Excel in Retirement
Excel in Retirement
How Much Does a Financial Planner Cost? Ep. 128
Investment advisory services offered through CreativeOne Wealth, LLC. Clients Excel, LLC and CreativeOne Wealth are not affiliated companies. Licensed Insurance Professionals. Investing involves risk, including potential loss of principal. Any references to protection or lifetime income generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the insuring carrier. Annuity withdrawals are subject to ordinary income taxes and potentially a 10% IRS penalty before age 59-1/2. Roth distributions are tax free after age 59-1/2 and the account has been open for at least 5 years. This video is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet particular needs of an individual’s situation. Clients Excel is not permitted to offer and no statement made during this show shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by any governmental agency. The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Clients Excel. The use of logos and/or trademarks of hosting sites are the property of their respective owners and are not an endorsement by those owners of our firm or our program.
Welcome back to the Excel in Retirement podcast, where we help good people make wise financial decisions so that they may excel in retirement with confidence. Learn more at clientsexcel.com. Now to your host, David Treese.
UNKNOWN:David Treese.
SPEAKER_01:All right, welcome back to episode 128. Thank you for joining us for the show. Felicia Page is here with me. She started on our team about three, two, 30 days ago. Something like that. We're working
SPEAKER_03:on probably about 45 now.
SPEAKER_01:45 days, but I wanted to give her an opportunity to ask a few questions that I think many of you might have. Felicia, why don't you introduce yourself?
SPEAKER_03:Hello, hello. I'm Felicia Page. So I guess I'm here helping David in the office with a administrative support, client care, also developing some systems for us, kind of streamlining all of our processes, just creating a little bit more of an efficient system for operating and just taking care of all of our wonderful clients. And last but not least is marketing. So a little bit of social marketing and some other things that you've already got in play like this wonderful podcast.
SPEAKER_01:Yeah, so Felicia is doing a great job. She is a super organized person. and been invaluable so far, and so I'm glad to have her. But what questions do you have, Felicia?
SPEAKER_03:Well, first, let's talk a little bit about my background. Yeah, I forgot that part. Just so that, yeah, just so we kind of know where I'm coming from. So I am... A local native. I grew up here in Spartanburg. I was born in Germany. My mother was German, but I moved here when I was probably about a year old. So my other side of the family, my dad's side, was from Inman. I grew up in District 5 schools, and I have spent the last 10 years in the real estate industry. So something here in the last couple of years that's really kind of been a key focus for me has been interest rates. So I've always kind of leaned more into the analytical data I've even worked kind of in appraisals, that sort of thing. So that's kind of led me to where I'm at now with you, just kind of leaning more so into the investment and financial side of things. So,
SPEAKER_01:yeah. And Felicia has done some bookkeeping work too, right? Yeah, yep. Yep. So a lot of experience there. And you have a son?
SPEAKER_03:I do. I have a son. He's seven. He just turned seven this past summer. And he likes to play soccer. And he's also in karate.
SPEAKER_01:So don't mess with him. Definitely
SPEAKER_03:not.
SPEAKER_01:Cool. All right. What else do you have?
SPEAKER_03:All right. So first and foremost, what I want to talk about is this awesome book that you've got. So we've got this new book that I think you rolled out literally just before I got here called How to Excel in retirement. So tell us a little bit about this book.
SPEAKER_01:Yeah, I had been working on the book. You might even call it a pamphlet. It's pretty small, but I'd been working on it for quite a while. And the challenge you have with writing is you really have to get, or at least I do, get into a flow state to be able to pump it out and to get words out on the page. And running a business, you just get distracted and it gets put off. And then you have to spend a lot of time getting it back in your memory. And I saw a guy named Dean Jackson with a video earlier this year. And on the video, he held up the Communist Manifesto and he held up Thomas Paine's Common Sense. And he said, these books are small, almost like pamphlet size, but these things that had, there wasn't a ton of content or a ton of pages, but it just had a profound impact on society. And so Dean's admonition was just because you have a little bit of work to publish doesn't mean that you should not publish it and so with that I thought that was a great advice and so I started to put a bow on it and figuring out how I could wrap things up and start using it and figured we could always go back and add to it or come out with another edition and I've already started in my mind writing another book on another topic that I'd like to eventually write when time allows but that's a little bit about the genesis of how it happened
SPEAKER_03:awesome Fantastic. What kind of content can readers possibly look at inside here?
SPEAKER_01:Yeah, the book is primarily focused on or the person that would get the most value out of it probably is somebody that's in their 50s, 60s, and they're trying to figure out things like Social Security. We'll be right back. qualified accounts like 401ks and IRAs. And the coolest part, the part that you might get the most value out of, is we share our proprietary financial planning process called the three roles of money, where we really simplify things. I was just on a Zoom with a client earlier this morning, and she was considering using our company And she just expressed that her current financial advisor just talks in language that she's not familiar with. And you won't find any of that in this book. I think that it really talks in a layman's language. way about how financial planning works. And the goal with that is just to simplify things. But those are a few of the things.
SPEAKER_03:Awesome. Yeah. And I mean, that's perfect timing. I mean, boomers are making up a large portion of our population right now. And a lot of them are in that transitionary state, are moving from accumulation to distribution phase that we've kind of talked about a little bit. That's awesome. And definitely, I like the fact that you've simplified it too. I think financial planning is something that a lot of people are kind of scared about and so um certainly bringing it to a more everyday language type of situation certainly is awesome
SPEAKER_01:yeah that's the goal
SPEAKER_03:yep and your next book i'm very excited about can i tell the sure title i
SPEAKER_01:don't have a title you don't have a title but it's
SPEAKER_03:going to be about legacy planning right yeah yeah i'm excited about that yeah
SPEAKER_01:thank you there's a there's a lot of money that will transition to the next generation over the next couple decades as baby boomers retire and afford unfortunately pass away and obviously I think statistically, and I need to firm up on my data on this, but the next generation does not have the wealth that the baby boomers have. And so there's a big responsibility for folks inheriting money and how to deal with that, how to have conversations with your kids around those things so that they're not left to figure it out after you're gone. And so we want it to be uplifting and edifying though. And so it's going to talk about how people throughout their life at any stage can leave a legacy if something should happen to them prematurely and steps that everyone that is responsible should take to prepare for that.
SPEAKER_03:Awesome. I'm super excited.
SPEAKER_01:Thank you.
SPEAKER_03:Hopefully I'll get to work with you. All right. Awesome. So let's talk about some other frequently asked questions that a lot of our clients have. I know I'm constantly answering the phone and certainly we've got new people talking to us all the time. So let's talk about who is it that we normally work with? Who is our, I guess, ideal client that you would like to be working with?
SPEAKER_01:Yeah. Most of our clients are over 55 years old or they're within five years of retirement. And And we really feel like there's a big transition and the book gets into this. We call it an accumulation stance versus an income and distribution stance. So I'm 40, I'll turn 41 later this year. And so I plan to work probably until I'm 65 or older. And so the name of the game, just generally speaking for folks that are younger, is to accumulate as much as possible. But when all those years come to fruition and it's time for you to distribute that money, I believe that we should change our perspective and start getting ready for that distribution phase to reap the rewards of all that prudent saving that we've done. And so our focal point has been over the last six years that our company has existed to work with folks and come alongside them when they're approaching retirement. And our goal is just to be a partner with them, hopefully for the rest of their lives is our goal and to be a sounding board for them and to give them accurate and honest of where they're at financially and
SPEAKER_03:so that they can make informed decisions. I guess coming from where I'm at in real estate and sales and all of that, when I think about a financial planner, I think about somebody who's trying to sell me and trying to make money off of me, off of my money. And so just seeing that you kind of have a very different stance on that and really your goal, I think the mission statement is, I'm going to let you say it because that literally just left my mind.
SPEAKER_01:Good people make wise financial decisions so that they can excel or may excel in retirement.
SPEAKER_03:That's Right. Yeah. So I love that. Great mission statement.
SPEAKER_01:Thank you. Thank you. Yeah. Our goal is just to figure out what your goals and objectives are as a client and then work to meet those. And sometimes that has to do with financial products or sometimes it doesn't. And we like to match the client up with the best outcome possible and work towards their best interest.
SPEAKER_03:Love it. Yep. All right. So one more question before we head off of here. So one dire question I'm sure that a lot of people want to know is how much does it actually cost to
SPEAKER_01:work with you? We want to provide such value to our folks that they never question that. I had an opportunity to stay in a nice hotel recently And it was one of those things where the staff was just so accommodating and they were so caring about stuff. For example, they had a breakfast every morning and I normally went down with my daughters and my wife to breakfast. And I went down a little bit early by myself one morning and the staff there was asking about where the girls were and wanting to see them. And so we want to have that personal touch and have a lifetime relationship with our folks. Generally speaking, our clients will pay between$0.75 five percent per year and one and a half percent per year of their account balances some of that is generally paid in commissions and some of that is generally paid in fees for that but you will absolutely know exactly what you're paying to work with us before we engage with you. And that will be clearly outlined. But that's our approach to that.
SPEAKER_03:Awesome. Yeah. And just another note on that in terms of customer service. I mean, that's another reason that attracted me to your firm was just seeing that level of client care, seeing that level of customer service, which I've always prided in myself and my real estate business, you know, making sure that, you know, you're setting the right expectation for your client, giving them as much information as possible and just really helping to educate them on what it is that you're offering them. And I definitely see you do that every single day in
SPEAKER_01:here. Our goal is to contrast what's happening societally. And so much of society is an 800 number that you have no personalized help with. And they see your account on the screen and that's it. But our goal is to know people when they call and be able to know about their kids and know about what's important to them and to be able to customize our answers to better answer them for them or to give them more prudent or timely advice or recommendations. And it really comes down to the value that someone thinks they could get from that. And I think part of that is just being able to talk through things. And I know my mind is always racing with ideas and things like that. Popcorning,
SPEAKER_03:we call
SPEAKER_01:it. And so... But sometimes when I think something and it seems really logical in my mind, you probably have been here before. So this seems really logical in my mind. But then when I talk about it, I'm like, man, that sounds stupid. Why did I say that? And so I think that that's the value that an advisor will never call you stupid. But I think that's the advisor or the benefit to having someone that understands what you've said prior to that conversation and understands you and so forth and has spent the time. And the thing, too, is when never want to rush our clients. We want to give them adequate time to explain what's going on. And probably I should do a better job of guarding my calendar when it comes to things like that. But we want to give people the time to understand them and so forth. And so we spend a generous amount of time with folks.
SPEAKER_03:Yeah, definitely that relationship building, you know, I mean, these people are trusting their hard earned life savings. with you and with us and certainly you know we want to make sure they feel comfort and secure when they come here so love it all right well that wraps up our frequently asked questions for today
SPEAKER_01:cool we might come back and do a few more of those later or come back with another topic do you have anything to add
SPEAKER_03:I don't. I'm just excited to be here and watch us grow, man.
SPEAKER_01:Well, appreciate you helping here today, Felicia, and appreciate you listening and check back. We are trying to get more systemized, as Felicia would say, on our podcast and start doing those every week. I hope you have a great day.
SPEAKER_00:Investment advisory services offered through Creative One Wealth, LLC. Clients Excel, LLC and Creative One Wealth are not affiliated companies. Licensed insurance professionals. Investing involves risk, including potential loss of principal. Any references to protection or lifetime income generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the insuring carrier. Annuity withdrawals are subject to ordinary income taxes and potentially a 10% IRS penalty before age 59 1⁄2. Roth distributions are tax-free after age 59 1⁄2, and the account has been open for at least five years. This podcast is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet particular needs of an individual's situation. Clients Excel is not permitted to offer and no statement made during this show shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by any governmental agency. The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Clients Excel. The use of logos and or trademarks of hosting sites are the property of their respective owners and are not an endorsement by those owners of our firm or our program.