Solving Common Problems for Pre-Retirees & Retirees

Episode 27: Audio automatically transcribed by Sonix

Episode 27: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Speaker1:
Any examples used are for illustrative purposes only, and do not take into account your particular investment objectives, financial situation or needs and may not be suitable for all investors. It is not intended to predict the performance of any specific investment, and is not a solicitation or recommendation of any investment strategy.

Speaker2:
Welcome to All Things Financial, the show that helps upgrade your financial literacy. Trey Peterson and Yellow Coots are retirement planning specialists here to provide a unique and conservative approach to managing your money. Now, here are your hosts, Trey Peterson and Yellow Coots.

Speaker3:
Welcome to the Open Financial Podcast. Today we talk about solving common problems for Pre-retirees or those in and nearing retirement. For a lot of you, retirement is closer than you think. And we want to talk about some of the top things, some of the top problems that those preparing for retirement run into. I'm Trey Peterson and I've got my business partner you say? I never know.

Speaker4:
If you're going to say my name or if I have to. That's all good.

Speaker3:
Uh, welcome to the show. We're excited. Today we're going to talk about, uh, a handful of things. Concern about the stock market volatility, volatility. One of the things that we've had a lot of people ask is, you know, with the political environment, with all the money that we've printed since 2020, with how volatile it's been, is there going to be a time that it doesn't bounce back overnight? So we're going to talk about some actionable steps that you can take today. We're going to talk about preparing your portfolio for a potential crash. You know if we did have a correction, you know, as we all know the market does come back. But is it going to take a month, three months? Uh, we're going to talk about some problem solvers, how to beat the 4% rule. Some of you have heard of that, many of you. And then Social Security and the Cola forecast, which will be announced later this month. You also say, do you want to start with the financial quote of the week?

Speaker4:
Yeah, let's do it this week. It is from was it from Actually, I'm not sure. But here's the quote. Start facing your problems head on. It isn't your problems that define you, but how you react to them and recover from them.

Speaker3:
I think you should just take credit for that quote, being that we don't, you know, it.

Speaker4:
Doesn't say who it's from. I like the way it sounds. I it's my quote.

Speaker3:
Sounds just like you. All right. Let's start off. Uh, are you concerned about the stock market volatility? You know, uh, yesterday I met with a couple wonderful people. They've done a great job saving. They've got 90% of their money in stocks, 10% in bonds. And even though they know that they probably should have reduced their risk by now, it's really paid off to stay, to have stayed aggressive. And one of the things that we talked about was sequence of returns. You know, so really the big question that they asked me was, hey, what happens if we have an early correction versus, you know, the market just continues to do well? How does that impact us? And a lot of people realize, you know, obviously, uh, if we have a correction earlier on, there's some challenges that we could face because now all of a sudden you're not collecting a paycheck. Now all of a sudden you've got, uh, the market, uh, is dipped, is dipping, and you gotta pull or sell stocks and bonds at a loss to get that paycheck. Uh, what are some thoughts around that?

Speaker4:
Yeah, I mean, it's, you know, it's one of those things that it's easy to to graph it out and to show you, hey, of course, if you have a correction in the earlier years, it's not going to, you know, not going to bode as well for you than if you have one later on. But in reality, probably over the course of retirement, you might experience several corrections. And, you know, I mean, it's a simple concept. You know, if the market goes down and you're forced to to realize those losses, you're going to you're going to have fewer dollars working for you in the market to help fund the rest of your retirement. So of course, we you know, that's better to have that in the later years of retirement if possible. But, you know, one of the things I often tell people is we're going to have multiple corrections. It's just going to happen. And it's not about avoiding it, but making sure that you're set up in a way that you can weather those storms and that you're aware of what's happening in your accounts. Right. We don't want any surprises in retirement. And one of those things that we need to do is making sure that, hey, recognizing the season and the stage of life that you're in and planning accordingly.

Speaker3:
Yeah, absolutely. That's super helpful. I think I think, too, you know, one of the things I talk to them is I just said, you know, just because we have a correction potentially coming doesn't mean you have to go from 90% stock to 50% stock. But do you have a bucket of money in CDs or money market, or do you have enough to maybe cover 2 or 3 years if the if it took the market that amount of time to come back, you know. So one of the things that that I think we talk about is have you done a stress test to say if we have a dip, how much is it going to impact your overall portfolio? And I think one of the challenges is that in 2020, you know, we had basically a 30 day dip in the market, came right back. And then 2022, the market was down 18 to 20% and it came right back. So I think well that was positive. One of the challenges is that it made a lot of people comfortable with higher risk than maybe they should be taking. Uh, one of God, y'all say.

Speaker4:
Yeah, I just think one of the things that we need to avoid is, is just making rash decisions, panic selling. And we have had a number of people. There's just so much going on all over the world, whether it's, you know, politically or just, you know, all the unrest and the wars that we have with Israel and, and and Gaza and Ukraine, Russia, I mean, just there's a number of things happening, not to mention the election. So we've had so many people calling in and they're like, hey, not not to mention that the market, we had a bull market for as long as we've had, uh, if you exclude 2020, 2022, um, you know, are we due for a major correction like one that's actually going to last for several years? And take forever to recover from. And, you know, we just want to make sure that you can you can have those conversations. But on the other end of that, you should have somebody who's helping you avoid making some of the panic selling decisions that some people have have kind of gone into. And, you know, one thing to the other thing that we have going on is I've we have October. And, uh, I don't know if you're familiar with this trade, but the October effect. Right. Uh, the idea that October is more dangerous than maybe some of the other months to speculate in stocks. And, uh, we've had a number of clients that have mentioned, hey, are you aware of the October effect? And, you know, the joke in the industry is, um, you know, the other dangerous months are January through December, so, you know.

Speaker3:
Yeah. Well, there there are some patterns sometimes. So what's the solution? You know, I think one of the things that we've been showing people is historically the average, you know, uh, retiree had a 60 over 40 portfolio, 60% stock, 40% bonds. And one of the things I'd encourage listeners that are in and nearing retirement is to consider an alternative for some of those bonds. Now, what are some of the options? One would be money market. Number two would be CDs, and number three would be a no fee fixed index annuity. Some people love the word annuity and some people hate it. But one of the things that we like is the no fee annuities, where your money is guaranteed safe. And if the market goes up, you get to participate in the reward or in the upside of the market. Now, obviously, those annuities are not a comparison for your stocks, but they can be a great replacement for bonds typically averaging 3 to 6%. Uh, especially, you know, if the market does well then they can do better than that. Um, but one of the things that we found is a lot of people realize that they're in a new season of life, and there may be different financial vehicles that didn't make sense before, but they might make sense now. What are your thoughts on some of the alternatives that we've been using LSA and, uh, for somebody that maybe they've only had bonds for safety. What are your thoughts on some of those other three options? Money market CDs and annuities?

Speaker4:
Yeah. So you know the money market fund is fantastic. You have liquidity right away. You could take the money in, put the money in, buy the fund, you can sell it and you can have cash available anytime. So that's that's really nice from a liquidity standpoint. The only downside is you know, they base the return on the money market fund based on a seven day average the previous seven days. And it's entirely dependent on what the fed is doing in terms of the interest rate. So, you know, you could be getting a great rate of return today. But six months from now, that fund might not necessarily return what you're hoping to get, or at least what you would want to get from something that's safe. Right? And you could be missing out on market returns. That could be quite a bit better than that. Um, so that's kind of the downside, right? You have no control over that. And it can change very quickly in terms of the rate of return. So if you have CDs you have a longer term. So that's kind of nice right. You can actually if the if the rates are competitive, if the rates are good today, whether it's a CD or a treasury, you can lock that in for a period of time, whether it's six months, nine months, 12 months, even more than that, right? Treasuries can be several year long treasuries where you can guarantee that you're having, you know, this specific rate of return for the next ten years.

Speaker4:
The downside there is, you know, if you're locking the money in so you don't have as much liquidity. And also, you know, depending on what happens in the market, maybe you could have some opportunity cost if if the market ends up significantly outperforming those types of investments. But at least it's it's relatively safe. You don't have to worry about that. Uh, but the other thing is, um, you know, if you have some of those things in a brokerage or an after tax account you'd have to pay interest on, or you have to pay taxes on the interest and some of the dividends and things like that. So sometimes you may not want the additional exposure that that income could provide. And that's where the fixed index annuities and some of the things that we've looked at, you know, they allow you to defer all of your gains and defer the taxes on those gains until you take a distribution. So there might be some advantages there too. So yeah.

Speaker3:
Well, I think one of the things that a lot of people haven't done is, well, I should let me start with what they have done. Well, most of the families that we meet with are the individuals. They've done a great job saving their advisor. The 401 K did a good job, you know, growing the money, which is obviously the goal. But one of the things we found is most people have never had a conversation of what does it look like to take monthly income from this portfolio that I've only added money to every single month? What does that look like? And so we call it, you know, your paychecks and your paychecks. So for many of you, you're going to turn on a pension. You're going to turn on Social Security. Maybe you have some income from farmland that you inherited, or maybe you've got income from some real estate or a rental property. But most of the time there's still a gap of those guaranteed income sources and your expenses, especially that first 3 to 5 years of retirement when you're traveling more, when you're remodeling the house, you know you're hanging out with the grandkids. And so one of the things we help people do is put together a spend down plan and say, hey, when I get a paycheck on the first of every month from my investments, where do we pull it from? How do we decide if it comes from the IRA money, the non-qualified money, the Roth account? How do we know if we take it from checking or savings, and does the market volatility play a role in that? And the answer is yes.

Speaker3:
You know, so one of the things I would encourage you is if you've never sat down with a retirement planning specialist and put together a vision for your retirement, if you've never looked at your current plan and your portfolio of assets and how it could change in this new season of your life, we want to walk through an analysis with you, give you some recommendations. And for many people, we're confirming that you're already doing the right things. But maybe there's 2 or 3 things that you could tweak to improve in your new season of life. You know, let's say one of the things that we did is we put together five steps to prepare. If we did have a market crash, you know, since 2020, we've doubled our debt in this country for every dollar that we pay in taxes, $0.30 on the dollar is going towards the interest of that debt. But what are some of those five steps that we've talked about to prepare for a stock market crash?

Speaker4:
I think I think a lot of times. So one of the things that I, that I definitely would want people to to reconsider, a lot of times people come in and they say, hey, you know, my advisor said, I just need to put down the paper, my, my paper, my smartphone. I just have to turn off the TV and just not pay attention to what's happening. And I think that type of advice kind of misses the point a little bit. You know, um, what's happening in the markets like that's legitimate news. Um, and it, you know, it should probably be reported. But, you know, the media is not really there to give you investment advice. Like, they're not going to be the ones that are accountable for for your progress, making sure that you meet your financial goals. Um, you and your financial advisor are and you know, sometimes when, when we when we look at a lot of volatility, like we can look at these moments as opportunities to and we should have a discussion about what makes sense for you to do now. So you know, volatility, it can be difficult for anybody, let alone retirees. People get very uneasy about that. And I would say too, like we've we've had a number of people who they have, you know, whatever they have in their, in their portfolio and they don't even necessarily need the money.

Speaker4:
Like I talked to a couple recently, like they don't even need to dip into their retirement savings because their expenses are covered by their pension and their Social security, but they're still so fearful over whatever piece of market data they just heard. And, you know, and it's just it's it's it affects all of us. I would say even if we're in a position where we don't necessarily where we have the time, where we can leave our assets untouched, and we don't have to realize losses when the market is down, it can still be very uneasy. So I think one of the things that I would recommend is be thoughtful, be calm. Uh, if you can't be thoughtful and calm, find an advisor or somebody who can help you be that way. Um, you know, and maybe one of the most boring and obvious pieces of information or advice that we could give is making sure you're diversified, right? We all know it, but we can't stress the importance of diversification and doing your best to avoid chasing trends, right? Sticking to the fundamentals, I would say, is maybe my my biggest piece of advice. Yeah, absolutely.

Speaker3:
Uh, okay. So let's jump into this. So number one, let me ask this of these five, anything specific you want me to jump into?

Speaker4:
Yeah. Well, I think, you know, some of these are are easier said than done. Like, for instance, buying the dip. Um, yeah. Good luck. You know, good luck timing the market. Most of the time, what we find is people who want to buy the dip, they end up staying on the sidelines a little bit too long, and they miss out when the market comes back, you know, so that one's a little bit more difficult. But you know, like I mentioned, diversification, trust and diversification. Sometimes it's really easy to look at one specific sector, whether it's small cap or large cap or international or real estate. And one of those is performing really well. And we have clients coming in calling in and saying, why don't we have everything in large cap? Why don't we, you know, why doesn't our entire portfolio represent the S&P 500. And it's, you know, it's there's a tendency to chase those types of trends, when in fact you should just trust in the diversification of your portfolio. Because over time, you know, there's numerous studies that show a diversified portfolio tends to outperform people who like to pick and choose. I would say.

Speaker3:
Yeah, absolutely. Well, let's kind of move into our next phase. So what does it look like to work with us? I actually love this question because, you know, every week we meet with new families and individuals. And really what they're doing is they're saying, hey, how are you the same? Or how are you different than our current financial advisor or maybe our current tax preparer? But I think one of the things that people really love about the team that we've built here, USA, is that we have a holistic planning one stop shop where those that are in a nearing retirement, they can get their estate planning done, they can have a retirement planning advisor. They can have a tax advisor that tells them, here's what you should be doing to save tax in the future, instead of here's what you should have done last year. They have a Medicare specialist, a social security specialist, and insurance agents to help with long term care and everything else related to health insurance. But one of the things I would say is one of the things I think we do really well is we help people. We help people put together a vision for what it looks like to have a successful retirement. You know, one of the things I heard a quote the other day and actually it said most people spend more time planning their annual vacation than they do their life or they do their retirement.

Speaker3:
And so I think one of the things that we really help people do well is put together a plan. Um, a lot of pieces, a lot of a lot of the families we meet with, they have all of the pieces, but they don't have the plan in place. So some of those things would be you know. What does a successful retirement look like to you? And for some people, they have no idea. And for others they have the pieces. But one of the things I found is if we can paint a picture of what travel looks like, of what remodeling looks like, of where you're going to volunteer, those families are so much happier than those that go. I'm going to figure it out once I retire, and then they spend six months or eight months lost because they don't know what's next. You know, I think the second thing we we talk about is, what are you doing? And who are you with? You know, when people ask me, who are the happiest retirees, it's not just those with the most assets, but it's those that have already started great hobbies, whether they're playing pickleball with their neighbors, whether they're camping with two, three, four couples that they started three, four, five years before retirement.

Speaker3:
And now they have things with people they like, trust, and they already know what some of their time looks like. Uh, one of the things I ask people all the time is in retirement. Do you have any specific goals. You know what's a goal? A lot of the families that we work with, they're very driven. They're goal oriented, and it can be depressing to retire and no longer have a goal that you're chasing. So what could be a fun goal that kind of keeps you getting up in the morning, maybe later in the morning, but gives you a purpose because people that lack purpose, oftentimes we've found they end up falling into isolation, and a lot of them end up calling and just saying, man, I can't believe I'm going to say this, but I miss work because they no longer have a purpose. And then last but not least, you know, one of the things I think we do really well is help people create income each month and not just, uh, not just randomly, but thoughtfully. Again, not to be repetitive, but where do you pull money from? In what order? And how do we make sure that you have a large percentage of your expenses covered with guaranteed income? Uh, you tell us anything that you want to add to that.

Speaker4:
I want to jump if you're okay with it. Just like maybe on the topic of annuities, I know we we, we kind of talk about it a lot. And I think that for a lot of people, annuities represent a four letter word. Um, and, and I think that there's just a lack of education and understanding of how they work. Um, one thing I would say is, you know, be very careful that someone's not selling you something on the promise of a bunch of guarantees that you're never going to use that really don't pertain to you. Uh, but as we're talking about income, you know, the happiest people in retirement are people who have guaranteed sources of income where they know that no matter what happens in the market, no matter how much volatility we have, we know that we're going to have enough to meet our expenses. Now, the one thing that challenges that idea is inflation, right? Because even people who have a lot of guaranteed or fixed sources of income, sometimes those sources, they don't all have a cost of living adjustment. Now Social Security does. Right. Trey mentioned in October they're going to announce that we're going to know what the cola is for the upcoming year here. Very shortly, but not every pension has that. And then if you've created a self pension or an annuity, not every one of those has increasing income. Now there's a number of companies that offer that inflation protection and income that increases as inflation goes up based on the performance of the account. But not a lot of those have that. So if you look at like, you know, the last four years during this administration, inflation is up.

Speaker4:
It's on track to be up about 20%, 20%. That's how much purchasing power we've lost over the last, you know, number of years here. Um, so that could be kind of a scary thing. And the reason why I want to talk about fear is for a little bit. And I talked, I started out by saying there's a bunch of guarantees that sometimes don't make sense, and people don't know exactly how their account works. Um, I guess I'll just start with this. So if somebody has, let's say Social Security, maybe they have a pension and that doesn't meet their income need and they need two $3,000. Let's just say they need an additional $2,000 and they have to make some choices. Do we structure our portfolio in a way that maybe we can have enough dividends and interest where that can help provide for some of our expenses in retirement. Do we pursue enough growth in our portfolio where we simply take distributions? You know, trying to stay within that 4%? We'll talk about the 4% rule. Making sure that we can take distributions in our accounts are going to last for the entirety of our retirement. Or do we pursue a self pension. And we talk about self pensions all the time. We're talking about using an annuity. And by the way, all annuities are through insurance companies to help fill that void, to help bridge that gap of income that we may need. So is there anything you want to add before I want to jump into the difference on the types of annuities that might be that specifically might be helpful in this scenario?

Speaker3:
No, I think I think high level I would just say this, you know, we run into families. They have no need for an annuity. It doesn't fit their situation. I would say many of the families that we meet with, they want some safety. And over the last 10 to 15 years they a no fee Annuities have been the the safest and given the best returns of any of the safe investment vehicles that we've used. And so one of the things I would encourage people is it may not be a fit for you, but before you rule it out, rule it in one of my business, coaches always says I never rule anything out before looking at the facts. And I think one of the things that you have to figure out is, what's my goal and what's the best tool of getting there? You know, we had a couple recently that he just said. He goes, I'm just going to be honest. He said, I just can't get over the word annuity. And I said, hey, let me, let me introduce you to some of the families I've worked with for, you know, five, six plus years that have an annuity that hated the word. And why don't you ask them their experience? And so I put him on the phone with two of the families that we serve that bought an annuity that when we first met them, they said, I will never own an annuity. And he called me and he goes, you know what? He goes just looking at the facts and talking with those two families. That felt exactly how I did. It looks like that is a good fit for my portfolio. I guess I don't care about the word, I just want the results. And so one of the things I just encourage people, not just in the word annuity, but as we talk about different investments, make sure you get information that you include things or that you rule things in before you rule them out. That would be my $0.02 on preparing for retirement.

Speaker4:
Yeah. And I'm kind of debating, like, do I do I dive into the weeds a little bit or is that is that a good summation. And we could just move on from annuities?

Speaker3:
No, I think jump into it and we can finish strong with that. That'd be great. Okay.

Speaker4:
Well I guess I would say this. So, you know, annuities, traditionally the way people look at annuities, how we've thought about them since forever, is you simply hand over a chunk of money to an insurance company, and in exchange, they're going to give you a paycheck. And that's just the way it works, right? And if you live long enough, you get into the insurance company's pocketbook. If you die early, well, the insurance company keeps the difference and you've kind of lost out. Uh, that's a very dated old way of thinking about annuities. And I would say that right now there's probably at least four different reasons why maybe an annuity could be a good fit. One of those would be simply as, as Trey mentioned, maybe like a bond alternative, just simply a place where you could park your, your, your assets. Right. Maybe your IRA potentially you can put it into an annuity or a portion of your IRA. Generally, we don't like to see more than 20 or 30% of anyone's total portfolio in an annuity, but you could just use it as a bond replacement. And the reason why it's an effective bond replacement, the annuities that we generally look at, they have no downside risk. In other words, the principal itself is protected. That's never going to go down. Um, and then, you know, for some people you're not necessarily looking for a bond replacement, but maybe you're somebody who's in that category where you have an income need.

Speaker4:
There's a gap between your expenses and what your current fixed sources of income would they provide. So you're looking for something to help fill that gap. And there's annuities that are specifically designed for income. And I'll jump back to the income ones in just a second. But there's also annuities that have a very large or competitive death benefit. It's not a replacement for life insurance, maybe not even exactly an alternative, but maybe they're more geared toward having a really good death benefit. And some people that's their priority, passing out as much as they can to their children. For others, they pursue annuities because of long term care planning and long term care needs that they anticipate. Maybe they don't qualify for long term care policy. Maybe they don't qualify for a life insurance hybrid with long term care features. And for them, they're looking for some other alternative like an annuity. And there's some annuities that are specifically designed for that. So number one I would say find out what your goals are, what your objectives are, the assets that you have to work with. And see if an annuity could help meet some of those goals better than some of the traditional investments that most of us are accustomed to in our 6040 portfolio.

Speaker4:
But the part that's a little bit confusing is, you know, a lot of the guarantees tees and bells and whistles, if you will. All the times you know, we refer to them as the riders on the policy. Sometimes people don't understand how those function. So to kind of give you an example, we had someone recently came in and they said, hey, my annuity grows at 7% every single year. And you know, I didn't have to look at it to know that it didn't grow at 7% every single year. Probably one of the features, like the income value or maybe the death benefit value or some other value, that's probably what's growing at a guaranteed 7%. And the problem is a lot of times they're not explained that way. So folks are thinking, hey, my account's only growing at 7%. This is fantastic. I'm doing really, really well. But we look at the cash value, the actual investment, and it's not performing anything close to that because they have an income annuity that's designed to create an income stream and only the income value, a separate value, a fictitious value, if you will. If you never use it for income, then that doesn't matter or doesn't affect you any in any way at all. So you want to make sure you know how your account functions.

Speaker4:
The same thing can be true when when you hear about a bonus, right? A lot of times annuity companies I mean they're they're in the business of getting more clients, right. They're trying to create attractive and appealing and attractive or appealing proposition to get somebody to say, hey, yeah, I'm going to carve a portion of my retirement savings out and send it to this annuity company. And one of the ways that they entice you is by offering a bonus on the front end. And I would say, just be careful. Is it an actual cash value bonus? Does it actually increase the value of your account, or does it go toward some other benefit, like the income or death benefit value, or potentially the long term care value? And that's all I'd say is, you know, if you have an annuity, number one, get it reviewed, have like a third party, somebody else give you a second opinion on that account, maybe call the company directly with that person so they know how to ask the correct questions. So you know how your specific account functions. And then if you don't have one, just get, you know, have a second opinion to see how one might fit into your portfolio. And with that, I'm done ranting.

Speaker3:
No, I think it's great. Uh, a couple last things I'll just hit on is right now, according to the 2023 Financial Advisor survey conducted by the Insured Retirement Institute, the IRI, Americans financial concerns have increased in recent years. So this is actually really interesting. 79% of people are worried about inflation in retirement. 70% are worried about a recession, which, you know, I'm an optimist, but I have to be honest, it does feel like there's a recession in the air. 65% are worried about losing a lot of money in the stock market, and 57% are worried about their ability to maintain their lifestyle in retirement. Now, as you know, I always say one of the big things is people spend all these years and in fact, decades saving enough so they can one day retire. And the worst thing that happens is all of a sudden we have a recession and you start your retirement having to cut back. That's obviously not living the dream. So one of the things that we encourage people to do is ask us, what are some of the ways that I can design my retirement to fight inflation? What are some things that I should be thinking about in order to make sure that if we do have a recession, we don't have to reduce our monthly income from the investments and cut out travel or home remodel or some of those fun things. And so if those are things that you've been thinking about and you'd like some new ideas that have likely never been run by you, give us a call, shoot us an email and just put, hey, how do I recession proof my retirement? And we have some great investment ideas and strategies to help those in and nearing retirement. Yeah. Let's say anything you want to add.

Speaker4:
Yeah. So when we're dealing with inflation, you know, a lot of those things that we mentioned, uh, money market, CDs, treasuries, even annuities for the most part, that's not how you you protect yourself from inflation. Right? Generally those aren't going to mitigate for a lot of the inflationary losses we experience, right? Uh, that's why we often say make sure it's just for a portion of your assets. If you put everything into any one of those vehicles, like historically, like, yeah, we haven't had the types of returns. The interest rates haven't been as high as they are today, depending on how far back you go. So you want to make sure that you still give yourself the opportunity to keep pace with inflation with the majority of your portfolio. And despite the volatility in the market like stay the course, right. Because that might be your only chance of having enough of a return to be able to sustain your needs in retirement. And the last thing you want to do is to have to cut back on lifestyle because of poor investment choices. Or maybe, uh, you know, somebody who sold you something that wasn't exactly the right fit for you. So, you know, get that second opinion. There's nothing wrong with that, right? We we tell people all the time, like, if your advisor's asking you not to get a second opinion, the first thing I would do is get a second opinion. And surprisingly, that happens way more often than you would think. So.

Speaker3:
Well, I think too, what I say to people is, do you trust your advisor enough to get a second opinion? You know, I think one of the things is a lot of people, you know, are loyal and I'm that way and probably to a fault. I mean, I, I value relationships so much that the cost isn't. First, the convenience is in first. But one of the things I challenge people is make sure that you're not being more loyal to somebody else than you are to your own financial plan. And I think what's really nice is oftentimes we're just confirming that people have the right advisor. He's doing a great job, but they haven't checked in the last five, ten, 15 or 20 years to make sure that they're getting everything they can get. And I think one of the things that we see is a lot of people have an advisor that's worked hard for years, and one of the common things is their advisors in their 60s. And I'm not against golf, but he's golfing half the week and he's falling asleep on them because they've been loyal. And so maybe he's not working as hard. So I think it is good just to make sure. Is your advisor has he fallen asleep on you? Has she fallen asleep on you? Or are they still working hard on your benefit? So if you just want to know, give us a call. We'd love to give you a second opinion. You can reach us on our phone number on the screen, or you can shoot us an email and we'd be happy to meet with you. We've got what do we have? 2526 other episodes. Check us out. All things financial. You can check us out on YouTube or any platform where there's podcasts. Thanks for tuning in, y'all. Anything you want to add to close us out today?

Speaker4:
That's everything.

Speaker3:
All right. Thank you and have a great day.

Speaker2:
Thanks for listening to all things financial. You deserve to work with retirement planning specialists who care about your money, and take a unique approach to your financial and retirement needs. Visit all things financial.com and set an appointment today.

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