This is our first episode of The Money Puzzle, which is the rebrand of our Peace of Mind Radio show. Listen as we explain the reasoning behind the rebrand and how we analogize The Money Puzzle to crafting financial plans for our clients. We’re excited to have you join us for the journey going forward and other new announcements here in the future.

Speaker 1: [00:00:04] All right, welcome to the podcast show, formally known as Peace of Mind radio podcast. We are actually changing our name. So if you guys know if you’ve been following us at all. Some of you have been because we’ve been getting calls saying, Hey, where’s your new EP? So where’s your trip? So just let you guys know we actually have been. We took a little hiatus there towards the end of the year because we are rebranding the podcast, right, [00:00:25][21.5]

Speaker 2: [00:00:26] rebranding a lot of things. But yes, the podcast is certainly one one of the top things we’re looking at. [00:00:31][4.6]

Speaker 1: [00:00:31] Yeah. And actually, it’s not only rebranding the podcast, we’re actually doing something pretty exciting coming up. Hopefully in the next couple of weeks, we should be rolling this out and hopefully we’ll do a podcast about what that is. But until that is officially rolled out, we’ll just be rolling out the new the new name of our podcast. So anyway, is what you guys want to take that? [00:00:50][18.5]

Speaker 2: [00:00:51] Yeah. Well, I mean, change the name of the podcast Peace of Mind has been great for us. It was an older name from an older TV. I’m sorry from an older radio show. Yep, from how long ago was that? [00:01:01][9.5]

Speaker 1: [00:01:01] That radio show was on air for 15, 16 years, something like that. [00:01:05][3.3]

Speaker 2: [00:01:05] Yeah. And so when we got rid of the radio show, we just kind of kept the name as we transitioned into a podcast. Certainly not a bad name, but I think as we’re rebranding some things within the firm we are currently changing to is going to be called the money puzzle. So something that we talk about in our firm a lot is we use the analogy of a puzzle when we talk about when you’re putting together a puzzle, you have multiple different pieces and how that relates to what we do. If you come into our office with all the different puzzle pieces that make up your portfolio, that make up your financial life, think your insurance, your investments, your portfolio, write your, your stocks, your bonds, your real estate, your your debt, your assets, your bank accounts, all those different things. What we talk about as we’re putting the puzzle pieces together is making sure all of those different things fit together in a clear, concise picture that you can understand. Basically, the puzzle in this case and this analogy is the financial plan. [00:01:59][54.0]

Speaker 1: [00:02:00] Yeah. Well, it’s pretty much the show, folks, right? No, no. But it’s pretty cool. We’re really excited about it. We’re going to do some stuff here in the office with it. So for those of you to do actually come into our office, that’ll be a couple of weeks, Mr. Producer or something like that should be up and running. Yes, about two or three weeks, it’ll place a look a little bit different. That’s a good thing. Maybe we’ll show you around during the next part of our next couple of podcasts. But anyway, yeah, so to your point, we are the thing that we are starting here in the next several weeks. We did branded as the money puzzle, and so it’s very similar to a podcast, right? Would you guys agree? Yep. Yeah. So instead of having two different names, it’s just we’re all talking financially related topics. We thought we’d rebrand the podcast to this other of this other thing that we’ve got going on. And anyway, so. So it’s consistent, right? That’s what we’re really looking for. So, so let’s let’s quickly iron. We talked about the money puzzle. Talk about the fact that we have clients who come in that have just a few pieces and then we have folks that come in that are super complicated. So we talk about, you know, how we address folks that have a few pieces and folks that have like a ton of pieces to the puzzle. [00:03:16][75.4]

Speaker 3: [00:03:16] So to your point, there we do have clients that that come in, maybe just are just have a Roth IRA, or maybe they’re they don’t have anything yet. They’re just they just got a job. They’re coming in right out of college or whatnot, or we’re out of out of schooling and they’re coming in and they want to know how to save. So what what type of account do we need to set up? How do we save money? How are we putting money? What’s the best way to put money forth towards the future, towards the future, for retirement income or whatnot or income in general? So that might be one piece, but other things they might not be thinking about is do they need life insurance? What are they paying on their property casualty? Do they own a home like so we’ll start. We’ll start thinking about all these things because of the way we look at financial plan. Is it like a big puzzle? So like Eric said earlier, you’re taking those little pieces of the puzzle and you’re starting to put them together as you go through your life. You may find that your pieces of puzzle over here doesn’t really work well with this piece of the puzzle over here. So when you come in to work with us, we’re trying to put all those pieces together. So it so it looks like the complete puzzle. [00:04:20][63.9]

Speaker 1: [00:04:21] So, yeah, and the cool thing is is we’ve been so we’ve been talking about different topics around the money puzzle and what it all looks like. And really what what what we found out is that almost there? Well, every client, there’s really three phases to your financial life, right? There’s the accumulation phase where you’re sort of, you know, piling money into counts and you’re saving and then you have the income phase of life. And that’s when you flip the switch and say, Hey, I’ve been accumulating all my life and now I’m going to flip a switch, and now I want it to pay me from now until then, time and then you have the distribution phase of life, and that’s sort of that at the end. Where does all your money go? And really, that puzzle piece your puzzle, your money puzzle, if you will, changes throughout. Those three, those three topics of your life, right, so when you’re in the accumulation phase of life, you have different puzzle pieces, right? It’s all about taxation and what accounts are putting money to and how we’re allocating those dollars and how that affects us from a tax standpoint today. And then you get into the income phase of life, which we’re going to we’re going to touch base on a little bit more. But then it it flips, right? Because then you’re worried about, well, what forms of income can I, you know, do I need to turn on and how do I need to? Has it all fit within everything else that we’re doing? And then you also have to plan for that third phase, which we’re inevitably all going to go through, which is what happens when we’re going. And it’s not only what happens, we’re going. We’re really old. It’s what happens if we’re gone and we’re really young and we have a young family or, you know, that kind of thing because that that can put a different spin on on the puzzle, right? [00:05:50][88.9]

Speaker 2: [00:05:50] Yeah. And I think just the analogy of the money puzzle makes sense to us from a really from a perspective of what we do because some, you know, peace of mind, it’s great and we are always trying to provide peace of mind to our clients. But I think it came off sometimes like a little bit like a self-help podcast, at least if you’re like looking for or trying to find this and this is going to make us a little bit more recognizable within, you know, Apple Podcasts or Spotify or wherever you go to find it. So it’ll be far more easier to find us as the money puzzle going forward. Like I said, this is also going to give us an opportunity to rebrand within the office. So if anybody’s been into our office with our new offices that we moved into, it’s been over a year now. Jeez. Yeah, I like a lot longer than that. I guess it’s been a long year, [00:06:30][39.9]

Speaker 3: [00:06:31] almost a year for me. [00:06:32][0.9]

Speaker 1: [00:06:32] But yeah, almost. Yeah, just [00:06:33][1.5]

Speaker 2: [00:06:34] about. But but yeah, anybody that’s been into our office or new or new office here in the last year, it looks like four male partners work here. Yeah, we’re looking to change that. We are. So we’re in the process of finally getting some more design in place, and we’re going to kind of implement that, that idea of a money puzzle throughout the office. And it’s going to be really cool. I think it’s gonna be really cool is going to be really I don’t know what contemporary, maybe. Yeah, I think it’s going to look a lot. I think it’s going to look a lot neater than most of your typical financial advisory firms that you would find within the country. [00:07:08][34.2]

Speaker 1: [00:07:08] So yeah, and I will say that the one thing I said when we first moved in here and at least you two guys are going to be shaking your head, the one thing I always said was when you move into an office, the office seemed to tell they need to tell your story of what you do. And we’ve not had that. If you walk in and be like, Oh my God, guys, they’ll do anything because if you look at the wall, there’s literally nothing. There’s nothing up. [00:07:27][18.8]

Speaker 3: [00:07:27] So that or that or you’re so busy, you don’t have time to put things up. [00:07:31][4.2]

Speaker 1: [00:07:32] Well, that’s so it’s a little bit of that to be a little bit. [00:07:34][2.3]

Speaker 2: [00:07:34] But I think it really is. In fairness, it’s more yeah. If for male partners and when it comes to decorating, we’re probably not the greatest. [00:07:42][7.2]

Speaker 1: [00:07:42] No. Yeah, we’re no. We’re not that. No, we’re not that. But it’s going to be really cool. So when and by the way, if you’re not a client, you want to come out and see combat like mid-February. At least that’ll give us plenty of time to to get things up, up, up. Hopefully today. OK, well, yeah. So we should be mid-February or so. But anyway, the walls are finally going to tell our story because we do talk about, you know, how different aspects of your financial life sort of need to fit together. And and what’s pretty cool is this thing that we have coming up. Everybody will see it. At least I hope everybody sees it right. But the cool thing is, when you look at it, we in the beginning there looks to be a piece of puzzle that is was an error was made in error, right? You guys I’m talking about. So in the midst of this puzzle, there was an edge piece and it just it’s not attached, you know, and it looks like somebody is getting ready to fit it into the puzzle. And and so when we first saw it, it was like, Oh, no, that’s a mistake. And we’re like, No, let’s use it, because what we often find is that someone will make a financial decision in their life that they don’t know or don’t realize how it affects something else in their life down the road. And all of a sudden, that piece they’re trying to shove in to make it work doesn’t work right. And so we, I’ll be honest, we get this a lot with with CPAs, right? Great advice from CPAs. But what they happen to do is they will be they are typically historians, right? They always look in the rearview mirror and they say, Oh, you need to do X, right? They’re always telling clients to do X. But in all reality, when you look at X and you look 10 15, it might be great this year, which is all they care about. And you can ask any CPA if they’re honest, that’s what they tell you about. Their goal is to get you to pay the least amount of taxes for that particular calendar year. [00:09:29][107.1]

Speaker 2: [00:09:30] And God bless them for that, by the way. [00:09:31][1.2]

Speaker 1: [00:09:31] Oh, absolutely. Yeah. Well, my my father is one. So, uh, so I get it. But if you look 10, 15, 20, 30 years down the road, that might not always be the best decision. It may be the best decision for that day, but longer term may not be that that, you know, that great of a decision. So again, that’s where all these puzzle pieces need to fit together. And so we often find folks that come in here that, you know, they have the puzzle pieces there, and some of them are put together some of. We’re still sitting over here waiting to be put together, and they’re not really sure how it all fits together, and so they’re coming to us saying, Hey, I’ve got some pieces here that work. I got some pieces over here that I don’t know. I don’t even know how they fit in here. So security, I’m not, you know, I’m 60. I’m going to have to take Social Security yet, but I don’t know how it all fits into the puzzle. And so that’s where we come in and say, All right, well, let’s take your pieces and let’s put them together. And it could be that we’re putting together the accumulation phase of your life right now. And then when you get into the income phase of life, we have to adjust the pieces around a little bit to make them all fit. [00:10:33][61.8]

Speaker 2: [00:10:33] I think I will even add one more thing to that is the the the component of education, because education has always been basically a cornerstone of our philosophy, right? Educated clients make more educated decisions, which generally leads to better results on the front page. For our website, we talk about it all the time, right? So so really, what we want to do is not only, you know, put the puzzle piece together, put the puzzle pieces together. We want to make sure that you understand there’s clarity in the puzzle. You see and understand why and how all of those different pieces fit together. Because sometimes it to your point, we have clients come in and they have all these different things. And maybe, maybe it does fit together, maybe a little bit better than they think. They just don’t understand or they don’t really see the bigger picture and how everything fits together. And we just want to make sure that there’s total clarity on on all ends through all phases of your of your retirement planning process that you really understand what’s going on. Yeah. [00:11:28][54.1]

Speaker 1: [00:11:29] Yeah. So so look at the end of the day, the money puzzle. We are switching to the theme the money puzzle. OK. So you’ll start to see that moving forward, everything’s going to be bringing in the money puzzle, which is kind of cool. We’re pretty excited about it. We’re really excited about this piece that I can’t talk about that will be coming up fully in the next couple of weeks and we can talk about it. But for now, we are changing the name to the money puzzle, which is kind of cool and just know that anything we talk about moving forward is really a money is a piece of the puzzle, right? It’s just a piece of the puzzle that sort of fits in. It may or may not be a piece that fits your particular puzzle, but for the most part, it’s going to. It’s going to impact the majority of people. That’s why we that’s all we talk about these topics. So anyway, let’s do this. Let’s start off for this week and then next week we are talking market corrections because we are third week of January and we’re right in the middle of it. We’re in there. As a matter of fact, I think the market’s off for a thousand or something we were talking about earlier. So anyway, we’re right in the middle of a correction. We’re going to talk about the impacts of a correction, how often they happen, what does it mean? What shouldn’t you do and then what should you do? So we’re going to talk about that next week, so make sure you tune in. But for today, I’ll let Eric sound us off. [00:12:41][72.7]

Speaker 2: [00:12:42] Yeah. Well, thanks for listening and thanks for watching the first episode of the money puzzle. We really appreciate it. If you’re listening to us on podcast, if you can make sure you subscribe, leave a review. We greatly appreciate it. If you’re watching on YouTube, hit that red subscribe button up in the top corner. You know, once again, comment rate us. Leave a review. We would be be forever grateful if you would like to share any of our content that hits home with you, with anybody else that you think might benefit from it, that that would be great as well. [00:13:10][27.7]

Speaker 4: [00:13:14] The information given here and is taken from sources that IFP Advisors LLC Doing Business is independent financial partners, IFP IFP securities, doing business, this IFP and its advisors believed to be reliable, but it is not guaranteed by us as to accuracy or completeness. This is for informational purposes only and in no event should be construed as an offer to sell or solicitation of an offer to buy any securities or products. Please consult your tax and or legal advisor before implementing any tax and or legal related strategies mentioned in this publication, as IFP does not provide tax and or legal advice. Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situation or needs of individual investors. This report may not be reproduced, distributed or published by any person for any purpose without AFP’s express prior written consent. Securities offered through IFP Securities LLC Doing Business as Independent Financial Partners, IFP member of FINRA and SIPC investment advice offered through IFP advisors doing business as IFP, a registered investment advisor. IFP and family wealth planning partners are not affiliated. The information given herein is taken from sources that IFP Advisors LLC doing business as IFP IFP Securities LLC, doing business as IFP and its advisors believe to be reliable, but it is not guaranteed by us as to accuracy or completeness. This is for informational purposes only and in no event should be construed as an offer to sell or solicitation of an offer to buy any securities or products. Please consult your tax and or legal advisor before implementing any tax and or legal related strategies mentioned in this publication, as IFP does not provide tax and or legal advice. Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situation or needs of individual investors. [00:13:14][0.0]