Latest / HPK Provident Advisors: The Weekly Bull / Understanding the Role of Financial Advisors in Your Journey

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Understanding the Role of Financial Advisors in Your Journey · HPK Provident Advisors: The Weekly Bull

• 0:01
  Speaker 1: Hi everybody.
• 0:01
  Speaker 1: This is Brian Paluso, co-founder of Nursing Your Nest Egg, and I am once again joined by Colin Harper.
• 0:08
  Speaker 2: Well, good morning, good afternoon, good evening whatever it happens to be while you're listening this podcast.
• 0:14
  Speaker 1: Good middle of the night for some of you just getting back from a shift.
• 0:16
  Speaker 1: Of course, this is where we talk to nursing professionals about finances and savings and how to really maximize the resources that you've been blessed with Today.
• 0:30
  Speaker 1: Colin, i thought we would talk about the great mystery.
• 0:36
  Speaker 2: What great mystery are we talking about today?
• 0:37
  Speaker 2: There are so many great ones.
• 0:41
  Speaker 1: Well, that certainly does open a can of words.
• 0:42
  Speaker 1: The great mystery what is it like to work with?
• 0:45
  Speaker 2: a financial professional.
• 0:46
  Speaker 2: I think that's a great question and something that's often misunderstood, and when folks come in, i think it's a very different experience to at least work with our firm than what they're expecting that to go like.
• 0:56
  Speaker 2: I think that's a great idea.
• 0:57
  Speaker 2: Let's shed some light on that and then maybe another podcast we can dive into some of the other great mysteries.
• 1:04
  Speaker 1: Well, those could be a long podcast.
• 1:06
  Speaker 1: We'll let everybody know when we get into the four-hour versions.
• 1:09
  Speaker 1: You said, colin, what to expect.
• 1:14
  Speaker 1: Of course, the definition of frustration is unmet expectations.
• 1:17
  Speaker 1: I think what we do is very similar to healthcare, in the sense that a lot of people they have some sort of expectation as to what the experience is going to be like.
• 1:29
  Speaker 1: Also, there's some hesitation around that as well.
• 1:33
  Speaker 1: Again similar to healthcare.
• 1:34
  Speaker 1: A lot of people don't want to go to their healthcare professionals because they're afraid of what they might hear.
• 1:38
  Speaker 2: Yeah, absolutely, I think there's a Well.
• 1:42
  Speaker 2: First off, thank you.
• 1:43
  Speaker 2: Now I know why my wife's always mad at me.
• 1:47
  Speaker 1: That also is another four-hour podcast.
• 1:49
  Speaker 1: That is a four-hour podcast.
• 1:50
  Speaker 1: Frustrated, I should say Oh, why?
• 1:52
  Speaker 2: she's always frustrated with me.
• 1:53
  Speaker 2: It's those unmet expectations.
• 1:56
  Speaker 2: But, joking aside, yeah, i think there's Talking about your finances gets lumped into the dinner conversations and things you don't talk about.
• 2:07
  Speaker 2: There's generally conversations you steer away from One.
• 2:11
  Speaker 2: Just opening up about your finances to somebody who you may not know very well on a personal level is very difficult for most folks.
• 2:18
  Speaker 2: That's the first barrier for a lot of people is that just being willing to have that conversation about money.
• 2:24
  Speaker 2: Very much like nurses and medical professionals have their duty of care and their requirements that surround that Hippocratic oath The Hippocratic oath.
• 2:37
  Speaker 2: We also have a set of standards that we're held to.
• 2:41
  Speaker 2: As professionals They're a little bit different.
• 2:43
  Speaker 2: As certified financial planners both Brian and I are we have a fiduciary responsibility which is kind of the fancy word they like to throw around now in that we are legally obligated to keep our clients' best interests in mind.
• 2:58
  Speaker 2: A big proponent of that is confidentiality as well.
• 3:02
  Speaker 2: Your dirty secrets and your dirty laundry.
• 3:04
  Speaker 2: I would say it's true, for most all reputable firms will have the same thing that we do here in that confidentiality, the fiduciary responsibility for clients.
• 3:16
  Speaker 2: If they don't, you really really got to watch out and we'll give you some red flags as we go through this.
• 3:22
  Speaker 2: If you're not geographically convenient and you prefer to have that warm face-to-face meeting, we'll give you some things to look out for if you're searching for somebody locally, as we go through this podcast too.
• 3:33
  Speaker 2: But yeah, that's absolutely right, let's dive in and we'll shed some light on what working with an advisor looks like, at least from our perspective.
• 3:43
  Speaker 2: I'm sure every firm is a bit different out there, but we've had the fortune to be able to interact with a lot of our peers and we have a pretty clear idea of how a lot of them do their planning process as well.
• 3:53
  Speaker 2: So we'll share some tidbits here and there.
• 3:57
  Speaker 2: but how does it start, brian?
• 3:59
  Speaker 2: What's the very first thing we're going to do?
• 4:01
  Speaker 2: Say we finally are ready to air out all our dirty laundry and get all this terrible news and get the process started.
• 4:08
  Speaker 2: Where do we go?
• 4:09
  Speaker 1: Well, quite frankly, a lot of the nurses we work with and it ends up to be some great news.
• 4:14
  Speaker 1: But going back to a couple of things before we get really into the details, kind of along the lines of the Hippocratic oath and our paraphrase, but the very beginning of it is first, do no harm, and I can say very comfortably that we take that, certainly take that approach.
• 4:32
  Speaker 1: And then, talking about privacy, of course, hipaa right, everybody's heard of HIPAA Oh my gosh, and there's so many regulations around that and our industry operates in a very similar way.
• 4:44
  Speaker 1: So I think there's a lot of parallels.
• 4:48
  Speaker 1: So how does it all begin?
• 4:50
  Speaker 1: Kind of, what does it look like?
• 4:51
  Speaker 1: And again, calling to mention, we'll compare and contrast, we'll talk a little bit about what we do here and then flow back and forth about into ways that we've seen other financial professionals work.
• 5:06
  Speaker 1: One of the things we should mention is how many different titles there are for financial professionals.
• 5:14
  Speaker 2: Oh, so many.
• 5:15
  Speaker 1: I mean, back in the 80s it was brokers, right, and they sold stocks, and then there were financial advisors.
• 5:24
  Speaker 1: There's financial planners, there's wealth planners, there's wealth advisors.
• 5:27
  Speaker 1: That's one of the things about our industry that I think we could really tighten up is that there's a lot of confusion because many financial professionals that act in different capacities and have a different approach they could all be called the same thing Absolutely, and so it's going to be really difficult for you to go out and look just by the title and understand exactly what they do, and so you're going to need to do a little bit of homework.
• 6:00
  Speaker 2: Yeah, there's certainly some homework involved And I would say you know from an outsider looking in some easy ways to get a some level of comfort, that the person you're talking with has kind of a base level of experience or is put in the required education, just so they have a pretty good starting point.
• 6:17
  Speaker 2: Certainly it's not a reflection on whether they're a great advisor or not.
• 6:21
  Speaker 2: I think it certainly goes along to help.
• 6:22
  Speaker 2: But I think the CFP, the certified financial planner designation, is the most wide sweeping and most common professional designation you can get as a financial planner and a financial advisor.
• 6:36
  Speaker 2: So I would say that's a good, definitely a good starting point.
• 6:39
  Speaker 2: Brian and I are both CFPs.
• 6:40
  Speaker 2: There's the similar one, that offered by American College that my brain won't let me remember right now.
• 6:48
  Speaker 2: It's the CHS….
• 6:49
  Speaker 1: Charter yeah, CHS… F-C, CHS, Charter Financial.
• 6:53
  Speaker 2: Consultant, that's the same thing.
• 6:54
  Speaker 2: You just didn't pass a board exam.
• 6:56
  Speaker 2: So same similar education requirements, just without a board exam.
• 6:59
  Speaker 2: So those are some….
• 7:03
  Speaker 2: So professional designations and those accreditation are a good place to start.
• 7:09
  Speaker 1: It's a good start and it's indicative of somebody that's a lifelong learner.
• 7:12
  Speaker 2: Definitely, and I think that's.
• 7:13
  Speaker 1: CE credits that go along with all those.
• 7:15
  Speaker 1: And it's not just one test and you're done Absolutely.
• 7:18
  Speaker 1: And again, health care professionals recognize this Yeah.
• 7:21
  Speaker 1: CE is very common in both worlds.
• 7:23
  Speaker 2: Yep, so we understand that completely.
• 7:25
  Speaker 2: So I'd say that's a good place to start.
• 7:27
  Speaker 2: If you just have no concept of what all those titles and designations mean, looking at credentials like we do in anything right, You're not going to go to someone.
• 7:35
  Speaker 2: You're not going to go get a diagnosis from somebody who doesn't have a medical designation behind their name.
• 7:41
  Speaker 2: Why would you go get financial advice from somebody who hasn't taken the interest and care in there to further their education?
• 7:47
  Speaker 2: Similar, I agree.
• 7:48
  Speaker 2: So that's a great starting point.
• 7:52
  Speaker 2: But so anything else I want to add about just if you're out there looking for an advisor places to start doing your research, I would be amiss if we didn't say what all our regulators may or say go check out Finra Broker Check.
• 8:04
  Speaker 2: That's a regulating authority.
• 8:07
  Speaker 2: If there's anything bad that needs to be disclosed, any kind of shady dealings, they will have disclosures on their broker check, Which is interesting.
• 8:18
  Speaker 1: They still have it as broker check.
• 8:19
  Speaker 1: It's not advisor check.
• 8:20
  Speaker 1: No, it's not advisor check, it says it's broker check, exactly.
• 8:26
  Speaker 2: So well, i think funnily enough I kind of make a joke about it Brokers are the ones you expect to have disclosures on there.
• 8:33
  Speaker 2: Brokers kind of carry a negative connotation with it.
• 8:36
  Speaker 2: these days, when you look at Wolf of Wall Street, that's what I think of a broker.
• 8:41
  Speaker 1: That big boiler room.
• 8:42
  Speaker 2: Everybody going nuts.
• 8:43
  Speaker 1: Hard charging salesperson, but that is a good place, finra, f-i-n-r-a, which stands for Financial Industry Regulatory Authority, f-i-n-r-a dot org.
• 8:56
  Speaker 2: And pretty much every.
• 8:58
  Speaker 2: I don't know if I've run across the financial advisor website.
• 9:00
  Speaker 2: I think we have to link it.
• 9:02
  Speaker 2: depending on how we're registered, It's very common that you'll find a link directly to that website on most financial advisors' websites.
• 9:10
  Speaker 1: Yes, Now Finra dot org will not capture what's called a registered investment advisor, RIA, which is kind of another structure.
• 9:21
  Speaker 1: There are folks, financial professionals, that are affiliated with what's called a broker dealer There's a broker name again Where they have a larger entity that kind of supports their business.
• 9:32
  Speaker 1: Registered independent advisors are more regulated by the state and or the Securities and Exchange Commission, depending on the size of their assets, as opposed to Finra.
• 9:44
  Speaker 2: Yeah, definitely.
• 9:45
  Speaker 2: Well, before we go way too far down this rabbit hole, let's just say do some vetting to make sure whoever you're talking to is qualified.
• 9:52
  Speaker 1: Plenty of websites that tons of stuff, Information And you would owe it to yourself to check out their firm website.
• 9:58
  Speaker 1: Absolutely Check out finraorg broker check.
• 10:02
  Speaker 2: Lots of great resources out there to stock people before you do Well, clearly, you know, and that's common First thing you do when you go meet with somebody is you Google their name.
• 10:11
  Speaker 2: I mean, that's the site, start there.
• 10:12
  Speaker 1: So yeah, there's plenty.
• 10:13
  Speaker 1: There You get a little bit of background.
• 10:15
  Speaker 1: We work through a process.
• 10:16
  Speaker 1: We have a process called Nursing and URSING the financial planning process, and I'll go through it quickly And then we'll talk a little bit about how we work and compare and contrast.
• 10:28
  Speaker 1: I think it's a great idea.
• 10:29
  Speaker 1: So Nursing stands for needs.
• 10:30
  Speaker 1: What are your immediate needs?
• 10:32
  Speaker 1: Understanding that you is understanding your goals and your objectives.
• 10:36
  Speaker 1: The R in the nursing and our nursing financial planning process is reducing stress, which is one of my favorites.
• 10:44
  Speaker 1: The S is strategy.
• 10:48
  Speaker 1: What exactly are the specific ideas moving forward?
• 10:51
  Speaker 1: The I is the investment planning, and we'll talk about this.
• 10:55
  Speaker 1: But we're already into the fifth letter of our acronym of nursing And we get to investment planning And that's quite honestly, many of the people come to us.
• 11:08
  Speaker 1: They think that's what they're getting, but it's just one part of what we're doing here.
• 11:13
  Speaker 1: The N in nursing, the last N is navigating taxes, another huge component.
• 11:21
  Speaker 1: And then the G is growth and review.
• 11:22
  Speaker 1: So we have this process And we go through them in each part of this process in order.
• 11:30
  Speaker 1: So, colin, i'm going to kick it over to you.
• 11:35
  Speaker 1: What exactly does that look like from a practical?
• 11:39
  Speaker 1: Let's start to create an image of how that actually the nursing process, actually gets kicked off and executed.
• 11:49
  Speaker 2: I think that's a great question.
• 11:50
  Speaker 2: So it starts with the N.
• 11:52
  Speaker 2: We need to have a basic understanding of the needs of somebody who's thinking about working with us, and I think most places are like this.
• 12:01
  Speaker 2: I would encourage you to go to somewhere who has.
• 12:03
  Speaker 2: Obviously we're not a great fit for everybody.
• 12:06
  Speaker 2: We work with nurses.
• 12:08
  Speaker 2: If you're not a nurse, you may be better off somewhere else.
• 12:11
  Speaker 2: You're probably not listening to this podcast anyways, but it's important that as advisors, we have a quick call to kick off, get to know you and see what we're planning for.
• 12:24
  Speaker 2: There's a lot of folks where we say, hey, that's not really in our scope of expertise.
• 12:28
  Speaker 2: There might be something there that we're like we can't really help with that.
• 12:31
  Speaker 2: If you're just looking for somebody to prepare your taxes, that's not us.
• 12:34
  Speaker 2: We don't do taxes.
• 12:35
  Speaker 2: We would steer you towards somebody else.
• 12:38
  Speaker 2: So generally, the process starts with a 15-minute phone call And that's just a very open-ended.
• 12:44
  Speaker 2: We'll ask you questions, you ask us questions.
• 12:47
  Speaker 2: We'll very clearly disclose what we're about to go through here how this entire process works, timelines, the costs associated with it, which we'll get into a little bit here, and if you're interested in our specific costs, i'll direct you to that later on here in the episode.
• 13:05
  Speaker 2: But generally in most firms I've talked to have a very similar onboarding process.
• 13:09
  Speaker 2: It starts with a quick 15-minute call with the advisor And during that call you're going to get a pretty clear indication whether you like the person or you don't.
• 13:19
  Speaker 2: And if you don't like the person, don't go meet with them again, just say you know what.
• 13:22
  Speaker 2: That's it Not a good fit for me.
• 13:24
  Speaker 2: And we do the same thing with clients.
• 13:26
  Speaker 2: I would say most of the time we end up to a second or a third meeting, but there's oftentimes where I'll be like you know what, we're not a good fit.
• 13:33
  Speaker 2: I don't think we can help you.
• 13:34
  Speaker 2: I'd encourage you to pursue excellence elsewhere, absolutely.
• 13:39
  Speaker 1: And again very similar to health care, But outside of a few exceptions, emergency rooms and that kind of thing.
• 13:49
  Speaker 1: that's what folks are doing, right, They're calling a doctor.
• 13:51
  Speaker 1: If I have a call and nurse and say, hey, my knee hurts on the right hand side, right in the middle, And so they have some understanding.
• 13:59
  Speaker 1: And at that point the office can say, oh, yeah, certainly.
• 14:03
  Speaker 2: Exactly.
• 14:04
  Speaker 1: We can take a look at it and we'll go from there.
• 14:06
  Speaker 2: I'm not going to take my torn ACL to an ENT for them to fix right, I'm going to go see an orthopedic who specializes in knees.
• 14:13
  Speaker 2: And it starts out with that phone call, and so I would say that a lot of times people look at advisors and like, oh, they're all the same.
• 14:19
  Speaker 2: But no, i think most advisors are the ones that have done things well, have a niche area of expertise.
• 14:26
  Speaker 2: They work with folks with similar concerns, similar problems.
• 14:31
  Speaker 2: Just like an orthopedic may specialize in knees, they may specialize in ankles or shoulders Very similar in our profession.
• 14:39
  Speaker 2: Advisors tend to at least the ones that we see really excelling in the field tend to specialize in certain areas or working with certain groups.
• 14:47
  Speaker 2: So nurses just happens to be the group we work with And again very similar to, health care.
• 14:54
  Speaker 1: My grandfather was a general practitioner in the 30s and 40s in Western Pennsylvania.
• 15:01
  Speaker 1: He could go from one house call where he would be delivering a baby And then immediately after that he would be setting a broken arm, and so he kind of did everything, and that, of course, has changed.
• 15:14
  Speaker 2: And that very much is the history of financial planning.
• 15:18
  Speaker 2: A lot of those brokers or the guys who started earlier on started by doing everything And a lot of them have shifted their focus because the world has gotten increasingly complex And I'm sure your grandfather was running around Western Pennsylvania going to those house calls Medicine since then.
• 15:39
  Speaker 2: If you look at the evolution of medicine, probably a similar trajectory of the financial services, Just monumentally more complex than it was back then.
• 15:47
  Speaker 2: And he could still certainly be a very effective general practitioner, But maybe he would be working out of an office with a specific age group versus everybody.
• 15:59
  Speaker 2: Just small changes, but they make a big difference.
• 16:01
  Speaker 1: But it starts out with a phone call.
• 16:03
  Speaker 1: It is a phone call, and that phone call is a One very importantly for folks to get to know us, ask whatever questions are top of mind And for us to get an understanding if there is an immediate need.
• 16:17
  Speaker 1: Is there something going on that really needs to be taken care of right now?
• 16:21
  Speaker 1: You've taken on a new role, maybe you've got a new employer and you had some questions about that.
• 16:29
  Speaker 1: Maybe you're retiring.
• 16:30
  Speaker 1: You got questions about social security.
• 16:32
  Speaker 1: There might be an immediate need that we can take care of right away, before we get further into the process.
• 16:38
  Speaker 1: So that's the phone call of 15 minutes or so.
• 16:40
  Speaker 2: And I can't tell you how many times I've told somebody.
• 16:43
  Speaker 2: You know what I could charge you.
• 16:44
  Speaker 2: You know X dollars to tell you this.
• 16:46
  Speaker 2: But here's what it looks like.
• 16:48
  Speaker 2: It's pretty straightforward and simple.
• 16:49
  Speaker 2: You know, go do X, y and Z, right, you don't need to pay me a bunch of money to go get your basics figured out.
• 16:55
  Speaker 2: So you know we're always happy to have a phone call and it doesn't always result in moving to the next step.
• 17:00
  Speaker 2: So but what if we have a phone call and you want you know what?
• 17:03
  Speaker 2: there's a real need here that we feel like we can step in and help.
• 17:06
  Speaker 2: What happens next?
• 17:08
  Speaker 2: Well then, there's a little bit of homework on your end, and that's something that, in order for you to have a good relationship with us or any other advisor or firm you choose to work with, you need to put in the work yourself.
• 17:20
  Speaker 2: We always say data in equals data out.
• 17:23
  Speaker 2: So the more complete, the more clear the picture is of your current financial situation and that snapshot of time, the better the data and the output going out is gonna be.
• 17:35
  Speaker 2: I think that's you know now.
• 17:38
  Speaker 2: That being said, we understand that you still have to continue living your life and being a nurse.
• 17:45
  Speaker 2: Your time is probably already very limited and you're dealing with family and kids and activities between trying to remember your login from a 401k you had five jobs ago, right.
• 18:00
  Speaker 2: So we understand that too And we can do quite a bit with whatever you have.
• 18:06
  Speaker 2: But the clear the data is we get, the better the output is right.
• 18:10
  Speaker 2: We will.
• 18:11
  Speaker 2: If it gets to be a problem, we'll certainly communicate that and be like we need more.
• 18:14
  Speaker 2: We can't make any, you know, formal recommendations based off what we had, but generally we ask just for a full data gathering, just all your investment accounts you know what your budget looks like, the one you don't have, because no one ever does Just a big snapshot of everything you have going on, and that kind of comes into the next meeting, into that data entry.
• 18:36
  Speaker 1: And that's generally an in-person meeting, yes, whether it be here in the office or Zoom, yeah, and so the first part, the end, the needs analysis, is a phone call And then, if it makes sense, we'll schedule some time to get together in person, whether here in the office or via Zoom.
• 18:54
  Speaker 1: And that's where the you, the understanding of your goals, reduce stress and, you know, start some of the strategy.
• 19:04
  Speaker 2: Yeah, and so it's kind of it's the NER right.
• 19:07
  Speaker 1: So we have the needs call, and then we're NERing for the rest.
• 19:10
  Speaker 2: So we get together in person and we'll take a look at all the data you've given us.
• 19:14
  Speaker 2: We will be able to do some prolif.
• 19:16
  Speaker 2: Oh, go ahead.
• 19:17
  Speaker 1: You know, and the data is in a quick summary, it's what you own and it's what you owe, yep, and, very importantly, how you wanna take those things and what you wanna do with them.
• 19:29
  Speaker 1: Yeah, i mean, that's a big part of that.
• 19:31
  Speaker 1: next step is really talking about.
• 19:33
  Speaker 2: We need the numbers to make projections.
• 19:35
  Speaker 2: But we'll spend a lot more time in that meeting clarifying what we talked about in the you know, that 15 minute phone call.
• 19:41
  Speaker 2: That needs analysis, Right, We'll spend most of the time clearly defining goals, objectives and then, you know, really near the end of the meeting, really focusing on reducing stress.
• 19:52
  Speaker 2: And so once we've, you know, done the data gathering, we've kinda got a clear result on that.
• 19:58
  Speaker 2: That's the point where, you know, we decide together as it makes sense for us to move forward and pursue a professional relationship or not.
• 20:06
  Speaker 2: You know, generally we find that the folks that it makes sense for us to work with have heard a lot of things from that, you know, first formal meeting or first formal get together that makes sense to continue on and come up with a formalized strategy and then help implement that strategy.
• 20:26
  Speaker 1: Yeah, And this is, you know, again very similar to what you are all doing right now.
• 20:33
  Speaker 1: You got a patient that comes in and you're gonna ask them a whole bunch of questions and your ability to help them is very dependent upon how candid they are.
• 20:44
  Speaker 1: Somebody comes in and you say to them do you take any prescription drugs, i don't know?
• 20:49
  Speaker 1: you know how's your diet, you know, are the things you're doing in your life that might put you at risk, i don't know, could be well, where do you go with that?
• 21:03
  Speaker 1: But the folks that come in and say, yeah, this is kinda what I do, these are my diet habits, these are my drinking habits, you know, these are the prescriptions that I take, these are the supplements I take, obviously, your quality of care and your guidance is gonna be much more effective for somebody who's willing to come in and say, yeah, this is what really goes on.
• 21:28
  Speaker 1: So it's very similar in that way.
• 21:31
  Speaker 1: And we get into all those things in that individual meeting and we do talk a lot about, a whole bunch about what do you wanna accomplish?
• 21:40
  Speaker 2: Just a side note.
• 21:41
  Speaker 2: I couldn't help when you're talking about being a patient and not revealing information and things that were important.
• 21:47
  Speaker 2: Brian and I both started our journey at volunteer firefighting and there's a there's a like, an Instagram account called Fire Department Chronicles.
• 21:56
  Speaker 2: That is absolutely hilarious.
• 21:59
  Speaker 2: It's kind of first responders reenactment of just ridiculous patients they've had to deal with and they never get the full information, and it is if you haven't, if you're in the medical profession, I can guarantee you get a good kick out of it.
• 22:12
  Speaker 1: It's extraordinary.
• 22:13
  Speaker 2: It's one of the only things I can guarantee on this podcast, but it's definitely worth.
• 22:17
  Speaker 1: It worth the check out.
• 22:18
  Speaker 2: So sorry for that side note, but I just couldn't get it out of my mind.
• 22:23
  Speaker 1: It is.
• 22:23
  Speaker 1: Colin introduced that to me.
• 22:24
  Speaker 1: It's really wonderful.
• 22:25
  Speaker 1: All right, so we're gonna get together, we're gonna talk about what you wanna accomplish, what you have, what you owe.
• 22:30
  Speaker 1: But, most importantly, where all this is leading to The R in the nursing process is reducing stress.
• 22:37
  Speaker 1: And how do we do that?
• 22:39
  Speaker 1: I simply define it as knowledge.
• 22:42
  Speaker 1: Yeah, definitely, what's going on here?
• 22:45
  Speaker 1: How do these things work?
• 22:46
  Speaker 1: Break through the lingo and explain this to me in more simplified terms.
• 22:50
  Speaker 1: And again, great healthcare professionals do that.
• 22:53
  Speaker 1: Yes, you can use all the Latin verbias you want about every part of the body, but if you say, hey, this is what's going on, this is kind of what it looks like, and we do that in a very similar way We make the conversation and the concepts very approachable.
• 23:12
  Speaker 1: Oh, definitely.
• 23:14
  Speaker 1: And so reducing stress oftentimes comes down to let's start with knowledge, knowledge and understanding And we pride ourselves on that a great deal, and I would suggest to you you should have that expectation of any financial professional that you're working with.
• 23:30
  Speaker 1: With our years of experience and the studies that we've gone through, and the certificates that we have and the designations and all those other things, we can talk in circles all day in lingo that is really only used by financial professionals, but if you don't understand exactly what we're talking about, you may walk away and say, well, they seem to be pretty smart, but what does it mean to me?
• 23:57
  Speaker 2: Oh, absolutely So at this juncture right, If you're working with us, if you're working with somebody else, whoever it is, there's this juncture where you decide if you want to formally work with someone or not.
• 24:09
  Speaker 2: And I would encourage you to have a good feeling that the plan they're gonna put in place for you, the investment recommendations they're gonna give, the tax strategy, all that really resonates with you and makes sense and you feel comfortable with it before you decide to move forward.
• 24:25
  Speaker 2: And that's at this junction is when we move to a more formal relationship.
• 24:30
  Speaker 2: Now there's a, I think, probably a good time to interject here how advisors get paid in the different ways that looks.
• 24:38
  Speaker 2: The two most common now, as we've moved out of that broker world, as we've been joking about all episode, is a fee for planning services and a fee for investment management services.
• 24:52
  Speaker 2: There's often a combination of them.
• 24:55
  Speaker 2: Each firm does it a little bit of different.
• 24:56
  Speaker 2: Some firms only charge for planning, Some firms only charge for investment management.
• 25:03
  Speaker 2: A lot of firms do a little bit of both.
• 25:06
  Speaker 2: You know us personally.
• 25:09
  Speaker 2: We do a little bit of both and you can find, if you're interested, you can find our fee schedule directly on our website.
• 25:16
  Speaker 2: We publish it, so your costs are very transparent and also when we're working through it with folks, we disclose those costs right up front, so there's no nasty surprises.
• 25:26
  Speaker 2: There is a third way.
• 25:27
  Speaker 2: Some advisors get compensated and it is commission, not necessarily a terrible thing.
• 25:37
  Speaker 2: However, you need to take a look with the grain of salt.
• 25:41
  Speaker 2: For example, insurance may be a very important part of your financial plan.
• 25:44
  Speaker 2: If you are really concerned about protecting loved ones, insurance may be a great solution for a portion of what your financial plan entails.
• 25:55
  Speaker 2: However, insurance is one of those things that you can really only get in a commissionable platform.
• 26:01
  Speaker 2: You can't charge a fee to give.
• 26:03
  Speaker 2: I mean, I guess you could charge a fee to give insurance advice, but if you buy that insurance product from the advisor that's recommending it, there's a commission involved.
• 26:10
  Speaker 2: So commission certainly not always a bad thing, but it's much less common and it's more of product-specific driven solutions versus overall financial planning.
• 26:23
  Speaker 1: Yeah, and we've seen some of that in healthcare as well.
• 26:27
  Speaker 2: There are physicians and offices that have subscription services right.
• 26:32
  Speaker 2: My dad goes to a doctor down in Florida.
• 26:34
  Speaker 2: His cardiologist is.
• 26:36
  Speaker 2: You know it's concierge the concierge doctors that you pay an annual fee.
• 26:42
  Speaker 2: You have much better access, very similarly to instead of kind of getting in the queue at your normal doctor or calling fidelity or vanguard for a question about your funds.
• 26:56
  Speaker 2: The planning fee entitles you to access year round and on a consistent schedule to your financial plan to ask questions specifically tailored to you.
• 27:04
  Speaker 2: Much like a concierge doctor provides you better access to that professional to ask questions that are immediately applicable to you and get answers much sooner than trying to dig through the system on your own.
• 27:16
  Speaker 1: So the pricing there are some similarities.
• 27:19
  Speaker 1: What is different is that our clients don't get a 45 page bill with a whole bunch of prescriptions and X's and Y's and Z's and implements and pills that they don't know what that is.
• 27:40
  Speaker 1: It's a good bit more straightforward than some of the billing statements that patients get, but there are some similarities on what the costs are and how the costs are charged.
• 27:52
  Speaker 2: And if you're looking for just a ballpark cost, i think it's important to know.
• 27:55
  Speaker 2: You know, i would say the average investment management fee is right around 1%.
• 28:02
  Speaker 2: The cost to manage a investment portfolio is about 1% annually, little higher, a little lower.
• 28:07
  Speaker 2: It's all based on volume too, like it's very typical for different advisors to have different schedules based on how much of your assets they're managing.
• 28:16
  Speaker 2: And then typical planning fees are all over the board, you know I've seen some as low as you know, one to 2,000.
• 28:22
  Speaker 2: Depending on complexity, though, you can get in the 10s 20s, you know, plus.
• 28:28
  Speaker 1: And that would be a one-time cost.
• 28:30
  Speaker 1: That would be a one-time To establish the financial plan.
• 28:32
  Speaker 2: Yeah, and then there's, you know, generally a retainer, a yearly retainer that happens along with that as well.
• 28:37
  Speaker 2: So, just to give you an idea, right, like I mentioned, our cost is published on right on our website.
• 28:44
  Speaker 2: It's actually very difficult to find what financial advisors are charging for their services.
• 28:52
  Speaker 2: It is.
• 28:53
  Speaker 2: It is extremely difficult Oftentimes.
• 28:55
  Speaker 2: It is, it's oftentimes So you know.
• 28:58
  Speaker 2: If they're not transparent with it, make sure you ask.
• 29:00
  Speaker 2: That's what I would say.
• 29:02
  Speaker 2: You know with who you're working with.
• 29:03
  Speaker 2: It's one of the first things we talk about because, right, we believe we have a lot of value we're bringing to the table And we kind of explain that with folks in our initial meetings and initial calls And it more than justifies the cost on our end.
• 29:18
  Speaker 2: But, you know, make sure whoever you choose to work with can explain that and it resonates with you, because the last thing you wanna do is pay for a service that you feel like you're not getting right, and that's what Brian mentioned at the beginning.
• 29:31
  Speaker 2: Unmet expectations lead to frustration.
• 29:34
  Speaker 2: The last thing you wanna do when you're dealing with, you know, money and finances and something that's gonna have a massive impact on your life You know, one of the biggest impacts on your life from just like a mental standpoint.
• 29:45
  Speaker 2: Right Is what do people fight about?
• 29:47
  Speaker 2: They fight about money.
• 29:48
  Speaker 2: Oh, is that what that is?
• 29:49
  Speaker 2: And you know politics, religion, like that's, it's money's right up there.
• 29:53
  Speaker 1: Money might be the number one cause of divorce Historically.
• 29:57
  Speaker 1: Had it might be Facebook number one now.
• 29:59
  Speaker 2: I'm not sure It might be the historically number one cause of divorce It was money.
• 30:03
  Speaker 2: It was money until Facebook and social media took over.
• 30:06
  Speaker 2: Now it's just straight.
• 30:07
  Speaker 2: Thanks Mark Zuckerberg.
• 30:09
  Speaker 2: Do you see he's gonna fight you on?
• 30:12
  Speaker 2: Is this gonna happen?
• 30:14
  Speaker 1: This is a side tangent.
• 30:15
  Speaker 1: You know if it does in its pay per view.
• 30:19
  Speaker 2: I think Dana White is.
• 30:19
  Speaker 2: I think I'm gonna watch it.
• 30:20
  Speaker 2: I'm gonna watch it too, but I think Dana White, who's the guy who runs like the UFC, said he could pull it off and it would be his highest selling fight of all time if he did.
• 30:30
  Speaker 2: I would think I would imagine.
• 30:32
  Speaker 1: I would think It would go back to kind of like the Mike Tyson fights of the 80s and 90s right Everybody would tune in.
• 30:39
  Speaker 1: All right.
• 30:39
  Speaker 1: So we've got needs, which is a phone call, and then we get together and talk about understanding your goals and your objectives.
• 30:45
  Speaker 1: The reducing stress is really about knowledge and understanding.
• 30:50
  Speaker 1: That's kind of why we get into the details of costs and all these other things is because we want you to understand these things to help you reduce the stress.
• 30:58
  Speaker 1: You know, stressful things are the unknown Absolutely.
• 31:05
  Speaker 1: And again going back to what I had said, i think a lot of people don't go to their healthcare professionals because they don't know what's gonna go on.
• 31:12
  Speaker 2: We all know people like that in our circles.
• 31:13
  Speaker 2: Oh, absolutely, We all know the guy who hasn't been in the doctor for seven years because his dad went to the doctor and had a bad experience and now he never goes right.
• 31:21
  Speaker 1: We all know people like that And plus you don't want to admit that you have a 30 pack over the weekend and you eat a lot of sugary and salty things and you don't want to go in and admit that to somebody.
• 31:30
  Speaker 1: That's bad for you, it's bad for me, it's bad for you.
• 31:36
  Speaker 2: I don't know about you, that's I have to have to make them read.
• 31:40
  Speaker 2: I have to reevaluate some of my life choices here.
• 31:42
  Speaker 1: You start eating better, but no So what we're gonna do is we're gonna you know our process, This is what we do.
• 31:48
  Speaker 1: We're not saying it's the absolute best or the only way to do it Have a phone call, We get together, get all of this information And then Colin and I go back and start the analysis.
• 31:59
  Speaker 2: And so And this is Something that we didn't mention Like, what's the turnaround for this?
• 32:03
  Speaker 2: Generally, we have that phone call and then, within one to two weeks, that first meeting is scheduled, correct, and then a bare minimum.
• 32:11
  Speaker 2: You know, sometimes we'll ask for longer, but a bare minimum.
• 32:13
  Speaker 2: You know, our team needs about a week to turn around all our analysis and actually be able to produce a financial plan or the nursing plan.
• 32:21
  Speaker 2: So then, so we're like a couple of weeks in now, right, and let's think about it from a healthcare perspective.
• 32:27
  Speaker 1: Right, you call into the office and say, hey, this is what I've got going on, this is why I'm calling, this is why I haven't been in in a couple of years.
• 32:34
  Speaker 1: Okay, we'll come on in, come in, let's do a whole bunch of blood work and let's talk about everything.
• 32:39
  Speaker 1: And then the blood works, you gotta go and get analyzed.
• 32:42
  Speaker 1: Then, a couple of weeks later, you get together with the healthcare professional and say, hey, this is what we saw, yep, and this is what we think you should do.
• 32:49
  Speaker 1: Yep, very similar.
• 32:51
  Speaker 1: That's pretty much what we do here Skip out on 30 packs.
• 32:54
  Speaker 2: What I heard from the medical professional.
• 32:57
  Speaker 2: So there, yeah, so that makes so then you know, then we're into the actual presentation of it, right.
• 33:04
  Speaker 2: So we've gone back, we've done our planning, we've decided that we're gonna be a good fit, we're gonna work together, and so the S we'll start sitting now.
• 33:11
  Speaker 2: Right, we're gonna look at the strategy, we're gonna look at the investment planning, we're gonna look at navigating taxes and then we're gonna move that after that.
• 33:20
  Speaker 2: So the next meeting is SIN, right?
• 33:22
  Speaker 1: for short Strategy, investment planning and navigating taxes.
• 33:26
  Speaker 2: And that's really when all the pieces to the puzzle start to come together And that's where the art and the science of financial planning meet.
• 33:35
  Speaker 2: You know, brian and I have taken everything we heard and all the data we've seen from the NER.
• 33:41
  Speaker 2: Then you are the needs, understanding your objectives, and you know some ideas on how to reduce stress and risk management.
• 33:47
  Speaker 2: And that comes full circle into the strategy where everything we've heard gets put down on, you know, paper and very clear, specific actionable items, and we go through each of those actionable items together, you know, through an interactive software we use And, based on that, that helps inform our investment planning decisions and it helps us navigate taxes as well, kind of all at the same time.
• 34:13
  Speaker 2: So those next three steps for us in the nursing process are really all one meeting that's combined together.
• 34:19
  Speaker 2: And, honestly, we did it that way because every time you touch something in the financial plan, it's gonna affect your investment planning decision and it's gonna affect your taxes and it's gonna affect a number of other things as well that we need to look at and be cognitive of.
• 34:36
  Speaker 2: But that's why we do it interactively, right, because a lot of folks have goals that are dependent on other goals.
• 34:45
  Speaker 2: For example, i want to retire and buy a house on the beach somewhere.
• 34:48
  Speaker 2: Well, the timing of me buying a house on that beach are going to be pretty dependent on when I retire.
• 34:54
  Speaker 2: Am I going to buy that house on the beach with a big down payment and a mortgage?
• 35:00
  Speaker 2: Are interest rates kind of high, like they are right now while we're recording this, and I'd rather just pay cash up front for the house?
• 35:07
  Speaker 2: There are so many different moving parts to all these goals and being able to look at it in real time with our clients we're working with and make those adjustments on the fly really help to solidify those decisions And then kind of the monitoring going forward where I'm getting a bit ahead of myself, but it's important that we build it out because any time a financial question comes up in our clients' lives, we have this plan to refer back to make adjustments, changes, updates and help answer those important questions whether we're buying that house on the beach with cash, getting a mortgage, a little combination Are we selling something to fund goals?
• 35:43
  Speaker 2: And doing that interactively just gives us the ultimate flexibility, and we've had many times we've been doing these presentation meetings and they're like I forgot.
• 35:51
  Speaker 2: We really want to do this.
• 35:53
  Speaker 2: I'm like, well, let's put it in right now and see what it looks like.
• 35:56
  Speaker 2: So it's important to be one of the biggest things that we believe in our financial planning and this nursing process and the financial planning process is flexibility is paramount in all planning, right, because if we have these goals that we've poured concrete on top of and we can't move them and they're these unshakable, unbreaking goals it feels really, really bad.
• 36:22
  Speaker 1: Well, the market's changed The tax laws, change Everything changes Absolutely.
• 36:27
  Speaker 1: I don't think we need to reiterate that too much, as what's gone on in the last few years, who saw COVID coming and who saw the government's reaction worldwide to that?
• 36:39
  Speaker 1: I mean, you just could not have planned for that.
• 36:41
  Speaker 1: So you got to be flexible, and so we do like flexibility.
• 36:46
  Speaker 1: The other thing that I will say in this is we recognize a very important concept in all of this for most of the folks that we work with, there's opportunity cost.
• 36:56
  Speaker 1: So the opportunity cost of I want to buy a house at the beach, the opportunity cost meaning if I'm doing one thing, what am I missing out on otherwise?
• 37:06
  Speaker 1: So if you want to buy a house at the beach at some point, the opportunity cost might be you can't go on the fifth cruise this year, no, or?
• 37:17
  Speaker 2: maybe that camper needs to go Right, maybe we're making some sacrifices to realize those goals and it's helping folks helping folks make quality of life decisions as the entire basis of this nursing plan, absolutely What's going to give you and your family the highest quality of life and maximize what you've worked so hard for to fund that quality of life.
• 37:36
  Speaker 2: Really, financial planning comes down to quality of life decisions.
• 37:39
  Speaker 2: That's our philosophy, that's what we believe.
• 37:41
  Speaker 2: We mentioned another podcast that we've done before.
• 37:44
  Speaker 2: Our favorite thing is telling people to go spend money And when they have the ability.
• 37:50
  Speaker 1: Yes, they have, they can, but I think the financial planning process works best.
• 37:55
  Speaker 2: When we say this all the time too and we probably should have mentioned this way earlier We have we honestly have no impact on whether or not you're going to have a successful retirement.
• 38:07
  Speaker 2: Now, that seems strange coming from an advisor and you won't hear that from very many, but it's true.
• 38:13
  Speaker 2: We have no impact on whether or not you're going to have a successful retirement.
• 38:17
  Speaker 2: That comes down to you and your personal financial responsibility and good habits, and you know, just living life within your means.
• 38:26
  Speaker 2: What we do is we make it a lot more fun and a lot prettier around the edges.
• 38:31
  Speaker 2: Right, We have the ability to help maximize your good decisions and give you the flexibility to do more than maybe you thought you would.
• 38:39
  Speaker 2: But if you're on a bad path, we're not going to keep you from crashing the train.
• 38:45
  Speaker 2: There's nothing we can do there.
• 38:46
  Speaker 2: Most of the time, We're just here to enhance what you're already doing well, And we feel like we're very good at that enhancement.
• 38:51
  Speaker 2: But you know it's a two-way street, right.
• 38:55
  Speaker 2: Like we said, it's a journey we're going on together.
• 38:57
  Speaker 2: It's not us telling you what to do, It's us helping you take the habits that you've already done well and the good financial stewardship of your assets you've already had and just increase it, You know, just take it to the next level.
• 39:10
  Speaker 2: And that's not to say that we're not here to help educate and maybe you're doing a couple things that are a bit questionable and we can have those chats, you know, gracefully and without scolding you like a schoolteacher or anything like that.
• 39:23
  Speaker 2: But we're here to enhance, not transform.
• 39:27
  Speaker 1: Well, how many nurses have seen patients that just keep coming back with the same issues?
• 39:33
  Speaker 1: Yep, because they haven't made the changes.
• 39:35
  Speaker 2: Especially, you know there's ER nurses you get the frequent flyers in there that are there all the time And there's.
• 39:40
  Speaker 2: You look at them and there's some sadness there because you realize no matter what that system does for them, there may be no hope or no help for them in the end.
• 39:49
  Speaker 2: Right And so, and so that's definitely is a partnership.
• 39:54
  Speaker 1: Yeah, very similar to the nurse patient partnership.
• 39:57
  Speaker 1: You know we can certainly provide the data and the guidance and the projections and we partner with you on that, but ultimately similar to the frequent flyer patients.
• 40:12
  Speaker 1: If you don't accept and act on some of that guidance then you might not get this.
• 40:22
  Speaker 2: I mean, we're not the people to sit here and tell you.
• 40:24
  Speaker 2: Listen, i really don't know if you should have had four whole drinks at happy hour with your friends after your shift.
• 40:28
  Speaker 2: Three would have been better.
• 40:30
  Speaker 2: You could have saved that extra $10 and that margarita and put it aside, right?
• 40:33
  Speaker 2: We're not here to micromanage.
• 40:35
  Speaker 2: No, we don't do budgets.
• 40:36
  Speaker 2: We do not do budgets.
• 40:37
  Speaker 1: No, we do cash flow analysis, which is very different than budget.
• 40:40
  Speaker 1: Absolutely Budgeted would be us calling and saying Jesus spent a lot at the mall today.
• 40:45
  Speaker 1: No, that's not our.
• 40:47
  Speaker 2: Thing.
• 40:47
  Speaker 1: No, our thing is that you live your life the way that you want them.
• 40:50
  Speaker 1: We'll show you how it plays out, based on our projections.
• 40:53
  Speaker 2: Absolutely.
• 40:55
  Speaker 1: All right, so then we're into this.
• 40:56
  Speaker 1: So that's a little bit about the investment planning.
• 40:58
  Speaker 1: And again the fifth letter.
• 41:00
  Speaker 1: That's when we get into the investment planning.
• 41:02
  Speaker 1: There's a whole bunch of advisors that they start out with that How much money you got in the bank?
• 41:08
  Speaker 1: How big is your 401K?
• 41:10
  Speaker 1: Do you have any old 401Ks?
• 41:12
  Speaker 1: What was your rate of return?
• 41:15
  Speaker 2: So here's something that I'm going to say that's also not going to make a lot of sense to folks.
• 41:18
  Speaker 2: I really don't care what the market does year over year for our clients, because at the end of the day, it's a non-issue.
• 41:27
  Speaker 2: And I say that because, historically, we have a very good idea of how asset classes perform.
• 41:34
  Speaker 1: Asset classes being stocks bonds commodities commodities precious metals.
• 41:40
  Speaker 2: Based on kind of a risk number we come to together and historical numbers.
• 41:46
  Speaker 2: We have a pretty clear projection of what our account values are going to do over time, whether they grow, whether there's temporary declines due to the market going up and down, things like that.
• 41:57
  Speaker 2: But real good planning takes the market going up and down out of the equation.
• 42:04
  Speaker 2: Your basic needs and all your essential needs are going to be met Ideally, in our philosophy, through some type of guaranteed source, whether that's social security and will.
• 42:16
  Speaker 2: I'm sure we will do an episode on social security before too long Oh, i hope so.
• 42:20
  Speaker 2: I'm sure we will And in our opinion that's a guaranteed source.
• 42:23
  Speaker 2: Some people may not agree with us, but we're happy to make it.
• 42:25
  Speaker 1: I have to say it's guaranteed, but it's about as close as many people are going to get.
• 42:29
  Speaker 2: Yeah, i would agree there.
• 42:31
  Speaker 2: So I would say guaranteed sources, whether that's if you're lucky enough to have a pension with a healthy company.
• 42:37
  Speaker 2: I'll put that little qualifier in there.
• 42:39
  Speaker 1: As you should.
• 42:41
  Speaker 2: So if we can meet our basic living needs with sources like social security, you can also pay companies to guarantee income from you if that's something you're interested in.
• 42:51
  Speaker 2: Not everybody is, it's not the right solution for everybody, but so when your basic needs are taken care of, it's speaking of that, yes.
• 43:00
  Speaker 1: There are many quote unquote advisors that will default to that guaranteed option Because there are ways through insurance companies that you can guarantee that you have some sort of regular income based on the assets that you place with that insurance company.
• 43:20
  Speaker 2: That magical strategy Brian's referring to is known as an annuity.
• 43:23
  Speaker 2: There's tons of different types of annuities And I'm sure that's probably a good episode for a podcast too.
• 43:30
  Speaker 2: Just all the different types of annuities.
• 43:32
  Speaker 2: It would be painful to get through.
• 43:33
  Speaker 1: But there, yeah, it would be.
• 43:34
  Speaker 2: We'll talk about the unique terminology, But if you find yourself talking to an advisor that has one widget that solves everything, it's probably not The comprehensive holistic financial planning is probably more of a product based solution versus a knowledge based solution, and so that's what we always encourage folks to do Search for somebody who has the knowledge to give you a solution, not the product to give you a solution, and that's a huge distinction And it'll be pretty apparent.
• 44:02
  Speaker 2: It will.
• 44:03
  Speaker 2: It'll be very apparent when you're talking to somebody, obviously.
• 44:06
  Speaker 2: Yeah, like I said at the beginning of this, you know we're not asking everybody to work with us.
• 44:09
  Speaker 2: We're just hoping that this episode helps guide you to somebody you're comfortable with, somebody who's a good practitioner, a good financial advisor, and that these tips help steer you in the right direction.
• 44:21
  Speaker 1: Well, it's got to be somebody that the recommendations, the prescriptions, if you will connect with you, And I'll give you a personal example.
• 44:28
  Speaker 1: A few years ago I went to a practice that was new to me I was newer in the area where I was at and kind of picked them out of the phone book, if you will, And I went in this way, your blood pressure's up a little bit, Okay.
• 44:45
  Speaker 1: And then I said, well, let's take a look at it again in a couple of weeks, And it was slightly elevated.
• 44:49
  Speaker 1: First thing they said to me is well, we got to put you on a prescription And I thought to myself that's it.
• 44:54
  Speaker 1: That's the only way to manage what could potentially be lifelong high blood pressure And I thought that that doesn't make sense to me, and so I went, went to another office and they said hey, we think that if you eat a little bit better and change your diet and your exercise habits, you could probably control this on your own, that's.
• 45:19
  Speaker 2: Brian's really nice way.
• 45:19
  Speaker 2: That's exactly what I did.
• 45:20
  Speaker 2: That's Brian's really nice way of.
• 45:22
  Speaker 2: if you come in here and we see that your portfolio is looking kind of fat, we're going to tell you your portfolio looks kind of fat Not that you look fat, Brian.
• 45:29
  Speaker 1: Well, i'm just going to clarify that, not a dig on you.
• 45:32
  Speaker 1: If you're in South Carolina, you know, in a couple of weeks of private service, brian is fat.
• 45:39
  Speaker 2: But that's a perfect example of the difference between a product-based solution, which in your example is a prescription, and a knowledge-based solution, which is hey, let's make some smart lifestyle changes here.
• 45:52
  Speaker 1: At the time, prescription wasn't off the table.
• 45:55
  Speaker 1: But what I gravitated to personally, as a consumer myself, is the approach of hey, you know, let's figure out if you can make some changes.
• 46:03
  Speaker 2: Everybody recognized this could have been a problem.
• 46:06
  Speaker 1: And, by the way, it's turned out great No more high blood pressure.
• 46:10
  Speaker 2: But I connected with the approach Absolutely And I think that's the most important thing And that's, you know, really great story and example of for the folks listening, of what to look out for.
• 46:22
  Speaker 2: Look for the knowledge to solve your problem, not the product.
• 46:26
  Speaker 1: In a couple of different ways.
• 46:27
  Speaker 1: Absolutely Going back to what you were talking about, flexibility, i had more flexibility in starting out with a diet and exercise-based approach, but if that didn't work then we would have gone to the prescription.
• 46:38
  Speaker 1: But thankfully that worked.
• 46:39
  Speaker 1: But a very long way of saying talk with a couple of different financial professionals And it'll become kind of Well, that's the other thing too.
• 46:48
  Speaker 2: Always encourage folks to interview at least two to three.
• 46:50
  Speaker 2: Absolutely, If they're in that decision point of their life, interview at least two to three.
• 46:53
  Speaker 2: I mean that's very common.
• 46:55
  Speaker 2: Most of the folks that we interview as prospective clients are also in the process of talking to a couple other folks.
• 47:01
  Speaker 2: That's not uncommon at all And that's, you know, expected in the stay in age.
• 47:07
  Speaker 1: Well, you know, it's kind of like in the healthcare world, If you know.
• 47:11
  Speaker 1: There would be certain practitioners that say, don't hesitate, operate.
• 47:14
  Speaker 1: Others will say, let mother nature work her magic And maybe this will solve itself, And then we still have surgery as an option.
• 47:26
  Speaker 1: But you have flexibility.
• 47:29
  Speaker 2: You know one thing I'll also mention.
• 47:31
  Speaker 2: You know we're talking about the medical examples.
• 47:35
  Speaker 2: I remember dislocating my shoulder pretty bad when I was younger and I was going to see an orthopedic And in his office, in the patient room, i'm sitting there in the patient room ready to see my orthopedic And all the posters on the wall are Murphy's Law.
• 47:50
  Speaker 2: If it can go wrong, it will Like all these, like more than one poster too, not just one poster, but more than one poster of Murphy's Law.
• 47:59
  Speaker 2: And I'm looking around and I just feel like I'm in the wrong place, like I was a very active person.
• 48:06
  Speaker 2: I was trying to get back and get my shoulder rehabbed and neither get surgery or not get surgery.
• 48:10
  Speaker 2: But I was trying to get back to full speed as quickly as possible.
• 48:13
  Speaker 2: And I'm just seeing this Murphy's Law in here And I'm like how can somebody that has all these posters about things going wrong in their office be in a good mental state to advise me on, you know, my medical care?
• 48:27
  Speaker 2: And that was a very biased opinion And this is a biased advice I'm going to give as well.
• 48:31
  Speaker 2: But find somebody to work with who has a positive outlook on the future.
• 48:36
  Speaker 2: Yes, i would say that's going to make things a lot better for you.
• 48:39
  Speaker 2: We, you know some of our peers are very doom and gloom.
• 48:42
  Speaker 2: I would say there's always going to And I certainly don't blame them.
• 48:45
  Speaker 2: No, i think there's always things to be concerned about out there in the world.
• 48:49
  Speaker 2: In the older I get, the more doom and gloom I shade right.
• 48:53
  Speaker 2: You know, with kids, you know with young kids now I'm like, oh, why did I even bring them here?
• 48:58
  Speaker 2: You know things get dark from time to time, but I think it's extremely important in our profession to have a positive outlook on the future.
• 49:06
  Speaker 2: And I would say we don't work with clients who don't have a positive outlook on the future because at the end of the day, there's nothing we can do for you to make you happy if you don't have a positive outlook on your own future.
• 49:17
  Speaker 1: So just a unsolicited advice for me.
• 49:22
  Speaker 1: You got to have hope.
• 49:23
  Speaker 1: You got to have a little bit of hope in there.
• 49:24
  Speaker 1: All right, so the next part, the last end in the nursing process, is navigating taxes.
• 49:29
  Speaker 1: I would like, in this, to aging.
• 49:32
  Speaker 1: It's going to be there, oh yeah.
• 49:34
  Speaker 1: It's going to have effects, but it can be managed, right, We're getting, we're all getting older every day.
• 49:40
  Speaker 1: We kind of know in general what the body does in time as you age.
• 49:46
  Speaker 1: but it can be managed And that's kind of the way we look at taxes.
• 49:51
  Speaker 1: If anybody comes to us and expects us to eliminate their taxes completely, that's not going to happen.
• 49:57
  Speaker 1: But we can be mindful of it.
• 50:00
  Speaker 2: You know, if we figured out, though, you guys will be the first to know that are listening here.
• 50:04
  Speaker 2: Well, we, jesus was figuring it out and not going to happen, but you know, we will be the first to know, don't worry.
• 50:10
  Speaker 1: So, in everything that we do Colin, you mentioned it earlier any adjustments you make to any part of this plan, taxes are going to be a part of that, integrated into that, and we'll need to make adjustments.
• 50:26
  Speaker 1: But again, similar to aging, it's going to happen.
• 50:29
  Speaker 1: It's going to be there.
• 50:31
  Speaker 1: We could be mindful of it.
• 50:32
  Speaker 1: We can manage it as much as we can.
• 50:35
  Speaker 1: We don't give tax advice.
• 50:37
  Speaker 1: We don't prepare taxes.
• 50:38
  Speaker 1: We do partner with qualified tax professionals to make sure the things that we are doing on our side dovetail with what they're doing and that they're knowledgeable of how the things that we're doing might affect a future tax return.
• 50:52
  Speaker 1: We're a little bit more forward looking in that, as opposed to backward looking.
• 50:57
  Speaker 1: Hey, this is what happened, so let's fill out the form properly.
• 51:01
  Speaker 1: We're trying to look forward as much as we can because the things that we do can have an effect on taxes.
• 51:07
  Speaker 1: But again, it's going to be there, just need to be mindful of it.
• 51:12
  Speaker 2: Absolutely.
• 51:12
  Speaker 2: And then you know, once that initial planning is done, one of the most important parts is the G in the nursing process and that's grow and review, right.
• 51:22
  Speaker 2: So not necessarily we're looking for our assets to grow every time we get together, but you know we're going to grow as your family grows, as your life grows, as your needs and your desires grow.
• 51:33
  Speaker 2: You know we really prefer to.
• 51:36
  Speaker 2: You know we will certainly talk to folks and we may find ourselves to be a good fit for somebody who's already retired, but most of the time we prefer to work with people before they make those big decisions, because a lot of those are irreversible, those decisions you make leading up to retirement.
• 51:52
  Speaker 2: And we like to grow into retirement with the families we work with.
• 51:56
  Speaker 2: We see just the synergy there and already having a great relationship going into flipping that switch and a pivotal moment of your life makes a big difference, especially when the world gets weird, because we already have a history of working with folks for a number of years and it's not.
• 52:14
  Speaker 2: We were recently introduced and then the world got real weird, real quick, and now, instead of saving all my money, i've got to spend it all and life's not okay anymore, right.
• 52:23
  Speaker 2: So we like to you know, just grow with our clients over the years and make sure we're reviewing and constantly updating the nursing plan right.
• 52:31
  Speaker 2: It's a living and breathing document.
• 52:33
  Speaker 2: It's not static, it's not stationary.
• 52:35
  Speaker 2: It is a snapshot of where you are in your life at that moment.
• 52:38
  Speaker 2: But that changes every time we get together.
• 52:42
  Speaker 2: Which for our folks is a bare minimum of annually for a formal review, but most folks choose to take advantage of that a bit more often than just annually.
• 52:51
  Speaker 1: Well, and that's why in the healthcare world there are checkups.
• 52:54
  Speaker 1: If a patient has a particular condition, those checkups might be might need to be monthly or more often, or quarterly, and then, once you find a good result, then it becomes annually because it still needs to be monitored.
• 53:13
  Speaker 1: Whatever that condition is has been resolved, patient is healthy, but we know it could come back And so, in a very similar way, there are folks that we work with, certainly in the beginning, a little bit more often.
• 53:27
  Speaker 1: Obviously, you're going to have phone call.
• 53:31
  Speaker 1: we would have that initial meeting through the understanding your goals, reducing stress, and then we get into the strategies and that's the third get together, phone call, get together here in the office or via Zoom, and then, as we get into strategy and helping to navigate taxes.
• 53:48
  Speaker 1: But the last part of it is the ongoing checkups.
• 53:50
  Speaker 1: That's what it is.
• 53:52
  Speaker 2: Absolutely.
• 53:53
  Speaker 1: Even the healthiest people go in once a year for physical just to get blood work updated.
• 53:58
  Speaker 1: Absolutely, and if there is a condition that needs to be solved, solved, for maybe those checkups are a little bit more often until we get everything stabilized and moving forward.
• 54:12
  Speaker 2: I love it.
• 54:13
  Speaker 2: Well, i certainly hope that our discussion today and this podcast helped demystify what working with a firm like ours or another advisor looks like for you, brian.
• 54:25
  Speaker 2: Any parting wisdom, anything people should.
• 54:28
  Speaker 2: If people were going to take one thing that's actionable from this episode, what would it be?
• 54:36
  Speaker 1: I'd say, if you are looking for a financial professional, i would say there's not just one thing, but obviously look at their background and credentials.
• 54:47
  Speaker 1: That would be one, but look for somebody that is acting in a way that you do as a healthcare professional.
• 54:55
  Speaker 1: Have a definable, repeatable process that can be easily monitored and can show results Absolutely.
• 55:04
  Speaker 2: It's well said.
• 55:06
  Speaker 1: It's my parting bits of wisdom.
• 55:08
  Speaker 2: Well, that's perfect.
• 55:09
  Speaker 2: Well, I'm all out of wisdom today.
• 55:11
  Speaker 1: So I'm going to leave it.
• 55:12
  Speaker 1: I'm going to let us part on that So well.
• 55:16
  Speaker 2: it was always great having you join us.
• 55:18
  Speaker 2: If you made it this far into the podcast, congratulations to you.
• 55:21
  Speaker 2: You are part of the few.
• 55:23
  Speaker 2: We will see you next episode.
• 55:25
  Speaker 2: Be safe.