Jerry, Casper, Dean Barber discussed on America's Wealth Management

Automatic TRANSCRIPT

Management show with dean barber and bud. Casper is interesting that some of the advisors in the past a lot of the questions were never asked. I mean, I didn't really you know, what what is your what are your needs. What what what are your expectations and? And. You know, those are some things that you need to sit down and think about it, and my wife, and I talked about that. What are you really where you want to be? What what do you think about those are discussions? We never ever had in the past. And I think it's important. They have to ask those questions, and they have to understand what your needs are. And and you got to be honest with them. Here's how much I have. This is what I've got. And this is what I can do. And if you have a good financial advisor, they'll point you in the directions that they feel are important. Can't help you make the light decisions. Some you might not great totally within you have discussions about that. And other ones, you know, basically say boy, I didn't realize that you know, and then you're making the right decision. And I think you feel you both feel better when your wife and yourself feel good about where you are. Then that says a lot about it. Welcome back to America's wealth management show. I'm your host dean Barbara along with but casper that was a very small piece of a long conversation that I had with gentleman by the name of Jerry who's been retired now for almost ten years, and he was talking about reflecting on relationships that he had had in the past with other financial advisers, and it goes on and on back into his experience with this advisers back in two thousand and and you know, the bad things that happen at that point in time because they didn't really have a plan put together. And I love the point that Jerry makes bud about the advisers gonna ask the tough questions because I don't think if an adviser really truly understands you there's any way that they give the right advice. They can give an answer. But is the answer. And the only way to give the answer is to have all of the facts in front of you, and that requires long and sometimes difficult conversations, but they've got to be open. And they've got to be honest. You know, you could almost take it down dean to two things that are fundamentally everybody wants to have an answer for and that is income and principal protection. Am I? Okay. Am. I okay. But but while that is a very real thing for people in their own minds addressing it isn't sharing with themselves. The opportunities that exist to be able to make that happen. So what was it with Jerry was a needs expectations. Where do I wanna be where do I need to be? So when you take that relatable information, and you put it out there. So that you can make the puzzle real now they start starting to understand what's going on with that. Let me give you another example if I may dean, and that is client came in just this last Tuesday and wife lost the job. Okay. So her question was at this point of her life and shoes sixty one husband sixty five. He's retired. And he's asking the question. Do I need to go out and find another job? Now a lot of it without the proper help. What would they do? They would struggle with that in each other. They she would probably find another job because he didn't think that they had enough money. Right. That's that's pretty typical. Yeah. So my first question is, well, if you don't need to get a job, or are, you willing not to work, and she goes said most certainly want to spend more time with my with my grandchildren. And I said, well, let's go into the plan because the plan will tell us whether or not that is too much of a give up or whether or not it's going to work out. Just fine. We ran through it and the ninety eight percent probability that we had before she lost her job dropped to ninety six percent. But the ninety six percent probability was still what we refer to as over funding the plan. Meaning there is more assets there to be able to accomplish what they wanted to even if she had the job. Okay. So that was that was great from that perspective and that helped them tremendous. Disley from that particular application. Well, that's huge. And then and there was you were telling me more about the store. There's more to it. Yes. There was the other part of it was there's an inheritance that is out there the they own property, but the property was owned by the husband that I represent and three siblings doubt the siblings want to sell the property. He does not for emotional reasons because it's been in the family for quite some time. But the reality as we had to get down to the nitty gritty, if you will was you know, you're gonna end up selling this property at some point. He goes, yes, I do. And I said, and if that's the case whether you do it now or in three years or four years is really incidental to the ultimate decision. I said, so if that's the case, let's think about where we are today. We're an incredibly strong economy money is readily available interest rates are still reasonable. I said this might be the opportunity that you're going to have to step forward with and make the decision. Yes, let's let the proper. We go and what it was his feeling on that. While his feeling was he said, you know, what I know? You're right. I still have to work through this, you know, from an emotional perspective. But I think I'm feeling better about what the ultimate decision got to be there. But you were telling me, but that this conversation was two and a half hour until it was deep. I mean, there was much more to it than what you're alluding to hear the and the point is that unless you have that that relationship and Jerry looted to that there in that clip opening up to segment that you've gotta have that adviser that you can really open up to to be honest with to share all of what's going on in your financial life to get the right answer. And I don't know how long you've had a relationship with this couple, bud. But you know, I've had I've got clients that I've had relationships with for thirty years, and you know, you get to where you understand them. And and and and you. Have multiple conversations throughout the year. And yeah, there there are things that are going to happen things. People might lose a job. Maybe they lose a spouse something goes on. But the beautiful thing is once that comprehensive plan has been created in it's done, and it's living breathing part of who you are. And what you do. And you really got that person that you can reflect with the Scott that expertise in all those different areas. It makes those discussions in those decisions so much more clear and easier let me add and finish up on this scenario as well. Because then after we understood what likely would happen, then we said well after this property is sold, and you get your share of what the proceeds are going to be from that. Now, let's take that and put that money into the plan after exercising any taxes that there may be at that particular point in time, which in this case, probably wouldn't be very much. And how does that increase your probability of reach? Chairman success. And guess what? It would take you ten ninety nine percent. Yeah. So here the wife lost the job. We still did the calculations to show that she could actually stay unemployed actually retire. And then we had this additional bonus because of the wonderful gift that was being provided by and I want to be clear here. That buds not saying that everybody's out there in this in this Cinderella type of situation. You know, we have to have difficult conversations with people all the time. No, you're not there, you you think you are. But you're not and that's not a fun conversation to have. But it's gotta be an honest conversation that that allows you to have clarity as to where you really are today. Yeah. You're so right. I it's not comfortable, but I'm gonna tell you it is still liberating because it's out on the table. It's in front of us to discuss it workout other scenarios around that. All right. If you're ready to start a conversation to understand really where you are on your path towards being able to be financially independent..

Coming up next