Latest / HPK Provident Advisors: The Weekly Bull / We Break Down The Week’s Data And How We’re Positioning

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We Break Down The Week’s Data And How We’re Positioning · HPK Provident Advisors: The Weekly Bull

• 0:03
  SPEAKER_02: Welcome to Friday Live.
• 0:05
  SPEAKER_02: Every Friday, some of the partners HBK Provident get together and discuss what we're seeing going on in the markets, the economy, and talking about some financial planning topics.
• 0:13
  SPEAKER_02: So with me again, Mr.
• 0:14
  SPEAKER_02: David Harper.
• 0:15
  SPEAKER_02: David, are you uh how's the weather there in Sarasota, Florida today?
• 0:22
  SPEAKER_01: We have sunshine and we have 80 plus degree weather.
• 0:26
  SPEAKER_01: Yay.
• 0:27
  SPEAKER_01: Um the roads are getting busy, Mike.
• 0:31
  SPEAKER_01: Um, it's not quite uh uh snowbird season yet, but uh the geese are coming.
• 0:41
  SPEAKER_02: It seems like that gets earlier and earlier every year.
• 0:45
  SPEAKER_01: Yeah.
• 0:46
  SPEAKER_01: Um I'm starting to see the you know the car carriers coming down uh that carry uh the people's cars.
• 0:54
  SPEAKER_01: A lot of people from the north, they don't want to drive their cars down, they just put them on a car carrier and they they they fly down.
• 1:01
  SPEAKER_01: Um, so those are coming, and it's just starting.
• 1:06
  SPEAKER_01: There's gonna be a whole lot more.
• 1:08
  SPEAKER_01: So if you want to get a nice meal, uh you better plan on an early bird.
• 1:17
  SPEAKER_02: So well, we had another little bit of an AI scare this week with uh Core Weave, who has you know lower credit rating.
• 1:26
  SPEAKER_02: Um, I think a portion of their uh bond issuance was like 15%.
• 1:32
  SPEAKER_02: So that caused the market to panic a little bit on the AI trade.
• 1:36
  SPEAKER_02: And then NVIDIA came out and said, oh no, they're they're good.
• 1:40
  SPEAKER_02: And we kind of got over that quickly.
• 1:47
  SPEAKER_02: But the the big story of the week was uh the inflation data.
• 1:51
  SPEAKER_02: So we got uh CPI.
• 1:54
  SPEAKER_02: I mean, everything pretty much came in hot.
• 1:57
  SPEAKER_02: The core measure came in at 0.3% higher than expectation.
• 2:01
  SPEAKER_02: That ticked up two tenths on the annualized basis to 2.6 percent.
• 2:06
  SPEAKER_02: Headline, which you know includes food and energy, especially energy in this case, um, that came in at 0.6 percent for the month and ticked up three tenths to 3.7 percent.
• 2:18
  SPEAKER_02: While the bad news on, well, that is bad news, but um the final read on average hourly earnings came in at 0.1%.
• 2:28
  SPEAKER_02: Now, real wage growth has been, I think, negative, meaning being outpaced by inflation for about six months now.
• 2:38
  SPEAKER_02: Um, so you know, I've been a little concerned about those metrics about what it means for consumer spending going forward.
• 2:46
  SPEAKER_02: And uh, you know, from a corporate side, it seems like contrary to 2022 where we had inflation rising, we don't have the stimulus checks we had then.
• 2:57
  SPEAKER_02: So it's not really being able to be passed on to the consumer.
• 3:00
  SPEAKER_02: So we'll have to keep an eye on that.
• 3:02
  SPEAKER_02: Uh PPI was even worse.
• 3:04
  SPEAKER_02: The uh core figure came in at 0.7 for the month and 5% on an annualized basis, while uh headline came at 1.3% for the month and 6.3% annualized.
• 3:17
  SPEAKER_02: And then we also got retail sales, so a little glimpse on the consumer.
• 3:21
  SPEAKER_02: Uh the headline number, pretty good, 0.8%.
• 3:25
  SPEAKER_02: Um, that's very decent.
• 3:27
  SPEAKER_02: Uh X autos was 0.9%, but when you do X autos and fuel, that drops to 0.25%, and the core or the uh control group, which feeds into GB GDP, only came in at 0.15%.
• 3:44
  SPEAKER_02: So, you know, energy was a big driver of that, a big detractor was auto sales.
• 3:49
  SPEAKER_02: And then we also got uh today, import prices came in hotter than expected at 1.1%.
• 3:57
  SPEAKER_02: So all these measures are pointing to higher inflation going forward.
• 4:01
  SPEAKER_02: Uh, we did hear from the new Fed chair last night at some symposium, and he really didn't give any insights.
• 4:08
  SPEAKER_02: So the uh rates markets actually declined their um anticipation for an October rate hike from about 50% to I think I want to say under 20% now.
• 4:22
  SPEAKER_02: I don't know if that's gonna be the case or not.
• 4:25
  SPEAKER_01: That's a huge change from what you and I were talking about last Friday.
• 4:29
  SPEAKER_01: We thought for sure there would be another rate hike.
• 4:33
  SPEAKER_01: Well, we felt pretty confident.
• 4:36
  SPEAKER_01: I can't say the word confidence in this kind of economy, uh, but we felt pretty sure that there was gonna be another rate height before the elections.
• 4:44
  SPEAKER_02: I still think there's gonna be one.
• 4:46
  SPEAKER_02: I don't think they should, although inflation's a concern.
• 4:50
  SPEAKER_02: I think the economy is a little more vulnerable than uh it appears on paper.
• 4:58
  unknown: Okay.
• 5:00
  SPEAKER_02: So turning to the markets, um yesterday we had a or I guess Wednesday when the um CPI data came out, we had a big sell-off in um SP 500, NASDAQ.
• 5:15
  SPEAKER_02: You know, the chips have been on a real downtrend lately.
• 5:20
  SPEAKER_02: The they've had I think six consecutive days of selling, um, and those those moves have been quite large.
• 5:27
  SPEAKER_02: Um, so on the let me pull up the SP here.
• 5:34
  SPEAKER_02: So this is, I think today is a pretty pivotal point for equity markets.
• 5:41
  SPEAKER_02: Um, this is the actual index.
• 5:43
  SPEAKER_02: Unfortunately, recently on TradingView, they delayed it, the data feed.
• 5:47
  SPEAKER_02: So I've been also looking at the uh ETF version of it on a regular basis because it's more in time.
• 5:55
  SPEAKER_02: I think the index level is delayed by about 15, maybe at least five minutes on here.
• 6:01
  SPEAKER_02: So um we are just flirting with the 50-day moving average.
• 6:07
  SPEAKER_02: Um, we did dip below that briefly on Wednesday, or actually not yesterday, but saw a nice recovery uh throughout the day in both the SP and the NASDAQ.
• 6:17
  SPEAKER_02: Um, so keep an eye on that 50-day moving average, whether that holds or not.
• 6:22
  SPEAKER_02: If if it doesn't, um, I mean, we'll fall back into this range.
• 6:27
  SPEAKER_02: And I would think that the next point would be the 100-day moving average at just shy of 7,600.
• 6:33
  SPEAKER_02: And then if we saw further downside, you know, you get to these um July lows at around 7300.
• 6:41
  SPEAKER_02: So not saying we're getting there, but the pressure's building.
• 6:44
  SPEAKER_02: Um, like the NASDAQ's pretty much, I mean, another inflection point.
• 6:50
  SPEAKER_02: We're on the verge of breaking below the 50, or we're we're currently breaking below the 50-day moving average right now, but we're also flirting with this breaking of this uh uptrend line from the March lows.
• 7:03
  SPEAKER_02: So another thing to keep an eye on with the inflation data coming out.
• 7:08
  SPEAKER_02: Initially, we saw a huge spike up back to the highs of around 533, but that was fueled by inflation fears, same with the two-year.
• 7:20
  SPEAKER_02: And then I think growth fears started to set in, and it ended up down but for the day.
• 7:26
  SPEAKER_02: Right now we're trading at 5.09 on the 10-year, and the two-year has gone from about 494 at the high to now we're um where where'd my thing go?
• 7:41
  SPEAKER_02: 4.73.
• 7:42
  SPEAKER_02: So the two years more reflective of what the markets think the Fed will actually do.
• 7:47
  SPEAKER_02: So um, I mean, that kind of goes along with what we were just talking about with the October um projections of whether we get a rate increase or not.
• 7:56
  SPEAKER_02: International has also been in a big drag down.
• 7:59
  SPEAKER_02: I mean, you saw heavy outperformance in EM earlier in the year, and that has just been awful, or it's down almost 5% on the month.
• 8:08
  SPEAKER_02: Um, it's still outperforming year to date, the SP 500.
• 8:11
  SPEAKER_02: It's at uh strictly price action, 13%.
• 8:14
  SPEAKER_02: But the international develop has given up that outperformance and is now underperforming the SP 500.
• 8:23
  SPEAKER_02: Turning to the this is a big concern of mine right now.
• 8:31
  SPEAKER_02: Although, like historically, three and a quarter for high yield spreads isn't bad.
• 8:37
  SPEAKER_02: Um, but the magnitude of the rise here, we went from you know 2.6 to 3.25 in the matter of a month or so.
• 8:47
  SPEAKER_02: And the real concern that I've been paying attention to is the lowest quality in that high yield segment.
• 8:54
  SPEAKER_02: The triple Cs and below are back to 2022 highs.
• 8:59
  SPEAKER_02: It's uh I believe it's north of 12% currently.
• 9:03
  SPEAKER_02: So, you know, we were talking about potential credit risk last week, um, talking about what happened in 2023 with the bank failures.
• 9:12
  SPEAKER_02: Hopefully that doesn't happen again, but um it's got me a little concerned.
• 9:17
  SPEAKER_02: And then crude oil, um, although it's down today 2%, still close to 96 a barrel, so not going to help any with inflation.
• 9:26
  SPEAKER_02: On a positive note, the equal weight, um, which is less tech heavy than the market cap weighted SP 500, has broken this short-term downtrend and is really showing some relative strength.
• 9:40
  SPEAKER_02: So in the prior month, it was really a story of um, you know, concentrated market, tech's really leading the way.
• 9:49
  SPEAKER_02: Uh, to now, you know, all the other players are kind of picking up steam and and helping to offset.
• 9:57
  SPEAKER_02: So, like on the SP 500, the market cap, we're still within 1% or so of the all-time highs, whereas the NASDAQ has probably had a four plus percent pull down international markets, like I mentioned, they've had a big pull down.
• 10:11
  SPEAKER_02: So I I think, you know, I don't know.
• 10:16
  SPEAKER_02: I'm I'm a little I'm a little biased to the downside right now in the short term.
• 10:21
  SPEAKER_02: Um, really until seasonal patterns, really until the last week of October.
• 10:27
  SPEAKER_02: October tends to be a historical good month, but all that strength mostly comes in the the last seven days.
• 10:33
  SPEAKER_02: And fourth quarter tends to be a very good quarter historically.
• 10:38
  SPEAKER_02: Um and we're now in the fourth year of uh of the bull market.
• 10:43
  SPEAKER_02: So most of the time, if markets make it to a four-year bull market, all but I think 1956, um, it resulted in that continuing on to on average a 20% increase uh in the fifth year.
• 10:57
  SPEAKER_02: So all those seasonal factors are pretty good things.
• 11:02
  SPEAKER_02: Typically after midterms, we get some clearing, um, fourth quarter, first quarter, and second quarter of uh from going into the second year of a presidential cycle to the third year, tends to be one of the strongest periods seasonality-wise.
• 11:19
  SPEAKER_02: So um we do have those potential tailwinds, but um you know, we're positioned a little defensively.
• 11:25
  SPEAKER_02: I'm I like I said, I am a little nervous that we might get a drawdown.
• 11:30
  SPEAKER_02: Not don't know the magnitude of that.
• 11:32
  SPEAKER_02: I'll let the technicals kind of gauge me on that, but I like to have a little cash available to buy things at a discount when we do get those inevitable pullbacks because they do happen.
• 11:42
  SPEAKER_02: Um, we had about a 10% one in March.
• 11:47
  SPEAKER_02: Um average on any given year is about a 14% decline.
• 11:52
  SPEAKER_02: You tend to have a bear market every three to five years, which is signaled by a 20% decline from the peak.
• 11:59
  SPEAKER_02: Um, so you know, volatility happens in the market.
• 12:02
  SPEAKER_02: Um, and we like to be opportunistic when those things happen.
• 12:06
  SPEAKER_02: So we've had a good year so far.
• 12:09
  SPEAKER_02: It's there's no problem taking a little risk off the table.
• 12:13
  SPEAKER_01: There's some there's reason to be optimistic.
• 12:16
  SPEAKER_01: Um I can't believe it, but I'm actually seeing Christmas uh set out even before Halloween.
• 12:24
  SPEAKER_01: Uh okay, and why?
• 12:28
  SPEAKER_01: Well, uh consumer spending is certainly a big part of our economy.
• 12:33
  SPEAKER_01: People excited not just about Halloween, but also Christmas already in the stores.
• 12:39
  SPEAKER_01: Okay, okay.
• 12:40
  SPEAKER_02: Um and we're now officially in earnings, and uh we're looking at another 24 increase.
• 12:48
  SPEAKER_02: Um, if you strip out tech and that kind of thing, it's closer to five percent, I believe.
• 12:53
  SPEAKER_02: But um, you know, that's crazy high number, crazy high earnings growth.
• 13:00
  SPEAKER_02: Um, whether we're getting closer to peak earnings growth momentum could be the case.
• 13:07
  SPEAKER_02: Um, but yeah, we're looking at another strong quarter.
• 13:11
  SPEAKER_02: Um, we've had the banks report, they've been kind of mixed.
• 13:14
  SPEAKER_02: Um, overall, pretty decent.
• 13:16
  SPEAKER_02: We've had some earnings misses, but that's mainly been because of fixed income trading has been a little light.
• 13:23
  SPEAKER_02: Um next week, uh, the main player will be Meta.
• 13:27
  SPEAKER_02: Um, that'll be a good gauge of the AI capex spending.
• 13:32
  SPEAKER_02: Um, I want to say that 90% or 80% of the AI spend has been in the top two percent of companies.
• 13:44
  SPEAKER_02: And in the recent quarter, that did decline.
• 13:47
  SPEAKER_02: Those big 2% of the SP 500 declined by 10%.
• 13:51
  SPEAKER_02: So maybe we're starting to see an inflection point there.
• 13:55
  SPEAKER_02: Um, but it should be a good barometer.
• 13:57
  SPEAKER_02: And then the following week is really when we'll get the the heart of the earnings, the rest of those Mag 7 and a lot of the other industries in the SP 500.
• 14:06
  SPEAKER_02: So we will be keeping an eye on that to see where the how the market reacts to it.
• 14:11
  SPEAKER_02: You know, it's it's tough when you have high expectations going into the quarter.
• 14:15
  SPEAKER_02: Um, but that was turned out to be fine last quarter, which was an incredible earnings growth quarter for uh I guess that was second quarter.
• 14:28
  SPEAKER_02: You have any thoughts on the markets, questions on the no uh covered it very well, Mike.
• 14:36
  SPEAKER_01: Uh if if you I I think it's like what glasses are you wearing?
• 14:42
  SPEAKER_01: If if I have my bearish glasses on this week.
• 14:47
  SPEAKER_01: Well, if you're pessimistic, there's reason to be pessimistic on on the market.
• 14:53
  SPEAKER_01: If you're optimistic, there's reason to be optimistic in the market.
• 14:57
  SPEAKER_01: Uh so there is.
• 14:58
  SPEAKER_02: There's so many different positive and negative narratives that you can you know fully believe in that gauge your decision making.
• 15:06
  SPEAKER_02: I try to be unbiased and look at all of those and see what I think it's gonna mean for market reactions, economic numbers, monetary policy, um, and kind of just take it in an aggregate and try to see it with the clear lens.
• 15:20
  SPEAKER_02: But you know, as investors, it's a very uh psychological, behavioral finance type of thing.
• 15:29
  SPEAKER_02: So no one's immune to that.
• 15:33
  SPEAKER_01: Uh we're cognizant of it.
• 15:35
  SPEAKER_01: Uh, and it all goes back to sound financial planning.
• 15:39
  SPEAKER_01: Um, you should make preparations if you um and there's times when you're uncomfortable with the market and you'll raise cash.
• 15:50
  SPEAKER_01: Um that has proved well for us.
• 15:54
  SPEAKER_01: And while we're sitting on cash while the market goes down, well, time to take advantage and and and buy up some of those pieces that those positions that we wanted uh at a better cost.
• 16:07
  SPEAKER_01: Okay.
• 16:08
  SPEAKER_01: But for personal finance, everyone should have in emergency funds funds that you have access to that's not predicated on whether the market goes up or down.
• 16:19
  SPEAKER_01: Okay.
• 16:20
  SPEAKER_01: Um but that's just sound financial planning, being being a good steward of the resources that God has provided to you.
• 16:29
  SPEAKER_01: Thank you, Mike.
• 16:30
  SPEAKER_02: Yep, that's a good point.
• 16:31
  SPEAKER_02: And as always, we touch on our blog post for the week.
• 16:35
  SPEAKER_02: Um, another recap of the 529s.
• 16:38
  SPEAKER_02: Um, there's some good information going to uh talking about the limits on both what a parent can uh contribute for a Trump account.
• 16:50
  SPEAKER_02: Uh it looks like it's 5,000 per year.
• 16:53
  SPEAKER_02: Employers are capped at 2,500.
• 16:55
  SPEAKER_02: In the 529 plans, that is 19,000 for a parent and for a couple, 38,000.
• 17:04
  SPEAKER_02: Um, so just some general information there.
• 17:07
  SPEAKER_02: Uh we had one talking about treasure.
• 17:09
  SPEAKER_02: Do you have anything to add on?
• 17:10
  SPEAKER_02: I mean, we we've been talking a lot about the comparison between 529s and Trump accounts in the past couple weeks.
• 17:16
  SPEAKER_02: So I don't know if you have anything you want to add to that.
• 17:20
  SPEAKER_01: No, there's there's so many caveats.
• 17:22
  SPEAKER_01: Uh on the 529, uh, you could actually I I think uh you can actually pay five years worth in one year.
• 17:32
  SPEAKER_01: You just can't then you cannot add to another four years.
• 17:36
  SPEAKER_01: Okay.
• 17:36
  SPEAKER_01: So there's there's all sorts of different caveats.
• 17:39
  SPEAKER_01: If you have interest in those, seek professional advice.
• 17:43
  SPEAKER_01: Um, just to have a discussion on what fits best in your particular situation for your particular children.
• 17:50
  SPEAKER_01: Do you want Trump accounts?
• 17:52
  SPEAKER_01: Do you want 529s?
• 17:53
  SPEAKER_01: You know, give a take.
• 17:55
  SPEAKER_01: All right.
• 17:56
  SPEAKER_02: Yeah, we already kind of talked about yields, so I won't go go really into this article.
• 18:00
  SPEAKER_02: It's just, you know, they're especially on the long end, we're at high levels.
• 18:04
  SPEAKER_02: Uh, fortunately, the 10-year auction went pretty well um in the recent weeks, so um at least that gave some support, and we're seeing less um issuance from the public companies, so or private companies.
• 18:20
  SPEAKER_02: I always get those mixed up government versus corporations.
• 18:24
  SPEAKER_02: Um, and then we had an article on estate planning.
• 18:28
  SPEAKER_02: Uh, you want to touch on this at all?
• 18:30
  SPEAKER_01: Yeah, yes.
• 18:31
  SPEAKER_02: I feel like most people don't really have a will in place less than 25%.
• 18:37
  SPEAKER_02: Um, but that's not your only option in your estate planning.
• 18:42
  SPEAKER_01: No, at the very least, uh your retirement accounts are already built in with naming beneficiaries.
• 18:51
  SPEAKER_01: Okay, so those don't even go through the will, uh, those go straight to your beneficiaries.
• 18:57
  SPEAKER_01: Good.
• 18:57
  SPEAKER_01: Okay.
• 18:58
  SPEAKER_01: Uh, and then for your non-retirement accounts, a lot of times you can put what's called a transfer on death, a TOD.
• 19:05
  SPEAKER_01: Some they call it a POD, paid on death, where you name also a beneficiary, and those too would not go through a will.
• 19:14
  SPEAKER_01: Um if you have a complicated family history, complicated, complex families, you have uh multiple marriages, multiple divorces, or what we call here in Florida mulligans.
• 19:29
  SPEAKER_01: Okay, um, what's that term?
• 19:32
  SPEAKER_01: Mulligans, or you know, you usually uh you got a second try.
• 19:37
  SPEAKER_01: You get an extra shot on a golf course down in Florida, you get an extra shot in your marriage.
• 19:42
  SPEAKER_01: We call it a one or two mulligans.
• 19:44
  SPEAKER_02: I haven't heard that term, I like it though.
• 19:48
  SPEAKER_01: Okay, well, uh, if your family situation is complex, you really should spend some time uh to to develop a an estate strategy, okay.
• 20:00
  SPEAKER_01: And a lot of that has to deal with talking with an attorney who knows what they're doing, okay.
• 20:05
  SPEAKER_01: Uh, not all attorneys know what they're doing, caveat.
• 20:08
  SPEAKER_01: Okay, go with an attorney that knows what they're doing, okay.
• 20:12
  SPEAKER_01: And then um so few people have a last will and testament.
• 20:17
  SPEAKER_01: Get something on paper, write it and take care of it.
• 20:22
  SPEAKER_01: My son, I have to confess, my son is talking to me again because he told me um, I think four years ago that he wasn't gonna talk to me until I got a will.
• 20:35
  SPEAKER_01: I finally got a will.
• 20:36
  SPEAKER_01: Patty and I finally have a will.
• 20:38
  SPEAKER_01: Uh we got it this summer.
• 20:40
  SPEAKER_01: Um, so he's talking to me again.
• 20:42
  SPEAKER_01: Go figure.
• 20:43
  SPEAKER_01: Okay.
• 20:44
  SPEAKER_01: Well, to be you know, to be fair, you really should have that.
• 20:49
  SPEAKER_01: And uh scroll up again.
• 20:50
  SPEAKER_01: Like uh there's yeah, there's some things, you know.
• 20:56
  SPEAKER_01: If you have a I know there are some people that are very attached to their pets, um and down on uh you want to have uh you want to take care of your pets uh when you're gone.
• 21:10
  SPEAKER_01: Uh we have a famous example here in Sarasota that Leona Helmsley of um only the little people pay taxes.
• 21:20
  SPEAKER_01: She had a whole hotel floor for her pet.
• 21:27
  SPEAKER_01: Uh she left most of her assets to this pet and that that whole hotel floor.
• 21:32
  SPEAKER_01: Now the person taking care of the pet got what was left after the pet passed away.
• 21:38
  SPEAKER_01: Okay.
• 21:39
  SPEAKER_01: So the pet was very well taken care of.
• 21:42
  SPEAKER_01: So if that's important to you, the only way to do that is through estate planning.
• 21:48
  SPEAKER_01: Sorry, it's not gonna happen.
• 21:50
  SPEAKER_01: Uh that somehow pets are not put on uh the government radar when it comes to uh living uh for their process of their.
• 22:00
  SPEAKER_01: Formula for dividing up an estate um uh without a without a testament, without a will.
• 22:07
  SPEAKER_01: Okay.
• 22:07
  SPEAKER_02: I can't put them on as a IRA beneficiary.
• 22:11
  SPEAKER_01: You cannot.
• 22:12
  SPEAKER_01: You cannot.
• 22:13
  SPEAKER_01: Okay, you gotta have a social security number.
• 22:16
  SPEAKER_01: And you don't want to you cannot.
• 22:19
  SPEAKER_01: Um and uh put an outline in place for any scenario where you're where a person may not be on a may not be able to make decisions, okay.
• 22:30
  SPEAKER_01: Uh if you have a special need situation, you use utilize uh the legacy planning.
• 22:38
  SPEAKER_01: Use the estate planning, okay.
• 22:40
  SPEAKER_01: Uh and if there are some family members that you do not want to leave any money to or any assets to, you better write it down.
• 22:51
  SPEAKER_01: Uh, because it's you better make it very clear.
• 22:57
  SPEAKER_01: Okay.
• 22:57
  SPEAKER_01: Uh, and then there's certain other uh terms that you can be familiar with, like financial power of attorney, advanced health care directives, and adding you know, and whether a trust is in your benefit or not, like I said earlier, uh, Mike, is uh you can pretty much designate beneficiaries for your retirement accounts for your non-retirement accounts, but there's not a way to do that with real estate.
• 23:28
  SPEAKER_01: If you have a lot of property, if you have a business, if you have a lot of uh pieces like that, um, then you may want to seriously look into a trust.
• 23:38
  SPEAKER_01: Okay, because uh you can't put a transfer of death on a piece of property, okay.
• 23:45
  SPEAKER_01: And then there's others that talk it through with a with a competent attorney, and they will give you the options and let you know.
• 23:53
  SPEAKER_01: So um it's it's it's good.
• 23:57
  SPEAKER_01: Uh the more you plan now, the less headache that leaves for your beneficiaries.
• 24:05
  SPEAKER_02: Yeah, and I know a lot of baby boomers don't really like to discuss finances with their kids.
• 24:12
  SPEAKER_02: It's just kind of that generation where you are a little secretive about that.
• 24:17
  SPEAKER_02: So, you know, it's good to have these preparations in place.
• 24:20
  SPEAKER_02: So if when something happens to you, um, they're not going through all your files and trying to see where you have accounts, and you know, it's good to have a little summary sheet in addition to beneficiaries and wills and all that stuff.
• 24:37
  SPEAKER_01: Well, someday, uh Mike, we're gonna have to have a topic about uh spouses and passwords to computers.
• 24:46
  SPEAKER_01: And there's sometimes um what happens if one of the spouses passes?
• 24:52
  SPEAKER_02: And if if that's the one that has handled all the finances throughout your whole married life, uh and that has to be the case a lot where one one of the spouses is doing all the payments and everything going through their bank account, or even if it's a joint bank account, the other spouse doesn't necessarily ever go on it.
• 25:15
  SPEAKER_01: So so we'll have to have that discussion um at some future podcast, okay, because it it's very important.
• 25:23
  SPEAKER_01: Uh you should have a place where people know uh where your annuity policies are, your life insurance policies, your you know, who's your CPA, who's your financial advisors, us, HPK prominent advisors, us, us.
• 25:37
  SPEAKER_01: Okay.
• 25:38
  SPEAKER_01: But you get the idea.
• 25:40
  SPEAKER_01: Um yeah, our phone number 724-38463-1331.
• 25:46
  SPEAKER_01: You know, those should be in a central location that your beneficiaries know where those are.
• 25:54
  SPEAKER_02: Yeah, good point.
• 25:55
  SPEAKER_02: Well, that's all I got for this week.
• 25:57
  SPEAKER_02: Um, next week we'll just be mainly focusing on what markets are doing, rates are doing, and earnings getting more underway.
• 26:04
  SPEAKER_02: So we will be back next Friday by 1230 Eastern time.
• 26:08
  SPEAKER_02: Make sure you tune in and keep an eye out for our blog posts.
• 26:10
  SPEAKER_02: Everyone, take care.
• 26:11
  SPEAKER_00: Have a great weekend.
• 26:12
  SPEAKER_00: Security is offered through LPL Financial LLC, member FINRA, and SIPC.org.
• 26:18
  SPEAKER_00: Advisory services offered through LPL Financial LLC, a registered investment advisor.
• 26:24
  SPEAKER_00: Brian Peluso, Michael Kutch, and David Harper are registered representatives of LPL Financial LLC.
• 26:30
  SPEAKER_00: Content discussed is for informational purposes only and not intended as an offer or solicitation to buy or sell any security or investment strategy.
• 26:38
  SPEAKER_00: Any opinions expressed are those of the authors and do not necessarily reflect the views of LPL Financial or its affiliates.
• 26:45
  SPEAKER_00: All investments involve risk, including the possible loss of principal.
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• 27:19
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