WHEN ARE YOU LOOKING TO HIRE A GREAT ATTORNEY?
Hello and welcome to the trusted podcast. My name is Blake Johnson. I’m your host. And today we are going to be talking about retirement planning. And, um, what is the difference is between planning when you’re in retirement versus planning for retirement today? Uh, I’ve got, uh, great guests. We’ve got Greg feasts, um, joining us today. So Greg, welcome to the program for us as the best Trusts Attorney Las Vegas.
Thanks, Blake. I appreciate you having me today.
Yeah. We’re excited to have you in and talk about this topic. So why don’t you start off giving me a little bit of background about yourself and then also about your firm and what makes you the experts in the retirement planning area?
Yeah, sure. So, um, I grew up in the Midwest central Illinois, uh, not Chicago, a small town farm town, about three hours south of Chicago. So graduated from a small, uh, college in the Southern Illinois area Greenville. Uh, I have a degree in organizational leadership, got about 12 years of experience in the industry, and my wife and I decided to, uh, move out to Las Vegas from Illinois in 2010. And, uh, we’ve really loved it here. Uh, definitely building some roots here, obviously now my business is here. Uh, my wife loves what she does and, uh, have a new baby on the way with our great Trusts Attorney Las Vegas solutions. So that’s also exciting. And, um, where I think just, uh, the industry experience is probably one of the most impactful things that can lead to expertise in any field, uh, but specifically your field, because there are so many things that you can’t really, uh, no, uh, until you’ve experienced them, you, you know, you can be taught a scenario or you can read about a situation, but until you’re face to face with a client, that’s going through a specific, um, uh, situation, it becomes very difficult to really understand how you would react or how you would, uh, help that client until you’ve actually gone through it.
And I think experience is really one of the best things that any advisor can bring to the table. And obviously, we can’t just buy that or create that. So it just takes time and you build that up slowly by working with a diverse, uh, large group of clientele over the first, typically three to five, eight years you’re in the industry. Um, you know, and I think also, uh, having the CRPC, uh, the charter retirement planning counselor designation is very helpful. This was a, a designation that I took a couple years ago, just to ensure that I was covering a broad range of actual retirement planning to enjoy more of our great Trusts Attorney Las Vegas, focuses such as social security, Medicare, Medicaid, uh, as well as wealth management income and cashflow scenarios, uh, how to discuss those topics with clients, um, and just an emphasis on wealth management and risk evaluation, portfolio allocations, all of those type of things as we study, those really, uh, become, uh, beneficial when you’re meeting with, uh, with, with your clients.
So, um, and then I would also say being a fiduciary, um, when you I’ve always felt that I’ve always acted in my client’s best interests, but there’s, you know, in, in previous companies, there’s, there’s typically some form of product that they want you to sell, and that makes it sometimes difficult to always ensure that someone is acting in the client’s best interest. And, um, you know, my story in which I’ve told you, Blake, is that I left the company because we just disagreed on where I felt the client’s needs were. They wanted me to sell a product and I wanted to do whatever was best for the client. And I think that, you know, you, you want to make sure you’re working with a fiduciary. Um, you know, so your, your listeners, that would be one of the main focuses I would emphasize today is to ensure that your advisor is a fiduciary
Go into that more. What does it mean to be a fiduciary, as opposed to, you know, working with a big bank, like, um, you know, a Merrill Lynch or a Wells Fargo or something like that, where, you know, they’re, they’re tied to their company and have to do what the company says versus, you know what,
Yeah. You know you bring up an interesting scenario. Many of the companies actually have technically fiduciaries on staff. I mean, many of those advisors are fiduciaries, and, uh, they typically will have portfolio designs that they can build freely for their clients. And so they may actually be fiduciaries. Uh, but we have a lot of people in our industry who the term financial advisor is, is inaccurately widely used. Uh, there is insurance only salespeople who can call themselves financial advisors, and they may have never taken a real financial class before. They don’t really understand how markets work, but they understand how my, maybe an insurance policy might work. Um, and I don’t think there’s a one product fits all scenario. You have to really step back and evaluate from a comprehensive perspective for every client. You know, we’re looking at when it comes to the best Trusts Attorney Las Vegas, uh, cashflow or budgeting strategies, um, what kind of protection through estate planning or an LLC, um, you know, how does social security impact your retirement and then risk tolerance when building a portfolio and, and as well as insurance, what is the insurance needs if there is a need? Uh, but the problem is when you start to sell one thing over and over, because that’s what you’ve been trained. You’re not doing what’s best for that client, not if you’re not able to step back and see that whole picture. I think that’s why you see advisors, uh, fiduciary advisors, uh, use the term comprehensive financial planning because we’re stepping back and we’re trying to identify from a holistic standpoint, what the client’s actual needs are and not looking at it, just through a tunnel vision. You know, we’re trying to see that broad picture.
Um, what kind of designations or things should people be aware of? What, what them to someone to be a fiduciary, um, in that role?
Yeah, there’s, there are a couple of things. This, the series seven and series 65, specifically to 65 or 66. Uh, those, those would be the two, uh, exams as well as, uh, the CFP. Um, there’s a, there’s another designation. I don’t remember the, the, um, abbreviation, but it’s a fiduciary exam. Um, you know, I don’t necessarily know that it’s needed unless you, unless you don’t have the 65 or 66, but those would be some of the primary focuses, especially, you know, things like the CRPC, the CFP and CMA, some of those designations are important to have
Basically the mortar. A lot of times, if you had to have something after their names and letters after their name, it definitely helps.
It definitely helps. Absolutely. Yeah. And I also think that it depends on the school that you take your designation from. Some of them tweak the name a little bit, so they’re called something different at different universities, so.
Gotcha. Okay. Well, let’s dive in, let’s talk about retirement planning. So give me a brief overview of how planning in retirement differs from planning for retirement.
Yeah, that’s a good question. Um, you know, I think that first of all, no two plans are identical. Uh, so there’s typically going to be a lot for us to navigate through. Um, we want to make sure that the advice that we’re providing to a client is beneficial to them. And when you’re building your nest egg or you’re, you’re in your twenties, thirties, forties, et cetera, you really kind of getting your head down. You’re working on your business, you’re in the accumulation space a life with us and enjoy more of a Trusts Attorney Las Vegas. And, um, I think you’re looking at things a little bit differently because you are receiving a paycheck, right? Either through your company or through another employer of some kind. So it’s a little easier to spend money, um, to live a little bit maybe differently than how a typical retiree might live because the, the, the actual planning is different.
The, uh, the income you’re receiving is different. You know, maybe you have a pension, maybe you have social security, but if you’re living primarily off your investment portfolio, you’ve really got to make sure that you are locked into a budget. Uh, you’ve got to make sure that you’re understanding when you take money out. What does that do to your portfolio and how does it impact your sustainable spending, meaning when am I going to run out of money, right. And we don’t know when we’re going to die. So we have to preserve our wealth as long as we can. And, uh, work typically, it’s one of the top things we’re meeting with retirees about is, you know, if you pull X number of dollars out this year, this is what your future sustainable spending looks because it looks like because it changes based on the market.
And the markets are essentially open all the time, right? If you’re, if you’re globally diversified, which, which I hope most people are, you really, uh, are finding that markets are open at different times throughout the day. So when, when international markets are open and versus domestic markets immediately, your portfolio projections change with, with the change of every market condition. So that’s part of why we want to meet with our clients, typically retirees every three to 12 months, because we need to make sure we’re updated on what’s their cashflow look like what’s their expenses look like, um, what’s the sustainable spending, what new situations have popped up that now they need to address whether it’s, you know, Hey, I’ve paid off a mortgage, or I bought a new house, or I need to get a new car, or healthcare is a big one. Uh, you know, when we’re, when we’re in our working years, healthcare is typically paid by an employer.
Uh, the premiums can be annoying, but it can be a lot worse in retirement here. Uh, you know, you definitely have a different, a different healthcare design, uh, through, you know, Medicare and supplement programs. And potentially if you retire early before Medicare, but you leave, you may have a Cobra plan that you’ve got to spend a lot of money for or go out into the exchange. It’s, it’s just a different planning strategy because you’re looking at it from a, a different health standpoint to enjoy a better Trusts Attorney Las Vegas solution. You’re looking at it from a different income standpoint, as well as even as far as preserving wealth. And at what point do we implement some form of an estate plan? A lot of times that’s done before retiring years, but sometimes it’s not. So I think that that would be the emphasis on the retirement side, as well as just kind of going back, you know, in those early years where we’re really trying to accumulate wealth, but we have this credit working income that allows us to gauge what we’re doing in life. And so it allows you to be a little bit more aggressive earlier on, you know, we will take some risk-adjusted approaches, especially as we get older, trying to reduce or mitigate some of those risks that may jeopardize some of that sustainable spending as we get older, because, you know, every year we age, we are a little closer to death and that means we need a little bit less money if you’re, if you’re retiring. Um, and that allows us to plan based on life expectancy and different things like that.
Okay. So what are the three, well, not necessarily, what are the biggest mistakes that you see retirees make from a financial perspective during retirement? And then let’s talk about things outside of the financial aspect that are mistakes they make in retirement.
Yeah, sure. So two good questions. Uh, I would say the number one mistake I see from any age, any investor is that they can’t tune out the noise. They listen to a friend, the media, um, somebody has told them something and, you know, I have joked with people in the past, but my first is, you know, what does this person do? And it’s like, well, you know, he’s, he’s, he’s an electrician. Well, I’m sure he knows electricity and wiring really, really well, but, and I’m not saying electricians don’t know the stock market. I’m just simply saying that’s not his profession. Right. So when we’re taking advice from people who aren’t are not in that profession, uh, I think we can get really out of, out of our lane and, and, and misguided at times. And I see this frequently even more so with the media, to be honest.
I mean, if you go back and look at some of the media claims during the big market-adjusted periods, the wrong almost every time. I mean, they’re, they’re, they’re very, very negative when, when they speak about the market, they’re always looking for the next change in the market, but equity markets are up more than they’re not substantially. So if we look at the S and P over a hundred years, it’s, it’s, it’s positive seven out of 10 years on average, and the following year of a double-digit negative loss, it’s double-digit positive. So, so the biggest fear that people have in the markets it’s subconsciously always put into their mind, but it actually rarely happens. Um, so I think that that would be the biggest, um, negative impact that I see the biggest mistake that I see people make. Um, you know, when it comes to retirement planning and just identifying how they should build their portfolio and how they should look at it.
Um, the, the, probably the next, uh, the next thing that I would, I would touch on here is that they need to, and it piggybacks with that, but they just need to state discipline. Uh, I think this is where the value of the advice or an advisor comes in. Uh, you know, we, we honestly make our money during emotional years and, uh, you know, talking a client off the ledge per se. I mean, uh, I’m confident there will be listeners out there or advisers who were forced to have clients move, reducing equity holdings, or move into cash in March. And that has proven to be a colossal mistake. Um, you know, even if the market’s dropping in, will it drop to those lows? Probably not. Maybe I don’t know, but the reality is, um, when we try to time the market, we’re going to, we have the guests twice.
We have to guess correctly twice when to get out and when to get back in. And not only is it very difficult to do once, but it’s extremely difficult to do twice. And I think that those are the things that, that I would absolutely emphasize not to do, be disciplined, stay the course. Don’t try to time the market time in the market is more positively impactful than to your portfolio than timing the market. And, um, you know, I also continue to hear this. This has never happened before statement and, and that, that is true. We haven’t shut the economy down. We’ve, we’ve never experienced this before. We don’t know what tomorrow will bring. We don’t know how today’s market will close. It could be opposite of how it opened. However, every recession is new. We, we didn’t experience nine 11 until we did. We didn’t experience the tech bubble bust until we did.
We didn’t experience the financial crisis until we did. And the markets were resilient through all of those and came out stronger than ever. And I firmly believe that that’s what we will see with this recession, as well as the upcoming recessions. And we will face those, uh, you know, typically you’re going to see some form of this on average about once every 10 years. So, uh, obviously that’s not exactly true, but just as an average, over the last hundred years, that’s about what we can look at and we just have to be prepared for it. You know, I think we, we, we look ahead, we are planning for the best, but prepare for the worst with our top Trusts Attorney Las Vegas options.
What about outside of the financial aspect? Do you see what mistakes do you see retirees make in their lives in general when they move in?
Yeah, I think that’s a great question. Actually. It’s one that I emphasize as you’re entering those, those final three to five years, especially working as is preparing yourself for that culture shock. Uh, you know, when you go into retirement, you’re used to getting up, you’re used to a specific routine you’re used to working or doing something. You, you have some parameters somewhere, and all of a sudden it’s kind of just gone. Uh, so now what are you going to do? Are you just going to sit at home and watch Netflix all day? Probably not. Uh, so you, you better create a routine. You better have some enjoyment in life where you are occupying your time. And that I would say that that applies both mentally and physically because if you know we are here to help you, I hear a lot of people say things like, well, if I stop working, you know, I’m just on my way to death, or, you know, my brain will stop working. And, you know, if you sit around and don’t do much, that’s probably true. So we need to, we need to exercise our brain. We need to exercise our bodies, whether it’s just three days a week, going to a class and engaging with people, whether it’s every day bike rides, but do something that creates some activity in your life that, that allows you to feel that similar sense of accomplishment that you felt when you would go out and accomplish something in your working years.
Yeah. I think of it like even when I go on vacation for three days, it’s great. I just want to sit around and do nothing, sit on the beach. I’m good. Don’t want to think of anything. But then after that, it’s like, you know what? I kinda miss having a schedule. I miss having something to do. And I start to get bored and be like, okay, what am I going to do to, to make myself self feel like I’m doing something productive? And so I imagine it’s, you know, that’s a whole greater scale during retirement. So that’s why you see people, they have their weekly golf dates or their weekly lunch with buddies or whatever the case may be. Um, the other point I want to make, and I’m sure you see this as well, is the people who have pinched pennies their whole life and have more than enough money for their retirement, but they won’t take that trip to see their grandkids.
They won’t go on that cruise around the world, even though they have more than enough funds to do so. Uh, so I think that’s a mistake as well. Hey, look, you worked your whole life to be able to do those things. It’s okay. As long as you financially have the ability to do it. And that’s where, you know, you can come in and say, Hey, yeah, let’s look at, I think we’ve had this discussion before with a client where our great Trusts Attorney Las Vegas matters, Hey, if you take 50,000 out to do this crazy trip, look what it’s going to do to your average monthly income. It has made a difference at $5 a month. Like it did not impact you at all. Um, so go, go on that trip. You deserve it. Um, so that’d be my one, one thing,
But I actually think that’s a great point. Um, you know, one of them, one of the core, one of the core issues I find with, both image accumulation of pre-retiree and retiree phase is not having a budget. And I find that that, uh, a lot of my client in retirement that struggled the most is because they’re not on a budget. And one of the things that I teach is that we need to have some cash set aside. Now there is too much cash. You can have too much cash. So for you, cash hoarders out there, there is a number for a new level of Trusts Attorney Las Vegas today. I don’t know what yours is, but there is a certain amount because cash is a negative equity asset. It, if I have a dollar today or a dollar in a year, I want the dollar today because the dollar in a year doesn’t buy the same amount of goods.
However, uh, if, if during our planning years, what we try to do is we try to create these buckets of cash and we earmark them for specific spending habits. And this does a couple of things for you during retirement. Number one, it allows you to keep less cash in your investment portfolios, meaning more of it as tied to the market, which has a higher expected return. So if we have these buckets of cash that are earmarked for travel and vacation for holiday spending, uh, for emergency funds for just hobbies, whatever, it might be annual expenses such as auto registration, um, you know, some form of expense that comes up, that, that typically people just react to. Well, we don’t want to be reactive. We want to be proactive with those. So when you look at your account and it’s clearly labeled, this is my account for travel and expense, and I’ve got two years worth or 18 months worth of travel money in there.
It’s very easy for me to say, well, I could obviously afford to go, but when you look at it as one big pile of cash, and this is all you have, you, you kind of view it as well. If I take anything I’m going to run out, but if we earmark it for specific expenses, it becomes very easy for people to, okay, well, I guess I can spend this because this is, this is included in my projections. So we look at, I look at things a little bit differently, I think, than some where I’m actually pinpointing what’s important to you and see why we are looking to help you with our Trusts Attorney Las Vegas. So during our planning process, this is, this is also why I think the DIY guys are gonna have such a tough time because they’re not, they’re not, they don’t have the training necessarily to think about all these things that they don’t know. Whereas an advisor does, our industry is, is made up much more than just investment management and a solid level of Trusts Attorney Las Vegas options/
I mean, that’s, that’s a small piece of what you do, right? But we’re trying to look at how all of your retirement plan will impact you every day. And the last thing I want you to do is worry about it. So let’s create a plan that takes that pressure off you, so that you can take that trip and see the grandkids that you can go on vacation. And if you want to pay for a vacation for the whole family, cause it’s a lifelong dream, then we want to put that in your plan and make sure that you can afford to do it. And we’ll let you know when you can. And you’re absolutely right. Uh, you know, we have, um, programs that will tell us, Hey, if we pull $50,000 out this year, this is what it does to your sustainable spending. Is that okay? And many times it’s very eyeopening when they’re like, Oh, that’s it for a better solution to our Trusts Attorney Las Vegas needs. So we do want to, we do want to have those conversations. And again, this is, this is part of why, you know, if you haven’t met with your advisor in a while, you need to meet with them, you know, at least on an annual or a 15 month basis, depending on your needs. But it allows you to say, well, what does this do? How does this impact me? Where am I at? Uh, and, and including in those vacations and grandkids spending
A huge shift for me when I finally set up a separate account and, you know, have my monthly amount, you know, we set aside, you know, the majority of it goes to the savings and the other stuff, but I allocate a certain percentage that goes to that fund. We call it a fun account. So that way we don’t feel bad. Hey, we’ve got money in there. Let’s go on vacation. That’s what that money is there for. It’s there to be spent on having fun if there’s no money in there, okay. We can’t make the trip, but more often than not, it’s a, we have the funds yet. Let’s go have a good experience. You know, and those experiences are far more impactful than the things we buy or even, you know, the success in our careers. And because before that, I was old, it was everything, one account. And I was like, Nope, can’t do it. You know, it’s going to deplete our or investments. I can’t do, you know, can’t buy the rental or whatever the case may be is. But once I made that shift, it’s like, Oh yeah. Oh yeah, we can go do that. We can go to Disneyland with the kids. That’d be fine with us because we have the top Trusts Attorney Las Vegas for you.
When the money is clearly earmarked for something it’s very easy to spend that money. Uh, you know, I have, I have a client who likes to buy watches and, uh, spending a lot of money. I mean, watches can be very expensive, but sometimes spending money out of their household money to buy a watch is hard for him. So he creates an account to buy watches and he saves random money. And when he gets that amount, he buys the watch. Right? So, and I think I would even emphasize that a lot of people are afraid of a budget. You know, I had a client yesterday. Uh, the husband was all for the budget. The wife was terrified of it. And at the core, she was terrified of the budget because she felt that someone was going to control what she was able to do with her money.
And that’s the complete opposite. The idea is that you control what your money does, a budget, no matter how much money you have or what kind of income range you’re in. In fact, I would argue even the more money you make, the more important it is to have a budget because otherwise, money goes out very easily. Uh, when you have less, you tend to penny-pinch a little bit more. So it’s very crucial to understand the importance of, true cash flow analysis. How much do you need every month to pay your expenses as part of that? But if you, if you have an income of eight or $10,000, $10,000 a month, then guess what your budget is $10,000 a month, whether you’re spending it on miscellaneous stuff or saving it, whether it goes to gas. I mean, I can’t believe how many people exclude groceries from their budget. And I’m thinking, well, do you need, you do need to eat right now. It has to put in your budget. So
A budget is not pure
Early mortgage and utilities. It is dollars that you spend now, other categories within a budget. Uh, and we can break that down and do that type of analysis, but it is crucial, to set this up and absolutely crucial to do it before retirement. Uh, I should go back and make one point here. One of the biggest colossal mistakes is that I have somebody who is 62, ready to retire. They’ve never been on a budget. They’ve never met with a financial advisor and they have no idea if they can retire, but they’re ready to put in their notice next week. And it’s like, we need more time, right? The advisor needs time to evaluate. You need time to evaluate. We’ve got planning that needs to be done. So for many of the people that are out there that are within three to five years of retirement, thinking, I’ll deal with this when I’m closer to retirement, don’t wait.
You absolutely need to build rapport, build trust with someone. Now make sure that that advisor is a good fit. Make sure that they understand what you want before you walk into retirement. Because now you’re both going through an unknown path with no experience. And so it’s much easier to, to, uh, stumble a little bit when both parties have a lot of unknowns, it’s much easier if we spend a couple of years getting to know each other, understanding what your goals and trainings are, uh, getting, uh, getting a sense of how you’re going to respond to different market conditions is absolutely crucial. Uh, this, this last six months has been very important to me with a new option of Trusts Attorney Las Vegas, especially to some of my newer clients or clients that I’ve never experienced a recession before, how they responded to that allows me to make better recommendations for them in the future, not just with their portfolio, just in their, in their cashflow, uh, for other areas of their lives.
Great stuff. Alright. So what are some of the top things retirees can do on their own to make sure that their retirement is not only successful financially, but enjoyable. Talked about that a little bit with the planning of different accounts. Is there anything else you want to do?
Well, I, I think that I would just emphasize happiness, right? The personal happiness would be the biggest one to make sure that day to day you’re, you’re feeling a sense of joy and a sense of accomplishment, uh, find a group or some people to hang out with. I think your lifestyle is what’s important. Uh, you know, one of the benefits of the platform and the models that we use is that we don’t really feel that we have to worry that much about your investments with a better level of Trusts Attorney Las Vegas. Uh, we believe in very low-cost diversified platform, uh, investments that, that try to take away the focus on what’s the investment doing. Should we buy this or get out of that? It’s really about the individual client and that allows them to feel less pressure and allowing them to really get out and just enjoy life. Uh, I really would say I’ve, I’ve probably summarized this at different times, but I think the budgeting, uh, planning ahead, and tuning out the noise would be the three that I would say can, can help them in retirement.
You know, stop listening to everyone else, you know, turn off the media. If you need to, um, focus on your health and your happiness and plan ahead, create a budget, understand your cash flow, understand when you’re going to need, when you’re going to draw social security, the timing of that can be different for everybody, but the best scenario, if you’re healthy and you can afford it is to typically wait. So those are conversations you need to have and run those analyses with your, with your advisor and ensure that you’re taking those things at the right time, because what’s right for, you may not be right for your buddy. Uh, you know, your, your former coworker may need to take social security at 62 squawkings in your ear telling and telling you that you need to take it. You need to take on getting this extra money, but the best thing might be for you to wait. We don’t know. Right. So, so that’s where just that conversation can be very impactful. So the earlier you come in, the easier you will make your transition.
Okay. And I think with anything else, the more planning you do ahead of time, um, the better off you’re going to be. So from a financial perspective, you know, in my industry with trust and we’ll, you know, getting that in place ahead of time, um, it blows my mind. How many people come in with our great level of Trusts Attorney Las Vegas, Hey, we just retired. We’re finally gonna do our state planning. What are you talking about? Like, did you not care about who took your kids when they were minors and all of those things? There’s a lot of stuff that plans along the way, it’s not just a one and done, it’s, you know, we call it a living trust. Cause it’s, it’s living, you change it, you update it as your needs change. Um, so yeah, hopefully, you know, if you haven’t done that planning, um, and you’re, you’re not retired. Yeah.
Like, let’s get in and get that done. Um, and I think the same thing with choosing the right financial advisor as you mentioned, but if you, if you already past that point, there’s still stuff that can be done. And that’s why we bring in trusted experts. Um, you know, like Greg to make sure that you get the right information so that you can, can make those decisions. So with that, how can listeners find a trusted retirement financial advisor like yourself? Uh, we talked about the designations, um, but what other things should they be looking for when they’re, when they’re going around looking for somebody to work with?
Yeah, I think, um, I think you want to ask the advisor if they’re a fiduciary, if they’re a legal fiduciary, um, you know, the, like I said earlier, the financial advisor title is definitely overused. Um, I would have a list of questions when you’re interviewing. If you’re, if you’re going out seeking an advisor, you know, you are here to get the best Trusts Attorney Las Vegas, you need to know that you can trust them. I think there’s, there are two things I typically will start out of my conversation with is that one of the reasons I’m a little slow in my process, I shouldn’t say slow, but I take my time developing a relationship. And I think a lot of advisors, good advisors do this. And what we’re ultimately trying to do is we’re trying to interview this person to make sure they’re a good fit for our firm, but we’re also allowing them to get to know us.
And we’re getting to know that we want to really make sure if we’re going to spend the next several decades potentially together, I would think we should like each other. Right. So that would be the first thing is to have to approach your meeting as if it’s an interview. Um, but you know, you can find, um, um, different advisors through different websites. I don’t necessarily know that that, um, there’s a, there are a few broker-dealer Finner related websites, but those are more commission-based and the RNA side I’m, um, I’m really not familiar with, with a general site that Joel wrecks people, uh, neutrally. So, you know, I would look for the designations. I would ask if they’re a fiduciary, make the phone call before you go see them simple, two questions, you know, just make sure that that person has the experience that you’re looking for.
And, you know, typically somewhere in that four to an eight-year range of experiences is probably going to be sufficient depending on, you know, what type of company they’re with or where they work. Um, you know, those are the types of things you just need to do a little bit of homework when it comes to Trusts Attorney Las Vegas. You know, people will spend days and weeks planning a vacation, but if we ask them to spend 30 minutes or an hour, you know, doing a little bit of homework for their finances, it’s, it’s, it’s like trying to climb a mountain. Um, but really it should be the opposite, right? We should be putting more time and effort into evaluating who is managing our finances. Who’s, who’s, who’s giving us guidance on these things. And, uh, you know, who’s providing that advice that allows us to go out and live the life that we want to live, that we’ve worked our life building for.
All right. What red flags, um, should people stay, be on the lookout for, with a different financial advisor?
Yeah. This, this may sound a little harsh to some out there, but if the first thing they talk about is life insurance. I probably walk away. Um, I have an eight-year background in life insurance, so I feel like I have the right to say that, um, eight years prior to, uh, being an independent advisor, but, um, you know, does this comes back to the one size fits all that, that just doesn’t work. Um, I think that there are good products out there, and that’s not a knock on the products. Uh, but if you get the feeling that you’re being sold, something you probably are, and there’s probably a reason for that, whether it’s high commissions or the company pushing a product that they, they need to sell to hit a quota or whatever it might be. Uh, I think you want to first and foremost, uh, expect that the advisor’s willing to listen.
I think that if I’m speaking most of the time, I’m probably not doing a very good job. I need to step back and listen to what my clients have to say because what they say is actually way more important than what I have to say. Uh, if I speak too much, I’m going to, honestly, I’m probably going to talk over most of their heads. They’re not going to follow me enough. Uh, so we as advisors need to be very patient with our clients because this is our profession and we, most of them really just, they want to trust you. And if, if the advisor can, if the client can trust the advisor, we don’t, we don’t really need to throw up all of our knowledge on them. Every time we see them with our top Trusts Attorney Las Vegas, I think the trust is, is, is the line. And we just need to make sure we’re always acting in their best interest. The biggest red flag though is just making sure that our fiduciary they’re held to a higher standard, the FINRA commission-based insurance, they’re just simply not held to the same industry standards as a fiduciary.
Well, that’s good. Yeah. I definitely want someone who’s looking out for your best interests. I agree with that. So, um, alright. I think we covered a lot of great stuff. Um, is there anything else that we missed that you feel needs to be covered in regards to planning and retirement?
Yeah, you know, I say one thing, um, I think a good advisor is going to act like a quarterback for your financial plan. And uh, many times a client will come in and they have no idea that they should have a trust. I think that that would be something that we, you and I have talked about extensively in the past is, you know, my rule of thumb is if you own a home and you have kids, you probably should have a trust or at least have a conversation around it. Right. And most people that don’t have a trust or that, that, you know, they’re upper-middle class or middle class, for sure. They’re thinking in their mind, well, I don’t make enough. I don’t have enough for trust and that’s not really true. Um, you know, a trust can do a lot more than, than carrying wealth into further generations.
That’s just part of it. So, you know, we’re here as advisors to help decide, is this the right time to set up a living trust? Do you need potentially an asset protection trust? Uh, you know, what type of trust might make sense? And so we’re going to have those conversations and then hopefully pass them to yourself or an estate planning attorney in their area that would allow them to create the full plan and estate planning is a big, big piece of it. Uh, as well as taxation, you know, how, how are, how is the income you’re receiving the investments, the portfolio design to enjoy a better level of Trusts Attorney Las Vegas, how’s that going to impact you when it comes to tax time? How tax-efficient are your investments? So do we need a CPA or is it okay to stay within an account? You know, many times I’m finding my clients are used to an accountant, but the CPA can do a lot more, many times.
They have a lot more expertise in this field where they work in a specific, uh, uh, taxation field that allows them to really do it a little bit differently than someone maybe with less experience or less training. And so my job I feel like is to also help my clients with those things, uh, even guiding them towards when’s the best time to refinance the house. Does it make sense to pay off the house when, when does it make sense? Right. So those were a lot of topics that we’ll cover throughout different meetings during the planning process. And I think that many advisors do that. So if your advisor is doing that, then that’s like, that’s a very good thing.
Yeah. I mean, you’re a financial advisor, you’re not an investment advisor. You’re there to, you know, kind of oversee all the financial aspects. That’s why I think if you’re, you mentioned before they’re selling you a product, or is it just an investment that you start telling you what they’re going to invest in right off the bat? Those kinds of things are kind of red flags instead of looking at the whole picture of the top Trusts Attorney Las Vegas, you know, how does this affect your spending? How does this affect what you’re trying to accomplish with your other goals? So, um, I really appreciate that. So with that, um, how can people get in touch with you if they want to, uh, use your services?
Yeah. So you can obviously call our office (702) 545-0680. Uh, our website is, uh, legacy w M G L v.com. So it stands for legacy wealth management group, Las vegas.com. You can also reach out to me on LinkedIn. Uh, if you type in legacy wealth management, Las Vegas for Twitter, you’ll find us, um, as well as we have a Facebook page as well.
Yeah. And I’ll make sure to put the link in the show notes that way our listeners can easily find you. Greg, appreciate you being on the show. Um, really think that we had some good stuff and I always appreciate your sharing your knowledge with others.
Absolutely. Blake, thanks for the opportunity. Uh, I enjoyed it and, uh, look forward to talking to you next time.
Thanks. And to our listeners as always, please like, and subscribe that way you get the latest content for a new level of care more our top Trusts Attorney Las Vegas services. Um, also please reach out if you have ideas for who we should interview next time. And with that, we’ll pack, talk to you later.