What Can We Learn From Muscians Who Change Bands A Lot

Financial Symphony
Saturday, June 9th
Should you move every time your broker changes companies?
00:44:06

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

Following is a sponsor program on WBT. No financial symphony. Helping you can. Harmonious financial plan and getting your portfolio in two so sit back while always strike up the the financial simple it's starts now. Hello and welcome to the financial symphony with Richards who she really investment advisor representative. At Carolina retirement resources serving you hear the Charlotte metro area from his office and hunters go North Carolina and Rock Hill South Carolina. Reach out to Richard any time by calling 806465996. That's 806465996. To get yourself on the calendar to commence for consultation about your specific situation. As always there's no cost or obligation you does have to reach out and get that process started. 80646. Of 5996. Richards are welcome and how are you know great mark how are you today under very well thank you for asking I appreciate your time is always here on the financial symphony and we got a jam packed showed a day if you wanna dive in and get started we can start rocking and rolling here. Let's do that all right well we're gonna start out as we usually do with our email questions that come into the site. And I commend the program so if you'd like to us submit a question you certainly can do so ridiculous call that number and just as richer under question and and that one on one conversation as I mentioned the let's start with Maarten and rock killed. He says Richard we have the opportunity to refinance our house. At a lower interest rate. But the problem is that it would be a fifteen year mortgage and we only had about five years left to pay now. We're sixty years old and the idea of still having a house payment. At 75 seems like a bad idea what your thoughts. You know I received questions like this frequently and you know unfortunately it depends. You know do you plan to be in the home until death you know and it is homemade in need of repair do you have enough saved for retirement. So you know there are a number of variables that could change my feelings on whether refinances and your best interest or not. You know for example if you plan on remaining in your home for the entirety of your retirement years. There might be a good idea to make it here top priority to get a mortgage paid off in the next five years. You know doing so eliminates a financial burden it'll reduce stress to give you peace of mind. It will also help to protect you from several uncertainties such as potential tax increases. Or even market losses. And don't forget that when you refinance. You'll begin paying primarily interest early on earth is primarily principal. Which your president mortgage so make sure you request and amortization schedule so you can she get in black and white. You know one reason. To keep the mortgage. Is that fixed rate mortgage is provide a hedge for inflation. Because the bank assumes all risk so if you have sufficient assets. To weather stock market volatility. Usually from mortars to free up assets provides leverage to capture the higher returns than the equity markets. Have historically provided over the long run. And giving today's low interest rate environment. It might make sense to hold onto a mortgage system cost of money is relatively inexpensive. You know with the uncertainty around health care costs. Maybe it's not Smart to tie up assets into and illiquid investment like a paid off home the only way to get the money out of my house is to sell it or borrow against it. And it may be a better option today to keep paying a monthly mortgage. Payment and retirement rather than using NASA's pay at all. The good news is is this is one decision that might not actually hurt you procrastinate. At least until you've had the time to complete a comprehensive review and explore all your options as he would scenario works best for you. Well and if you'd like to take advantage of that Martan just give Richard a call. 806465996. Again 806465996. Thank you so much for the question. And never will be looking for talk when you further I got another one here for you it's from Teresa in Charlotte and she's been lots of some of these shows during the summertime I think she says Richard what's your opinion. A flipping houses as an investment strategy but you know flipping houses. Is a type of real estate investment strategy in which should investor purchases of property. No I'm not for their own use but with the intention of donors for profits so an investor might purchase. They fixer upper and hot neighborhood substantially renovated and an offering at a price that reflects the renovation. But you know gamble when in real estate is an expensive proposition you know first expense is the property acquisition cost. And if your finance in the purchased a major pain interest. And even though the interest I'll borrow money is tax deductible it's not a 100% deduction. So every dollar spent on interest and the amount you'll need to earn on the sale just a breakeven. So sure if you turn around paid cash for property that would eliminate the interest costs but even then. There are other holding costs interest taxes utilities. And renovation cost awful must be factored in. So you plan to fix the house up and sell for profit to sell price must succeed. The combined cost of acquisition the cost of holding the property and the cost of renovations and even if you manage to overcome these hurdles. Don't forget about capital gains taxes. Which will triple wager profits so. You know renovate an ant flipping houses its that time consumer and business venture that's what it is is simply a business he can take months to find them and by the right property and wants to own the house you'll need the time to fix it up. And to be successful. He need to be able to pick the right property in the right location at the right price so in my opinion. He should approach flipping houses as a business not as an investment strategy and like any other business venture requires time. Money planning and patience skill and research it will likely end up being harder than you imagine. After looking to get rich quick by flipping a home he could end up in the poor house. Yeah that's good advice for sure. I Sevilla take your time and decent diligence with that three Sith that's something mr. interest in doing but thank you so much for the question him again 806465996. This is the financial symphony with Richard culturally investment advisor representative. And Carolina retirement resources. Final one this week for the mailbag here Richard is from a billion Concord. And he says Richard I have a variable annuity that seems to have a nice income and guarantee associated with a but I've heard several people saying that variable annuities are usually a bad deal am I missing something here. When you know Billy all financial products have their pros and cons and and terrible Moody's and are different. In a very long duties are probably not the best choice for many of you thanks to those hefty fees. Yet they continue to sell well. And some feel that they serve a need for investors in certain situations you know I believe that there are better options and literally make bearable movies obsolete. You know when you buy a very little moody when you usually get is an investment in a mammoth pool of assets these are called sub accounts. And it's wrapped in an insurance contract that allows your money grow tax deferred meaning that you don't have to pay taxes on your gains and you start receiving payments. In exchange for your investments the insurance company agrees to pay you within come over time sometimes for the rest of your life and sometimes purse that period time. But you pay an awful lot from those privileges with variable annuities first. You'll pay a management fee on that some account which is similar to the fee that you pay on an actively managed mutual fund. And the sub account may also have a lower commission in addition to those fees variable annuities charge of mortality and expense charge. Which pays for the insurance contract administrative fees and part of the seller's commission. Together these fees can amount to as much as 34% annually making it very looting almost twice as expensive as the average mutual fund. On top of that you may pay additional fees for living benefit rider. Death benefit riders in twelve B one fees you know these fees can add another one point five to two per cent to your annual cost so variable annuities are not cheap. And unfortunately many of these fees are not disclosed it was so many layers of fees you're probably wondering how will you ever make money in a variable annuity contract. And you know that's a legitimate concern and our recently met with someone who had their very little nerdy for the last seven years. With a return of three point 09%. Since inception. All because of those hi fi so very goalies are only one of foreign nudie you can purchase. And advisors who ignore other nudie offerings. Could be fill their clients in my opinion. When you get past the rhetoric is your fiduciary and you don't consider nudie solutions for guaranteed income you're not doing your job at a variable annuity is not your best choice him. Situations. Feel folks when your plan for retirement. You don't want to underestimate the value of creating a reliable and predictable income frame while at the same time preserving your capital because capital lost. This capital they cannot grow. It all boils down to the fact that there's so many pieces to your financial puzzle and they all need to fit together so I'd like to offer you the opportunity come in for complete financial review. And I'll offer this review for free to all listeners who have at least 200000 dollars saved for retirement. I'll talk to all the different puzzle pieces that you need to consider. You know for instance how much risk you take an in your portfolio and is that amount of risk appropriate for your page as for the return to true again. How much do you pay any fees or commissions with your current plan. And what about tax implications on your savings is there a way to save money in taxes down the road by planting proactively today. Do you have an income plan in place to be sure that you aren't in danger of running out of money if you end up live in thirty or more years to retirement. Do you have a plan to address inflation in future decades as the cost of everything continues to rise. Obviously there's a lot that we need to discuss and I found that most people just haven't planned the early enough to address these issues. Again this review is complementary to anyone who has at least 200000 dollars saved for retirement. But the calendar does fill up quickly so go ahead and give us a call right now so we can be sure to get a spot reserved for you. And I had to do is call 806461599. B six pretty simple just grabbed a cell phone that's nearby. Call 806465996. Figure basic contact information and leverage your team know that you went command. More time it's convenient for you don't get to schedule on the calendar. For that time 8064659. And 96 this is the financial symphony with Richard who thrilling investment advisor representative. Carolina retirement resources right here Michelle. It's time for a fireside chats as we get to know you're local financial symphony maestro. Well it's giving him anytime you're on the financial simply cannot of the theme today actually is like getting invaluable bit. And so we're gonna continue that theme but we always do this little section it's kind of a fun part where we usually step away from the financial chatter and ask Richard day. On off the wall or personal question and so we're gonna continue that theme today and Richard. Here's a million dollar question would you rather make twice as much money in the next year or make the same amount that you currently make but only work half as much. At this stage in my life I I think I would prefer to make the same amount all work and a half as much. You know quality of life has evolve to be the priority at this point in time. But could strong career has good busy career that can create a lot of stress put a lot of stress on your physical health and mental health. It's certainly pulled you away from spending time with people that you care about you know I don't say the wrong with them making more money or earn more money. For me it's just not worth it if it means they're calling my life will suffer. You know I think it's a great point I mean if they don't especially as we're getting older is we're getting into closer girl retirements. And nothing wrong with wanting to kind of scale back but still enjoy doing what you're doing you know in. And having that quality of life as reverses qualities I agree with the action. Well as the folks this is like getting in the U stakes in here on the program we're gonna get back to the financial talk in just a moment when recruits really. Here on the financial simply don't go anywhere 80646. It's time for another musical connections where we blend the worlds of music can finance together. Here's friend of the show financial advisor and musician mark Lloyd. With a bronze dusts. It's done now for another musical connection here on the financial symphony Iran's that's a lot remark Floyd and mark let's talk about music snobs. But let those people club music snob and yet. Iron big music enthusiasts Sunday we'd love music but we've all encountered people who we consider to be snobs when it comes to their preferred brand of music. Don't you be examples here they're classic rock snobs who think that there's no good rock music it's been written or performed since about the middle ladies and unfortunately I think I know some decent enough. Others that are classical easy not easy you have some bases and and named in your head right now yeah I think goat I absolutely do it. There are classical music snobs who think they were all about two rooms for listening to anything that was imposed in nineteen sentry Germany. Bright moon moon looking you know they looking down on you because you like other stuff. And there are people who like different types of music but to test any thing this country because they think it's only about. Drinking and and trains in prison and dogs. Well I'm not a lot of it is good divorce sucks a competitive and that's like breaking up Bob Lee I am video are slowly early. That's got to the stereotypical. Country too and I guess Mitt I got my mom at a prison and jail. I am so proud that my kids in my 42 year old yeah loves all kinds of music yet. He will listen to the Sinatra Frank Sinatra channel on serious and exempt. And at the same time he likes contemporary music and he likes classic rock if I go to look classic rock concert how commune take mean. I am so happy that I that I might at least my bloodline. Loves all kinds of music like I do. It's much the same in my family and I think we both did a good job of instilling in me appreciation of all kinds of music would those kids Frazier. But interestingly we see the same kind of thing in the financial world these days and how are their financial snobs mark. Well there's that you could see advertisements. Out here today full page ads that if you don't have all of your money in the stock market. You're making a mistake. Watch it doesn't make sense to have all of our eggs in the stock market. You know especially especially the closer we get to retirement but don't even think about using any kind of other alternative investment because it brawl to do. That's crazy. I'm telling you that all my years of doing this over toward me years of doing this. All the experience I have I know the most efficient portfolios we have put together that are designed to last a lifetime. Our diversified. We don't even have a in the same kind of strategy we have different buckets of strategy that we use. On purpose. Because we wanna be able to draw income from different sources and not rely only one kind of strategy. I had a couple that came in and they were 74 and 72. Gerry Hadden and Martha and Algerian Martha portfolio it was invested one away with one broker. And it had 30%. Downside risks which means that at the market had another crack so we're eight. It could've dropped 30% and when I asked him how much are you willing to let the portfolio. Dip before you get a little nervous. His answer was whoa. None. But I know that has got to go up and down I probably. Can withstand. You know 5%. Or 10%. And I didn't know how much risk he had when I asked that question. And it do we plug although holdings into the software and it and we hit grit. And it spit out the report. And I looked at it as a wo me three times over three times the amount of risk. And that they had no way of knowing they were trusting that the broker they were working live. Was investing it based on bear philosophy and here's the interesting or sad part they have enough money. They can live comfortably for the rest of their lives they do not have an income problem. This is solely about protecting what they have for their errors and doing things that they tax efficient way and creating income because of the because he's over seventy and hang out. This was so easy to solve but you know what's sad. Is that. There's people out there that only know one. Way of investing and if you don't deal with their way. It's the wrong way and let me just tell you right now vax wrong because we. Show you different ways of investing. And it makes sense when you put it altogether but putting pieces to a puzzle together and if you wanna learn how your investments are structured and and if you are diversified enough. And you have your risk under control. You need to give us a call right now and Ron's gonna tell you how to do that. To speed up the phone and call 806465996. That's 806465996. Beaten got a complementary review of your financial plan. Just call now to take advantage 806465996. Proudly. Fourth time for in the news here on the financial symphony like to grab a headliner a topic that's making its way around the news programs of the interwebs and toss now to Richard did his take on here on the program 806465996. If you got your own questions you'd like talking Richard about but far. In the news today Richard the price of oil has been rising of course we're seeing an out of gas pumps one. Yet again right so. At what point do you see your do you think this could become a problem for the economy again gasoline prices typically rises as summer approaches. But I think it's really important that people are recognized. That you don't oil is a global market you know it's pumping shipped around the world and so supplies around the world effective global price of oil. And global oil stocks have dropped to a three year low hunt the last time I took a peek. And the other part of the equation is that the global economy shift and higher council the faster than gears of the global economy world. The more oil that is used up in a total US oil production. Fortunately stood at record high casino in fact total US oil production has already surpassed. That of OPEC's leading producer Saudi Arabia and and where we're on track to topple rusher and become the world's largest crude oil producer is early is later this year. You know that's impressive you know so that that's my love about technology technology always seemed to improve. The overall situation so. If we got a lot of oil here at home I guess the question news wire gas prices so I'm not exactly. The well. That's because we're exploring a run out of oil and you know so when oil prices climb and ask the cost of doing business side of the the increases are generally thought to increase inflation and reduce economic growth. In terms of inflation oil prices directly affect the price of goods made with Corel products you know gold. And oil have they hit a direct correlation seems like when oil goes up gold goes up. But on a personal note you you know you can offset the increase of price is gonna get an exposure companies in the oil gas and consumable fuel industries. Energy equipment service industries things like that. This is the best solution to a higher oil prices move forward. Yes that means that it's time to review your asset allocation and make any necessary adjustments if you call the next fifteen minutes. I'd be happy to our review your portfolio. A review the allocation that you presently have and I'll be happy to do after you at no cost and determine if you're positioned to take advantage of these rise in oil prices are good Hindus call right now. Yeah 806465996. Take advantage give that review for Richard. And I gets up on the calendar 8064659. 96 this is the financial symphony with Richard could really will be back before after this 80646. It's time for another musical connection. We're we blend the worlds of music and finance together. Here is a friend of the show financial advisor and musician. Mark Gloria we have Ron has done us this the music connection on the financial symphony mark Lloyd is here in their market. Let's talk about many great musicians over the years I know that you'd just happen to be a great musicians. Sorry it's you know yeah. Talking about this could but seriously folks mark is a musician but a lot of great musicians over the years and enjoyed significant success with different groups. Jimmy Page kind of jealous and in my brain yes you know he he gained worldwide fame with a Led Zeppelin everybody knows he was only guitarist for Led Zeppelin but he also. Played with the yard birds and reject back games played with Eric Clapton I mean those two guys were in the yard birds humans speak at the yard birds. Clinton joined the yard birds when he was just eighteen years old. When asked about two years later and within a year he form cream with ginger baker and Jack Bruce and darkness while it sounds like the yard bird with a minor leagues for the Majorly dress yet if they're really not my utterly ignorant and they are incredibly good cream only lasted two years sending Clapton went on have a blade with the blind faith in slow AME went on eventually have a great solo career that has lasted for decades. And the same thing happened with the The Beatles when they broke up Paul McCartney went on to great success with wings. They have fourteen top ten singles before. He wants to solo career a decade later. But my question to you is how can we make sense out of all this. Whether it be Jimmy Page you're Eric class dinner Paul McCartney had one makes sense when it comes to your financial mess. It's not uncommon to see similar situations in the financial world what do broker. Is successful. And I'll only use the word sales person. Because a lot of time that's what you get. And you know folks if you're going in the someone's office that you feel like you're getting a sales pitch. Verses good information. Good education. And that's successful brokerage sales personally that there with a particular firm. And he gets recruited away to go to a different firms and here it comes to you and says hey I'm no longer -- this firm probably that firm if you wanna stay with me you come home with me and here's new paperwork for use our. I mean you know it's all about that to me it's all about the money as what I'm seeing here. So when you get that call from a broker you work for for years asking to move with him to a different company. He'll Walt and claim that it's in the best interest of you know of yours. But is it. Or is it in the best interest of them you know that's my question. And the move might not necessarily be bad for ya I'm not saying that all of a Maria you gotta be. Skeptical on every move sometimes it does make sense but for in most cases. There's usually no major advantage or disadvantage to you and a lot of cases it's the same investments that you're in with a company a vs company B but it's important for you to understand really what's going on when your presented with an option to make a change like that. I know that here in our firm if we've ever made it change like that it's because we wanted to better somebody would cost. You know one thing we try to do is manage the cost efficiently. And in our case lower the cost every time we can because the lower the cost is the more money you make it's simple. So there -- some way of doing that where we can make you more money and lower your calls that benefits view in the long run and that also you're gonna be a happy client and stay with us longer. Because that's what it's all about it's about building relationships. That are long. You know we're in three generations to clients here inning but that never would've happened if we didn't have long standing relationships with all these generations. And that's the thing that we're we try to do each and every day for our clients is that there's a way of of reducing a seat it makes sense to make a change will recommend it. But we just don't make a change because it's gonna benefit us. That's not the right thing to do we can't do that as a fiduciary it's the wrong thing to do as a fiduciary we have to be looking out for your. Best interest. That's the definition. We have to look up everything we do every recommendation we make passive before your. Best. Interest. And we have to have they reason for every recommendation we make and if you're working with a local brokerage firm and they're not doing that. I'd be careful I would just be cautious. Because nowadays. But it's about you and it needs to be about you any should've been about you and with us it's always been about you. We elected to be a fiduciary back before the government required that you be of the fiduciary we elected to be a fiduciary because we knew it was the right thing to do. Are you working with a fiduciary. If you are not. Then you median of though the difference between. With the type of person or piper firm you're working with and what a fiduciary can do for you and we can show you what they complimentary analysis. There are going to charge anything for or do an analysis and show you exactly what are you stale right now and should things may be beat tweet. Or maybe it maybe get a good bill of health like going to the doctor you get a good bill help we will tell you one way or the other because. We're here to help educate you. But you gotta be willing to pick up the phone you've got to act upon this and you gonna be gonna pick up the phone and give us a call Toronto wanna ask you to get hold let let the people know what they need to do to reach us. Disfigured the following call 806465996. That's 806465996. You can get a complimentary review of your financial plan. Just call now to take advantage 806465996. It's remarkable sometimes the emotions and feelings music brings to our daily lives. It was there for graduation. On a waiting game. And sometimes even resonates on our darkest days. So as you look back on life and remember the music strikes out and take a moment to look forward to your retirement. Limit your time ripe with uncertainty. A will be a time of Julie. If you're in a spot now where you don't think your current plan deserve that kind of celebration when you reach retirement. Think it's time to get a second opinion. Come visit with your financial my strength Richard Richard Allen. Serving the Charlotte metro area. Call 806465996806465996. Johnny Cash is a stay was approached by an advertising companies asking permission to use the ring of fire on an ad for him right greens. The request was freaky. On a similar note here's the financial symphony we requested that Johnny Cash the state allow us to use Folsom prison blues is our theme song. That request was also reviews. But keep listening anyway. Back now here on the financial symphony whip Richard future really investment advisor representative of Carolina retirement resources. Here are the Charlotte metro area you can fire Richard of one of his offices. Here in Rock Hill South Carolina or hunter's bill North Carolina and he give McCall to commit and have that consultation complimentary by calling 80646. 5996. Richard we're gonna flip the script a little bit today in that talk about you and what makes EU take when it comes to this financial industry. And even doing this for a while some is gonna ask a few questions I think it's an important. For people to understand your passion. For what you do so we'll talk about how I guess started and why you're still doing what you do so let's hit it off with. Nor the influential people in your life when you were young that may be shaped the way you view money and wealth. What lessons did they teach you may. Well you know I received a substandard education and finances child you must and we struggled to make ends meet. You know both my parents had very little education. And at a very young age they started having children eventually they had 9 am I'm one of nine children so the kind of screwed up way. And it was challenging financially to say the least in our remember my parents make and attempts at Debian self employed but their lack of experience led to costly mistakes. With nine kids they kept robbing Peter to pay Paul and that isn't successful in the long run so. You know I learned some lessons from their failures and I think that's want my mom insisted that I take my education seriously. She felt that a good education was served me well later in life. And my dad always said if you want anything in life expect to work hard because nothing's for free. So that instilled in me the timeless values of a good education and hard work. So in my case I had to self educate myself financially unfortunately. Through trial and error I learned about the value of savings rule book I read titled the richest man of the hour long. And I learned a lot about investing and by region and re read in the intelligent investor by Benjamin Graham so my pursuit of knowledge in this area was how I learned about money wealth and invest in. They enrolled in the Bible taught me that a borrower is a slave to the lender. You know when confronted with the scripture I have to really consider who was right my broke economics professor who taught that the death was it cool. Or god you know whom who never said anything good about debt so I chose god but when it came to a manager portfolios for mothers I learned from several professional investors. And other advisors who graciously shared their years of experience would make. On now I teach what I've learned serving others and helping others to hopefully avoid the mistakes they've made along their funny children. Well that's really awesome comments and streaming here too and obviously you know such a big Stanley M sure there are lots of little lessons and they're that you found in. And then just kind of really taken it upon yourself to educate yourself. Is certainly admirable and a good way to go for a lot of people we've just kind of feel the onus to take ourselves and just really do that work. Well then how did you end up in the financial business Richard we don't have. First career mark was as a chiropractor OK I was in practice for about eighteen years. I enjoyed being a chiropractor to this day I've value chiropractic you know what it has to offer and maintain peak health but it's it's one thing to become a good chiropractor. And quite another to become a good businessman and so have a practice afforded me the opportunity to learn how to run a business. Which was undoubtedly an eye opener with respect to money management. He wasn't easy and along the way there were successes and there were failures and lessons learned as such I trusted others to manage my savings. And that didn't always work out to my advantage you know early on I mistakenly learned to gauge the competence of a money manager by the return average or season. At some point I realized that no one can control for greater return. And the competition always claimed they could do better. But the only controllable factor when invest in his manager for risk so once I learned. That risk was a controllable factor or sent out how to learn best to do that. Which meant that if it was to be it was going to be up to me and thus began my journey into the world of finance so after returned from my career as a chiropractor. You are chose to manage my own money and it got around that I were successful at Lemmon and losses which result in long term compound recurrence. But being retired it just wasn't for me. And I soon became bored as such at my wife's suggestion I decided to help others for the management of their money. And that was about seventeen years ago and that's what I've been doing it since. You know all of you have invested a lot of time earn on the live in. And hopefully you've saved along the way you eventually get to point in time where that ends and now you're now retired. And yeah now you need to generate an income from your savings to supplement social security and hope that it's enough to provide comfort for your retirement years. You know the question that many of you have is how do you keep that. You know when it comes to managing your retirement savings some of you picture decisions on a relevant facts or figures. Or on hot tips from friends rather than act to non professional financial advice. You know that's advice is backed up with research analysis and it's designed to meet your financial goals. So you're not sure you're on the right path on how you should be managing your retirement savings. You know just give me a call in the next fifteen minutes now custom designed for you and ease and understand financial review. That will indicate if you're in need of full blown financial plan you know there's no obligation or cost for this initial review to all callers who have at least 200000 dollars saved for retirement. So if you meet those qualifications. Here's what you can expect you know first I'll run a Morningstar analysis and comparison report to help you untangle its cost you work your current planner. Or advisor as well as how your portfolio may perform dornin severe market downturn. I'll show you how to protect your investments and keep more of your money in your account. Also performer tax analysis to show you how you could possibly reduce for taxes. And a creature cash flow and finally our creator customized lifetime income plan usually proven strategies and techniques that could Turbo charger retirement income. In short our take the guesswork out of financial planner for useful for all the callers calling next fifteen minutes more a comprehensive financial review be an offer with no obligation. And that number is 806465996. To sit down what Richard coach really and talk about your specific situation. As you mention of cost or obligation for all those that call the next fifteen minutes get on the calendar command and talk about what's important use some questions you'd like to get answered for yourself. And of course our ritual set aside that time for 80646. 5996 to make that happen 806465996. This is the financial symphony with Richard would you really investment advisor representative at Carolina retirement resources. For talking about Richard and kind of what makes him tick and why he's doing what he is about doing in the financial service industry. More thing here he won't look back on the other side here on the financial simply don't go anywhere. We all see the finished product of the music superstar. The sold out performances the TV and magazine covers and the eventual acceptance speech have been dreaming. Like you don't often see is a ways to engage in exchange. Hours and hours of practice the traveling that critics see improvement. All those little details have been in the background without us noticing and you know what's your financial maestro puts together a financial plan for you in much the same plane naming the process it's easy for you on the surface. And you'll get tomorrow we'll get the finished product. You're playing now. They don't forget about the all important each killed an effort has been going on in the background to wrap your financial masterpiece. And remember your players should be king beauty come visit with your financial my stroke Richard that you really. Serving as Charlotte metro area call 80646. 996. 80646. KB 996. The financial symphony is reaching its crescendo. Your local financial maestro and coming up next. Score cruising down the homestretch here today on the financial settlement with Richard who'd derailing. Investment advisor representative Carolina retirement resources you can find him and his office and hunters go North Carolina and Rock Hill South Carolina. If you've got questions here in the Charlotte metro area concerns about your own retirement journey. Give Richard a call get on the calendar come in for a consultation. No cost no obligation by reaching out to an 806465996. Here on the program 80646. Five and 996. A we're discussing today on the simply with Richard what makes him tick I just kind of flipping the script and getting to know him a little bit better and Hawaii's in this business than what he enjoys and things of that nature so I got a couple more questions along that vein where you Richard. What are your frustrations. Maybe with the wave that. Most people plan their retirement that economy do you wish you could fix if you had to the wave a magic wand if you will. Well let me just say that the biggest frustrations that time in the market is a bad idea. You know as soon as the market gets choppy you know many of you want to bail. But more often than not that's just a big mistake you know according to Barron's research 85% of all buy and sell decisions are correct that's because emotions primarily fear. I drives bad decisions especially when it comes to attempt in the time to market as four. How much this will cost you over time. I'm about 93%. Or twenty years has a lot. The latest Al more data shows that the return of an average investor trying to time the market with 7% per year virtually the double digit S&P 500 return of 12% over that same time for him. You know markets have an obvious upward bias over time. And those are simply just a factional regardless you don't need to suffer the ravages of a bear market you don't have fear that I don't care if you have 5000 dollars I don't care if you have 500000 dollars to invest. Investment principles remain the same. And no financial advisor is worth his or her salt. Would let you liquid into a bear market without a fight the good advisors to ensure that you have enough cash and all true investments on hand so you don't have to do if your present advisor has you leverage your eyeballs or has you fully invested in such a way that you can indoor bumpy market conditions. Or the possibility of a correction much less a long downturn. It's time to find a new advisor the problem faced by many of you today. His that you always thought in terms of return rather than risk and that's backwards especially at a time when the risky investments you know bonds for example. Are the ones that were supposed to be the most secure when you invest in the market it pays to stay the course mean you stick to your plan. No matter what the headlines what you need to understand is that when you invest in the market is you must see the big picture otherwise you'll get hammered trying to chase returns. The fact of the matter is is that many of you continue to invest as if you're still work and and that isn't a retirement plan. Being fully invested in the market is a dangerous approach and yet the majority of you want to continue doing what you've always done. Unfortunately I'm wishing him a skilled advisor. That is a recipe for disaster. We are listening to the financial symphony with Richard through two wryly we're talking about what makes Richard take a little bit of insight. Into his side is owned business in the passion he has for this financial service business and Richard what's the most gratifying if. And it requires not only understand and every clients' specific financial planner and he's. But I also need to know when and how can communicate with them. It can be hard for some people to take a frank look at their their finances but it's what financial advisors do. You know we help you get realistic about your resources because the right approach to make a huge difference. In social honesty is truly the best policy it's all about having a heart to heart conversation about your personal situation. And you know it's not unusual. For me to become involved in personal situation put my clients like delivering a life insurance check to a family in mourning and or me in more happy times being invited to win and her graduation celebration. You know when you're invited to a family event. You're even when they start return family friends you. You know that's when it comes full circle is real compliment. And a sign that you're doing a good job for them and they see the value in your work you know those certainly. The good moments and it can be really really fulfill one over the years some experiences have been good some not so good. You know I just loved working with people love getting to know them on a personal level and finding out how I can make their lives a little bit better a little bit easier you know I've learned a lot from being a financial barker over the years. And those experiences have shaped me into the person I am today. You know the joy I get from playing in the small roll my clients lodge is something I'm sure to look forward to every single day. You know most of the time we imagine. That work is something that we do that too we finally don't happen to do it anymore. So what are work with salt and gives you purpose what if it was something that you didn't look forward and end. And that's how I feel about my position here in the financial advisor from our clients you know there's a sense of satisfaction that comes with creativity focused completion and a job well done. You know much passion I'm my real purpose it is based on who I am as an individual not necessarily what I do. And obviously the more people I meet that grows and evolves and it changes over time from very passionate. About ensuring that my clients are well prepared to pursue their retirement goals I'm offering accomplish our financial review. To anyone who calls the next fifteen minutes and has at least 2000 are safe retirement. I'll talk about your retirement income needs where that income is gonna come from how you'll outpace inflation. Pay as little as possible taxes. And make sure that you don't outlive your money now you might say. I don't really need to call the next fifteen minutes and yes that's true. You can probably take care of the next week or even next month but here's the deal I've been coaching people on retirement plan for a long time. And I learned that it's really easy to procrastinating get distracted. So if you don't start to process now. There's a very good chance that your not gonna do it at all. So the first coach and then I'm gonna give used to encourage you take the first step right now for almost everybody. That's a hers pork from there it's really not a painful process so if you ready to finally get a plan in place going and give us call right now. 8064659. And 96806465996. To get on the calendar what Richard good to really. Investment advisor representative at Carolina retirement resources. You Richard thank you so much for having a conversation in me today and talking a little bit about yourself and your feelings about the industry and and why you do what you do it's been very informative and I certainly appreciate your time is always and I think it's a very enlightening for folks to realize that sometimes there are people out there who just ripping enjoy what they do. And of course it's always good to find those people and try to associate yourself that way. And within the community that's a great find as well so what are we certainly appreciate your time here and your frankness on the financial sent me this week. And again folks if you like to reach out Richard it's 806465996. 806465996. Here in the Charlotte metro area he's got an office and hunters go North Carolina and Rock Hill South Carolina. Richard as always thanks for being on the show this week we appreciate your time wisdom for an. Thank you mark. We'll do it again next time make sure you tune in each and every week for more here on the financial symphony with Richard. Around. Information is for illustrated purposes only. And does not constitute tax investment or legal advice. Always consult with a qualified investment legal or tax professional before taking any action investment advisory services offered through Brookstone capital management LL CBC him. A registered investment advisor BCM and Carolina retirement resources are independent of each other.
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