and
(10:24):
and that is what you then haveleft with which to do something for yourself
and to you know, perhaps dofor others as well. And so with
that amount of money you're gonna haveyour you're gonna have more friends and more
relatives than you ever knew that youwere going to have. And so you
(10:46):
want to use your financial team toward off those people so that they stay
your friends, and you know,let them say no to all of the
prospects that will be coming your wayfrom people who will want you to make
investments, most of which will probablyhelp you reduce your wealth, not increase
(11:09):
your wealth. But clearly the firstthing to do is to get together with
that financial team, map out astrategy. And here we are right back
to where you and I were atthe beginning of the show. You need
to have a written plan as towhat's going to happen and how it's going
to happen, and what you wantto have, you know, happen,
and take advantage of that good wealth. Unfortunately, too many people who have
(11:35):
won the lottery over the years,within five years, have seen a great
deal of its disappear for a varietyof reasons. But hopefully most people will
take significant advantage of it. Andyou know, I only talked about the
federal income tax. Fortunately, herein Florida we do not have an income
tax, but in other states youdo have an income tax, which would
(11:58):
reduce that of a million dollars evenmore. You know, Ray, every
time we talk about this, andI've told you I was a sports agent
for many years. It is sosad when the second athlete who makes the
kind of money that they make,and down the road they're broke. I
(12:24):
know those are people who did nothave a plan. And I would see
those people, and some of themwere my clients that I begged them to
get professional help because I did neverI never wanted to touch their money,
and it is so sad. Soand I've seen shows about the lottery that
(12:46):
people who won who are now brokebecause if they invest their money right,
they should be set for life,shouldn't they. Well, I would certainly
hope, though, if you hada quarter of a billion dollars two hundred
and fifty million dollars after tax,and you simply invested it in let's just
(13:07):
say tax free bonds at at threethree percent, you would you would have
to figure out a way to liveon seven and a half million dollars tax
free every year. And hopefully mostpeople would find a way to be able
to do that and not and againnot squander the squander the money. I've
(13:30):
always fantasized that if ever won,it would give my wife and me the
opportunity to do a lot of thingsthat we wish we could do in a
charitable way with people, and youknow, we've been blessed through the years
anyway, but this would be agreat way to help a lot of different
(13:52):
people and think about ways to sharethat good fortune with those that perhaps are
struggling struggling today. So I wouldhope that whoever wins would also think about
those other folks and find a charityor two of their choice or more and
contribute some of the money there aswell. You know, your firm,
(14:16):
Provide Ray is one of the largestregistered investment advisory and financial firms in the
country. How did you start provideWell, Steve, I started Provised because
at the time I was working fora financial services company that had been with
(14:37):
the company for about eight years andrisen to number three in the company.
But the chairman and I did notsee eye to eye, so I knew
my time was short there and setup Provides in August of eighty six.
(15:00):
Ironically, did a little bit withit at that time, but not very
much. But it was April Fool'sDay nineteen eighty seven that I got fired.
Ironically that today I just happened torealize that it was the same date,
just as we're speaking, and threedays later I had an office and
(15:24):
we opened our doors, and youknow, we grew one client at a
time and what I once visualized tobe a very boutique kind of firm with
me and just a couple of otherfolks. Today we have a team of
thirty wonderful people in our Clearwater andTampa offices to help people. And just
(15:46):
as a reminder to all of ourlisteners, we offer a complimentary one hour
consultation in either our Tampa were Clearwateroffice or by zoom whatever is most convenient
for folks to get a chance toknow us better for us to find out
what that person's situation is and ifwe can't help. Having been in business
(16:08):
for as long as we are,we know lots of other people that may
be able to help in that regard, so we'd be happy to refer them
if we're not able to know we'renot able to help, and all they
have to do is call us atseven two seven four four one nine zero
two two four four one nine zerotwo two or go to our website provis
(16:33):
dot com and learn more about usand then give us a call and take
advantage of that one hour consultation.Right last week we uh when we were
promoing your show today, we gota couple of people who wanted to know
if you do any types of seminars. We gave them your phone number,
(16:56):
but do you do any type ofseminars? We do, but we have
chosen at this point with the seminarsmostly to do them as webinars, as
opposed to a seminar, if youwill. Matter of fact, one of
our advisors just last week did firstof a three part series on funding a
(17:18):
college education and that's currently running,and of course we record those and then
they go on our website after itis done live people can access that and
use it. So, yes,we do do them, and we're working
(17:41):
on a couple of others that we'llbe doing later this year. One will
be on retirement income planning that we'llprobably be doing in the June timeframe,
and then not sure what we'll donext after that, but yes, we
are doing them again. The bestway to learn about those is we announce
(18:03):
them in our bi monthly I shouldsay twice a month a newsletter called the
Provised Perspectives. And again, ifanybody wants to get on the email list.
All they have to do is callthe office at seven two seven four
four one nine zero two to twoand happy to put them on the list.
(18:27):
You know, I just read theother day about accounting firms have been
struggling to find talent to do taxreturns, and some of these have even
been turning to overseas for help.Does this create any issues for text players?
Well, first of all, itis absolutely true that not only in
(18:48):
the accounting business, but it's alsotrue in the financial planning business that those
of us that help helped create thebusiness over the past forty or fifty years
are retiring at a faster rate thannew young people are coming into the into
(19:11):
the business. Although that's starting toturn a little bit for the financial planning
business, where there is now amuch larger pool of advisors under the age
of thirty than there have ever been, it's not so true for those that
(19:32):
are in the accounting profession. Andyes, it is true that some firms
have actually gone to use work withfolks overseas to do the to do the
tax return. And yes, firstof all, you should ask your firm,
your CPA firm, do you keepmy information in house or do you
(19:57):
ship it out and they should havedisclosed it up front, but it doesn't
If they haven't, shame on them. But you should definitely ask then ask
them what are the safeguards to protectmy financial information by sending it outside of
outside of your firm? And morelikely than not, in your engagement letter,
(20:19):
they may have slipped a sentence ortwo in there that on some occasions
they might use help from overseas.So be sure to read those engagement letters.
You know, our tendency is anymorewith the conditions on the internet that
we always have to sign and agreeto, we never read those things,
and kind of the same thing happenswith engagement letters. Be sure to read
(20:42):
it so that you understand what theymay or may not do. But it
is a serious problem for the accountingindustry today. And yes, some have
resorted to hiring firms in other places, most notably in India, to help
(21:03):
prepare tax returns. I want totouch on Social Security, and I'm really
nervous that we you know, wehear that social Security is in trouble,
and then today I'm hearing that there'sa possibility that this president is going to
(21:26):
try to make all these I'm goingto just say illegals because they are and
give them citizenship. What and howin the world what is that going to
do to social Security when we're whenit's supposed they almost broke So, uh,
(21:48):
let's just talk about social security itself, because it's a problem with or
without perhaps the cohort that you were, that you were referring to, and
that is that they're going to runout of money. Supposedly in twenty thirty
three, which is only nine nineshort years from now. There is a
(22:12):
commission that has been created in theHouse to look at social Security and to
try to make some recommendations on howto reform it. This was put together
by a group of Republicans, andnaturally the Democrats have said, oh,
look they want to cut social Security. And there's you know, the scare
(22:33):
of tactics on the political side thathave been going on in the bickering,
you know, back and forth.The fact is, nothing happens come twenty
thirty three. Benefits are going toget cut by about a third, which
is totally unacceptable and just makes nosense whatsoever. Nothing is going to happen
(22:53):
with social security this year until theelections are over, maybe we'll see something
occur in twenty twenty five or twentytwenty six. But the reality of it
is, there's only three ways inmy mind that you can really fix it.
The first is, and perhaps thequote easiest, is to change the
(23:15):
age at which you first qualify andto make the age at full retirement higher
than it is than it is today. And so that's kind of number one.
That won't happen with people that arealready on Social Security. It'll be
phased in over a period of years, just wasn't like it was before,
(23:38):
and it'll be the younger people itwill have to wait longer to get social
Security. The second thing to dois to raise more revenue, and you
can raise more revenue by increasing theupper limit that's taxed by Social Security,
and the President has proposed that thatanybody over four hundred thousand dollars should have
(24:03):
all of that income tax earned incometax for social Security purposes and to raise
more money. And then the thirdand the least likely to ever occur,
would be to cut benefits. Sothere really comes down to those other two.
Hopefully the next Congress and the nextpresident will address it because it is
(24:30):
a very serious problem and needs tobe handled ex post facto. So it
is real, right, it isa real problem, there is no question
about it. You're going to againconsider the source when you hear this is
(24:51):
that somebody's going to cut it,somebody's going to do this, somebody's going
to do that. You know,you want to make sure that you don't
get riled up over political jargon andbickering back and forth. So consider the
source whenever you hear something that soundsreally wild about social security or anything else
(25:12):
for that matter. Right, youknow what, this is like a good
book, your show. It isso hard to put down, but it
just goes by so fast. Firstof all, give people your phone number
again and your website absolutely and wantto remind everybody that we offer a one
(25:36):
hour free consultation complementary either in ourClearwater or Tampa offices or by by zoom
for everybody to get a chance toknow us. And the best way to
schedule that is simply call our officeat four four one nine zero two two
and that's seven two seven four fourone nine zero two two, or go
to our website provis dot com ER O v I S E dot com,
(26:03):
provis dot com Ray again. Thankyou so much. Ray's gonna be
back with us again in two weeksfor on the Ask the Expert Show.
Ray, have a wonderful, wonderfulweek. We thank you so much.
We're so blessed to have provis We'llsee you in a couple of weeks.
And you'd be careful that nobody pullsin the April fools Franks. Thank you,
(26:30):
Ray, see you later and havea great week. Use your buddy.
I love doing the show with him. You know. It's so nice
that you can have a money managementfirms such as Raise and have so much
faith and trust in him. We'reso glad to have him. Hey,
(26:51):
that's going to do it for ustoday. We'll be back again with you
next week with more Asked the Experts. Thanks for tuning in today to the
Ask the Expert Show on the WFOURCY Radio and Talk for TV. Tune
in next week and every week tohear more from our experts on personal injury,
(27:11):
insurance, air condition repairs, escapeplanning, medicare, and many other
topics in the areas of legal,health, financial and home improvement. See
you next week.
The topics and opinions express in thefollowing show are solely those of the hosts
and their guests and not those ofW FOURCY Radio. It's employees are affiliates.
We make no recommendations or endorsements forradio show programs, services, or
products mentioned on air or on ourweb. No liability explicit or implies shall
be extended to W FOURCY Radio.It's employees are affiliates. Any questions or
comments should be directed to those showhosts. Thank you for choosing W FOURCY
(00:21):
Radio. Welcome to the Ask theExperts Show on W four CY Radio and
Talkboard TV, where we bring youeducational information from top local experts in the
fields of legal, health, financialand home improvement. Now sit back and
(00:41):
listen to experts in family law,association, law, hearing laws, business
brokers, home care, along withmany other topics. Now Here are your
hosts, Spevo and Sophia. Hey, Good morning, Triple Welcome to another
Cash Experts show where we bring youthe top experts in the fields of legal,
(01:03):
health, financial and home improvement.We've got a wonderful show for you
this morning. We're going to betalking about money management, wealth management and
I got to tell you. Firstof all, I hope everybody had a
wonderful Easter. I know I did. We had a record breaking crowd this
(01:30):
year of fourteen thousand people. Igo to one of the largest churches in
South Florida, but fourteen thousand peopleanyway, a great day days April.
First, let me welcome you toour guest, longtime guest, Ray for
(01:55):
our Good morning Ray, Good morningSteve. And yes, it was a
beautiful weekend here in Florida for theEaster holidays. And as I look out
across the water over to Clearwater Beach, let me tell you it too was
packed. And they were in achurch that was outside. They were not
(02:15):
in the church that was inside.Oh no, I just meant that everybody
was out on the beach having agood time. Right. It's funny.
I was thinking about pro vice yesterday. You have been in business for such
a long time, and you're ina business that you know what, you
(02:38):
get one major complaint, it couldwipe your whole business out. But you've
been in business for a long timehelping people with their money management and their
finances, and you've done such awonderful job for your clients, and it
(02:59):
just shows you how long you've beenaround for how great a job you do
for your clients, because in yourbusiness you walk that type rope and it
must be such a great feeling knowingyou've helped so many people. See thank
you. We will be celebrating ourthirty eighth anniversary in August. Hard to
(03:24):
believe, but yes, we havebeen around a long time and today we're
working with about eleven hundred families scatteredover more than thirty states and managing about
one point nine billion dollars on behalfof those clients. And yes, it
(03:46):
is a difficult business from a regulatorystandpoint. There are so many nuances that
are involved, so you need tobe very careful on that type rope that
you talked about relative to the regulators. But more importantly, I think that
typew wrote with the clients working ata fiduciary standard of care, where we
(04:09):
must always provide within the client's bestinterest, not in our best interests.
And unfortunately not all financial planners areheld to that high standard. But we're
very proud of the fact that forthe past thirty eight years we have worked
at a fiduciary standard of care withall of our clients, and it's probably
(04:30):
one of the reasons that our turnoverof clients are so low relative to others
in the industry and something of whichwe are very proud of. And our
best source of new clients comes fromour existing clients, which is a testament
to the great job that all fourteenfinancial advisors provide to our clients. Ray
(05:00):
tell people about the services you provide, Steve. As we've talked about before,
the major difference between us and mostother firms is we believe that as
financial planners, that you should doa written financial plan. We see the
(05:20):
financial plan as the holistic view ofeach individual's personal financial situation and that education
planning, retirement planning, is stateplanning, investing, insurance, whether it's
life, disability, health, orproperty and casualty, all of those things
(05:44):
are subsets of the financial plan,and we believe that if you have a
financial plan that's written, that yourodds of success are much better. Just
think of going into certury and thedoctor doesn't have a plan on how he's
going to operate, or you're involvedin some something in the court system and
(06:09):
your lawyer hasn't made any plan asto how they're going to defend you.
Sure, can they still do agreat operation? Maybe? Can they still
win a trial? Perhaps? Butif you have a written plan, the
odds of success are significantly higher.And that's why we believe so strongly in
(06:30):
financial planning, and it's the reasonthat all of our financial planners are certified
financial planners, or soon will be. You know, everybody this morning is
talking about powerball, the lottery.I mean it's had a billion dollars.
And you know you don't have tojust win the power ball. I mean
(06:55):
you can make up to as muchas a million dollars. I get,
I think five, right, Butwhat if you win the lottery or you
win a lot of money from thelottery, what advice do you give?
I asked you like first steps thatthey should take. So, Steve,
(07:15):
you know, it's funny you mentioneda million dollars since you and I were
together, I don't know, Idon't remember whether I emailed you or not.
But did you know I won fivehundred thousand dollars in the lottery these
past two weeks. Right, it'sjust going to be an able pool.
So of course it is, Steve, of course, So anyway, I
(07:40):
say, what, Ray, You'revery good at what you do. But
you've got a great sense of humorto thank you, so, Steve.
You know, winning the lottery iswhat I refer to as sudden money.
It just came out of nowhere.Sometimes it happens as a result of inheritance.
(08:00):
Sometimes it might happen, you know, winning the lottery. Unfortunately for
others it might be because they wanta very large lawsuit. But whenever any
of those events occur, the bestthing for someone to do is to make
sure the very first thing is theysign the back of the ticket and date
(08:28):
it and then be sure to putit in a very safe place. The
next step will depend upon the statein which you live. Many states do
not disclose who the winner is.Here in Florida, by law, they
(08:48):
must disclose who the winner the winneris, so there's no need to hide
behind a limited liability corporation or anythinglike that. But your first step should
be to reach out to your financialadvising team, and that would include your
certified financial planner, your lawyer,and your accountant. And you'll want to
(09:11):
get all three of them together ina room before you claim your prize to
discuss with them the implications. Now, this next drawing for Powerball will be
about for nine hundred and eighty fivemillion dollars. It could slip over to
one billion dollars. And of coursethe money of the nine hundred and eighty
(09:37):
five dollars eighty five thousand million dollarsis if you take it over a series
of payments over the next thirty years, the vast majority of people are going
to take it as a lump sum. So it's going to be around four
hundred and twenty million dollars in today'sworld on that nine hundred and eighty five
(09:58):
million, a very tidy sum.Unfortunately, out of that, Uncle Sam's
gonna want his take, which willbe another roughly forty percent. So now
you've dwindled down to something around twohundred and fifty million dollars, but a
paltry sum, Steve, I mean, you know after a taxing, and
(10:24):
and that is what you then haveleft with which to do something for yourself
and to you know, perhaps dofor others as well. And so with
that amount of money you're gonna haveyour you're gonna have more friends and more
relatives than you ever knew that youwere going to have. And so you
(10:46):
want to use your financial team toward off those people so that they stay
your friends, and you know,let them say no to all of the
prospects that will be coming your wayfrom people who will want you to make
investments, most of which will probablyhelp you reduce your wealth, not increase
(11:09):
your wealth. But clearly the firstthing to do is to get together with
that financial team, map out astrategy. And here we are right back
to where you and I were atthe beginning of the show. You need
to have a written plan as towhat's going to happen and how it's going
to happen, and what you wantto have, you know, happen,
and take advantage of that good wealth. Unfortunately, too many people who have
(11:35):
won the lottery over the years,within five years, have seen a great
deal of its disappear for a varietyof reasons. But hopefully most people will
take significant advantage of it. Andyou know, I only talked about the
federal income tax. Fortunately, herein Florida we do not have an income
tax, but in other states youdo have an income tax, which would
(11:58):
reduce that of a million dollars evenmore. You know, Ray, every
time we talk about this, andI've told you I was a sports agent
for many years. It is sosad when the second athlete who makes the
kind of money that they make,and down the road they're broke. I
(12:24):
know those are people who did nothave a plan. And I would see
those people, and some of themwere my clients that I begged them to
get professional help because I did neverI never wanted to touch their money,
and it is so sad. Soand I've seen shows about the lottery that
(12:46):
people who won who are now brokebecause if they invest their money right,
they should be set for life,shouldn't they. Well, I would certainly
hope, though, if you hada quarter of a billion dollars two hundred
and fifty million dollars after tax,and you simply invested it in let's just
(13:07):
say tax free bonds at at threethree percent, you would you would have
to figure out a way to liveon seven and a half million dollars tax
free every year. And hopefully mostpeople would find a way to be able
to do that and not and againnot squander the squander the money. I've
(13:30):
always fantasized that if ever won,it would give my wife and me the
opportunity to do a lot of thingsthat we wish we could do in a
charitable way with people, and youknow, we've been blessed through the years
anyway, but this would be agreat way to help a lot of different
(13:52):
people and think about ways to sharethat good fortune with those that perhaps are
struggling struggling today. So I wouldhope that whoever wins would also think about
those other folks and find a charityor two of their choice or more and
contribute some of the money there aswell. You know, your firm,
(14:16):
Provide Ray is one of the largestregistered investment advisory and financial firms in the
country. How did you start provideWell, Steve, I started Provised because
at the time I was working fora financial services company that had been with
(14:37):
the company for about eight years andrisen to number three in the company.
But the chairman and I did notsee eye to eye, so I knew
my time was short there and setup Provides in August of eighty six.
(15:00):
Ironically, did a little bit withit at that time, but not very
much. But it was April Fool'sDay nineteen eighty seven that I got fired.
Ironically that today I just happened torealize that it was the same date,
just as we're speaking, and threedays later I had an office and
(15:24):
we opened our doors, and youknow, we grew one client at a
time and what I once visualized tobe a very boutique kind of firm with
me and just a couple of otherfolks. Today we have a team of
thirty wonderful people in our Clearwater andTampa offices to help people. And just
(15:46):
as a reminder to all of ourlisteners, we offer a complimentary one hour
consultation in either our Tampa were Clearwateroffice or by zoom whatever is most convenient
for folks to get a chance toknow us better for us to find out
what that person's situation is and ifwe can't help. Having been in business
(16:08):
for as long as we are,we know lots of other people that may
be able to help in that regard, so we'd be happy to refer them
if we're not able to know we'renot able to help, and all they
have to do is call us atseven two seven four four one nine zero
two two four four one nine zerotwo two or go to our website provis
(16:33):
dot com and learn more about usand then give us a call and take
advantage of that one hour consultation.Right last week we uh when we were
promoing your show today, we gota couple of people who wanted to know
if you do any types of seminars. We gave them your phone number,
(16:56):
but do you do any type ofseminars? We do, but we have
chosen at this point with the seminarsmostly to do them as webinars, as
opposed to a seminar, if youwill. Matter of fact, one of
our advisors just last week did firstof a three part series on funding a
(17:18):
college education and that's currently running,and of course we record those and then
they go on our website after itis done live people can access that and
use it. So, yes,we do do them, and we're working
(17:41):
on a couple of others that we'llbe doing later this year. One will
be on retirement income planning that we'llprobably be doing in the June timeframe,
and then not sure what we'll donext after that, but yes, we
are doing them again. The bestway to learn about those is we announce
(18:03):
them in our bi monthly I shouldsay twice a month a newsletter called the
Provised Perspectives. And again, ifanybody wants to get on the email list.
All they have to do is callthe office at seven two seven four
four one nine zero two to twoand happy to put them on the list.
(18:27):
You know, I just read theother day about accounting firms have been
struggling to find talent to do taxreturns, and some of these have even
been turning to overseas for help.Does this create any issues for text players?
Well, first of all, itis absolutely true that not only in
(18:48):
the accounting business, but it's alsotrue in the financial planning business that those
of us that help helped create thebusiness over the past forty or fifty years
are retiring at a faster rate thannew young people are coming into the into
(19:11):
the business. Although that's starting toturn a little bit for the financial planning
business, where there is now amuch larger pool of advisors under the age
of thirty than there have ever been, it's not so true for those that
(19:32):
are in the accounting profession. Andyes, it is true that some firms
have actually gone to use work withfolks overseas to do the to do the
tax return. And yes, firstof all, you should ask your firm,
your CPA firm, do you keepmy information in house or do you
(19:57):
ship it out and they should havedisclosed it up front, but it doesn't
If they haven't, shame on them. But you should definitely ask then ask
them what are the safeguards to protectmy financial information by sending it outside of
outside of your firm? And morelikely than not, in your engagement letter,
(20:19):
they may have slipped a sentence ortwo in there that on some occasions
they might use help from overseas.So be sure to read those engagement letters.
You know, our tendency is anymorewith the conditions on the internet that
we always have to sign and agreeto, we never read those things,
and kind of the same thing happenswith engagement letters. Be sure to read
(20:42):
it so that you understand what theymay or may not do. But it
is a serious problem for the accountingindustry today. And yes, some have
resorted to hiring firms in other places, most notably in India, to help
(21:03):
prepare tax returns. I want totouch on Social Security, and I'm really
nervous that we you know, wehear that social Security is in trouble,
and then today I'm hearing that there'sa possibility that this president is going to
(21:26):
try to make all these I'm goingto just say illegals because they are and
give them citizenship. What and howin the world what is that going to
do to social Security when we're whenit's supposed they almost broke So, uh,
(21:48):
let's just talk about social security itself, because it's a problem with or
without perhaps the cohort that you were, that you were referring to, and
that is that they're going to runout of money. Supposedly in twenty thirty
three, which is only nine nineshort years from now. There is a
(22:12):
commission that has been created in theHouse to look at social Security and to
try to make some recommendations on howto reform it. This was put together
by a group of Republicans, andnaturally the Democrats have said, oh,
look they want to cut social Security. And there's you know, the scare
(22:33):
of tactics on the political side thathave been going on in the bickering,
you know, back and forth.The fact is, nothing happens come twenty
thirty three. Benefits are going toget cut by about a third, which
is totally unacceptable and just makes nosense whatsoever. Nothing is going to happen
(22:53):
with social security this year until theelections are over, maybe we'll see something
occur in twenty twenty five or twentytwenty six. But the reality of it
is, there's only three ways inmy mind that you can really fix it.
The first is, and perhaps thequote easiest, is to change the
(23:15):
age at which you first qualify andto make the age at full retirement higher
than it is than it is today. And so that's kind of number one.
That won't happen with people that arealready on Social Security. It'll be
phased in over a period of years, just wasn't like it was before,
(23:38):
and it'll be the younger people itwill have to wait longer to get social
Security. The second thing to dois to raise more revenue, and you
can raise more revenue by increasing theupper limit that's taxed by Social Security,
and the President has proposed that thatanybody over four hundred thousand dollars should have
(24:03):
all of that income tax earned incometax for social Security purposes and to raise
more money. And then the thirdand the least likely to ever occur,
would be to cut benefits. Sothere really comes down to those other two.
Hopefully the next Congress and the nextpresident will address it because it is
(24:30):
a very serious problem and needs tobe handled ex post facto. So it
is real, right, it isa real problem, there is no question
about it. You're going to againconsider the source when you hear this is
(24:51):
that somebody's going to cut it,somebody's going to do this, somebody's going
to do that. You know,you want to make sure that you don't
get riled up over political jargon andbickering back and forth. So consider the
source whenever you hear something that soundsreally wild about social security or anything else
(25:12):
for that matter. Right, youknow what, this is like a good
book, your show. It isso hard to put down, but it
just goes by so fast. Firstof all, give people your phone number
again and your website absolutely and wantto remind everybody that we offer a one
(25:36):
hour free consultation complementary either in ourClearwater or Tampa offices or by by zoom
for everybody to get a chance toknow us. And the best way to
schedule that is simply call our officeat four four one nine zero two two
and that's seven two seven four fourone nine zero two two, or go
to our website provis dot com ER O v I S E dot com,
(26:03):
provis dot com Ray again. Thankyou so much. Ray's gonna be
back with us again in two weeksfor on the Ask the Expert Show.
Ray, have a wonderful, wonderfulweek. We thank you so much.
We're so blessed to have provis We'llsee you in a couple of weeks.
And you'd be careful that nobody pullsin the April fools Franks. Thank you,
(26:30):
Ray, see you later and havea great week. Use your buddy.
I love doing the show with him. You know. It's so nice
that you can have a money managementfirms such as Raise and have so much
faith and trust in him. We'reso glad to have him. Hey,
(26:51):
that's going to do it for ustoday. We'll be back again with you
next week with more Asked the Experts. Thanks for tuning in today to the
Ask the Expert Show on the WFOURCY Radio and Talk for TV. Tune
in next week and every week tohear more from our experts on personal injury,
(27:11):
insurance, air condition repairs, escapeplanning, medicare, and many other
topics in the areas of legal,health, financial and home improvement. See
you next week.
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