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Real World Retirement is a podcast hosted by Alexander Pushman, dedicated to exploring all aspects of retirement planning with the help of expert financial advisors. Each episode dives into crucial topics like Social Security, investing, taxes, legacy planning, and income strategies, offering real-world insights and practical advice. Listeners are encouraged to stay engaged by following the podcast, sharing their questions, and shaping future episodes tailored to their retirement needs.
00;00;00;00 - 00;00;30;01
Unknown
Welcome back everybody. Real world retirement. The podcast. I am your host, Alexander Bushman. And, I'm really excited. Today I have a special guest. But before I get to that, I always like to kind of set, you know, what our goal is with doing this podcast. So working in the financial planning world, working with primarily retirees, when we say real world retirement, really what we're talking about is our goal is to have you start thinking about topics, concepts, strategies that you may or may not have thought about.
00;00;30;03 - 00;00;50;08
Unknown
The best way to solve a problem is knowing what the solutions are, knowing what your options are. So that education piece is really what we're trying to do. With this podcast, we have a lot of fun doing it. So, again, I'm your host, Alexandra Bushman. And, I want to start off with, a little introduction here a second time on the pod.
00;00;50;11 - 00;00;59;11
Unknown
My man Kevin Beasley, he's he's one of our. What I would call more tenured advisors. Kevin. Welcome back. Thanks for having me. Yeah, absolutely. Thanks for coming. But,
00;00;59;17 - 00;01;08;25
Unknown
I know one of the things that you and I have in common is we talk a lot. You know, whether we're on a podcast or meeting or just, you know, shooting the breeze on the golf course.
00;01;08;25 - 00;01;33;18
Unknown
Right? Or whatever it looks like at a at a kid's birthday party. We talk about how important it is to have a really good relationship with families. Right. And the topic of today that we want to talk about is planning from the heart. That's going to be the topic of today planning from the heart. And Kevin, if you don't mind, you know, I and on the first podcast we did which is fun, you already talked about who you were, why you got into this.
00;01;33;20 - 00;01;59;01
Unknown
When I say planning from the heart, you know, what does that mean to you? As kind of like a 30,000 view? Yeah. Big picture for me, in the families I work with is, we want to make sure that we enjoy each other's company. Right. I don't want this to feel like a job when we call you and say, hey, let's meet, it's time for our quarterly review.
00;01;59;04 - 00;02;19;29
Unknown
And it feels like a dentist appointment where you're dreading it. And it's something you have to do, right? Same when I look at my calendar. I want to be excited to talk with the families that I get the pleasure of serving. Yeah. So 30,000ft view is just like, hey, we all want to enjoy these tough conversations because money is a tough conversation.
00;02;20;02 - 00;02;41;05
Unknown
Yeah. And so, yeah, when you're planning from the heart, it really is. Hey, I care about these people. Yeah. And hopefully they care about me, too. A lot of the families I work with, they know my sons by name. They ask about my family, and and we have conversations, in our reviews that aren't just about the money aspect of it.
00;02;41;07 - 00;02;57;03
Unknown
Right? We just enjoy talking with each other and asking about, things that are going on in our lives outside of just the personal finance, that we're helping them with. Right. And I know you kind of structured it, you know, we're chit chat about what we want to talk about today. And I love this topic for the record, because this is like right up my wheelhouse.
00;02;57;03 - 00;03;20;23
Unknown
Right. Like I, you know, you want to be passionate about serving and working with people, right? Because and I think you said it. But just, you know, to give my take on it, it's like if you're not passionate about something, you're not going to give it 100%, 100%. Here's here's where, my background kind of helps me lead with this in my professional career.
00;03;20;25 - 00;03;42;18
Unknown
I wrestled my whole life growing up. Right. I was not very good from a young age. A lot of the people around me and my friends, had a lot of success from youth wrestling through high school wrestling. I won one state title, which is a huge accomplishment. I have friends that won three, four, because they were always so good for so long.
00;03;42;21 - 00;04;07;12
Unknown
But they went on in their college careers, and they weren't as successful as I was in college. Wrestling, and I learned is because the way my dad coached me, I fell in love with the sport of wrestling. And so I loved the grind of doing the hard things that those guys who were so successful, didn't actually love the grind.
00;04;07;12 - 00;04;26;24
Unknown
They loved the winning aspect. And so when winning got harder, they weren't as good at it. Interesting. That carries over into my professional career, right. If you love what you're doing and you're passionate about doing it, you're willing to do the hard stuff in the stuff that isn't quite as easy for the things you're passionate about, right?
00;04;26;24 - 00;04;43;17
Unknown
So when you say you love it and you care about the families and you have a passion in serving them, that holds true, right? And that's not just in the professional world. It's in everything we do. But yeah, the more and more that you're passionate about, the people that you get to work with, the easier it is to do the hard things for them.
00;04;43;20 - 00;04;59;29
Unknown
Man, that is a phenomenal perspective. And and, you know, it's one of those topics that in my opinion, and that's why I thought it was such a good idea for us to talk about this today, because I know we both approach it this way. Right. If you if you don't want to give 100, they're not getting what they deserve 100%.
00;04;59;29 - 00;05;16;20
Unknown
And unfortunately, in this business, sometimes you have to have hard conversations and say, I'm not passionate about serving you anymore or vice versa, right? There's a communication breakdown or, you know, bad expectations upfront or a relationship with a client. You know, there's a series of things and how I looked at this and to kind of start kind of breaking this down.
00;05;16;20 - 00;05;32;07
Unknown
So from a 30,000 view, planning from the heart is really what we're talking about today. That is a topic that is really what we want to go into. And there's three aspects that I see which I want to get your opinion on. Because again, I know this is one of the things I would consider you to be a bean expert, but also it's your perspective.
00;05;32;07 - 00;05;54;19
Unknown
It's the way you approach this business as a whole is number one. We talk about when we're when we're planning from the heart, the relationship base. Right. The how important your relationship is with the families and the clients you're working with. Number two, how how do you set them up to accomplish their goals for their family and how that family can be generational relationships.
00;05;54;19 - 00;06;14;01
Unknown
Right. And and the third piece of it is being able to have enough information, experience knowledge and and educating the client. And hey, how can you accomplish these goals and start connecting all these dots right to where I think we talk about a lot of time. It's like, I don't I don't feel like I got a lot done this year.
00;06;14;03 - 00;06;30;19
Unknown
But then you look back over ten years, you're like, whoa, we got a lot done in ten years. Yeah, right. So kind of starting at the first base and we've already talked about it. And it's a fun in my opinion, a fun topic is when we talk about relationship based training, okay. You want to or a relationship based planning.
00;06;30;22 - 00;06;51;07
Unknown
You want to like them. You want to be passionate about them. What are some things that you've figured out? And again, good and bad from? Maybe you can give advice to the viewers who are again interviewing an advisor. They're looking for an advisor. They have a current advisor, but they're not necessarily clicking right. What are some things that you'd say, hey, these are things that I say are a really good and you should look for from experience, from the advisor point of view.
00;06;51;07 - 00;07;16;13
Unknown
And what are the things you'd say? Not so good that you should be aware of red flag man. Yeah. So first and foremost, our process, the way we do things helps us evaluate this before families decide to work with us or we decide to work with the family. And, and so some of the things that we're looking for, at least in my chair, when working with the family is, a question I ask everyone before they decide to work with me.
00;07;16;16 - 00;07;41;18
Unknown
And would we be comfortable getting a coffee or a beer together? Right. And just having a conversation? Not about money, not about, your your income plan or your investments. Right? Right. If we were just to sit down, would we enjoy each other's company? Just talking. Yeah. Great point. Right. And if if we can't say yes to that, some of the other hurdles that we're going to have to jump through, to have a strong relationship are going to be tougher.
00;07;41;20 - 00;07;59;27
Unknown
I'm not saying that every single one of my clients wants to sit down and have a beer with me and watch the Lions game, right? It's not what I'm. It's not what I'm saying. But there has to be some understanding to where because of this relationship, right? We want to be able to have conversations that aren't just about your finances, because to what we were saying earlier, right.
00;08;00;03 - 00;08;14;08
Unknown
The care and so some of the things that that we get into and we ask you when you first come in and sit down in our office, hey, what are some some of the things you enjoy, right, right. Where are the restaurants you like to go to? Right. It doesn't have to be football or golf or things that that I enjoy my personal life.
00;08;14;09 - 00;08;49;20
Unknown
Right? To like each other, right? Right. Do we do we enjoy the same food, or do we do we do we enjoy the same family values? Right. You know, a lot of my clients, we talk about faith and our relationships and our journeys through there. Right. And so just, making sure you're asking the right questions. So many times when clients are interviewing advisors, they want to know their historical returns and they want to know, hey, these different investments that you can offer and all these different things and pulling the curtain back, as you would say, a lot of good financial advisors are exactly that.
00;08;49;22 - 00;09;11;01
Unknown
They're going to be able to offer you very similar investments. We can offer you. They're going to be able to build in compliance, like like we can offer you some of the strategies may be different and we might not align on that in those aspects. But when you're interviewing advisors and you're just asking those questions, I don't think you're getting to the heart of the relationship base that you want to have with an advisor.
00;09;11;04 - 00;09;34;00
Unknown
Like we said earlier, the more they care about you as a person, the easier it is going to be for them to do the hard things for you. Right? And have those tough conversations with you, right? And so asking the hard questions, even if it's not sitting in my chair as an advisor, but sitting in the other chair, right, asking the questions that better help you understand, if this advisor's the right fit for you.
00;09;34;03 - 00;09;51;00
Unknown
And again, it's not always about the investments or the income plan or things like that. It's it's getting to know them as a human right and not just as your financial advisor. And, a lot of my clients, again, when I ask them the question, hey, would we be comfortable getting that? They come back to me with other questions.
00;09;51;00 - 00;10;11;25
Unknown
Yeah. Right. And they they start trying to get to know me. Not Kevin, their advisor, but but Kevin as the person. And it helps us develop such a strong, a much stronger relationship. Right, than just advisor client. Right. And I and that makes me think about like when we talk about fiduciary. Yeah. It's like, hey, you know, I've said this before on the podcast, it's like type in.
00;10;11;25 - 00;10;34;17
Unknown
What do you ask for financially? Are you a fiduciary? Right. Well, I can't tell you how many people are like, yeah, I'm a fiduciary. Nine out of ten financial advisors. I'm making that statistic up for the record. But, you know, a majority of advisors say, yes, I'm a fiduciary. And I always say, and I've said this in the past, it's better to ask, who are you a fiduciary to really what we're talking about is I can be a fiduciary and have a terrible moral compass, 100%.
00;10;34;19 - 00;10;49;25
Unknown
And, and, and the only way you're ever going to get a real read on that is going to the heart and trusting your intuition. Is this person a good person? Do they actually care for me, or are they actually making decisions in the best interests of me and my family and my legacy and whatever that looks like for that person?
00;10;49;28 - 00;11;08;03
Unknown
But, I love that, that, that, that relationship concept. And I think that's a phenomenal way to phrase it. What would you say in your experience is something that's a red flag, again, in your experience from the client giving you feedback or you identifying it or it's like, hey, this is a red flag. Probably not a great fit, which is a hard conversation.
00;11;08;03 - 00;11;30;04
Unknown
A lot of people don't want to talk about that. Yeah. It, I think relationships that are strictly performance based, again, when we're, when we're just having conversations strictly about performance of this again, that's important. Don't get me wrong. Amen. I don't mean to undermine that at all. Right. But conversations that are strictly performance based, everyone's going to have bad years, right?
00;11;30;04 - 00;11;55;03
Unknown
I everyone across the board, it's going to happen, right? Right. And so when the relationship is strictly performance based and you don't have that underlying relationship with, the person, it's much easier to jump ship, right? Much easier to divert from the plan. Right? Right. Because like we've talked about this in our last conversation, right. Everything going back to the plan we built in, we know it's going to happen.
00;11;55;05 - 00;12;15;03
Unknown
Not not a not an if but a win. Right. And we know it's going to happen. And so when you have the strong relationship and it's not just performance based, there's a, there's a level of trust when those bad times happen. Right, right. So again, when it's all just performance based and things like that, you know, when I'm interviewing clients and all they want to know is performance history.
00;12;15;06 - 00;12;37;22
Unknown
What rate of return this, that and the other. Yeah, those start to raise some red flags like, hey, we might not have the strongest working relationship, right? Do I think I can help you potentially. Right. Do I think this is going to be strong for us long term if if our relationship is only built on. Hey, how much how much can we grow this in any given year?
00;12;37;25 - 00;12;54;20
Unknown
It's going to make for a rocky relationship that makes it harder for us to trust each other. Yeah, that's a phenomenal point because like, one of the things that I've identified to and I know we've talked about, but when we talk about performance based relationships, one of the biggest issues is, is I've identified it's up front on expectations.
00;12;54;23 - 00;13;15;11
Unknown
When you're making a decision to work together, do we have accurate and realistic expectations of what our relationship be? My goals are right because I always like to say, hey, for the record, you know Mr. and Mrs. Client or whatever that looks like, here's my goals based on how much risk we take. You know, between this range is a fair and reasonable range.
00;13;15;11 - 00;13;32;26
Unknown
If you don't think that's fair and reasonable, you have to tell me, because that is what I'm managing the money to. And I think what people also get in trouble with is let's just say I'm 41 years old. My portfolio doesn't usually look like a 67 year old. Right? You know, I'm very risky. I do this for a living.
00;13;32;26 - 00;13;54;28
Unknown
You know, I do all sorts of things that I technically wouldn't do for a client, right? Because it's very risky. I do this for a living, I enjoy it, I'm passionate about it. You know, I have my diversification, blah, blah, blah. But I think education, because a lot of times people like, what would the S&P do, you know, and like a meeting I just had, you know, probably two year to two months ago, excuse me, it was a referral of a client a sitting down with them.
00;13;55;03 - 00;14;18;18
Unknown
They were very, you know, were engineers. Right. So they're very data driven, which is great. And I was like, what's your risk tolerance. Right. And the client says, oh, you know, I would consider myself probably a four, you know, four out at four out of ten. So I'm like, okay, so moderately conservative. Yeah. Is that fair. Yeah. What's your expectation on performance every year when when you would say, hey what should you get is like 15%?
00;14;18;18 - 00;14;34;19
Unknown
I was like, well that doesn't really line up because what you're telling me is you're using like a nine out of ten or a nine and a half out of ten on the risk spectrum, and you're comparing yourself to somebody who should be a nine and a half, but you're a four and a half. Yeah. Or a four.
00;14;34;22 - 00;15;04;27
Unknown
Right. So the S&P just for the record people is considered a risk score of 75. That's a moderately aggressive portfolio. So you also have to have a good education and an expectation with clients where you're setting appropriate benchmarks 100%. And I think that's something that's missed as well. When you get into those performance conversations 100% in, in understanding, where the client's expectations are versus where their comfort level is, and you, you hit the nail on the head there.
00;15;04;29 - 00;15;33;06
Unknown
Right. And I think especially if people have worked with advisors in the past, right, that don't ask the same questions we ask to better understand, client's needs and goals. And that kind of gets into layer two. Of the relationship, right? The family, the family aspect. Right? Right. Because if we're just planning for you and you've accumulated a large amount or not large amount wherever you fall, right?
00;15;33;09 - 00;15;49;14
Unknown
You know, you're ready to return changes. You're right. Return need changes. If we're just planning for you. Yeah, I remember that's just a funny story, because I want to. I want to get into, like, how you look at the family planning and best practices you take to get people thinking about what they have to think about. Right?
00;15;49;14 - 00;16;06;18
Unknown
Which sometimes is fun and sometimes not fun. Yeah. But one of the things that I always think about is like when we get into like the quote unquote family planning piece, okay, we ask you questions. Hey, what's your favorite hobbies? What's your favorite sports teams? What do you do? You know, what do you do with the family? You go on trips.
00;16;06;18 - 00;16;25;27
Unknown
Are you snowbird people like, why are we talking about this? Yeah, I had a guy say he's like, he's like, can we just get to the accounts? I'm like, we'll get there. Yeah, I promise you. I'm asking you for a reason. Yeah. I'm not just wasting your time and try to sugar you up. I need to understand the psychology of the decisions you're making and what will move your pendulum of risk and concern and goals.
00;16;25;29 - 00;16;41;27
Unknown
What would you say are some things that you think are very important when we get into that family planning piece? What are questions you're asking? What's information that you feel is vital for you to do your job appropriately? Yeah. And again, it's not just to do my job. It's I just I want to know these people, these families better.
00;16;42;00 - 00;17;06;19
Unknown
So I don't just ask if you have kids. I don't just ask how many. Right? I want to know their names. Do you have grandkids? Right? Do they live local or do you have to travel to go see him? How often do you go see him? All those things change aspects of our plan. That's true. Right? And help us build a better plan, but also helps me know where where you lie, on that side of things with that relationship.
00;17;06;19 - 00;17;29;26
Unknown
Yeah. Right. And and it better helps me understand. Hey, when when you call me and you need an extra $5,000, right? You want to see Jen in Sacramento, right? Right and. Right. Yeah. You know, it's that's important to me. Yeah. It is better understanding those things, in the relationship you have. And you know, when that when the extra withdrawal call call comes in over Christmas.
00;17;29;28 - 00;17;46;27
Unknown
Grandkids are getting old, aren't they? Yeah. And those gifts aren't as easy, right? Right. Yeah. The ones is, not ones these anymore. It's it's sets of clothes. Right. And so, yeah, it's asking about the families. And specifically I want to know the names. And to your point, I've gotten some pushback on me. What are you asking?
00;17;46;27 - 00;18;09;17
Unknown
Where they live? Yeah, it's not even. Sometimes it's not even that important to the plan. I just want to know you better. Right. In that comes from heart. And truly, I really just want to know them better and and better understand where they are. Right? I ask them, hey, is it important, that that we build a legacy plan, that we leave some of the assets, for the kids, right.
00;18;09;19 - 00;18;26;26
Unknown
And in, in things like that. And how do you want it to look? Right? Because, like, you know, we always know there's one in every family. Yeah. Who technically, you know, can't, quote unquote, be trusted with the lump sum of money. Yeah, yeah. Do you want this to be a lump sum when you pass away? Do you want to gift.
00;18;26;27 - 00;18;49;08
Unknown
We're just kind of tearing into our third piece. Right. Which is okay. So we have the family, we understand the goals. We understand the relationship with. Not only because you want to know them, but also because you need to know in some capacity to be planning and being proactive. Yeah. And having actual strategies. And then you get into the education of the options because, because where you're kind of going is like, okay, do we want this to be like a income?
00;18;49;10 - 00;19;06;26
Unknown
Right. Do we want this person to receive income after you pass away? Do we want to gift while they're living? Right? Is it a lump sum? How can we minimize taxes? Right. What are some things that you feel are again, kind of, you know, if you will, things you listen for that are going to help you educate the client on those options.
00;19;06;26 - 00;19;12;08
Unknown
Because candidly, that's probably the biggest wormhole in the business. Yeah. Well, in the
00;19;12;11 - 00;19;25;02
Unknown
is it a surprise where you want to leave them a lot of money at the end? Yeah. Good. Good or do you want it to be where you get to see some of the smiles on their face when you do things right?
00;19;25;02 - 00;19;41;02
Unknown
And it might not just be gifting of money, right? Are we are we planning in? Hey, you want to do something special? I have a client who? Their grandmother did this for them, and they want to do this for their family and their grandkids. But they have a vacation where they take all of the kids and grandkids to a place every single year.
00;19;41;03 - 00;20;02;27
Unknown
Right. And it's built into the budget and it'll because they're doing this right, they're going to leave a little bit less at the end, but they get to see the joy in their family's face while they're doing it. Yeah. And that's got a lot more popular lately. It definitely. Yeah. And again, having the strategies to be able to do that, but it's important to ask the questions and better understand, where they, where they fall in that aspect.
00;20;02;27 - 00;20;25;19
Unknown
And, and then I have clients again when we're bringing in families and understanding, they, they like the level of education that we kind of talk about. And we do these podcasts, and they want their kids to get started earlier than they did. Right, or have a plan earlier than they did. Right. And that's where, you know, this kind of leads into being able to help the families long term.
00;20;25;26 - 00;20;43;26
Unknown
Is is I want to meet your kids, right? I want to be able to help them. We don't have account minimums for a reason. Right. True. You know, in, in, there's plenty of firms out there where their kids can't work with their parents advisor because the kids don't have large enough assets to be able to do that.
00;20;43;29 - 00;21;05;05
Unknown
Right? Our baseline is if we can help you. Dollar amount doesn't matter to your point, right? When you when you're talking about the first appointment you were doing with someone. Hey, I just want to talk about the assets. We don't ask that until the end. Because it truly doesn't. I want to understand if I can help you in your situation before I even know how much you have in investable assets.
00;21;05;05 - 00;21;22;25
Unknown
Right. And that's a phenomenal point. I don't think there's a lot of people who would, quote, unquote, pull the curtain back right on this conversation we're having right now of good, bad, indifferent. If you are a human being and you are in a business where you manage money, dollar figures will affect certain elements of how much. And again, I'm not saying everybody.
00;21;22;25 - 00;21;39;03
Unknown
Yeah, but I'm saying there's a lot of advisors who oh, I only have 250,000. And they're breezing through the conversation in two minutes because I go, oh, it's not worth my time. Right. Well, that 250,000 is the world to that person 100%. And again, it goes back to all of our stories on why we do this. Right. You got to have a heart for the business.
00;21;39;03 - 00;21;59;17
Unknown
You know, my my grandpa, right? When he needed the most help, he had the least amount of money. Yeah. So, you know, you call up firm. Oh, sorry. You don't have 500 grand. Get lost. Like that's never landed for for us, I should say. Yeah, it is it. It truly goes back to. I want to know if I can help you before I even know what you have.
00;21;59;18 - 00;22;19;13
Unknown
Right. Yeah. What about options and education? Because, like, I, I think personally, one of the biggest issues advisors make, especially with high net worth planning, I think it's a little different in that space on this one. You don't tell your kids, you don't tell your grandkids, the people who are going to be your quote unquote beneficiaries, whether you have a trust or whether you don't.
00;22;19;16 - 00;22;44;22
Unknown
And you got $15 million, right? You got $20 million, got $10 million, whatever the number. Yeah. If they don't know what's coming right and and not everybody. And because some people are saying we don't talk about that and that is a personal preference, right? There's 100% dealer's choice and that person is the dealer. However, if you are going to hand down, I'm going to make a number of $10 million and you have three kids.
00;22;44;22 - 00;23;02;04
Unknown
They're all making 150, 200 grand a year, right? We also need to know if this is going to crush them. And Uncle Sam's going to keep 41%. Right, right, right. And so having those open family conversations, that's a great point. And I don't think a lot of people think about it like that. Yeah. Again dealer's choice on how you want to handle that.
00;23;02;08 - 00;23;19;12
Unknown
Right. And I will not give you a recommendation on that. That is I'm not a family counselor as much as sometimes I feel like it. Right. I'm not a family counselor. My job is to best set you and your family up for the future. And so, again, me understanding that can better help me create a plan for you.
00;23;19;12 - 00;23;44;05
Unknown
And again, why we ask those questions. Right? Right. The biggest thing is making sure that your children know who to call if you don't want to share that information. Right. They have a list of people to call. Hey what's the attorney's phone number. Right. Tax CPA phone number. What's your financial advisors phone number. Right. So if you are one of those people that my kids don't need to know this, I don't want to have them, burdened with this right now.
00;23;44;06 - 00;24;04;07
Unknown
All right. Perfectly fine. Right. And have a list and and word. Some some of my clients will give me a list. Right. They have my card, but then I have the list of in their file who their CPA is, who their, attorney is, for trusts and things like that. And again, however you want to do it, right, just make sure they know who to call.
00;24;04;07 - 00;24;24;04
Unknown
Yeah. And I love it though when that happens, that's like my favorite thing is having the direct relationship with like CPAs, attorneys, accountants, insurance professionals, just for the simple fact that a lot of the time you start asking clients a question, it's really not their job to know every detail, right? Hey, do you got an umbrella policy? Yes.
00;24;24;06 - 00;24;40;15
Unknown
You know, talk me through that. I don't know, you're not really sure. You know, other than the dollar figure, you don't probably know. Right. But but the whole concept of now you create that link where now you can call them, you guys can game plan, right? Whether the CPA or the attorney. And then you're both bringing back, hey, do you want to bring the solution or you want me to?
00;24;40;21 - 00;24;51;09
Unknown
I got a meeting with them next Friday. Great. You do it now. And they I talked to so and so. And here's the game plan right now. They're not the middleman right. You know again.
00;24;51;12 - 00;25;08;03
Unknown
Relationship is the the the biggest thing behind all of that. And I'm not and I don't think we're either one of us are going to say we're the only advisors right, that have relationships. Right. Or do those things. There's been plenty of times where I've sat down with the family, right? And I thought I would be a great fit for working with them.
00;25;08;03 - 00;25;28;09
Unknown
Right. I believe I added value to their situation. And, and I liked having conversations with them. But they also had a really good relationship with their current advisor. I said, hey, there's some things I'd change, but it's a pretty good plan put together, right? He seems like he knows what he's doing. And they're like I've been with them for 15 years.
00;25;28;11 - 00;25;47;23
Unknown
Right. I, I went to his daughter's wedding. Yeah. It's don't let me break that up. Yeah. Right. Like I said the, the core of this is it sounds like he cares about you. Right, right. I, I care about you too. But you're right. You're in a good place, right? Right. And so this isn't. I don't think this is us saying, hey, we're the only advisors that are going to care about your situation.
00;25;47;23 - 00;26;12;03
Unknown
Yeah, it's important when you're interviewing advisors that you ask the questions to understand, hey, will they actually care about me when it's most important? And it's a timing thing, you know, because you never know what's going to happen, right? And you never know, when somebody's going to pass away, retire or whatever. Like, I've had a lot of people interview like, sit down, ask for a second opinion or a referral.
00;26;12;09 - 00;26;29;29
Unknown
Hey, Alex, I'm not willing to make the move today, but I'll tell you what. In the next couple of years, you're probably going to hear from me because I know my advisor is going to be retiring and being proactive. Like, I think that's a phenomenal thing that people do. Yeah, it takes time, right? But I would say, like, if you're not willing to put a couple of hours in your life savings, probably shooting yourself in the foot.
00;26;30;00 - 00;26;46;24
Unknown
Yeah. You know, and I think that's important. But that's that's a phenomenal point. Anything else you think about when you think about, you know, when we say planning from the heart, right? Is there other things that we haven't talked about that you think are important just to share, to get people thinking about this stuff? Because I think you're giving some really good advice.
00;26;46;24 - 00;27;15;13
Unknown
Yeah. Like it is morbid as it is. Right. And I think we talk about this all the time, we talk about in our presentations, talk about my clients all the time. I actually just did a change earlier this morning. Reviewing your estate plan or beneficiary plan. Annually. Yes. Yes or having a look at that and just understanding.
00;27;15;19 - 00;27;39;27
Unknown
Hey, our birthdates. Correct. Our name is spelled correctly. Right. Do I have the right beneficiaries on the right accounts? Right. So in reviewing that, to make sure that everything is easy for your family when you're gone, right. Biggest thing I tell my clients is the last thing your kids want to deal with when they're dealing with your passing is jumping through hoops and going to probate or proving they are who they are.
00;27;40;00 - 00;27;59;00
Unknown
Right thing we did today was, one of my clients daughters got married, and so her last name was changed. Your daughter could his daughter could still get the money if he were to pass away. She's going to bring a marriage certificate and see my pain. She's jumping through hoops now for a process that should be pretty easy when you're dealing with a whole bunch of other things, right?
00;27;59;02 - 00;28;14;12
Unknown
Right. So reviewing your estate plan, reviewing your beneficiaries, right. Going to the bank and making sure you have a two year old on your bank accounts, too many people set up bank and say, hey guys, I think I got beneficiaries there. It's as easy as just going there asking for a copy of your toddler. Can I see a copy of my today?
00;28;14;14 - 00;28;29;23
Unknown
Right. And you're already there. Yeah, right. Too many, too many times. Right. We laugh about it. Yeah, but it's because too many times we've seen it. Yeah. The bank will set up a bank account. They won't even ask you. Right. Like. Oh, yeah, we'll we'll set this up for you. Right. And then the bank buys another bank. It's lost in the abyss.
00;28;29;23 - 00;28;50;04
Unknown
Right. And so yeah, it's not formatted correctly. So the Tod doesn't transfer over the right way. Right. Right. So just again asking the right questions. Yeah. And I think that's great. And and you know, one, one thing I think when we talk about like planning from the heart and talking about like relationship based planning, you know, including the family including the goals including those personal pieces.
00;28;50;07 - 00;29;05;14
Unknown
You know, a lot of people are like, well, it's just it's the fluff, but it's not. And if you have somebody who takes their job serious, they're passionate about what they do, like you do. You know, you can feel it, right, you can feel it. And it's cheesy as it is. It's like I always tell clients like, listen, and this just happened to me.
00;29;05;14 - 00;29;37;07
Unknown
This just happened to me. He ran the financial show for the family. She she. Dad, whatever he thinks, you know, I trust him. And, young guy, he was he was, like, seven years old. Works out every day. He just passed away a couple, a couple weeks ago, and I just saw her last week, and it's a hard conversation, and she, you know, and I just saw her, and, you know, we hugged and, you know, it's emotional and all that stuff, but, I remember when I first met him, he just said, Alex, I'm out here.
00;29;37;09 - 00;29;55;20
Unknown
I'm putting my trust in you. And I had a client more often than I'd admit, and especially in the last couple of years when things have gotten crazy Covid and, you know, people are passing away and we're kind of getting this, this, this part of life, it's really a relationship game. It's really a game of trust. You know, does this person genuinely care about me?
00;29;55;20 - 00;30;18;17
Unknown
So I think everything you're talking about, any any kind of final comments you'd want to add, Kevin, because I think you unpack this very well and I know it's who you are and how you do business, but anything else that you'd want to add? It really and like I said to I know we do a lot of education pieces on on things that are really important to the industry and certain financial plans.
00;30;18;17 - 00;30;39;03
Unknown
It's just something I really wanted to talk about. Yeah, yeah. I really enjoy it. And, Yeah, I think we covered it. The biggest thing for me is just like, again, asking the right questions. One of my. It's going to sound weird to say, one of one of the best things outside of someone saying that they.
00;30;39;03 - 00;30;59;13
Unknown
Hey, Kevin, I trust you. I appreciate it. And I want to work with you is, when potential families are honest with me and say, Kevin, I. You know what? You asked me that question, and I'm not sure you're the right fit, because you know what, a. Yeah, like this other person I'm meeting with. I'd rather get coffee with them.
00;30;59;15 - 00;31;19;08
Unknown
That means that what I said landed. Yeah, right. And and that's another important piece. Yeah, right. It means what I said. Landed. Yeah. And I can handle that a whole heck of a lot better. Than, you know, the run around. Yeah. Then the run around or, you know, hey, their performance is just they show me some performance reports, and that's a lot.
00;31;19;08 - 00;31;33;00
Unknown
But I handle whole life a lot better when it landed. And you chose the right person because it was the right fit for you and your family, relationship wise. Right, I love that. Well, I appreciate Kevin. Thank you for coming today, man. Yeah. Thanks for, it's always a blast. I always enjoy these. We always go to places you never know where we're going.
00;31;33;00 - 00;31;50;27
Unknown
Oh, yeah. So it from the heart. Real world retirement. I thank you for joining us. Do me a favor. If you're sitting out there and, you know, you feel like you're you're not fully educated, you don't have confidence. You don't have conviction in your current situation. Please reach out to us. This is what we do. We love doing it.
00;31;50;29 - 00;32;03;24
Unknown
As Kevin said, you know, Kevin, Kevin's one of those guys where he'll shoot you straight. And that's what we try to do as an advisory team is be open, be honest from the heart. So if if you're sitting out there and you feel like you need some education, you're not sure about some things, we're here for you.
00;32;03;24 - 00;32;21;28
Unknown
So please don't don't hesitate. Make sure you subscribe. If you enjoyed this today, make sure you're following us on our social media channels. We do all sorts of fun, educational stuff, community based, you know, just kind of sharing the love. So, again, if you if you have a specific topic, if you have specific questions, do not hesitate to message us on our social media channels.
00;32;21;28 - 00;32;40;11
Unknown
Call the office. We're here if you need us. Thank you for joining us. Real world retirement again. Your host, Alex Cushman. Kevin, again, thank you for joining me today. And, we'll see you in the next episode. God bless you.
00;32;40;13 - 00;32;44;12
Unknown
If you.
00;32;44;14 - 00;32;45;01
Unknown
Do 744.