Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
Who's. You're listening to retire right with Allan Becker on the retirement. News network. Hi it's Megan NASDAQ from their retirement news network I'm here with Alan backer of retirement solutions group. If you'd like to sit down with Allen for a personal strategy session to discuss your retirement plan. Go ahead and call him today he'd love to hear from you here's is number it's 9136859422. And keep that number with you as you listen if you have any questions at all maybe you wanna know more about his ongoing dinner workshops. He can reach out at 9136859. Sports YouTube. We discuss today how people who handle our money make their money so. You know found is we are talking in his previous segment everything a person needs to know about the cost selling current working with an insurance professional or financial advisor. Relates to the compensation model that the financial professional uses is that right yeah we're looking at compensation model them. On things you need and are confused the mixes are as captive nurses independent designation vs licensing. And so much information that them than normal amen than normal person out shopping that's fine and advised her figure out who they can trust. Doesn't really know all the right questions are or where to look so. We're trying to attack some of those topics that you are listeners least arm them a little bit. So they know where they're looking you know. We discussed a little bit about the captive vs independent our last section on expand a little more about that note captive insurance agent is one that. Is. Working for the company. So to speak they have to use those products and services. Their agony and pain they don't have the ability if you only most likely get fired if they went out. And offered you a service from another how. I'm an independent. Advisor. Has just such restrictions that can offer products from multiple providers or carriers. May have more latitude to compare and shop across the broader range of the investment. And insurance options you know so they can find the ones that are most suited for year. Perhaps. Doesn't it lower cost there are better for it. But at least you have the option opportunity. To know what's out there for yourself. By working with an independent. But. I conversely. Sometimes there's those products and services that are captive that means nobody else yet and you have to go to that specialist. And they have a really good model or or hurt. Some product or solution I've run and it before where Namibia internal organization that new user Reese junior part of it. Has an insurance arm in their connected. Some not always but sometimes. There can be some unique situation so. You know beware of what's out there and do some investigation. And work with professional it will help compare and contrast with. Maybe our defiant but they do exist. Allen in some cases an independent advisors can help match clients to more products at a lower costs so what do other factors are part of that cost equation. We've touched a lot of them this far is the model that they're using our date but I think one of the biggest institutional vs retail so an institutional investor. To speak Leon's that a 401K art assets and a man Jamal. We have a very unique here it's our she investments. That. Tis the the lower cost. ETF the lower cost mutual funds that are you know they don't have the twelve B one fees are the marketing costs that they don't. Have these high retail. Feeds in typical mutual fund. As these anywhere from half a percent since 2% the acting. National averages right around one to one and a half percent. Our institutional platforms. About what to. You know on average so. At a lower cost because of volume because a model so that's one thing to look at. Summary institutional vs retail but I think the other thing. Really. To be at least touched on today is the fact that advisors specialize in different capacities. And it's real important she our listeners and now. That each need to be with the rate hike that visor what do mean by that is to secure doctors and lawyers specialists are due advisors and some may. Specialists and insurance specialize in. I'm mutual funds or stocks that all of us really. Could be on both sides that are specializing in. The preservation. Phase of life so in other words you're accumulating that's all you worry about so that. Cubic and trained asked the question what's your return on investment would do it last year fired as comparing portfolio returns. The year probably less than about you're not focusing and I'm building a portfolio. Sheer unique past specifications. Because. If they pour oil mister bill returns. Well what's a 100% invested in stocks are a 100% bonds. Probably at the same results there and I can have the same amount of risk. Depending on the type of Bob that's a stocks and or oil factor Sosa justices. Simple as comparing to portfolios. And who did better in its. Figuring out if you're building tear unique. Situation. Are you elated close to retirement are you trying to. It retire or you don't wanna be paying attention to this every single day wanna enjoy your retirement. That you need to be have your model built that is your income need to come out of portfolio where's this money strictly being built for legacy. Order. For sometime in the future that's unknown it doesn't have to be overly liquid or it doesn't need to be readily accessible. For her because you're not using rappers you know. Your monthly budget to pay your bills or paychecks. Or even your play checked it and had something designed for. Whatever your unique situation is that like an investment advisors should be assisting you not. Buying a product. But instead finding a solution. And figure out what product says that solution. So common and visit with myself from nineteen let us and figure out what solutions you're looking for. And then we'll see we've got a product that can this issue. We can do that if you call unscheduled visit with me at 9136859422. We're gonna. Meet with he would answer those questions at no cost absolute no obligation. That you see there's a common place that we can build off. You recall and I want 36 by 9422. 91368594. Two to work could be located at 435 and Metcalf says come out CS at night when 36859422. And we're so glad you're with us today as you're listening to retire right with Allan Becker I'm mega buzz act from the retirement news network. Allen's web site it's our SG. USA. Die at net makes you check that out today. Alan what does it mean if a financial professional isn't held to this fiduciary standard are there other standards they have to meet. Yep Megan is set fiduciary standard or suitability standard the issue of student talked about quite a bit. It's being legally. Required to put your needs above the companies that firms or the agent or advisors. So that would be Sony who has a 65 or 66 licensee to check in a broker checker asked that question. And now I should be able Italian. But he suitability standard is what is used for just about every other designation or license out there. Is one that with your insurance professional or your work and as a sixes 63 commission will salesperson for stocks by mutual funds. Or even a variable salesperson. Who should be actually be a seven license in which you have somebody that is. More and offer a suitability of suitable we can we get exploited that. You know all things being equal this is the right idea for the client it's Ito. You know it'll work. Doesn't mean that it there's not a better option. So I tend to like if you as my parents or grandparents. Either myself I'd rather work with fiduciary every time because that I know that they're held to that standard and there's there's accountability. That must be. And pot and if I'm not getting that result there's a course of action I go. So. I believe that the usury standard is superior. In my opinion to suitability standard that you have to. Know the differences and make the decision yourself. OK so that's an interesting fact that you bring out and that's important for consumers to know about so what does that mean though for the average investor out there how did they discern if someone is indeed a fiduciary. May I don't want to take the word fiduciary lightly because I think it is so very important. And that you know that your with so many and you wouldn't expect just asking that a a lot of the politics that we've had to deal at the last year or so. It has been about talking about a deal I'll regulation that sounds like speaking to be put on hold for a couple years hopefully they'll read look at it that some capacity. But the idea was the government's trying to say we. If somebody were all that money they should be a fiduciary swell is trying to be. Put out on the mainstream. However. There's a lot of vote problems along the way it sat. And that he needed to be read look at it sounds like our administration's. He's going to do that. No that's written in stone blood in her life yet opening act that's my understanding. The idea is if the government if the powers that be. Think that it's a good idea to work with somebody who's got your best interest are. I sure don't think that's about it in my firm retirement solutions drew part she investments that we work with a fiduciary standard because. I called the 65 license and morally and ethically. I feel that's the best way to use to work and whoever you're working where should tell you. How that they're licensed to be a fiduciary. Or not I EE. Who they have and holed the right licenses. You though as a consumer. Can go to broker check. His. Hype then in your search bar broker check in a breeder offender website you know be a little plug in Europe. Pursing your talking about so it worked it was name into that box. If they don't come up and all that means they don't on the securities license they may be just insurance only at that point and then you know that. They're working undersea to released in a 100% at time. If you type in their name something comes up it's gonna tell you disclosures history. Everything thrown in the arrest record they've ever had is supposed to show up and had anything that's ever been disclosed any complaints they. So any kind of dealings from the law and then in designations they've passed. And how long would it help them in a what companies they work for how long they worked there she get a pretty good picture. Look at. The concern there is if somebody does not have a 65. Or 66. Six series 65 series 65. Exam passed. In on the dates. They have passed those they. Are not legally required to act as a fiduciary. Those are the only two designations that required. If somebody has something else other than those 26566. Than they are most likely held at the suitability standard. So. No matter what they tell it chat about find out the answer and you go back its OPEC looked here. Explain this Timmy. And then once you have the impression knowledge is power. That'll give you the peace of mind to know that your work and what the right person. But I would say go one step further that fiduciary should also be licensed in the insurance industry in this personal opinion. If you having the inclinations and now want to know its annuities or safety are viable solution for you. I'll also somebody who specializes in that preservation and distribution. Is. Also more appropriate to get you to and to retire. Whatever you're looking for. You should do your homework he should check them out and you should interview with them and make sure that you liked the way your questions answered. Find now that. Yeah you feel culturally also comfortable before you move for. Our retirement solutions group or she investments we work under the fiduciary standard we were under an assets under management. And it works very well for our clientele. If you're happy with your work or at orchard on. You don't necessarily changed and it's always a good idea take a look at a second opinion. Hand if you're ready for that where rates assist you. US caught nine point 36859422. We'll make sure you're getting no cost no obligation consultation. Come on and visit with 3.3. 6859422. Having another set of eyes and your retirement can be very important but how it the most bang for your buck when it comes to your financial professional. Listen up as Allen gives us some tips and tricks for learning about easing commissions. That's coming up next. This is retire right with the Allan Becker and under 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 aren't just G investments for a discussion about these doctors and more. All of retirement solutions group treats you to a complimentary dinner at my Casey in Cleveland. You think it's 8:6 PM on Tuesday April 24 Thursday April 27 at trial Casey in England. Reservations are required so call 913659422. To reserve your seat today. That's nine point 368519. Or 22 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 SG EU SA dot net investment advisory services offered through eight wealth management LLC. You are listening to retire right with Allan Becker. On the retirement. News network. I mega NASDAQ cheer from the retirement news networks so glad to have you along with us of course I'm sitting with Allan Becker as I do each week Allen is with retirement solutions group. And he can help you build the retirement you always envision for yourself. If you're ready to get started on that process don't let another day go by reach out to Allen today at 913685914. To. That's 913685914. To. He can also log on TR SPG. USA dot net so Allen time to cut to the bottom line here in this discussion we're having of the money consumers pay out of their pockets for financial advice and guidance as well as for. Individual investment and insurance products. How exactly. To get the most out of that money that's the big questions so it cost her a fact of life for consumers something they're bound to incur weathered the are working with the financial advisor for an insurance professional or if there. Purchasing an investment or insurance product. How to help minimize those costs and of course maximize the value we get are paying them so. How sure really at the end of the day we're getting the most bang for our buck is there a way to know. Think so many posts here on value first and I think we started at the beginning of our show about today get we pay for. Costs without value. Means nothing. So when somebody says what he'd charge the only reason I ever hesitate on that responses because they just give it costs without the value. What's that really me then you're just. May be comparing. Apples the oranges so to speak. You need to understand who you work with a why you're working with the white wanna work with them where they're recommended by a brand are whether they got a really good. He showed listened to every week or three really good book or reasoning here wanting to sit out what that person and and take the next step and find out what value they they offer. Also the you know the quality of the opposite what are common and visit. And are they taking care the end they have I'm going occasionally see and again how open are they Tia in a survey. In 2015. Buddy. Insured retirement institute. They found out. About 70% a baby boomers that work with a professional buys or shrewdly are very satisfied. With their current financial standings. That's compared to only about 40%. Of boomers who do not work advisor. What's more in excess of 90% of boomers who work that advisor. They report having money saved specifically for retirement compared to less than half of the boomers who lack an advisor. So I guess skilled. Experienced financial advisor can provide a fresh and objective professional perspective. On your current situation. And along with a better understanding of some of these strategies that can bet that you go for these strategies that you may never have otherwise considered. I think eight good financial advisor also help with a whole array of financial issues a person is likely to face. On their wrote in during retirement understanding. A lot of different topics that you know the media me. You usually. Anything from reverse mortgages to Medicare you. Shouldn't chaos my house or should I. Now pay out my student loans was just sitting with a lady of the day. In that. She knew she was in the right place after talking to me because she just retired had a good and. Out of report it but what of the poll thirty or 40000 out of her forward Qaeda payoff. Listen loans and perhaps her car is that would help cash flow. Nobody gets it in the time until we set out to look at. Would it outlets for Social Security would be taxed if she did that. What tax bracket she was dead what tax bracket that would razor you and to find out the money saved. Would have been less than the money spends. I want she pulled money out of her retirement. Also thinking that colon duties too restrictive because. I don't have access to money. Once we look at her. Situation and realized how will the government doesn't nice job of restricting your because she'd be an. 4050%. Tax bracket you consider state federal. If she was to take a large portion of her money out over 41 K. So she's are restricted in some respects so by having the knowledge it creates power so savvy financial advisor. Now creating strategy. Looking at all these different situations concerns. And how he Kamal wit. At least guide post or a direction you'd feel comfortable go on a nutshell financial advisor can be your most trusted ally in navigating. The many financial obstacles. That year now likely to confront her retirement. And you know. You gotta put about that Yasser decide what that value it how you know if you're paying too much in your not getting enough bang for your price the most typical question you've asked me today has a lot of times you wouldn't know if you have compared. I guess where that second opinion counts and I think that's we're listening to retire at radio and and understand that we specialize in the preservation. And the distribution. Days retirement. Really would you could open your eyes and understanding. First is maybe somebody you're working with that cuts trading primarily in the accumulation. In no way are they addressing. Taxation. I understand we don't give tax advice. But understanding that. You know we do know how to explain what a R&B is and looking to make sure that your maximizing your tax brackets and need referring you to. Talk to year tax that person CPA years. Lower tax advisor whoever your work left to make sure that your asking her questions getting ready answers to your take in the rain. Steps. To have a comfortable how to retire says unanswered questions from the Persian your work. To go out see if there's somebody out there. I can answer those questions for. And I think that's what the services that we provide the most in May and is that where. Giving the people are listening. Some questions aren't themselves with some concerns that they should get dressed. In you know right hand is in the air to say comments are out with myself my team get those questions answered at no cost no obligation. And it's easier said it is that you just call 91368594. TT. Again nine point 36859422. We're gonna get you in no cost. No obligation cops stationed as a cookie cutter. It's a design. Plan for you a little assistant put together. And even assist and implementing it weakens and decide to work together in the best way to find out how many questions answered 913. 6859. Before twenty. Alan as a financial advisor yourself here every day you're sitting across the table from people to help them get that clear understanding of all these fees and commissions other costs that come out of their pocket as investors. Or as advisory clients and this is an effort to really help them make those wise decisions based on net understandings so. What are some questions listeners too who maybe they're curiosities repeat buyer discussion today what may ask when they're sitting across the table from a financial advisor. Maybe someone who are already working whether someone they're considering hiring. Gave part of a brilliant point there is something you're already working with that would be a bad idea and a to go back and see him and make sure that. Some of these questions are getting answered if you don't have that yet so that's a brilliant point but you know let's let's go to a quick list you know how are you compensated for the financial products you recommend. Maybe. Yeah they were making it commission and you didn't know it may be there or Protestant out of suitability standard and you more aware. Now it's time to find out how you compensated by the people who work with you and your car. Others do you get charged based on a commission based model eBay structure or combination routes you asked that as a model. You know what are the fees or conditions you charge for the services you provide. And are they negotiable. Maybe year you work two or three different advisors and you realize that baby volume combining that together to get Qiyue. Lower fees and a definite right that a few times over the years is the person working with captive in merely limited this on the products only. Opera specific providers in other words. Is somebody's name on that door insurance or financially doesn't matter and they only can offer what they tell him in other words if you say. I want this fund Stanley. And eight offered to you or. Are they ia captive and not able to so translation free pick and choose among the various products and providers out there. Are they incentive. To sell certain products meaning. Other revenue sharing agreements in the boat mr. kickbacks from. Using maybe one prod the other academically. Come into the motivation of what's being passed and are they willing to fully disclose all those potential conflicts of interest. As well as the the compensation. That they receive. Is that would be a huge red flag if somebody's going to be apprehensive of those types of cancers or our galas questions. You know also what are the policies. Regarding disclosure to the clients what information. Can you expect to get for who you're working and most that is. You know as a guideline that these be followed that now governor. The licensing body. But it needs to be readily available. In to your satisfaction. So whatever it is you're trying to get that in retirement or ready to retirement. You know to position yourself so you know run on money you're probably coming up with questions that you need answers to. I would liked to do my best give you answers those questions. Give me call. As soon as you can't 91368594. 2291368594. QQ I've assembled a fantastic team. And I. Love the opportunity personality you hundred no cost no obligation. And get those questions answered. Call me 9136859422. You've been listening to retire right with Allan Becker. On the retirement. News network yeah. 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 and 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 day using a variety of insurance and investment products to work toward meeting their specific goals. We are not permitted to offer and no Stephen may during this show shall constitute tax or legal advice you 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 you a wealth management LLC.