Dollars and Sense Radio Show - 8.6.17

Sunday, August 6th

Another great show with Troy and Lauri. Enjoy!


Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

You're listening to the dollars and cents radio show was Troy and Lorraine. Investment advisory services offered through actual management LLC and registered investment advisor in the state of Colorado insurance products and services from your pitcher who incorporated. Eventual management LLC and hit 200. And now for the dollars and cents radio show and your favorite couple of joy and Lori. Hey Ed morning Jeanne thank you so much for tuning into the dollars and cents or radio show we're here live this morning mist and Nate. And a coolest New Orleans cast Sunday morning some like that we've got to Logan's in the house. Although it. Pat her on that we know here Lai yeah exactly he's here he is here today with us and it is off this week and serving his country yet and we have now for all. Who has replaced Hank it's nice to have another. Earlier in the studio on Monday saying it Dicey at I had. It takes the I eighty tight and exciting elegance here today he had no kidding it was it was a weird at day yesterday I have to say. If I I don't know if any of these a's got in the REG yesterday. I didn't I didn't either but I was supposed to be so I know they've been on touting that all over. Crews in and head and a sister stations and I was intending to them. We have La mishap in the house. Is it is today yesterday. I'll be related. Terms of having related I don't know what happened with the dog but boy he just knew he had the emergency situation I think he's fine now but boy that was a eight start and weekends like that so hopefully if he is when hopefully our Beijing was fantastic. I am I'm sure once I'm sure it was who I got as big show for you today. We do meanders Lorie said we are live in the studio so thank you for starting your Sunday with the dollars and cents radio show we have a great show Fareed today. We're going to be talking about tough questions. Tough questions that you should ask your financial advisor. William retirement savings survive the next financial crisis. Usually about. Once or twice a month. We get a phone call or an email from a client. Saying hey Troy. I I read this article. Read this newsletter. Cut a program on television. Whatever maybe. In this self proclaimed experts said. We are doomed. The bottoms gonna fallout scene we are gonna go back in the dark ages where do you think. In I give them my two cents on that there's always somebody predicting. The next best thing is just around the corner and owners on the up op side of that coin there's always somebody predicting. The next financial crisis. Using that and Sally and the bottom line no. Is. Will your retirement. Savings were your portfolio your financial plans survive the next financial crisis. Getting honest about retirement savings. We have the weekly market recap as always. Lots talk about this past week in the market. And are back in time spotlight years is the bicentennial in 19761976. We've got some interest in happenings in fact to wait to share with you on that. But first the bulletin board as always we have open phone lines for the next ninety minutes. Logan is being invited take your calls putting to work. If you have a question that you would like answered at some point during a program calling. Pass along to Logan and we will get to that at some point during the program. If you wanna save a last week. We signed on another book club. We talk a lot about. Ways that you can get your hands on our book whose retirement is its anyway. Obviously available on Amazon. But the best way to get it is to call and request one. Where to go to each fall out of work and request one there on the web site you get a complimentary signed copy. But last week we invited but clubs. We had a call in we are providing books to the entire book club so. I think the have a good time without. Well then let me distract it wasn't last week it was last two weeks ago yes it is gone sorry but thank you teary and by the way Torre guessed what. We're both going to to the book but club nice after the why they you know what I said two weeks go I said. If you would like us there. When you come title when it comes time to discuss the book. Would be happy to do you batten I'm just learning now that apparently were going to ice and I go but I signed yet is so lucky you I'm excited to absolutely and a anyway so I think he carry for that and that was times cracking that was in last week last week and as our listeners from two weeks note last week and we were in. Hastings. Or somebody's reunion area. You my class reunion. Nerdy. Thirty years. Yeah. It was uneventful which is good and that's it that's probably good thing was weird thing now for all those old people. Now I felt like you can do well I I felt like the youngest in the room who look at the pictures and I'm likely Italy's old people then you have the aged really well. And I'd see him and it has no I'm not addition you work but hey it was an eventful it was nice. It was kind of weather like this Nike by a doctor at south. Our lines are open that phone number in case you don't already have it on speed dial is 303539. Five were 20. You can always catch more about us. Or online at H wealth dot org. We have an entire video library available to you. On the website. We have a live chat feature so if you have a specific question. At a white person right there ready to chat with you when you go to the website you can request a book you can download the dollars and cents mobile lap. By the way I'd like say good morning and welcome to all of you that are joining the program via the dollars and cents mobile app it's free. And we catalog. Our entire. Library of past dollars and cents radio programs. You can also hit listen live on your dollars and cents mobile app and take crews in 1430 with you. 24/7. On your mobile for. Pretty cool mobile. I know I just. If you are a FaceBook or. Which were not as you can follow us on FaceBook we have. Pretty cool FaceBook page. In we provide many. Interesting and educational. In fact field financial articles. That will keep you in the forefront. Go to our website scroll down there's a tabby just click you can follow us likes on FaceBook. So that's 812 dot OR GE twelve that where gay is redefined on that stuff so. I don't think we Twitter to tweet I think doing and why I mean we don't know we don't. And saying we don't. Yeah you. Right manages. I think that look Lowell hadn't been here in like a year music yeah we don't tweet mound there's not meaning thanks for being here Logue. Thanks for being with us today. The opinion doesn't count. Irate sell lots of stuff gonna take and I just days and it's I woke up so where. I think we have what is our bed like six feet wide it's a king Khaled huge. That sends somebody has invaded our puppies into the bed I ended getting about a but of that sixty. There's like a little baby it's amazing how much space in a bad they can actually take up. It's hot also tiny and small and tiny antenna and these things are what five inches these these are five inches but they take up. What I feed bad they just keeps things like that it's her it's really not Howard going off that's the problem at this point feeling. My whole world became the world the puppies that they don't love them because they do that. I'm in another bad that's that's that's gonna have to happen are we on the floor RI and soon enough. Yeah. Let's get to the good staff and machinery with the market recap I do so there's a lot to talk about. This is for the week ending August 4 when he seventeen. As the running of the bulls continues. The Dow has posted. New record high is get this for eight days in a row. And this past Wednesday closing about 22000. 22000. Mark for the first time. In history. Both the S&P and NASDAQ are basically flat for the week but they both. Still remain close. To their all time highs the good news. About all of this. These markets are being driven primarily by corporate earnings. In win earnings beat expectations. Stock prices go up. That's how works so the good news is. Is that this market rally. Is based upon solid economic fundamentals. That's good news. 209000. New jobs were added in July. Unemployment went down. Both of those components added strength to the markets. Adobe. Blinded. By the recent run doubles. As the next market pullback. The next correction may be looming closer than you think. By the numbers the Dow closed. 22009. Up one point 2% on the week year to date now sits up eleven point 8% the S&P. Was slightly higher. Closing over ten point 6%. Year to date the NASDAQ. Closed slightly down but still remains up 18% on the year. Loyal. I've been talking about this over the past several months. Oil closed at 49 dollars and fifty cents a barrel. Down just slightly on the week but now. Only down seven point 9% year to date. If you are he regular listener you know with that I have been saying that there. Could be some good opportunity to be had in this sector going forward as oil stabilizes. The take away. As the markets continue upwards. Via solid economic data and there are other factors that can and will affect your portfolio. Just like. Regular health screenings. Check ups. Your wealth requires. Regular screenings regular check ups as well. Paying attention. Only when market panic sets in. Is known as reactive management. You're simply reacting. That means managing. Via your emotions. Getting regular portfolio checkups however. In making necessary adjustments in changes along the way. Is known as proactive management. Here's the good news to all this you don't have to be be reactive investor. Call today and schedule you work complimentary. Financial review you'll be glad you did. And that is the weak market recap. How can pass it seems like we're going into like that need this release early I always look at the time which is right above your head. On a daily basis using we don't even get to topics and Kelly you know quarter telethon on work and find yet but on the other side of that cooling we typically run out of tie game before we ran out of information Delhi yarder that message. Estimates EZ tag about the interns and you know. If self IRA he may get started on the tough questions. Tough questions you should ask your financial advisor and oh by the way. If you work catching the program is the first time Lester wok move forward. And when I say we have open phone line to what that means. Is when you call your going to be speaking to a life person but we're not in a pretty light on the year. So. Don't be afraid to pick up the phone call with. Questions that you may have. 303539. 5420. So we're gonna start out with tough questions you should ask your financial advisor and let me just say. Bit. In a Lauren oh you have a lot of questions here that you're going to be throwing out no comment on these but let me just say that. Not all financial advice is this. In the end. It is. Common. War some advisors. To sort of sidestepped. These questions. Instead of answer them they give you this long drawn out thing and at the end of their response you're thinking that they really answer a question or not. Sword arm you. With the questions that you need to be asking your advisor the facts that you need to be finding out because at the end of the day folks. We're talking about your future we're talking about your retirement were talking about your financial stability we're talking about you accomplishing. The things you've been dreaming about in working towards. All of your working life. So it is critical and it is important. Carries so this was taken from the basis that this has taken from an article by Iran Carson. Title ten tough questions you should ask your financial advisor. So obviously we roughed him up and you know kind of made him our own but he says that Americans spend more time tapping per car than they do for a financial advisor which is kinda true because. He don't usually go to one. Carlyle and picking cheese from the air usually you. Go to mini mini mini warehouse whenever I'm not even that can you imagine going to a Carlyle and that is all you have to choose from that's yeah they said this is the car that we offer. Is the best out there. Just one model. One model that's yet. Ian Americans from a standard Armenia on the new higher automatic and mean that's kind of what is that it's in it is. It's important to answering questions of a car dealer or every military the year asking important questions you're looking in seeking out new information. But it weakens defining an advisor it's just as important actually it's more. To take you time and do your due diligence. Me to be getting the value that you serve from your advisor so here's the thing investors. A lot of times just don't know the questions to ask. Or they might like he said treated the run around answers from their advisors. So here's a very important questions. That every investor issued after advisor along with the response of the toys gonna give that you should receive are thinking that you should he she you should be receiving. Any fear of ice it can't answer these questions or gives you an indirect response. You pride wonay considering getting a different opinion on your part of our shop that are around. I try let's first say about each transparency. That's at the GE transparency so Hughes fees. Here's a question gee should be asking listeners. How do you pay for your investments that you recommend. Are you hate to sell commissions on investments or other products they sell. Does use some of the questions are trying allergy answer some of those. Well I think to summarize your question is how do you get paid. Andy get paid no wait what's that gonna cost mean. How do you get paid. So. Not all advisors get paid the same. So we'll start with that. Monkeys that what makes the water a little more murky. But all explain. First of all. The keyword is transparency. Advisors. Should. Be a 100%. Transparent. When it comes to explaining. Their fee structure. To you. You deserve to fully understand. How you were advisor is getting paid. And it's their obligation. To divulge that to you. And if not you should be asking. We've talked a lot over the past couple months about the new Department of Labor fiduciary rule. Which is now. Being implemented. In enforced. Fiduciary meaning. You were best interests. First and foremost winning any financial advice is given recommendations or give it. It also means that transparency. Is required. The bottom line. Your advisory is not a nonprofit organization. They are getting paid and that's okay. Of course because we all know the value of free advice straight there's a lot of people out there willing to give you free advice you're neighbors coworkers friends relatives and bless her hearts they think they know. But we all know the real value a free advice so it's not that you are seeking free advice. Were you war. Financial. Future. You just want to know how much it's costing you so you can determine. If you were getting. In return. The advice and service. What you're paying very. Like a leg a pain paying for elects a sinister Ivan like the golf cart. Wells and no one else said. So investment. Advisors. Are fee based. We disclose our fees up front. Whenever we make a recommendation. So when we make a recommendation. After doing our due diligence. A recommendation that is first and foremost in your best interest. We will say this is should you implement this strategy in. This is the cost. To you when you implement that strategy. And it's fee based. There are financial products out there that are commission based. That all's also should be disclosed disclosed to you that test. Mutual funds annuities. Different types of annuities. Beazer commission based products. And it's okay if you understand what backed commission is is it going to cost you. In how much. Does it make sense for you the bottom line is is if these things are not being disclosed to you. There should be a red flag. That steers you in another direction. So transparency is the key when it comes to you know and too many to many folks that I sat down with over the years. They really don't know what they're paying. They really don't know and you'd be surprised. At how many say. Oh I'm not I don't have any fees on this account. Are you kidding me. Every single portfolio has internal costs. With in it. Like a layer and onion. If you have a managed account. You are paying fees. You're paying fees. To the investment advisory you're paying fees to the third party money manager if there's a third party money manager. So those fees do exist. But when your led to believe that there are no fees in there. You being misled. Because there are fees so I'm not saying the fees are bad when I'm saying is is non disclosure. Of those fees. You should be able to tell somebody else yes this is my fee structure. This is what I'm paying. This is why I'm paying this were my advisor receives in this is what the money manager receives. But beyond that there's other peace within your portfolio if you are mutual fund's. Expense ratios. And there are reports that you with a report C generate king and desist those those fees so. You know I mean add to a few days on this as have US that the ever gonna get through it I believe we are. If you wanna list a few shopping around for advisors or want to go and had a conversation with your advisor and one of these questions and be happy to send them to you as well so. And you can get us out through your 35395420. That's 33539420. And look at these questions. I rates and it's about regulatory regulatory Rick I canning fan animals and there regulatory. And regulatory controls business. Okay regulatory controls we ask about this a lot on and we talk about the sun a lot of her show that you need to be asking are you a fiduciary. Also and I like this as a mile it's a lot of American greed and staff and you know it's interesting to me that. Lets it guys tease you were firm have been placed into the my answer protected from fraud. Great question. That's and we've had some of our clients. In a previous life. They've been subject to fried and it's just amazes me how that happens. And then also how do you ensure the year for remains in imply ends with legal and regulatory statutes those are some questions you can ask that regulatory controls. So different. Advisors. Are regulated. They're not all regulated the same it depends on the type of advisor that you're working with. We're not working with. So it's not that every financial advisors governed. Under the same scrutiny. Under the same regulatory agencies. But I will say that if you're working with the fiduciary. They are held. To the highest standard. Of compliance. They have decided. If they're fiduciary. They have decided that I want to operate. My business on behalf of my clients. To the highest degree which means that I am going to be. Adhering to the highest levels of compliance of transparency. Putting your interest first and foremost. After not a fiduciary. They're not held to that same. Level of compliance. I. They've been held the suitability standards which is really what is right. Most important no it is important. Its suitability standards. Is a big gray area I changed in eking by gray areas that's exactly around green areas. Why the Department of Labor fiduciary rule was introduced and passed into law. But the bottom line is is if you. Are asking about their fiduciary role or status. We just had somebody that we met with. This person said well I I asked my advisor or you fiduciary. In their answer was now again I'm I'm paraphrasing I can't remember the exact verbiage and it was something to be effective. They talked about they would always do this for the customer. Something to that yeah he's so. They did not get a yes or now and is CBS an answer yes and put it this way. If their fiduciary you're gonna get a one word answer yes if they're not you're gonna get a very wordy chance. Race the Coke heads accountability a good way to determine that. So Lori you also last. For example what safeguards. As a question. What safeguards does your firm have in place to ensure the my assets are protected from fraud. This may be. Something that you didn't know. Because we see these you know the Bernie Madoff cinders. You know there's a big one here in in Denver about ten years ago. Here's where those really stemmed from most of the time. These individuals. Are directly. Taking custody. Of your assets. Taking custody in other words they have direct. Control and access to your money. Thank. That's. Usually the common denominator for these big Ponzi schemes in what have you. Most of the advisors out there. Are not going to take custody. And we use custodians. Or that such as. For example are custodian is TD Ameritrade and well known company and they went so the word custodians. Does have meaning. When it comes to your safeguards. So there is not a outside custodians. Meaning. They hold custody. Of your funds. Senior advisors are writing a check for new Lamborghini or whatever. Hey that means that they have direct custody. So the work custody. And custodian. They do go hand in hand in a so that's first and foremost second. Where are your records stored in do you have direct access. To the records that your advisor is required to keep on hand. We utilize a fully transparent platform. Called the generational vault. In I can't speak for other advisors but I can speak. For our firm. To ensure transparency. In to insure. The fiduciary role. We utilized the generational ball so every. Single one of our clients has their own fault whether or not they use it. So whenever they come in for reviews we log right into the vaults and they have 24/7. Unfettered access to their own fault what's in there. Every single piece. Of analyses. That we run every report. That led to. A financial recommendation. Is in the air permanently its archive so in other words and it can never be removed or altered not by us or anybody. So for example. If you come in next year and we do our review we can say you know let's go back and see what it was that led to. To the advice of I was given and it'll always be in there. So that's transparent to those are safeguards those are all put in place. For peace of mind. The investor for you because at the end of the day. Here is one of my biggest concerns are no word we've we're just coming up on the top BR break. But all all in this segment here by saying yes. Many of you listening. At some point. Have received. Not good financial advice. You were led to believe one thing and it turned out to be something else. Were something to that degree in when that happens. You become. Sceptical sceptical. In many times that skepticism and that anger. Leads to. Other finding bad financial decisions by way of well I've already received bad financial advice from somebody. And their real cost to you. Could be that bad experience. Is now causing procrastinate shin of not making. Good decisions that need to be made to move you in the right direction. RA does and he's really Brett had that music means we can take a quick commercial break you are listing to the dollars and cents radio show and if you'd like you can give Logan a Collie is standing by 303595420. Is a number card into a three. By 395420. State to really mad back. We'll check back into I'd say no. Yeah who do you know he really is a what is my I can't even talk today because they had a lack of sleep last night I so we're back in time today. Now the teen 76. Not sure how Ryan picks these years but. That's who we came to you may sell. I guess 1976. Was our bicentennial year. Yes it was well thank you for taking now after her arrest. Then someone down a web service and financials. Going back in time to 1976. What were you doing in 1976. Raising a family going to school. So. The Dow closed for the first time last Wednesday. Over 22000. It ended in 1976. At 1004. That was the closing of the doubt. The average cost of new homes 43000. Average cost of a new car. 4100. To guide you can even buy a used car for them that's right now really I really. As Logan knows average. At LA. Little too much about when. You in your car buying at the whole other segment we usually have those segments about you when you're not here. Their listeners know. Are averaging come for years 161000. That cost of a gallon of gas. In 1976. We think Logan. Then. 19763. Cents a gallon gas what is it today about 20 that is what I just got it for a period up last night and. I don't lucky don't cheat. Now it's okay I'll go with 96 cents 96 cents 59 cents a gallon in you know I can remember. Gas even cheaper than that because back in the day. I'd go with my granny inch it's 81 right with with me I'm gonna go get gas the gas wars are going nine. You guys probably never even heard have you even heard that Lauren no gas wars. And so we would go to this little gas station. And we would be in a line of cars literally thirty cars deep. Gas is 39 cents a gallon in 1976. And right around that same time but gas wars and so those stations in town you know they were lower it then people would run outs it was only for a limited time. But I remember it. As low as 39 cents a gallon obviously before I had my driving privileges yes okay. I have a question about that I did did you see were gas stations like completely full near the pumps because like you see in the word anyway. They completely full on the pumps where cars like completely folders lines in the pumps even without the gas war because. Logan is so those gas stations back in that time had like one or two pumps. And they would come out. You draw your window down. And they would say filler up yet so they would do that they would check beer in your tires he would clean your windshield for you take the money. Yeah is called federal full service. So now analysis you go and there's thirty pumps at gas station and it self service. Right exactly. So that's the financials. What do you have to say I'm 1976. Same smear discs thanks Frank Sinatra marries his fourth wife. Our remarks damning ten that is the right now as I've been asked that no idea. An Elizabeth Taylor another one who married a lot marries for the seventh time this segment seven and add to put while politician John Warner however. Amos divorces that year was Elizabeth tape. Six divorce for I don't know really burdened. So. Says she had a course in married in the same things I think she's rally. Who alone firm more than a year lights. So the interesting thing is when she divorced Richard Burton in 1976. That was the second time she divorced the same guy yeah I think she did that a couple and it. And here's why also that who went to a Elizabeth Elizabeth Taylor and Frank Sinatra may be an okay second this is what I don't get what what is Ryan thinking when he does as is our last time. He was talking about a silly theory serial killer wasn't there serial killer I last had John Wayne Gacy a woman this is the same and what does he OK so. Well this is the same serial killer is 976. Think he likes the sky and second might have Carol half divorces Syria killer John laid DC after two years of marriage. And it really got to dreamland if pedigree he needs to knock off the silly serial killers well let him know when he gets back tomorrow. Famous birthdays rated do you Peyton Manning he says that's toys. I means yeah I think is very very sick so exert the grenade like they were birth years of yes rulers they were born in 1976. In when I saw Peyton Manning on the list. And I just answers for us and I think I shared the same birthday with and not the same birth year but this area and he. Shelton. And I Camelot and I kind of feel bad that had he was. Older than me that he's not so darn it. Says he was born in 76. My sister's favorite. Or sisters secret crash Luke Bryan there's no secret then you're seeing here is here and I. OK okay and yeah. Is famous death. Argues. And one. None and then billionaire. You no that's why I'm asking. The ethnic he was in. Bush shipping now. Steel and oil maybe guerrilla low. Craig Jay Paul Getty we're gonna fight and we was in just second should it. I like this one because I used to watch it dining Marie Osmond. Premiered with their own variety show their musicals righty show I think they're Bennett had in gardens no Heather Hudson gardens hears in. They're good. And also the first family feud show premiered on TV we like that very very notes. In wasn't. Who was the major. Repair Richard. And now the once Burton and it's certain it was Richard something was you Dawson Richard I thought the fact that I know that really impresses me a lot. That was awesome. Did go in the oil industry. He's definitely iron and for many years by the way. Jay Paul Getty was the wealthiest men. In the world and interest in. Yeah. Guinness world. Actors named it. Oh goody two dollar bill was issued that's a pretty little dial. Apple Computer was formed by Steve Jobs in Steve Wozniak. And lastly for me anyway the del Castro became the president Cuba. While yes that was a long time that he is president of Cuba and yet. So let me just say happy birthday. Any of you listening. It has. It is celebrating your birthday to date. And if you are you share. Birthdays with. These folks who were also celebrating their birthday is today. Alfred lord Tennyson. Famous British poet born today in 1809. Edith Roosevelt. First Lady in white that Teddy Roosevelt. Was born today in 1861. Look at you should know this one. Alexander Fleming what did he invent. I remember this from my school what did he invent. A prisoner of funding yet. Is it sounds familiar at all. IA IC to phone the phone now now I don't know I was not Alexander. That Ari I don't know and a bit president elect. True seed lines now. He invented penicillin and won the Nobel Prize well how would know him why why did you do that come on now learn that the whole industry are okay now you're. I didn't inhale and never. Let a girl. No well not preacher. Named Iran and which runs on in 1911. Today. Lucille Ball. Born 1911. You know she passed way 1989. Andy Warhol was born today in 1928. David Robinson. In this NBA center for the spurs was born today in 1965. I don't know how many you're gonna care about this next one well and I insane. I think it's interesting Jerry Horner. She is ginger spice. Is Bornstein 1972. Loaded you know that is. I mean girls are most I don't know this yeah I was gonna say I was gonna say what the other in danger in nearing an end. Well gilligan's that's and I was the one that isn't one of them made to a Beckham. Yeah yeah Daley's feet Obey an ego answered one of The Spice Girls and. Do any of you know or remember. Silly old moon Frye. Asked ran. From boosters. Into Brewster. Frankie Brewster she was born in 1976. And on a local. Notes. Jonbenet Ramsey. Was born in 1990. As you know her arraignment now and you know budged but now it's only going to ban so that back in tie Mac. The dollars since radio. I said before the before the break we were talking about tough questions you should ask your financial advisor we had not quite gotten through. Then number Q. And I know you wanted to talk about regulatory CI controls except I wanna ask you just really quick. Going back to that we were talking about asking your fiduciary are you a fiduciary let me ask you something. If somebody or he has that. Advisor. Is there any way to tell from there at website if they are not if this they're scanning can you tell from what's. Yes if if you go to their web site. It. Should contain its they're required. To. The volt certain information through there. When all of their their disclosure disclosure at the bottom of every single thing that they are an investment advisor. In investment advisory services offered through not brokerage or broker does not mean investment advisor does not mean fiduciary. On but at the end of the day. They're going to tell you are. Mean that if they're not that they are going to tell you. That's as good race. I don't know what else he wanted to say in regards to regulatory control and and such like that but well I know that we can finish quite well. The bottom line is is not all financial advice is the same I know it sounds like a broken record. You've got CPAs out there. That's a designation. And CP does your taxes. CPA is not necessarily. A qualified financial advisor they could be. But one doesn't equal the other nor is a financial advisor. Automatically CPA. I'm like doctors and dentists. Have the same. I used this example might. Dear friend doctor mark Adler. I would not let him perform surgery. He is a superintendent of schools. As his doctorate degrees and not all doctors. Yeah my point of the same. So this is let me just prelude I know you're going on about this this is. Like asking the question of you know what kind of experience you have a what can of license and certifications. Or credentials. Financial advisor holds this next round. Well there's many different. Certifications. That are out there there's a lot of there's many certifications that literally. You can pay for you can guy. These designations. I. The bottom line is is are you a fiduciary. Now here's. A side note. Asking. An advisor. Their opinion. About financial products that they do not or cannot offer. Think about that for me. Asking. An advisor. There opinion. On specific products. Yet they cannot offer or do not offer what kind of response do you think you're going to get. Now there are many out there that will just column one dimensional let's say they've they only sell mutual funds were they only sell. This type of an annuity. And that's seen as good or bad but it's one dimensional. So then you ask them what they think. About this financial. Avenue a product or investment. 99.9. 9% of the time they're they all you don't wanna do that. So if you're asking me. You know it's kind of like gas going down to the Ford dealership and just say well what's your opinion on Chevy trucks. Think about minutia. I thought I'd pop by the foreground and see you think about it. You're probably going to get. Escude response. I limited recent roared to girls it's kinda like. Like do you just wanna shop at target you want to show up at the home well. Yes. Well put. That this aggression just be aware of where you're advice is coming from. And the source of bad advice in an action I'll just be aware it be aware. Yes it is because say a lot of they advice that you get unfortunately. We'll be in the best interest. Of the advice giver. Other than the receiver that price. Her ego error rates okay. To have time for rest and no you know the music means oh shoot I had to come here depends on another music is into the dollars and cents radio show hasty eighteen we're gonna be right back in just a couple of minutes. But he denies it is a call through your 3539. Eiffel Tower 20. That's in 353954. Teens UST ten will be right. Now we're back with the dollars and cents radio show with your favorite couple truly am Laurie from Hampshire wealth management and their next segment. Family matters. And here's Troy and Lauren. I don't know love is short on time so do I want to. Pick on you. Little or use Troy and not sure has been do both and I think we're an arrangement and who wants to run your cotton medals so be aware tread lightly yeah. They're both totally fair bit Logan since you have been in here well I guess I have to then. Pick on you even though on three pick on meet in UA's net when night here and in that happy Australia okay this is like a yes or no segment K okay yes I know so you've kind of been going to Graham met my mom lives behind us. Thus somewhat behind us and that he can have gotten her on your site brake pedal yeah. Exasperated. With yeah it lately yes she's kinda tell me don't pick just hold your tong glory holding town parade he hadn't. And that she's kind of got your number let me just say I'm not gonna deal go through the whole thing but. All the things came out yesterday CN. As. Tennessean like if you have more luck really how's that she does well I asked look in winning his first day of arduous and he said. And had a great mood here at aunt and she said well I shouldn't she find out and I think it came to boil down to. Logan you saying to her and I missed the first day Melanie now right. Mean I'll figure if I was the first day I will somehow hear about it. I'm not yet he seems high school and college are exactly know they not. I think poor little onto that now Leo I think a lot of usually go to college. Are similar ties bowlers. Yes and it and other then who do you know that's going to a college that will tell you hate the idea missed I don't know if you. I don't think that the in my class let's say won't OK so she she got an issue goes. See what you're Sweeney cutter like. Air head as she came over yesterday hydrant and go she she came over to help with the dog to watch the ST how the dogs work. And she said CEO Tel me if I'm wrong. Is Connor here. And you said. Let me I don't know yet you know I don't know. Okay I'm an ID 9010 billion such that brisket and let me or let me add to this trying to hold on and she said. Easier where menu said. I don't know I don't think that's you know I'm well I don't remember that okay well because. At that time he was doing lights. Taking your shift to Rory you. I knew early you know nice Jimmy John's well so I wouldn't instead I don't know and they use his mission yet VCU in Horry was when he. Should have been at work with you do for you. Organ sometimes he's got to plead the fifth. She and yourself deanza yet again I'm a volatile yet being a politician I'm my response over Connors whereabouts. You should know he's network and the satellite guys in no way he's gonna go over my land land set alert which she is a lot. I love you need exact greens that Gramm his candidacy and where you're now in Afghanistan homicide victims here is that hasn't grandma with. This is a truly a. As I RAC a losing well that was the only matters I haven't retreat to the Al but then on next week's sell it. All right so is into the dollars and and radiation that was that edited version because bumping on damage I'm. Let's go back to tough questions wearing. That the I don't know this is my be the only thing we get through the sad about proactive communications between you and your or the investor in the advisor. Some questions to ask how frequently do you communicate with cheers with you clients. Do you proactively send that rationale for your decisions are reports portfolio recommendations such like that. Here's what I see too often. It's somebody. Asks that we review their statements. From there exist current advisor. Worker and company. In others. An abundance of activity happening. Within their portfolio. And they have no idea why. Have no idea. You don't understand. What the rationale. Is. Worth it exists. For all of the activity within their account because activity. Costs. When things are. Actively being bought and sold them. To get the picture. The communication should be first and foremost. You should have a comfortable level of communication with your advisor. End. You were advisors staff. I cannot underscore the importance of bad enough you really need to feel comfortable. With the firm. That you've chosen. Their staff. You were advisor. Because those are the individuals. That is that team. That needs to be in should be available to you when you have questions concerns. And those things will come on but beyond that. Communication isn't just that they answer the phone when you calling where communications means that. You have regular reviews. If for some of you regular enough is once per year. For some it's maybe once per year. Plus. Tax planning meeting. If the right time of the year. For some. It's maybe twice a year plus that tax. Planning strategy session. But the bottom line is it should be built into your relationship with your advisor. To go over this statement. And just to re review what it is you're seeing. Pretty just look at. What happened to the value might count one month to the next new file it away. You should be able to explain. What you see on your statements what it means to you what happened last month. What factors are affecting. Your portfolio. Your retirement accounts. And that should be communicated to you in a way. That is understandable. To you. Not just a bunch of financial lingo. And goes right over your head. You walk out confused and say OK not really sure registered. Bottom line is is that is that type of relationship. On the communications side. That you should demand. And expect. With your advisor. In their team. You know and two we just if people go away and are not sure of why were doing something earth you work. You walk away from your advisor and think you really think that they've got my goals and such intact I'm not sure what they're doing. Do not feel stupid you need to go back in the office and just say I am so that I just don't understate. Ask your questions if you feel them or think and they are completely legitimate. So you really need to. To ask that's what they are therefore. So I would I recommend that you get your questions he answered I was salmon into Troy. No we're not the safest and it was backed staff so I can and say this we you got a nice compliment this week we work with the trust company. Well. Or not it is not. Legal right. To use testimonial yet but we got a nice compliment the staff errors that it yes so what was that. As you heard it I didn't yeah he said you know of all the people that I speak with you have then nicest. Kindest. Respectful. Happy staff of any company that idea where. That was awesome. That was so cool. You have caller a dear anything so. We don't know who is actually calling them are picking up the phone that does this and I say that doesn't end you know what he made a point I don't know exactly when it was an imminent come up the company that. That you don't know who you're talking to get to know the staff and such and what is important here's the thing I always get I mean. Our client should note that in our office toy is a Smart when I say that all the time he is a brains behind portfolio didn't development and and figuring out what's right and wrong for it for each individual clients ask these not the one picking up the phone on the day to day basis for the customer service he's has timing. To do all that all that planning even be taken of the Panamanian. And for customer service so I then later the phones once we file and then you're like it's pretty everybody who act you don't it's funny when I do answer the phone. When her clients will be calling. Demi and I and I answered the phone enters this silence for about three seconds. Troy yeah what do you do and answering the phone. And I say exactly exactly what am I now I know I. Over it and let people know people are clients know that you know data de their needs are taking care whether it be myself for Ryan and you do that you know back and staff so there is 880 Cheney or JJ -- yes. So of their everybody has a function in the office and Logan we don't really know and skinny arguing here. And so anyways if you the there should be a process for everybody in. They're not a reason jackpot is now have our specialties okay don't know where that came from but I just had to say that our number to call 303. 539. By 140303539. By four to zero I think this is the last and were going to be a blitz at century and this is one thing that has gone into three. OK decide about a little bit about investment philosophy. You should ask your advisor. Or someone that you are bedding to be ten year advisor to describe in simple terms. In simple terms his or her investment approach was just asked that question. This past week. And I light. Win that question is asked. Because they're usually expecting. Me to say. Or whoever their asking that question to to say well I'm I'm really a big fan of this family of mutual funds. Or I don't like these investments. Because I don't offer them right in Africa but I really like bees. And here's how I answered that very question what is your investment philosophy. And I see that my philosophy. Is. Is that under no circumstances. Should I offer you any financial advice or recommendations. Until first and foremost. I know what you were risk tolerance is. And that's not just saying. Well I'm conservative okay well that based on that this is we have a risk analysis. There's so many questions that gives us a score that tell possess. In a holistic approach. How you feel. About money how you feel. About. Losses how you feel. About. The growth through the expectation. That you have. With your money. And not until. I know that about you. In my qualified to give you financial advice specific. To your situation now that being said. One of the things that we do bring the table as we have. The entire gamut. A financial products and tools available to us because it's not a once faced at all. If I work for company ABC. And all I am able to sell is ABC company's products. That is completely one dimensional every single one of my clients is gonna have company ABC. But that's not how we. Provider financial advice. What is right for you. Or your family may not be the best fit. Or another family or for another situation. So we approach every single. Individual and family. As he one of a kind. Not a one size fits all. So my investment philosophy. You were plant should be custom fit approach. Yet checks everything off your list that meets your needs not the advisors meets your needs that's my investment philosophy. And the investor has to understand I understand what the pieces and parts for absolutely as out education. Education education. In simple terms even but just know what you're portfolio. Entails with those pieces of the pie are supposed to be doing and makes sure that the out and it fit together you know ice as a piece for you. That's an interesting point because many folks come in. And we do we put everything out there in front of us and they've got you know maybe some annuities here are some brokerage accounts here's some. It's my retirement account have all these different. Components these different pieces. But they don't really. See if financial plane. When you mean tribunal's chief financial plan well what is this component. Designed to do within your plan well enough pressure. Well what component then. Is. Designed to. Come off the bench. And play that supplemental income Rowling retirement I'm not sure. Which component of your plan. The EC here on the table. Is designed for. None monthly budgetary expenses like well I need to upgrade the car. I wanna take a vacation. Well I'm not really sure. That just means that you don't have a specific plan you have. It buffet of different investment accounts but it doesn't. Necessarily equal a plan. Any know let there are so many of you listening. That I know you know it choice talking about because this happened soul. Often. In our practice is that we just see. Pieces and parts and no I think that's really working together tethering tagging along together so I mean. I I can't stress how important it is. And even my own mother. There's a pieces and parts for every part of whatever she's going to their needs to be in April her OS they're need each part of your plan your portfolio should be a circle. With a lot of pieces of pies and they all have to have different reasons behind the different pieces and parts. And I think that's so much of what we see. Is it to half a pie and then you know an eighth of the pies missing or whatever so. That happens so be a very much if that you just you know I just call or touch your own visor that he can always gives caught threes your three. I 39 thoughtful work in zero cents through 35395420. Well that one segment lasted for so let me know any time that they don't win they get back biting the next financial pretty well I did 35395420. Stay tuned we will be correct back. We're back with the dollars and cents radio show with the story and Lori and their market recap. Where we talk about what's happening in the market and how it affects you. Now here's Troy and Lori. Come back the dollars and cents radio show we are. Into the home stretch for the weekly market recap week ending August 4 when he seventeen. The Dow has posted new record highs for eight days in a row passed Wednesday closing about 22000. For the first time in history. Both the SP in the NASDAQ are not at record highs. We're a bit flat for the week the both indices remained close to their all time highs the good news is these markets are being driven. Primarily by corporate earnings. And earnings beat expectations. Stock prices go up. New jobs reports. Lower unemployment also added strength to the markets but don't be blinded by the recent run of the bulls. As the next market pull back the next Koresh correction may be looming closer than you think. The Dow closed up over 1% on the week both the S&P and NASDAQ were fairly flat however year to date. All remain in double digits in the positive oil. Close 49 dollars and fifty cents a barrel down slightly on the week. Down just under 8% here today. Greasing some of those. Heavy declines earlier in the year the takeaways the markets continue upwards on solid economic data. There are other factors that can and will affect your portfolio of just like regular health screenings and checkups. Your wealth requires the same. Paying attention only when market panic sets in. Is reactive management. Eating regular portfolio checkups. Make necessary changes along the way is known as proactive financial management the good news is you don't have to be reactive investor. Call that being scuttle your. Complimentary financial review you'll be glad you did. Will your retirement. Survive. America's next financial. Crises. There's always somebody predicting gloom and doom I won't just say this it's not a matter of if but rather a matter of when there. We experienced the next correction. To what degree we don't know. But the fact remains. It is on the horizon. At some point. Recently UPS announced it will freeze its. Pension plans for nonunion staff. Which is about 20%. Of its over 400000 workers worldwide the sad fact. Freezing defined benefit plans has become the norm. In this country. Regis up what's that movie what was that the did what was it we just watched it. Does nurture it with a guy is going out. Going on style or something. Their pension plans were taken way. Always with Morgan Freeman. The be out three old guys are of a bank gets his intentions are got. Take away yeah. I might break a cue for intriguing. But the bottom line is pensions are becoming a thing of the past. 2014 studies showed only 35%. Of fortune 500 companies. With defined benefit plans still actually have opened plans that's down from 50% of companies. In 2010. And typically when these plans. Are frozen. It just means. They're closer to closing the plan. Now would've they've been replaced by. Called the for a one K. Defined contribution. Plan. Which simply shifts the burden of having to manage that from them. Do you. So why don't they want to manage. That pension plan anymore longevity. Keep my living longer and with that pensioners one thing that we know about the pension. When you retire you start receiving their monthly check. And very. Are required to continue to pay you until the day you die. Gang it stays with you in in many cases it passes along your surviving spouse. One degree or another. I. So folks are living longer. Most folks are spending over twenty years in retirement. So if there's a pension plan they have to manage it accordingly so. That new workers. Are contributing enough. To pay for the retired worker. So it's not just longevity. That is leading to the extinction of the pension. It's also historically low interest rates. And bottom line is the Federal Reserve has said. The rates are gonna stay lower longer. Low rates. Higher volatility. Bottom line we live and operate. In a global economy so there are many factors. Back in negatively impact. The management of those large funds. At the bottom line he said well then let's not do that anymore. You can manage it on your own this is your own little piece it's called the for a one K. There you go you manage it in new figure out how to make it work for you. Once you are retired. The bottom line is. Most folks. Approach most. Approached their 401K. Plans. The same. The establish the percent that they're going to contribute. And if they're lucky the company matches to a certain degree. He picked the funds that they're in. And that's it. Most folks don't actively manage. Read view and make changes when necessary to their overall play in well. Why is that try IBC's because you look at that those terms he says it look at that what they're offering institute budget tickers I mean it's just it's written will boo boo glass I don't know. And maybe it is it's not easy for where the typical person to understand you know what they're doing so they picked up balanced portfolio are. Retired ten years portfolio our. Know most of them will pick. By default what's known as a target date fund so if they're target retirement date. Is 20/20 five BC reality is going to the 20/20 five target date for London I guess I'll just leave it back edit. Most plans. We're all plans won't have these certain number of investment options typically mutual funds. Investment options that are available to you as an investor. And it's just as important that you managed a 401K. Plan. As you manage your other. Investment accounts. Bank. Investments that were favorable three years ago may not be. Favorable today. That is why one of the things that we do with our clients. That have 401 k.s that are still with their employer is we do regular reviews a couple times a year to make sure that. What there in the is where they should be. And if I can make a huge difference. What really gets lost in the translation. In all of this noise. It is we get our 441 K statements in we look yeah it went up we file of the way and that's how we look at. But what skews the real performance. Of the for a one K is you are contributing. Every pay period to that a camp so what you're seeing is it's just their performance. You're also seeing the the new contribution plans. Where folks really get a taste of the performances once they retire or they leave that company V leave that plane and and their money is still there. Now all they're seeing is strictly performance. Because you know contributions are being made anymore. So active management. Is a very crucial piece. Of that with and so I wanna I wanna add to that if you are listening out now and maybe you're retired and you don't have a 401K to think about this exists. UC back in the day he'd he'd be same job for thirty years if you have children or grandchildren. Think about it. How many times is they change jobs. They probably have 401K. 8401 K or four owing k's with previous employees because this teenage it's so much more prevalent prevalent to change jobs. And instead they're going from job to job and not thinking about. Doing anything with their 401K. Well port. So how does this tie in to William retirement survive America's next financial crisis when we just say. That. One of the biggest. Obstacles. That retirees face. Is. You're within 24 months to within twelve months of retirement. In your portfolio suffers a huge finance financial shock your for a one K your investment account. That can change the entire landscape of your retirement. So wet. You are doing now. Actively managing. You've connected with an advisor with the company. That is managing actively with you. As you approach retirement should you be taking on more risk. Or should you be scaling back on your risk taking. As you approach retirement. Active management. Bottom line is for most folks at have a 401K. At 401K. At some point. In retirement. Will need to come off of the bench in play a supplemental income role in retirement. And it needs to be managed as such. So for those of you. That are not going to Waltz off into retirement with that pension plan. Being proactive now. In not just managing your 401K. But also figuring out a savings strategy. That will enrich your financial health and retirement. If your fear is out living your many. Having your advisor help you figure out your current situation your goals. Is step one. Towards protecting. As well as improving. Your retirement picture you're horizon. And as I've said a thousand times no two situations are the same needs are different. It's important to have. In summer eight tailor made planned for you. Not a one size fits all. Investment. If you're currently working you do not have a pension. Even if you have something set up for you don't believe there's enough in there. You need to start. Putting that strategy together now. To review what you have. And see what it is you're going to need in retirement. Because your needs in retirement may not be the same as you're neighbors needs your co workers needs what is your time horizon. Are you fresh wind retirement. Five years away. Twelve months away. What's your time horizon. There needs to be an inventory of your current assets taken. There needs to be a determination. Of what your retirement needs are going to be. Once you've done that now. You can build a plan. That once implemented. Equals success. Just having a bunch of investments. Were counts. Britain no plan. Means. No tax management exists. There's not specific components for example. Income needs in retirement. Non budgeted expenditures. Travel buying a second home. Doing the re model it's a trip. Out of pocket health care costs. Managing your required minimum distributions. Having six different statements that are arrive in the mail each month that is not translate into a well. Organized a well orchestrated plan that is perfect for you. You can go through retirement without having that plan. But your results will be random. Hope becomes. The plan eventually. In for most. That don't put together that plane and they will get to some point in their retirement saying. I wish I would have done something sooner. That doesn't have to be you. Will your retirement survive America's next financial crisis. In the bottom line is. With the right plane with a right advisor. With the tailored. Components. That will meet your need regardless. Of when not if when the next financial crisis hits. You're gonna be better off for. The genome ominous CTO we don't blame him hates cute if it there's some things you think it's not broke don't fix it. Like a puppy yesterday. I wish I had a good baton place that I committed you know gone too right away they couldn't so now Howell thank god crisis averted. But yesterday it was not a good day they realize now I have to start at preparing for and getting putting together. A cool event fair when something does happen I'm just guide highlights a late Vienna and clean things that make it into a little ball related had a things in my mind works so it says that I get what you're saying because yesterday was a crisis for me it was a bad day and if I just had had. The good that. Crisis it would have been averted so don't wait for that crisis to hit that you keep your stuff in order now there's no reason to 2 am weak telling crisis hits for you to. It won't need and crisis. Right if you are a proactive exactly investor. And search out and connect with their right financial team now. That will lead to crisis averted. Yeah so you two dogs speed neutered. Amtrak management through it three by 3954. Q zero it in the number of Capri here at three. By 3954. 20. We can also get more data set each wealth dot ORG find out more about past nineteen. To be WW dot 812 dot org hey you guys had a fantastic week. And we'll be back here same time same place next week thanks for tuning.