Jul 27, 2014|
Automatically Generated Transcript (may not be 100% accurate)
Broadcasting from the top thirteen seventy studios you're listening to a financial -- with fewer host Suze that Blackburn. There are three types of financial planners that you must watch out for before you decide it's gonna manage your. Blackburn and her financial life specialty has also been featured weekly on K view so stay tuned. And she brings the same healthful life changing information to talk radios listening audience. Here's your host and Suzanne Blackburn. Welcome to financial life that I have got one of the best guess that he's ever land they are also financial advisor in Dallas. And we worked together we've known each other for awhile and we were just talking right -- about stories of different people that we knew. Today thanks for -- there really appreciate. Your time and joining you on the show and you know it it's centrist thing we. Well we're having conversations and that's the great thing about story story sort of by this altogether your story my story my story your story can write and and these stories are kind of what -- this. But our financial lifestyle is so. So what are we gonna do today. Well you know there's three types of advisors that you and I spoke about. There's the there full pledged financial planner that's gut insurance products and risk products that's kind of an independent really help on the client and then there's that too that I want a contrast that just kinda they're just not good for people. And one is the one product guide the one stop you know the one horse pony. What is -- purchase saying when it went trick pony. And that guy you know we that we -- client yesterday you know I have story after story. When you know and and you're looking for someone. To manage your life savings and they got one licensed one way of doing business it's all about the commission it's all about that. That fear based sales product line it just makes me sick a little bit. Well you know there's a lot of professionals out there that are. Yesterday -- and I guess to be fair everybody needs to get paid for their work but what's the real incentive or what's the real purpose are you really trying to serve. The individual that you're working with -- you just trying to assert yourself and so you know when I look at I think about my family know every summer is that. We go to Colorado for a couple of weeks and that's something I love doing a little bit and have four daughters and deal with how everybody in. I bought the right type of a vehicle to go on that trip I have one of those big. Cecil Ford Excursion the biggest one ever made so I can load my crew in my in my dog -- there. And -- we go. But here's the thing. I bought the right type of vehicle. This truck to get everybody there. But that truck is that what gets us there every every summer it's actually having a roadmap it's it's. Plugging end on Google Maps or whatever it is so we're we're gonna go it's seventeen hours where we gonna stay. On the way. We get a stop here we're gonna have a hotel that's available there. Crude all of that there are other weather conditions actually prevent us from not getting there which has happened before yeah -- you know all of those things inside sort of look at that as. That type of professional who says. Here's the product that's best for your money able to achieve there and I'm not sure I've ever seen a products solve a problem it's actually the plan right is that. And I tell us the advantage. What happens in the in the economy what happens in the markets what happens in Europe what happens with oil gas prices. -- all of those different fluctuations. Is that product. What's going to take you through. To the end of whatever that is an cabinet and come to live in that piece sustainable -- -- that the plan. That does that tell me do that. Absolutely well I mean -- of all the different things in contrasting your story we've got to look at tax planning a state planning. Income planning long Jeb but he planning. A huge issue is health care. What will you you're you're right -- what -- -- tax planning for second you know taxes is the largest confiscation. Of wealth. That was ever devised and in history and ended the single biggest impact that -- seen in my 23 year career. Of that person's wealth and more importantly they're in come throughout they're not only lifetime but they're retired lives. Because you're you're gonna have tax is coming out let's talk specifically about your higher raise your 401K. You know we were. You were taught early on safe safe safe put it in this type of retirement vehicle of the battle. How it was invested or what you did you get a good job. And it makes you did better than your portfolio did and how it group which you did a good job and at the end you begin to retire anti needn't come. How are you gonna take that income zealot I need it this way okay should begin to take it but you have to pay Uncle Sam he is cut. And it you know. Is that there's actually ways that you can cut the taxes -- -- gonna pay under our rent for a one can make about a like you can do that legally cute isn't something even gray -- stuff. How does that impact your portfolio how does that impact your retired life. Are you gonna but you get it became real late in that. Even go quick more quickly because it taxes or are you going to not teach humility because you'd be taking taxes under control that you'd actually control that. So -- huge pool a part of that I think it's a great point that you described. And I'll tell you what else within an IRA you can't take -- capital loss if you lose money. It's not a capital gains. Tax issue if you grow the -- it's flat income is if you're still working so when you take that dollar at the IRA. You gotta give a quarter or thirty cents or whatever it is first to Uncle Sam to withhold that. He got a measly 75 cents legal middle for Bradley -- Right it's which you know you bring that three point and it and it and I sort of -- I'm sitting down working with someone -- -- and we're we're working through the details of their lives you know access -- you know when you're sitting down -- -- current financial professional. And here she shared with you and fair plan. To make sure that you don't your income does not decrease that your portfolio does not shrink because you're having to take. Money out of that irate and put it on line nine day on your 1040 where you have to pay taxes. And I I'm curious how does that at that Irish exit strategy look that you professional created for you had had those discussions go. -- almost -- people's enemy so that we. What I didn't have that discussion exactly I don't have that plan. And then my next question is. Are you OK with that note let's have not okay with that that's that's a discussion I wanna have OK that's the conversations. Is that. I want to have with individuals to let -- -- you do as well is. Where -- where are we going to go down the road. When taxes come up on that higher here for one to have -- and we addressed that do you action actually had an exit strategy in place. To make sure that you're not giving Uncle Sam more of your -- on our money that you don't have to. Well we've got a book that we wanna giveaway. That is gonna. And if you're the first five callers that call me get a free and you get a conversation with me. About these money issues so call me at 5122159030. And I'll have a personal conversation with you about the stuff we've got to address tax issues estate planning longevity issues. You know that truck that you bought the excursions that got in there -- -- the one that you're necessarily gonna take every data -- you know the grocery store. That's going to be one that's specifically for. That long trip now is that part of the plan is that part of your family's vehicle stable shouldn't say. But it's not the only want we're only working with somebody that sells. A one product. Issue and they've got one license if you're going to an annuity guide our life insurance -- got one license it's a group one life and help you need to. Ask the professionally you're sitting with. What are your licenses. How can you help the with my entire estate plan my at my retirement plans and if they've only got a life and health license. It might not be the right professional for you in the long run. Yes is that that's that's true an enemy had to that and even if you're working with the financial professional and -- a large firm. That individual is their obligation to the farm. -- the obligation. To YouTube client yeah I think that's an important is that maybe maybe begin we begin to talk about fiduciary standard what that really means. Well we're gonna go to the second person which is the buying and hold guy we're gonna talk about that in our next segment. And this whole thing is for you folks so called my office at 512. 2159030. And get that book from me the ten things you must know before you retire it's so important. To have be armed with this book before you set that appointment so you know exactly what you -- the questions to ask so many people are Walken and like she. And they really don't understand they're in that accumulation phase of growth at all cost that world and trying to transition and they don't even know the questions to get the book 512. 215. 9030. And the first five callers -- -- a personal conversation with me about your money issues come back and hear about the next. Financial professional did you wanna watch out pork and remember. Some folks are financial lines. And the rest or otherwise I'm -- that flight from. If you're planning for retirement you have lots of questions how long moment money last. Would even need to support long term here I don't I avoid unnecessary taxes that the most important question is -- Can I get retirement planning and advice I can trust. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Your retirement planning today capstar financial dot com investor advisory services offered through global financial -- Capitol Hill seem SEC registered investment -- Welcome back to financial lives with your -- -- black. Berg. Welcome back their financial lives I have a great guest. -- they're from Dallas Texas is another advisor we've worked together in the past. And we really wanted to give used to listening audience. The contrast. Of what to look for. In three types of financial planners. You'll watch out for frankly. When you're choosing the person. That's going to manage your money you go from this accumulation model of working thirty years and you've got that phase of money. You know if you lose it in the market you're working what do you do you just keep working you keep confident in the 401K -- saving and then you've got to find somebody that's gonna be a preservation specialist now there's three different types that we want -- contrast today the last segment we talked about a one. Product guide them and it's only got a life and health group one license and there. Pushing and selling with a fear based model of annuities and life insurance there's a place for that if that's all you have. And it's all about you know. Hurry up and do it because everything's you know disaster in fear based that's not the only vehicle you want in your portfolio because it doesn't address a lot of the issues of liquidity. Of some high gains of some. Rooftop you know we can give a little bit more than lower interest rates so there is a place for risk investments but the other guys that we want a contrast from an independent advisor. Is the buy and hold gag right Lance. But absolutely to that you did buy and hold strategy but you know what that model first start only did this probably -- your -- and -- And and by we were all taught by -- hold it in with the -- surpassed in 1980 that was. The very first 401K was born in 1980 so an entire generation began pumping money into 401K. Beginning and then it was put it in here say that -- hold it till retirement hold hold hold that the market goes up you hold the market goes down you hold. While we learned. The hard way a lot of folks -- -- -- issues that about how that model worked in the year 2000 when the bubble popped. And when the bubble popped in 2008. What happened with that buy and hold mentality. Well my goodness we went from heat three where you actually had to take a piece of paper. And trade it on the floor of the stock exchange it wasn't computer generated in 1999 the computers took over. And literally were pushing the button today and we're selling millions. And millions of shares 45% of the market is high frequency traded at this time Lance. It's so so kind of thing to change in the market that way but -- also also looking at it from that advisor who's advising buy and hold. What state what's the incentive to that advisor to that is if if if you're not in the market if you don't have positions in the market to that advisor -- compensated. He's in the commission -- -- -- commission that's exactly right it does sort of today. I hope that you hire or maybe kind of telling some of the dirty little secrets of Wall Street. Plays which is to buy and hold we want -- invested so that we get paid right. And it's been is that what a real advisor. Should be doing with which their clients is that and that's the question and. No because that thing about that is that does the broker speak and if you call me at 512. 2159030. I'm gonna give -- book on the ten things you must know before you retire. And tell me those things that you've heard from your broker I can tell you right now Lance is what my clients say. Hey -- don't worry it's gonna come back it's only paper losses. You know just don't open your statements it'll be okay. You know the market always performs better don't worry about it. These are the kind of statement we you know -- Atlanta if you're in retirement -- taken 5% now to live on that money. And also in your account goes down thirty he's taken a heck of a lot more than 5% of the bucket -- Public you know to -- that that the number one mistake. The number one mistake that in my 23 year career. That I've seen individuals make lists within their portfolio and taking in com. From the portfolio. That that is that buy and hold model that has the ability to go down. So in your example he said the market drops 30%. You were taking 5% off of that so it. -- your portfolio actually went down 35% well then when the portfolio begins to come back in the market becomes she begins to come back. And it goes up it can't go back up to where it was before potentially. Because you're still drawing in come off of that. And pulling it back down keeping it from growing. To the level it was before and it with a market turns again it goes down even further so it's this close sort of -- downward. That I see individuals make. But that that that happens and individuals have to change their lifestyle. -- A lot of things happen at that point time would income goes down which that's the number one mistake that I see individuals make is is not looking act. Getting and -- an absolute return no wind that I'm getting. X amount of -- return on my on my investment or my money to take care of my income -- my patient come. Let me tell -- story you're actually in the room with me we you're sitting there and the client I asked him I said you know. You've made a lot of money in the market you did well last year. And that's great and I asked him I said is that a sustainable model. When used up earning in come and putting money your count. And I said how -- your lifestyle gonna go in -- member what he said. He looked at us any said just deadpanned. I'll just lower my lifestyle become like a monk. Tried it did an OK and so his his financial plan. Was when he stops earning money in his account. And he's gonna continue in -- buy and hold is that he's gonna start living still impoverished. So that when those downturns come. It's not gonna hurt and that's his retirement plan Lance but not about us not forget the and I tell you folks call -- 512215. 9030. You've heard me say -- we're gonna put a road map together for you we want you to have a second childhood with no adult supervision. We -- Italy and G -- your childhood in retirement. We want you to have a planned for another car. You know you might need 101000 for travel you wanna go see those grandkids you'll enjoy this graduation he can't do that if you're living like a month you just can't. So you know it -- the key is tax planning estate planning income planning. Longevity planning long term care planning -- stress test it right I mean it's a very very powerful tool so. You know these people that come hand. That they want to keep their lives really really small. And that's their big retirement plan he doesn't have to be that way we can live large as long as we planned for it right Lance. Potentially right well she insisted that. So what's the third type of advisors without there. Will you know when you're looking at advisors and you you really want to make sure that you're getting the full scope for life. You've got somebody you gotta have somebody. That's gonna have a tax background and we talked about that before I think that taxes. And those ten golden years in retirement between sixty and seventy. Because if you're sitting there and you've got an fiery 401K for 57 any of that retirement dollar. You've got to understand. How to take that out and went to take that out and the other impacts on you know how that impacts other dollars. Because in New York. Bucket of money you've got taxable money tax free money tax deferred money. Stuff that's gonna last to really long time stuff that might be needed quickly. And all that requires a road -- all that requires a very good planned to stay on track. The only thing that they could very will devastate you is if you had a long -- cares day. So if you don't incorporate planning what is -- one in every two of us is going to have some form of long term care after age 75. Lance is that going to be new is that going to be me. That's not going to be me so I'm assuming you could. You write in and in and as we talked about in the earlier segment of the of the show today touting and having made roadmap. In in in my vacation is what gets me there having any road map in the retirement and in. It's not just a map that teach you there when things are good when the weather's good like oh my travels -- the weather. What what happens when banks term for the market terms doesn't which is it absolutely not on things are always great in our. In in the in the in the economy in the world and our financial lives and so what do you have a plan. And in what I sit down with individuals aren't helping and working with here in Dallas that you notice is that. -- ask them when you sat down with your current financial professional and he or she shared with you. And there are plans to make sure what the market does turn. That what it just goes out -- to correct 203040. Even 50%. That might in comes not going to be impacted by that that I'm not gonna have to do. Go to shift gears and go to the mosque plan which is that it did digital menu -- that was yesterday -- so I'll just live impoverished that way so that you don't. Have to be that I'm curious how -- how does that does how does that -- look what does that strategy. At a that was -- strategy built for you you know what I. Ask that question to yet. But almost ten out of ten individuals look at me with a very -- experience say we never had that discussion. I don't have that planned. And then my at my next question is that a conversation you wanna be having. Yes that's a -- conversational habits I think that's why I'm sitting in here in front of view because we wanna have this conversation we want that plant. When we come back folks we are gonna deet tails that out so -- let them when you start shopping. For your money manager for the person that's going to navigate your lifetime income in retirement. We're gonna give you some real -- tips and between us we've got almost fifty years of experience of working with clients just like Q. So join me on financial wise. And please call my office at 512215. 9030. On giving the book we're gonna reference a lot of the details of that the ten things you must know before you retire. Call my office and we'll talk about that and remember. Some folks -- financial lives. -- -- -- -- -- -- Contrary to what you've heard. There is such thing as a complimentary lunch -- that in valuable financial advice for you. It's a lunch and learn hosted by Suzanne Blackburn we can't start financial. As the unbiased financial condition you've seen on TV TV and heard on the talk radio thirteen seventy million financial -- show. Susan Blackburn is a specialist retirement planning. During her complimentary lunch. You learn -- managing money is harder these stands. How to make and keep more money you volatile times what strategies are low risk and high return how to avoid probate and attorneys' fees and how to create income streams that you. Reserve your place today for the complimentary lunch and learn Monday August 4 register by calling 5122159. -- thirty that's 5122159. B thirty. -- mining camps are financial dog come. It's your money protected investment advisory services offered to global financial private capital Pelosi and SEC registered investment advisor. Welcome back to financial wise. With your posts who's at Blackburn. Welcome back their financial lives and we are contrasting. Today three different types of advisors when you're making a choice. For his gonna manage your retirement and I'm talking about the rest of your life you're moving from accumulation. To retirement it's a different ball game. I mean it is a whole new world of tax planning estate planning. Longevity planning what do you do to get sick how you you're not gonna outlive your money these are big questions. And my gut you know the markets not just gonna keep going up forever what do we have some downturns how's that gonna affect. I have Lance they're online with between us we've got about fifty years of experience. Working with people just like Q. And you know we know. What you're locking in on its it's a minefield when you're trying to choose a money manager. You know Lance tell me what you just said about that the break. Well you know that that goes back to earlier on and and it in this technician with with a buy and hold type of an advisor just just let me tell you this product and then. You keep that forever you know I can't take how many times -- had someone come and. Who brought these statements it has accounts in the very very large. Financial institutions that are on the street corner that that we all know who they are. And before they EI even open up the statement I look a look at that across the table at individual and I say what you have this this in this. Inside of this portfolio don't -- and they look at the as a as a problem I've got a crystal ball here confront and I know exactly the details of their lives and that -- -- you know that. Because that's the cookie cutter approach and in their investment and exactly what everybody else who's with that firm is invested it. Correct and you know just like you said. If I go to Lexus -- -- car my Yemen would be sold. Our partnership our shop and and and in it you're going to Alexis to -- to check out Alexis. You're going to be shown Alexis there but if you take that the that. The net sales person that stand in front of you digital I'm kind of wanna see a Mercedes and got I don't. Well -- Republican chipped financial we only -- elections here right that's that's. Really working with a a large. -- house like that. They're being to hold this is the portfolio pitcher putting your client and that's that cookie cutter approach kind of power vacuum. Is that but I'm not the type of person. That enjoys being put into a cookie cutter huddled in my life I want a customized. Plan that specific comedian mind needs in my family is. My family's -- in my goals and my objectives. And my life plan my direction what I want to do what what are my priorities. Well that's that's what what what are my -- what are my concerns. I want that addresses specific -- not a cookie cutter portfolio approach. So you take your family Colorado every year I do know how when you go all aegis sale get Carlos well. Now you have a little bit -- Ingrid. That's like children's things. Our children so that I can't say that because you know it it's sort of like this if you're gonna go. Which your family on the tricky in in you've got to go by car at some point time. That's the vehicle to get tidbit that's that's posted to -- me. -- Colorado. But is that how I actually see that get to Colorado. All that I don't know I don't have a map if I can't pull that -- on -- -- direction of the physical -- in front of me to get. All the way -- we go to steamboat springs Colorado all the way to the northern part. By Wyoming. I've been there a -- times. But I can't remember every twist and turn and small road should turn to get there. -- needed an actual map for that and that's no different in retirement. You're trying to you're trying to get to that point where I retire brought in retirement right now. And I'm trying to go here which is maybe maintain -- in -- increase my income each and every year. I don't have a map for that I'm in this cookie cutter portfolio with all of these potential products. But there's not a planned for that. That's sit com my office to get the ten things you must know before you retire the first five people that -- -- gonna get the book and a personal conversation with me. About these money issues you call the office 512. 2159030. We will give you that book and we'll be armed with the facts to protect yourself. Remember some folks are financial wise. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Contrary to what you've heard there is such thing as a complimentary lunch and it serves up in valuable financial advice for you. It's a lunch and learn hosted by Suzanne Blackburn we can't start financial. As the unbiased financial conditions you've seen on TV TV and heard on the talk radio thirteen seven -- financial life show. Susan Blackburn is -- specialist. Retirement planning. During her complimentary lunch you can learn wind managing money is harder speaks to the economy can keep more money in volatile times which strategies are low risk and high return. How to avoid probate and attorneys' fees and how to create income streams that you can't. Reserve your place today for the complimentary lunch and learn Monday August 4 register by calling 5122159. -- thirty that's 5122159. B thirty. -- mining camps are financial dog gone. It's your money protect -- investment advisory services offered through global financial -- capital Pelosi in SEC registered investment advisor.