Retire Right 04.16.17 Seg1.mp3

Retire Right with Alan Becker
Sunday, April 16th

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

Investing involves risk including the loss of principal no investment strategy can guarantee a profit or protect against loss in periods of declining values any references to protection benefits or lifetime income generally referred to a fixed insurance products never securities or investment products insurance and annuity product guarantees are backed by the financial strength and claims paying ability of the issuing insurance company are firm may be able to identify potential retirement income gaps -- me introduce insurance products like annuities as a potential solution talk to your financial professional and your tax advisor about -- Social Security benefits can fit into a complete retirement income strategy financial professionals are able to provide you with information but not guidance or advice related to Social Security benefits Allan Becker is an investment advisor representative and insurance professional with retirement solutions group retirement solutions group is an independent financial services firm that helps people create retirement strategies every -- using a variety of insurance and investment products to work toward meeting their specific goals we are not permitted to offer and -- -- -- during the show shall constitute tax or legal advice -- should talk to a qualified professional before making any decisions about your personal situation we are not affiliated with the US government or any governmental agency investment advisory services offered -- a wealth management LLC. This these three tire right with Allen back here. And the retirement views networks may get most active. Allah is the president and CEO what the retirement solutions group. With more than eighteen years of financial experience Alan and his team will help preserve and maintain his client's way of life. And the legacy they leave behind. This is retire right with Allan Becker on the retirement news network. I every one mega NASDAQ here from the retirement news networks so pleased to have you with us on the show today of course I'm joined by Alan backer of retirement solutions group. And I wanna give you the phone number to reach Allen if you're interested in sitting down in constructing a planned for your retirement you can do that get that set up. By dialing 9136859422. Again that's 913685. 942 to keep that number which you as you're listening today will cover a lot of ground on the show and if you have any questions make sure you use that number. Again it's 9136859422. Let me ask you a question as we begin our program today would you. Order off or restaurant's menu without first knowing the price of the food your ordering my guesses not you probably wouldn't do it. We give the go ahead to an auto repair shop to fix your car without getting some had a quote some kind of an idea from the garage and how much they're gonna charge you for those repairs. Think that's highly unlikely. This would you hire a real estate agent to sell your home without first knowing defeat the realtor plans to charge you for selling. I don't think you wouldn't sell it with all that seemed liner reasoning here's another question for. Would you blindly Entrust your hard earned money with the financial professional or would you put it into an investment without first knowing how that financial professional gets paid. Or what that investment will charge in fees commissions other costs. She wouldn't but you might teach how to learn how many people just like you do that every single day and Alan when you think about that really it is crazy isn't it. Allen is I mean we do have trust in certain institutions organizations. And meaning. We like with real estate weekend understand that commissions are runner out 7% hopefully leaking. Give it just outlets open shouldn't be too early two inexpensive it shouldn't. Be free you know he candlelight we get what you pay for. But have some knowledge and understanding you by. Conducted by SCI three quarters of investors never or seldom talk. With their primary financial advisor about the fees are they're charged and that's. It's so whale of a little outstanding here you know we really should know what we're. So I think it's important you know 38% of clients don't know how they paid their financial advisor while other 14%. Don't think that their primary advisor receive any compensation for it. And the truth is we do get paid for what we do in any professional should get April. There should be some industry ideas and expectations and wanna make sure that your within the limits of those with who you're talking to you so we're gonna spend some time today Megan just. Carat diamond and about the different ways advice pay them between commission nor assets under management fees center. Who can bring those down some Claire. A lot of questions you know why it is so many people know so little about how the people and institutions who invest their money you're compensated how much comes out of their pocket. To compensate them. It goes all of these things and like you said we're gonna dig into that. And I think it's one of the most important topics that we have on the show it's something that people know very little about so my first question to you Alan. Why are we having this conversation in the first place where. You know I would like to talk about that it when people get divorced. You always fight over two things and 1 and I am really cute and here is money. So. Everybody's uncomfortable talking about money and a lot of people about how I work in bulk of those Arenas every day talking to people about money now and I have no problem. Asked in our clients or potential clients that come and it. Ask about their budget their health and how they're doing in what they plan on doing for the future sometimes when that switched her out. It's not every time obviously there's some cart some potential class at. Feel a comfortable feel. Old. Yeah maybe I don't have permission asked the question of how do you pay how are you cop and understanding that we do get compensated and the advisor. No matter who you're with should be always providing you value. In you're paying for a service and you add value. I hope to fire that person and go somewhere also. The big question of big reason we're having this conversation because I think a lot of people are afraid asked the question and if they do basket. Don't necessarily know why they're getting the answer negating or evil land they expects of me we should. Absolutely I think that's really important to talk about and in Vegas you know our listeners. Have a right to get good solid financial advice and I believe that I have the ability to help the way that and I would. Encourage. Anybody listening to our show to. Grab dinner right down our phone number 91368. I. 9422. And ET call phone number you have the ability to get all my calendar. In common and keep the questions are answered right now. You're looking to you get accomplished to get you to enter retirement as you transition from the accumulation phase. To the preservation phased retirement. So you go if you could retire when you can retire in. Everything's better with a player so give it caught 1368. I. 94229136859422. And how well. The is transparent. Give those questions answered for in 9136859422. You can also find Alan online go to his website it's RSG. USA. Dot net we're glad you're with us today. In a corner talking about some of these costs that people aren't aware of why it's so important that that people know them that they understand them Allen. That's easy because an investor. Consumer or the client a financial professional it's. Money. Directly out of your pocket overtime these cost they add up impact your retirement nest egg by thousands of dollars. If you figure. 101000 dollar investment. And you're paying 1% in fees. In overtime. That's money that's not going in your investments oh no 1% at 101000 dollars a hundred dollars a year on putting. 9900. Dollar into the investment instead is the full 101000 analysts. You've worked with years CPA. And figured away to take us monies for your investment out of another source which I know it's kind of added a Maxtor animal they're. Many lefties if you're working with direct tax advisor could be tax deductible. CE definitely want to cue with your tax. Person and find out if you should be deducting those and then if you are Q would your visor and make sure that you have the ability to pay for those fees. For example in sag your IRA would not qualified dollars each year. Not tear you full advantage of that tax savings from the government's. So again when you don't know what you're paying or how you're paying you can't take advantage of although. Extra things out there such as tax savings are tax write offs. No ever talking about this Allen and given all these moving parts in how they might differ from investment product investment product. Suggestions to help our listeners figure out more about these costs that they have associated. With their own portfolios. Or share you know. Obviously read the fine print. Understand what type of advisor you're working west. In making sure what they're putting out at me if you're with say insurance. Only person in there. There's a really good possibility that what they're working on as a commission shrug churn under a suitability. Textainer which. We'll will address more after the break but I wanna kind of touch on lap per second which is. Their suitability standard it is us we suitable that doesn't that seem to be your best interest if they're working on commission they're being compensated most likely from the period and they're working then you got to make sure that there. You know how the availability to have a lot of products at their schools there's ways to check on that. If you're working with somebody. Who's on the investment side of things you need to make sure that their license appropriately. Are they not charging. For the assets you have under management because they're not allowed to maybe their only commissioned salesperson. In and actually allow the charge for advice be it today. This whole idea in the very confusing and complex and can't summarize it also is what your asking about is transparency. And my experience over the years has been. Be careful what you ask war because once you understand exactly lawyer paying. Sometimes it's easier to swallow who would you don't see that doesn't mean that you shouldn't have the knowledge and I and I would. I go more for the idea know what you're paying understand how works and then be comfortable under that model that's the Molly cheese to go forth that. Now the math is pretty simple when it comes to your retirement nest that you needed to produce enough income. Last throughout retire. How many years he really have a elect refer to a unemployment IE retire. And 1520. Years of unemployment. The net ward fear retirees if you survey it typically comes back is running out of money. And I believe that usually comes from. Not having your portfolio. Allocated to your risk tolerance. I strongly recommend you pick up the phone and give me a call 9136859422. Were offering to provide you with this no obligation. Retirement consultation. You'd come and eat your questions answered figure how to utilize Social Security. Find out if it's possible he could never run out of money during retirement and how to use your nest date it most tasks efficient way possible. This customized retirement income analysis are available if you call and I went 36859422. In this nine point three. Sixty I've ninth or teach. And we're glad you joined us today on the program you know that everything hasn't cost from products to services but. That's coming up next. This is retire right we've Allan Becker on the retirement. News network. Whether you're approaching retirement or. Already retired transitioning into retirement can be a daunting thought really don't you get income. What is the market drops how should you take Social Security joined the team from retirement solutions group and IR SG investments for a discussion about these doctors and more. All while retirement solutions group treats you to a complimentary dinner and ride Casey in Cleveland. You think it's 8:6 PM on Tuesday April 25 fourth Thursday April 27 at trial Casey in England. Reservations are required so call 913659422. To reserve your seat today. That's nine point 36859422. Seating is limited so call now to learn more about these events and how you can attempt. Retirement solutions group 9136859. Point 22. Or online at our best teen USA dot net investment advisory services offered through eighteen wealth management LLC. This is retire right with the Alan Ackerman on the retirement. News network. Hi it's Megan NASDAQ from the retirement news network glad to have you with us today I'm joined by Allan Becker as I am each week of retirement solutions group. If you're looking to build a retirement plan you are in the right place at what Alan does every day for his clients and he's been doing that for several decades he can help you as well. Give a call today 9136859422. That's 91368594. Suits you. And we're talking today on the program the mysteries behind all those fees and commissions and all the other costs that consumers incur when they purchase an investment. Insurance product or when they were with the financial professional. You know speaking of financial advisors I have to ask you Allan why is there any mystery about how they charge people. 'cause there's so many different models out there that makes me think of a sign Iowa saw. Believe it was Eddie Hershey store but I have seen assigned several times in media some are listeners it seemed as well. It's is out price quality service picked to. Italy when you take it down to that level most of those would pick. Quality and service over price you know that's why. A lot of companies are in business because they really. They excel I'm on service they sell quality. EO we we've all seen it you know you can go by a purse and want to. Below the department store and I rat for Ravi tendered twenty dollars three billion won for 234 under even air or probable thousands of dollars. And the differences there about purses they do the same thing but. One has a more perceived quality that exceed the act as well or you. Take two watches or just the casings. He's it would last more value in the ad though Rolex. Face to the one casing and it now has a lot more perceived value in. To watch is only new all time to order an example used you have to have a perceived value. But in this industry. That is defined this to say you know this is a premier broker that purses you know watchers something else because in this industry. We're allowed to say certain things were not allowed to do certain things and nobody can say they're the best. Because that is non compliant 88 says that your saying that you're the best win. Your results and other clients results may be two different banks and so we can't say things like that. So instead we have difference. Models that are utilized different licenses that are utilized and different standards that are utilized. So an investment advisors and firms use these different miles some like stockbrokers. They may I have a lot Sama. Or percentage they attack on the transaction Nick's Q on behalf so if you are buying you a lot of stocks they might just say any specific percentage. On top of those stocks like maybe charged extra 2% or maybe it just transaction fee of fifty dollars no matter how much you buy. CNN know that percentage shares in flat feet. Others charge a percentage is tied to be madam money and assets they're managing per class at her assets under Mansur and these. Models can't fluctuate. Based on the size of the portfolio you have a large enough portfolio. Eight. Millions at 2000002 million to 5959. And about that there's negotiation. Yes I mean let's face it doesn't really say. More time and energy to manage a five million dollar or oil than it does demand one million dollar. If it's just asset allocation to. Sam money manager. That doesn't necessarily anymore work which is the bigger number when you're typing it and so maybe a larger portfolio should get a bit of a discount that Anderson is different ways things you got. In some music combination of both methods and there's also those that we've seen it do the they may charge for their advice but don't actually Alec catered everything you know. I personally not a big fan model somebody who doesn't actually do leave the the actual investing. So our listeners may like that they do their own work and they like just to get a second opinion so speak so there's. There's not for everybody I guess as best sand. We need to make sure that. Even the smallest of investors have access to some form of advice that is to their liking so that they can. Make it your retirement Sunday. And because it's your money and if you are dealing with the lack of transparency you don't understand. What is your pain for exactly how much you're paying reach Allen and up you get some clarity in that department. Dial him now at 91368594. UTU an Allen when we say transparency what exactly are you talking about when you mentioned that ward. Transparent means the financial buys and affirmed spell out playing week. Haves are. Model basically. Laid out in a outbound. Packet for you if you wanna combine picked up humility with the ideas we as a rat tree here. Eighty wealth and retirement solutions group because what we use. Is a model that is compasses everything's for one costs and there's no transaction costs though extra fees that are. Tacked on here and there all under one assets at mansion. Our model I don't charge to give advice because. I feel it by giving Iran advising you like what you're didn't that your gonna hire speakers. It works for you. Not because I have to charge for that at some added value T you know every firm works a little bit differently. How part of the struggle for transparent that consumers are up shy about asking. You mentioned it where it is just work what palladium today and you know she's so embarrassed by asking that question and that that was. You know a little bit. Adjustment if you will using her words because it is she was used to work for NK or she didn't see Christie's. She had no idea what it would cost and she realizes we get paid that you wanna be rude but I know advisors should be taken back for somebody asking what something costs I mean I think you said at the top of the hour. That's who's gonna go to on the can't get work done at that I'm on a cost before they start they're gonna get Melinda like OK I authorize you to. And a hundred dollars to fix my car cost more and better all he wants to know what they're ranges if you will what are in pork. And there's nothing wrong. Serena you're looking for financial advisor believes in transparency and helping you need your retirement goals that parent give us a call about 9136594. It would cause I want 368. 94 teach you this is for no obligation professional consultation about your retirement financial picture. You're nesting in your retirement income out. Consultation. We'll let her get help you find an advisor who's not transparent what are these highly skilled helping keep you where you wanna go financially during your retirement. Just give me a college nine point 36859422. Again that's 9136859422. Here's Ashley no cost and no obligation to get your questions answered. Coming in Simi 9136859422. Allen's web site RSG. USA. Dot net make sure you visit his web say if you haven't before you can find out more about him and about his ongoing dinner seminars. These are great workshops she won at register for. He hasn't throughout the year you get to know Allen enjoy a great meal meet other people who are retirement minded just like you and fight out Alan's philosophy. For retirement income so get registered go over to our SG. USA. Dot net and Alan you mentioned that there were various models are structures for how financial professionals charged people for their services so. Now's probably get time to explain those models in a little more detail of Hewlett. Yeah meg were all. Compensated a variety of ways so the X and have been doing this for just under twenty years. And I spent a good number of my career as an insurance only professional were they able to charge for advice or under an asset management model I have spent a good number of those years in any captain. Models like. A lot of personal firsthand knowledge of what we're talking about here if kind of worn several hats in my years. But yeah noisy insurance agent let's start with that you have two or persons he can't charge for or advice. You get paid through commission. And then you have to look at your insurance professionals say. Agers professionals who were wire we talked about and the financial context because. Insurance professionals typically sell life insurance and the annuities can be used. As an asset class or. As income producing assets and retired. Seeker money SCSI of the year he's been charged up city get parental point in your cleaning. But if you're working with some and its insurance only you're not getting the financial side. So I really believe that you should be talking to a professional that's duly license they licensed in the insurance field. And their license in the investment arena truth fiduciary if you expand and all. But if you work it was commissioned in your working with a captive agent. An agent must sell the products for the name of the company they work for when I say captive an example. Personally. Mice who worked for bankers life and casually on Medicare supplements. And annuities. But the products they sold were the ones that bankers life. Allowed meet offer. And later I I transition that was a branch manager for Atlanta again Pennsylvania I told me what I can upper. It was at that moment in my career I got limited on something I collect could not or something. Even though the model they created trying to open it up and expand ashe's headlights products. I was happy to light I decided to go out as an independent. They never wanted to be limited to give him we told you can't use that product we don't have that line items so to speak. What would you working with an independent they can shut the game at a products and hopefully gives you the most competitive. Products and solutions out there there's more options for. When it checked out this go to your state insurance commissioner and they have they area on the air for looking out. Agents and agencies to figure out who their license. If you look at her agent and he spotlight is a lot of carriers you know you're not getting a lot of options may be. A pretty one sided approach. On the other side. If you working with the fiduciary that somebody has a 65 or 66 securities license. Converse that might be some it's only getting six or 63. We're seven and I know that sounds like a much out of metsu. That's how those designations are kind of sent out a 663 there are allowed to charge commissions further. Transaction they can't charge and assets under management. Conversely 6566. Church commission. So happy New. York away but you can also go to broker chat. Which is a website. And you can look in teicher advisor in there and find out. Everything from the era legal history out personally and professionally as well as their. You know ice that may have happened from. Clients in the past or not happened or where they report back out well for public knowledge because we really actually want. The public to know who they're working. And then you Lyoto based on those designations are those license and a whole. What they can charge so easiest thing is ask this then. You can check that information on the backside. Make sure you're getting and a picture. Nice strongly strongly urge you do that I found a lot of really interesting things out there from. People here in town that tax liens are issues that really the consumers should know about it and they pro worker somebody else. They never know until you check it inspect what you expect expect what you inspect. Pasco ad lib by. Allen even talking about these different compensation structures will it be. Crystal clear which model or which structure a financial advisor uses or is that we have to ask them up front. Believe the. Clearest way to find that information out just ask it's not usually something that's posted on the front door so yes asking is the easiest way to get an answer how I got mayor you should get a confidence. Reply back room. From the questions you ask him what that makes you feel secure their place where you should death blue line. You know you may RD avenue advisor maybe you're looking for awhile whatever the reason that your tuning in today show. Please take the opportunity to give me a call 913685942. Let me put together in no cost no obligation. Consultation meeting your questions answered so we can give you a picture. To get you from the accumulation phase two the preservation days. Under the distribution days retire. 9136859422. So they say you get what you pay for it but do you know what your pain or what you're getting for it when it comes to your finances. Coming up listen in with Allen to learn how you can get more transparency. With your financial professional. You're listening to retire right with the Allen back here on the retirement. News network.