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Planning for the Families Nobody Else Helps - Bill Walters · Better Together

• Shawn Sundsvold: Welcome back to the Better Together podcast. I'm Sean Sunsvold with Kelly Sunsvold, my co-host, my partner in business and in life. Today's guest is Bill Walters. He's a financial advisor based in New Jersey, but the job title really undersells the passion behind what he does. Years ago, Bill cared for his mother through a long battle with dementia. There was no long-term care in plan in place, and they just figured it out as they went, night after night. So when she passed, he made himself a promise. No family he could help would ever have to go through that without a plan. That promise became perfectly imperfect families, a financial planning practice built specifically for the families that don't fit the brochure. Blended families, special needs families, people with aging parents, the sandwich generation, families with real, complicated lives, not lives made from a template. So today we'll go into how he built a business inspired by a difficult chapter of his life, and where he's taken it from here. So Bill, welcome to the show. Thanks for being here. Bill Walters: Thank you so much. I appreciate the opportunity to help serve. Shawn Sundsvold: Yeah, I'm I'm really excited for today's conversation because I think a lot of our listeners are could very potentially be in that place. they're they're entrepreneurs, they've got kids, and maybe they're dealing with some of those families family situations. So for people who are just meeting you, in our audience, tell us a little bit about you and your practice. Bill Walters: So everyone Doesn't come into the day with the thought process of, wow, I really need to do financial planning or long-term care planning. It's not like a V8 moment. Something happens in their life that stirs an emotion, an unexpected death, an accident, a family member in need, and so it stirs those feelings. So there's no judgment of where you are. The practice is see where you are. See where you want to be and create a roadmap to get you from point A to point B. And even if you already have a financial professional already working with you, a second set of eyes always helps to see the gaps in their game plan. Because if you're paying for a service, they might be servicing their best interest instead of yours. Kelly Sundsvold: Yeah, for sure. you know, what made you really wanna do this? Like it's a very unique was there something that happened? Obviously we talked a little bit about your mom. Was that the was that the turning point for you? Bill Walters: So I went to Drexel University and graduated and in ninety-one and during that time Drexel was a co-op school, still is, and my first job was in the accounting field. So you know, my aunt, my uncle, my mom were accountants. So I I go into the field and I'm like, hmm, I'm chained to a desk and I'm not interacting with people. I'm like, what can I do with finance where I interact with people and help them and they want to speak to me and they they're open about sharing their circumstances and creating something that brings them joy. And so joy is a big component in what I do and being an accountant was not joyful. Shawn Sundsvold: Yeah. Yeah, it's counting is such a unique it It's a numbers field, right? there's no real personal interaction, in that world. It's the numbers, did the numbers match up on column A and column B? And if it does, they you you keep moving on. So so let let's maybe dive into the your mom's diagnosis just a little bit more. What did those years of caregiving actually look like day to day and especially with no plan in place? Like how are you guys managing through that? Bill Walters: That was a so A there was no regret at all. in the in the six year caretaking plan. It was a labor of love. I made a promise to my dad on his deathbed that I would take care of mom and he grabbed my forearm really hard and he said, I told you to take care of mom and I'm like, Dad, I heard you the first time. But what he was preparing me for was what he saw as the inevitable what I haven't seen, which is the gradual decline of the mental faculties of my mom, someone who was really sharp as attack. And then soon as he passed, she aged ten years and it started this dermal spiral. Shawn Sundsvold: Mm-hmm. Bill Walters: Now, in the beginning, she was still basically self sufficient, but as time passed, we had to develop a game plan of caretaking, taking pills, her medication, which sometimes she forgot if she took or not, so she double dosed and one time she triple dosed and I had to keep her Shawn Sundsvold: wow. Bill Walters: up twenty four straight hours on a on a Saturday night so that the medicine would wear off. I couldn't let her fall asleep because they wanted the medicine to run while she was awake. And so that was a wake up call for how to do proper medicine allocation. Allocator for the week, physically put that day and that times medicine on a chart. and monitor it amongst other things. We monitor her her diet. We removed all fall risk. We put her bedroom on the first floor. We converted a washer and dryer room into her own shower and bathroom because the it was already there, so that she could keep everything on the same floor so there's no climbing of steps. And and then we put in her bathroom and the world's ugliest thing, but it helped her from falling A you know those giant ropes that were that they used to hold ships, those real with the with the they have knots in them and anyway, Shawn Sundsvold: Mm-hmm. Bill Walters: so that was her pull up. That's how she was able to pull herself up from the toilet without falling because her bac she wasn't as strong to push off. Like when you sit down on the toilet you can get up without an issue. But when you're older, you have to push sometimes they have these aluminum handrails on your side to get up so you don't fall. So we did that so she could pull herself up and then call for her our help if she needed assistance with either a new adult diaper or just helping her get her pants on without falling, right? So we did that. We we removed all the rugs, we created a diet that worked, and and with women there's two issues that happen a lot. Either they drink too little so they become dehydrated. And then they start seeing things and hearing things that don't exist. And that or they or they don't wash regularly and they get a UTI. So we scheduled three now I didn't we ha we hired an outside nursing service to come in four hours a day, five days a week. So Monday, Wednesday, and Friday was bath time or shower time. So we eliminate those concerns. We entered her into a senior group. We went on recorded all the visits so when she had our caretaker go with her to doctor's office, we heard what was said and we didn't have to rely on what was repeated or remembered. Little things like that. Kelly Sundsvold: Yeah, it sounds like a lot. just having to care for an elderly patient. I watched my parents do that with their aunt and their grandma or their their parents and you know, it's a it was a lot on them. did you set out to be an entrepreneur when you had this idea for perfectly and perfect families, or was this something that you just kind of stumbled on or have you had a background of an entrepreneurship? Bill Walters: I have a background of entrepreneurship, but this just made sense because being in the sandwich generation, not that people are eating sandwiches every night Kelly Sundsvold: Mm-hmm. Bill Walters: for dinner, okay, that's not what it is. The sandwich generation is your sandwich in the middle. You have aging parents, you're raising your kids, and you're thinking about taking care of yourself and and your spouse, right? And You don't know whom to help first, right? Well, logic is that if a plane's going down, you put the oxygen mass on you first before you help others. Well in finance it's the same thing. So you take care of yourself first, you secure that you're hitting your budget at home, then you take care of an aging person, so mom, and get things in writing while she's she or he is still cognizant. And make them sign off on it and laminate it. So when they say, I didn't ask for this, I'm like, well, isn't that your writing? Didn't isn't that your signature? We're doing exact we're following your wishes. Right? And then you work at because you're in the middle with your children and preparing them if they want if they want to attend college, if they want to go to a trade school, you figure it out. And it's before nowadays, it's it's eighth grade and younger. So it's sixth to eighth grade. Sometimes if it's eighth grade it's already too late because you haven't done the necessary steps to go to the Ivy League schools and now you're stuck with the others. And I don't know how parents are or how they feel about Ivy League, but y some people start as as as early as grade three to get them prepping for Ivy League. Kelly Sundsvold: For real? Wow. Wow. Bill Walters: I'm not kidding you. In my my side my line of work, you see it all. Shawn Sundsvold: Wow. Kelly Sundsvold: Wow. I can't imagine talking to my third grader about Harvard or anything along those lines. But I I can understand, you know, like y just that struggle of being a parent, kind of in the middle of trying to get your kids prepared for life. And then you've got these kids or you've got the parents side, this over older generation that needs, you know, almost some basic things like making sure they don't overtake their medicine or they need help getting off the toilet. Like these are all things that I think can really wear out that sandwich generation as you talked about. Bill Walters: Yeah, and the and the key thing to keep in mind is the older tried and true methods don't work anymore. And what do I mean by that? The five twenty-nine plan is not your best answer for college. It's what the people who get paid big bucks want you to think, but it's not the best answer for college. Not enough flexibility. And retirement, if you just have a four hundred one K or a four fifty-seven or a four hundred three B. That's not enough either because there's not enough attention on the distribution side. Meaning when you retire, how much is your silent partner, Uncle Sam, gonna get? Because people don't get they just wanna accumulate. Well, any bozo can accumulate. It's the person that can the one who leaves with the most wins, right? So if you're not paying taxes in retirement, then you don't owe Uncle Sam, then you have true disposable income and it's all illegal. Shawn Sundsvold: That's awesome. That's awesome. And I I think that ties into one of my other questions here is, you know, we talked about it in the beginning of, you know, like work with a lot of families that they don't necessarily fit the brochure, right? So talk with us a little bit more about the different types of families you work with and the situations you're trying to help them solve. Bill Walters: So the first one that's most difficult is a single parent or a single person that's unattached, unencumbered, and they've never really done finance. It was always done by their partner or it was just pushed to the side or they just went with the flow. And so that requires a unique responsibility of finding out two key things where they want to retire and how much do they need to substantiate their standard of living. Right, and that's called that six letter curse word called budget. So and that's when the arguments usually start with a couple. But with a single person, they know what their budget is, right? And so the only thing that comes to mind is are they gonna outlive their income and savings and what are gonna happen to taxes? Now if you paid attention, or maybe you didn't, taxes are going up across the board this year by eight percent. That's right, eight percent unless you make three hundred and fifty thousand dollars or more a year. So I'm gonna guess that probably ninety five percent of your audience do not make three hundred and fifty five thousand dollars or more. So their taxes in tw twenty twenty seven from this year are gonna go up by eight percent. So they're gonna have less disposable Shawn Sundsvold: Yeah, and that's and I I think that cash flow side of things as a family is always a challenge. You know, Bill Walters: Yes. Shawn Sundsvold: and I mean we own a business, we have a family of six, and you know, it's it's still always, you know, what where does this go? Where does this go? How do we make this happen? you know, and we we certainly pay our fair share in taxes too. how does how does this get complicated when the person is an entrepreneur? Bill Walters: It's complicated because they became an entrepreneur because they're gifted in one area and they want to utilize that gift and share it with others, right? That's usually the best definition of an entrepreneurship. So what they may not be gifted in is how to avoid paying taxes, how to how to have a succession plan with their business, how to reduce taxes in the current And in the future and an exit strategy, okay, where they may want to sell their business or leave it to their children to do the next level of planning and how does that look so that you don't bankrupt the business and its cash flow by getting your blood and sweat equity out of it. So these are all discussions we can have. Entrepreneurs are the backbone of America, right? And and and they make it successful. But there's a way to prepare for the future. And you guys are still young. So you have a ramp and a window. And you're smiling, Kelly, at that, but you have a ramp and a window of at least 25 more years of work in front of you, just just as a wild guess, and that gives you a great opportunity to actually have a roadmap to get you there, right? Where you can plan everything out perfectly so that when you do slow down, I'm not going to use the word retire. Okay, I'm gonna say slow down. Meaning working three days a week or two days a week or spoiling the grandkids. Not that you wanna hear that right now. But when when that opportunity comes, you do it. Kelly Sundsvold: Yep, exactly. more time is always better and you know, eventually they'll be grandkids. Not yet though. So a little bit too young. We got one in college and one just getting their life started, so we should probably wait on that. Bill Walters: Yeah, I would I wish you the best of luck on that. In proper timing. Kelly Sundsvold: Yes, yes, exactly, exactly. so looking so obviously this this podcast is called Better Together and you know Sean and I worked have worked together through the last six years of this business. but before that, and even now we have a lot of people that have helped us, have been mentors, have been sounding boards, all that. who were the people that helped you get this off the ground? maybe like an early client or a mentor, or maybe even someone who was in the industry. because a business like this really comes from a deeply kind of personal place. So tell Tell us more about that. Bill Walters: So my mentor is from a higher power or source or God or however you wanna name it. so I have a personal relationship with Jesus as my Lord and Savior, and I rely on his wisdom and discernment to guide me moving forward. it was created to serve the financial well being and interest of his flock and That's key to my decision making because when you help someone it's a labor of love and you don't judge because you'd have to remove the log out of your eye before you can judge others. So without embarrassment or anything else, he he is the reason. Shawn Sundsvold: Yeah. Yeah, thank you for sharing that. I know it's, very personal to you. you know, and you you kinda talked about it there and not being judgmental for clients and when they come to you with their situation. What's a moment where a cl with a client where you could tell like they were just happy at the fact that you believed them and the situation they were in? That and that for you the situation it wasn't too much, it wasn't too messy. You actually could be there to help them plan what they're what they wanted for their future. Bill Walters: So recently and when I say recently, within the last two years, I worked with a mechanic and the mechanic Rarity worked at the same company for close to forty years and he was putting away what he could afford to pay into his four one K and socking it away, socking it away, socking it away, and he contacted me eighteen months before his retirement. And he went to one of my seminars and he said, I'll get back to you in a year. And so I said, Okay. Didn't think anything of it. And a year to the date he contacted me. Shawn Sundsvold: Wow. Bill Walters: He said, Now I'm ready. So okay. And we sat down and we met. Now this is somebody that's a blue collar worker, humble beginnings. So what really happened was that he was afraid that the economy, something everybody's worried about, was not going to be able to his life savings was in one spot and had a hundred percent stock exposure and risk. And he was at the age where if he was going to receive a fixed income from it and the market dropped twenty or thirty points in one month, that that could affect him for the rest of his retirement years. So we worked through a situation where I talked him into working an additional six months instead of retiring in six months. I talked him into retire waiting a year. And the purpose of doing that was that I wanted him to be ready to retire in instead of August in it made fiscal sense for him to wait till February. And when he retired He went the full calendar year before he actually needed to dip into his savings. But when he did dip into his savings and he came to me, he said, Look, we're struggling. I now need the money, the the game plan that we set up actually grew tremendously in that time frame. And so he was prepared to see his amount, and it was actually eighty-five thousand dollars higher than when he started in one calendar year. So he so he A, the joy on his face was the fact that he was taking a small amount, twenty-five thousand, from earnings, not even dipping into his retirement game plan. And so he's like, I gotta tell all my friends who are in the same boat because everything you said would happen, happened. I'm like, Well, I'm not an Ostradomist, but I do know how to plan something so that when you do retire It's there and you can put your head on the pillow and it's not gonna go backwards, meaning that it didn't have stock market risk or exposure. And so he went through not one but two down times. But because consecutive marches were a negative return, but he didn't get that return because he didn't experience the loss, it grew eighteen percent in back-to-back years. So he he got the growth. So he was very, very happy. Long story short was he didn't expect that someone that was a blue collar worker would be treated with respect as someone that was a hoity toity white collar guy, as he called it. Kelly Sundsvold: Hm, wow. So, obviously we were a marketing company and, you know, marketing, I'm sure, perfectly in perfect families means putting your own family story front and center. was there a point where you felt like it was too much to share publicly or did it always feel natural to you to share your story? Bill Walters: I'm always happy to share share what's going on with my life, to an extent. vacations, positive reinforcement, kids graduating from college and and or they got a promotion and things like that. good good feeling stories like that. the trials and tribulations was the tough part, you know, you know, the passing of a family member or helping someone out because you d you don't want to air dirty laundry if the person doesn't want that dirty laundry aired. But I guess what people should realize is that you're not alone in your situation and by sharing that situation out loud, they're like, he's like me, she's like me I I guess I he can relate or she can relate. So it's really important to share I'm not talking minute details, but just the general picture. Shawn Sundsvold: Yeah. Yeah. And I I love I I think it's helps first being being very open and being willing to share your own story, right? When you're with with that because I it gives people that comfort a little bit to go, like you said, I'm not alone. Right? And so, we you when those families come to you and they feel like their situation is too complicated, too messy, that there's no way to make a plan out of it. What is the actual first step you walk them through? What does that look like? Bill Walters: I walk them through a breathing exercise where they take a deep breath, hold it for a count of four, and exhale and a count of four, and we do four rotations, and I let them relax. And then once they tell me their situation, then I compare it to something similar. So if say someone is a non as a parent of a nonverbal child that's on the spectrum, whether it they're neurodivergent, autistic, or had an accident that's preventing communication, and they're gonna need caretaking for a lifetime. There's a way to to set up a game plan for them if they have an open heart and mind in which they're not gonna lose the state benefits of medical care, which is most important. by setting up an ABLE account, by setting up a special needs trust, teaching them how to fund that trust legally so that they don't lose again that health care which is the most vital important part of it. And that they have other members of the family that are not atypical. So they're typical and someone that is in need is atypical. And when you decide you're creating a game plan filled with protection It requires a mindset that something saved is better than nothing saved. And putting it in writing, because the state never recognizes verbal is step number two. And then step number three is funding that. And funding it could be as little as forty dollars a month, or it could be more. But families don't realize how inexpensive it could be to just get started, right? To create that game plan of protection because it's a labor of love. You are giving of yourself and your time to create a framework so that when you're not around and God forbid it happens sooner than later. Everybody wants to live to triple digits, right? Well, as a parent, your biggest nightmare is that you're not gonna be there for your children up until their fifties. You want to be there in when they're in their fifties to enjoy the fruits of their labors and to see them succeed and have them have their children. et cetera, et cetera. But if your life is cut short, something in writing just gives them that protection and peace of mind. And that's really the bottom line, right? You're you're creating a framework of love and clarity. Kelly Sundsvold: Yeah, that's good. so what are you currently working through or figuring out with the business right now? not necessarily a past challenge, but something you're living with currently that makes it a challenge as an entrepreneur. Bill Walters: The most difficult there's two difficult challenges and that that I face. And that is a steady stream of open minded, open hearted people coming to me that want to enact change, that want to have improvement, that wanna see a difference. Most people like to kick tires and then they don't know the cause of their inaction, right? So that's That's one thing. And the other thing is finding good sources of relationships with either referral partners or what we call an ambassador, someone that it introduces you to people that make a difference, slash podcast opportunities where they actually see you on a podcast and they contact you from being on that podcast. So and then they want to have a conversation with you. And that's the two most difficult things. Shawn Sundsvold: what's the goal for the business itself over the next few years? Are you, you know, looking to keep this a solo practice? Are you wanting to grow it to have more people working with you? What does that five year, ten year vision look like for you? Bill Walters: If I grow the practice, it'll always have me doing the planning and the interacting with the clients. growing it would be from the infrastructure, so one center and wide, right? because the back office work, the follow through and the the paperwork can be done. but the interaction with clients, I I owe it to them to give my best, right? So That's really what the framework is. And 'cause the more time I spend in front of them, the more people I get to help. Kelly Sundsvold: how can people learn more about your business and connect with you? What would be the best way? Bill Walters: So the best way is to go to www dot perfectly imperfectfamilies dot com families is plural to book an appointment. They can I have no problem doing this. They can reach out to me via cell phone at two six seven two seven eight five six two. It's my personal phone. And again I'm there and I pick it up, except if I'm doing a podcast. And you know, if if we know each other in business then let's hook up on LinkedIn and and try to support one another. Shawn Sundsvold: notes. And yeah, just thank you for your time and your insight and your story. Bill Walters: I appreciate you. one last thing is that I will be coming out with a book in late October and it is talking about financial advice for perfectly imperfect families and it should be on the bookshelves very late October, early November, so I'm looking forward to it. Shawn Sundsvold: Wonderful. Kelly Sundsvold: Awesome. Well, thank you so much for being a part of this podcast and we look forward to connecting with you in the future. Bill Walters: Same here. And blessings to you and your family.