If you missed our show “The Money Puzzle” Saturdays on abc. Brian Ramsey and Chris Vaughn share a little about themselves and what brought them to get into the business. They also go into a little bit about what we do and how the process starts. Our advisors take a personal interest in their clients and are passionate about finances. As always phone lines are open during and after the show. If you’d like to speak with one of our advisors or need more information regarding any of the topics discussed on our show, please give us a call!
Speaker 1 [00:00:21] Hello and welcome to the Money Puzzle. My name is Randy Major. And joining me today are Chris Vaughan and Brian Ramsey from Family Wealth Planning Partners. Welcome, gentlemen. Thank you.
Speaker 2 [00:00:32] Thank you.
Speaker 1 [00:00:32] How are you today, Brian?
Speaker 3 [00:00:33] I’m doing really well.
Speaker 1 [00:00:34] I’m with you.
Speaker 2 [00:00:35] I’m doing great as well.
Speaker 1 [00:00:36] Thank you. Good to see you. I’m so glad to be here with you today. We’ve got a great show planned for the viewers at home. First, I want to get to know the both of you. And I think it’s important for the viewers to understand who you are, why you got into this business, what you love about it. Brian, I’ll start with you.
Speaker 3 [00:00:53] Yes. So I’ve been been in the business for 23, so almost, almost 20 years. And I really got in the business because of a specific instance that happened. And I’ll share that real quick. But so in 2000 and this is very typical we see of clients come in, but in 2000 my mother retired from a career she’d had for years and she was, you know, one of those those folks that had a pension. Right. And so when she retired, she was worried that advisor and advisor said, you know, gave her advice to take instead of taking the pension to roll the pension out into to an IRA. So basically take a lump sum. And my mother was telling me this story. Well, this was in 2000 and 2001. So you know what happened? The market, right. The market kind of fell apart. And they had 100% of her assets were in one particular widget. We like we call them widgets. Okay. Because don’t get too specific. But it was in one particular widget where you don’t have in the market in 2002 in the market start to recover her portfolio. It never really recovered like most so it always just kind of stuck with me. And then in 2003, I had an opportunity to to get in the business. I thought, you know, one of my missions is to never let that happen to anybody else. So that’s really what got me in, in the.
Speaker 1 [00:02:08] Business gave me a really different perspective on.
Speaker 3 [00:02:11] When you see it happen to your family. Of course.
Speaker 1 [00:02:12] Of course. And of course.
Speaker 2 [00:02:14] Actually, my story is very similar to that. 2829 of course, we had the big downturn in the market. My parents were counseled to sell out of all the positions that were now too low, and they purchased a bunch of not very good insurance based products and they never really recovered from that. And it they also the particular firm that they went with did a lot of tax work, things like that with them, and it did not go over well. And it kind of drove me into I wanted to give people good counsel and actually send them in the right direction.
Speaker 1 [00:02:50] Right. I love that. So it’s a very personal place for you to really help folks retire with a peace of mind and not be stressed out about it. Right.
Speaker 3 [00:02:59] That’s very true.
Speaker 1 [00:03:01] So let’s talk about your firm’s approach on retirement.
Speaker 3 [00:03:04] Yes, we started when we started the firm in 2017, we we all come from different backgrounds, which is kind of cool. We all work for different firms. It’s all different experiences working for those firms. And we kind of got together and said, All right, what are what are some of things that we want in a firm? And then what is sort of the building blocks that we want for that particular firm? So one of the things that we we sat down and said, number one, we wanted to be independent. We did not want to be affiliated with a large firm, but we wanted to kind of customize it ourselves. Really wanted to have that independence to be able to say, all right, we’re giving the client the best advice we can, not based off something that somebody is telling us to to sell. Right. So that was number one. Number two, we came together and said we really want to build a coalition of advisors that have different backgrounds, different interests. You know, different expertize like Chris, for example, has a background in long term care. And so when wherever we have a client that has long term career questions, Chris comes in the picture. And so so we all have our different area of expertize. So that’s really our goal is building a coalition of advisors have different backgrounds. And even when we look to hire another advisor on, we want to make sure that they bring something to the table that we don’t necessarily offer. So that’s sort of our approach and we’re adding over 90 folks. But when we originally sat down and said, okay, what are the sort of building blocks that we want for our firm? We really came up with two. And so these are kind of the two things that we’ve experienced over the, you know, Mikey’s 20 years and Chris has been in business seven, eight, ten years. What are some of the things we’re missing? And I’d say one of the biggest things that we see across the board is a lack of education in our business. It is it is so prevalent. I mean, everybody that walks in our door, that’s the common theme, right, is just the lack of education. So we really started the firm on two fundamental principles education and information. So education wise, we we know not every client’s going to understand 100% of what we do. Right. We understand that. But what we want to do is give them enough information so they can make a good financial decision. Because one of our models, now that we have a formal motto, what we kind of do we sort of do anyway is we believe the more education, more educated a person is about all financial aspects of their life. The likelihood is they’re going to make better financial decisions and better financial decisions lead to better results. So that’s sort of our motto, if you will. But on the information side, we we really approach every client about what we say to them as, hey, look, when you when you when you come in, our number one goal is to provide you the information you need in order to make a proper financial decision. Because every financial decision has two aspects to it. There’s the information side, which is the data side. That’s the number of things. And then there’s the emotional side, which we really can’t help with. But but our role is really to provide the client with the data side is what is that not where the numbers tell you you should do not only today, but ten years, 20 years down the road. I’ll give you a quick example. So we get this a lot. Guy comes in, says, hey, I’ve got $200,000. I want to pay off my mortgage. Should I do that? And that’s really a great question for us. They come in, they said, hey, before I do this, I want to come to you and ask your opinion. So we’re going to give them the number side of what that decision looks like. And then they can look at the emotional side and see if that’s the right decision. So on the data side, we’re going to show almost in every case the data said, the data side of it says that really, if your money can be, it can make more money or be more effective for you in the market. That’s really what it should do as opposed to paying off debt. That right now is what, three and a half percent or so and your money can make five plus or so in the market. Then that’s just arbitrage. And so your money really should be in the market. Well, that’s what the data is going to tell you to tell you to do. But same time, there’s the emotional side of it. And that’s something we can help with. Sometimes that emotional side will outweigh the data side. So literally, our role is to make sure that clients have the information they need in order to make an educated decision.
Speaker 1 [00:07:09] Well, I think you’ve just proven the point of why you chose the name The Money Puzzle, because retirement now is one giant puzzle website. What are different pieces that have to be just right to fall into place for someone to feel comfortable to take that next step? Right. Wouldn’t you agree?
Speaker 2 [00:07:25] Absolutely. I mean, where we came up with the name, the money puzzle, you know, we’ve used this analogy many, many times for a long period of time in that a financial plan really is a big jigsaw puzzle. The problem is when you go to the store and you buy a jigsaw puzzle, you’ve got a picture of what the final results are going to look like. You know exactly what you’re heading to. You also know that the 500 or 2000 pieces or whatever in there, you have all of them. But with a financial plan, it doesn’t work that way. You have a maybe a vague idea of what that final picture is going to look like. But a lot of it’s blurry and a lot of it people just don’t know what they what they want there. You also you don’t even know how many pieces you’re supposed to have, much less if you have them. All right. So what we do is, as financial planners is kind of help develop what that final picture is going to look like. And also, okay, what pieces do we have? What pieces do we need to get to? We need to find or create in order to put that whole puzzle together. So that analogy is something as part of the education piece that Brian was talking about. People understand that, right? They can relate to that. And that’s really where the name came from.
Speaker 1 [00:08:36] Yeah, well, I love that. And I think it makes sense and I hope it makes sense to the viewers at home. And today we have a very special offer. If you are about to enter the years of retirement, maybe you need to get the ball rolling. Chris and Brian have a very special offer for you to take advantage and come and see them. Chris, you want to tell them about that?
Speaker 2 [00:08:55] Absolutely. For the first ten callers that call the number 8449005210. We’ll do a complimentary financial plan for you, a very simple kind of find out what track you’re on and if you’re headed in the right direction.
Speaker 1 [00:09:12] While folks at home. We do have to take a very short commercial break, but the number is on your screen and we encourage you to go ahead and give us a call and take advantage of this complimentary written plan that you’re being offered today. Call us with your questions. And we’re going to go to a quick break and be back with a lot more. 844 952 ten is the number. We’ll be right back.
Speaker 4 [00:09:35] How confident are you in your current financial plan? Do you know with certainty how the recent market volatility will affect your future hopes and dreams? How much are you paying in taxes and how much are you losing to unnecessary high fees? You didn’t work to save this money so that you could spend your time worried in retirement. Now is the time to take charge of your finances so you can feel confident about your future. Call in during the next 30 minutes of today’s show, only to set up an absolutely complimentary, no obligation, full blown financial review that will result in your own customized written plan. This is a $999 value that we’re giving away, complimentary to the first ten people who respond. We’ll start with a full blown analysis of what you already have by running a report to untangle how much you are currently paying in fees, how you’re allocated for risk, and what it’s costing to work with your current advisor. Next will identify your goals. Where do you see yourself in the next five years? Where do you want to go? And who do you hope to go there with? Is your current financial plan set up to get you there without mishap? Let’s design a roadmap to create a financial plan you can follow with confidence. Get the peace that so many people are missing from their retirement. Find out how having a written plan can make a difference to your retirement dreams. Call now to schedule your complimentary, no obligation, full blown Financial Review today.
Speaker 1 [00:11:09] Welcome back to The Money Puzzle. I’m your host, Randy Major. Joining me today from Family Wealth Planning Partners are Chris Vaughan and Brian Ramsey. Welcome back. Now I want to know a little bit more about your team at the office. Tell us about the rest of your crew.
Speaker 2 [00:11:24] Well, we’ve got there’s multiple people involved because it’s a team approach as far as the advisors go. We also have Eric Douglas and Aaron McAndrew. We have other people that are in the office. Part of a financial plan is the comprehensive aspect. You have to look into insurance, for example. So we have a person in our office that also does property and casualty. So your homeowners, your auto umbrella, insurance, things of that nature. We also we work in as part of the plan. You’ve got to deal with the estate plan. So we actually have a retired judge who is an estate planning attorney who is right there in our office to be able to help people out.
Speaker 1 [00:12:06] It’s really a one stop shop, a well-rounded place to come in and get every.
Speaker 2 [00:12:11] That’s that’s the goal. Exactly.
Speaker 3 [00:12:13] Yeah, for.
Speaker 1 [00:12:14] Sure. Yeah. And Brian, tell me, what is your approach to building a stress free retirement plan for your clients?
Speaker 3 [00:12:20] Go live in the Bahamas now or wherever you are. It sounds great. No. So we have two specific process. We want clients. There’s one that’s the onboarding process. And then we have sort of the ongoing process. So in that onboarding process, we really want to set the foundation of what their relationship looks like. So a very specific process we walk through, but a client’s going to experience, you know, also introducing or getting to know us and we get to know them, understand what their financial goals are, what their what they’re trying to accomplish may be questions they have about a specific financial related issue. But after that, we get into the financial plan. So we’re going to do a full blown financial plan for the client. And really what we’re doing is setting a foundation that gives them the ability. This kind of goes back to the first time we were telling that information, but it’s going to lay the foundation so that clients can have the ability to make a good financial decision. So that’s sort of step number one. We also go through the estate work that usually takes, what, three or four meetings or so, something like that, and it’s about three or four months and in process. And then once we get past that and we get them into a normal meeting routine and we do things a little bit differently in our group, we actually have one or two meeting or two or three meetings depending on the client preference. But each of those meetings has a very specific subject matter. Mm hmm. Beginning of the year, we talk more about it’s like more administrative type meeting where we go through their financial plan every year. We update it. We do lots of beneficiary designation reviews. That’s one of the things that we none of us have ever seen, any of the companies we ever work with it. We do it. We literally review every single year. And that once we have a client say, Well, why do you ask me that every year? Most of the time you’re saying, I appreciate you going. I appreciate you going through that every year or so. But that’s it’s really an administrative type meeting in the middle of the year. We really get focused on portfolio construction, risk assessment, our risk profile, asset allocation, even if they’re, you know, they have money in a 401. K will help advise on that as well. So so that’s really sort of portfolio focused. And then the end of the year, we really do sort of in a year planning more tax planning, anything else. Okay. That’s something Chris is going to talk about in a few minutes. We we do work a lot with outside advisors for clients. And so that’s important that we do at the end of the year because as you know, CPAs are a little busy around the first part of the year and even the middle of the year because they have extensions and all that. So we sort of focus that meeting at the end of the year to meet with tax preparers at the end of the year to say, hey, what is it that this guy that this guy can be doing to better suit them for this year of that tax year or the following year? So that’s always we that’s our third meeting of the year.
Speaker 1 [00:15:01] Great. Thank you. Okay. So what does the very first meeting look like if someone calls today and they’re going to come in and see you? What should they be prepared with? And how about how long does that first meeting take?
Speaker 2 [00:15:12] Well, typical meeting is anywhere from 60 to 90 minutes, but really that first meeting is more of a get to know you. People don’t want to go do business with somebody that they don’t know, especially because the the financial planning relationship is very personal. So you really need to get to know those people. So obviously people come with lots of questions, concerns why they should be doing. That’s why they should not be doing this, whatever. But it’s a really it’s a get to know you on a very personal level. And then people can decide whether this is going to be a good relationship for them. And that’s what that first meeting looks like.
Speaker 1 [00:15:48] Right. So it’s really no pressure at all.
Speaker 3 [00:15:50] Absolutely no. And close can bring in whatever they want so they don’t have to bring anything in. That’s totally fine. We have some folks that come in for the first time and they’ll bring us a stack of stuff, that’s all. And, you know, we have to get through it. But but typically it’s more so just to kind of get to know you. It’s I mean, there’s no way we could. We have clients who come in and say, here’s my four, okay? And there’s no way we could just give you advice on that. We don’t know any we know nothing about you. Yeah, course. It’s sort of the analogy we talk about a lot. You know, if you have a back issue, right, and you go to the doctor, the doctor walks in and says, you say, oh, doc had my back certain. And he says, Oh, here, here’s a prescription. You be like, Wait a minute, you didn’t you don’t even know what’s wrong with me or what’s causing it. But you’re giving me a prescription, a prescription already. But if you went into the doctor and you said, hey, I’ve got a back issue, and he says, okay, well, great, he or she sorry. And says, Hey, sorry, just trying to become evasive. But he says, Hey, let’s make sure that we run a CAT scan, let’s run some x rays or do bloodwork and all that. And then they come back and say, Based on our findings, we’ll give you a recommendation. It’s no different. Our business. We have to understand your full financial picture in order to be able to give you proper advice.
Speaker 1 [00:16:57] And when it comes to money and what you’ve built your whole life, it’s just such a personal thing. And it can be really intimidating to some folks to hand over that information, right? I mean, if someone at home is hesitant right now and they really feel like they should be working with a planner, but just they’re a little scared. What would you say to them?
Speaker 3 [00:17:19] Well, I would say that when you’re a little kid and I’ve got two kids, right. So I spent the first six or seven years of life saying don’t talk to strangers. And then when they get older and they don’t talk to you about your money. Right. But yet we’re in a business where we talk to strangers about our money all the time. But really, it’s so once you get to know what you have a good feeling that you want to work with somebody. It seems pretty easy for folks to say, Hey, here’s my financial life in a nutshell. And sometimes it’s sometimes not pretty, right? I mean, let’s be honest, you know, we’re not necessarily saving folks don’t save as much as they possibly should. So sometimes they come in, they’re a little bit nervous about, you know, saying, hey, this is really all I have. But it’s very easily workable to say, okay, that’s fine, but you’ve got the rest of your life to say working life to save. Let’s put a plan in place so that you can do make the most of what you have.
Speaker 1 [00:18:08] But you aren’t there to judge. You’re just there because you’re you’re there to give someone a plan and help them reach that retirement years with peace of mind.
Speaker 2 [00:18:17] Exactly.
Speaker 1 [00:18:18] And make it stress free.
Speaker 2 [00:18:19] Exactly.
Speaker 1 [00:18:19] So this is great.
Speaker 2 [00:18:20] There’s actually there’s so many people that before they go see a good financial planner, they feel like they have to get their house in order. Mm. That’s the whole point of, of, of going through this is, is getting that house in order. It’s kind of like cleaning the house before you have a cleaning service come in. Idea that doesn’t make a lot of sense.
Speaker 1 [00:18:38] Yeah.
Speaker 2 [00:18:39] But, but unfortunately a lot of people feel like they have to get that done before they come see us. Come see us first.
Speaker 1 [00:18:46] Well, guys, we have to take another quick commercial break. But before we do that, let’s remind the viewer of the special you offer we have for them today. Brian Yeah.
Speaker 3 [00:18:54] Just a financial plan. It’s, it’s, it’s very easily you can bring in the information. You know, you come in, we, we run it through. We have a software, we run it through, we give you some results. But also just keep in mind that when you come in, again, no judging. We were saying that a few minutes ago, but there’s a lot more detail that goes into it should you want to move forward. So, you know, this is sort of a high level type plan. We can get in the weeds if you want to move forward.
Speaker 1 [00:19:20] Well, we’re going to go to a quick commercial break. But, folks, the numbers on your screen, give yourself peace of mind today. Chris and Brian want to help you. Retire with ease. Retire with peace of mind. Call the number 844 952 ten. And we are going to be back with more status.
Speaker 5 [00:19:37] As a good saver, you’ve been putting away money during your working years. Studies find that the biggest fear of retirees is running out of money. Market volatility isn’t just a downward movement of stock prices. It’s the size and frequency of change. The more dramatic the ups and downs, the higher the volatility. This can put savers who are newly retired or a few years away from being retired at greater risk. Today’s generation of retirees is not receiving traditional pensions, as our parents or grandparents did. Instead, we have retirement accounts such as 401 K’s or four or three B’s. These accounts typically expose your money to market risk. The last thing you want right before retirement is to lose a portion of the money you need for income. But how do you turn these accounts into a retirement income? Is it safe to keep all your retirement money sitting in the stock market? The last thing you want is to lose a portion of the money you need for income due to market loss. By working with a financial professional, you can learn how to turn a portion of your savings into an income stream for life and income for the life of your spouse. If you’re married, we all have moments in our lives when we wish we had taken action sooner. Don’t let procrastination rain on your retirement parade. Act now before it’s too late. Please call our office to set up your no cost, no obligation retirement income review today.
Speaker 1 [00:21:03] Welcome back to the Money Puzzle. My name is Randy Major and I am chatting today with Chris Vaughan and Brian Ramsey of Family Wealth Planning Partners. Talking a lot about getting to know your team, your approach, having a great show and the phone lines are blowing up. So we’re so happy. People are hungry for information. You don’t know what you don’t know, right? That’s why, folks, if you’re, you know, coming close to that retirement age and you’re almost there, you really should come in and see you guys. Right. Take advantage of this offer to.
Speaker 2 [00:21:32] Absolutely.
Speaker 3 [00:21:33] Yeah. I’d say don’t wait till right before you retire. Yeah, right. Because we have clients that are in their forties and we, you know, it’s we use this analogy a lot. You know, there’s the whole seed versus the harvest thing and lots of analogies you can use. But it’s easier to play plan when there’s a easy to plan when there’s a seed versus planning when there’s a harvest, because there’s a lot more a lot less pieces to manage.
Speaker 1 [00:21:53] So how do you decide when the best time for a client to retire is?
Speaker 2 [00:21:59] Well, it’s really depends on the client. You know, what is it that you want to do? That’s what we start. What do you want? Not what can you do? That’s. That’s the wrong approach. What do you want to do? And then through the process of going through a financial plan, that’s how you figure out what you actually can do, where the risks are going to be. What things can you do to help avoid those risks? So as far as when can you retire? It’s when do you want to.
Speaker 1 [00:22:25] So it starts with the goal.
Speaker 2 [00:22:26] Absolutely. And it goes back to getting to know that client on a personal level, you understand what’s driving them.
Speaker 3 [00:22:32] Mm hmm. You know, add one thing to that. You know, everybody has an ideal retirement age, or most folks do. Our our role, really, is to show them either that they can or can’t do that. If they for some reason can’t. There are all these variables that they can adjust between today and the time they can retire to get them to that point. Sometimes we have to have the tough conversations. That age is just not going to work. You know, you may have to work another year or two years or you may have to take Social Security a little earlier or you may have to delay Social Security or you may have to take your pension early, or you may have to turn this lifetime income benefit on earlier or later. So there’s all these two variables. But that’s really our role is to make that fit. So if a client says, Hey, I want to retire at 65, then we’re going to develop a plan to get them to 65.
Speaker 1 [00:23:17] Mm hmm. And right now, gosh, there’s so much going on in the world. Are you seeing that your clients are coming in and saying, should we rethink things? Should we replan things? I mean, what are your concerns of your clients today?
Speaker 2 [00:23:31] Actually, the biggest concern that our clients have today is are we still on track? So that that’s where you go back to the financial plan itself, that that really is the driver to all of the questions. Okay. So certain things have happened. What adjustments do we need to make? We haven’t had a lot of clients that are overly concerned because they understand how that plan works and that review cycle that Brian was talking about. We’re constantly going over these things and making sure that everything is in the right order. What we don’t want and our clients understand this we don’t want people to retire and spend their retirement years worried about retirement. We want them to actually enjoy it, of course. So as long as you stick to that plan and modify it as needed, you really don’t run into that many problems like that.
Speaker 1 [00:24:19] Now, speaking of modification, do you see a lot of people that come in for a second opinion where you uncover things that maybe fees they didn’t even know they were paying?
Speaker 2 [00:24:29] Absolutely.
Speaker 3 [00:24:30] Oh, yeah. Oh, we. Oh, yeah, sure. I mean, we see that all the time. I will tell you there that a lot of clients, when they come to me as well, prospective clients and they’re really looking for a second opinion, will go down the road that some of them have. They’re like, well, we’ve never been even told that. We’ve never even heard that before. And so it’s what we found often is that in our business we get and I say we meaning advisors, we get so focused on portfolio and assets in return that we kind of forget about everything else. So it’s the peripherals that really are what clients are most interested in. You know, yes, portfolio performance is one thing, but you’re making sure that their assets are tied up properly, making sure their estate documents are in order, making sure that they have proper life insurance. So if they have their spouse passes away or become disabled, that their family’s not going to be know a financial difficulties. That’s really what clients want. What we find is what clients want to know. It’s not dwell on the right widget. We really hardly ever see that piece of it. It’s more so the other questions.
Speaker 1 [00:25:30] And I don’t know about you, but when I get a, you know, a diagnosis from the dentist or the doctor, I want to get a second opinion before I move forward with anything. So I think it’s really important to, you know, kind of come in and see and get that second opinion. Absolutely.
Speaker 3 [00:25:46] Yeah. Look, if anybody wants second opinion, me means come and see us. Yeah, we’re we’re always open all the time. Yeah, we did that.
Speaker 1 [00:25:53] So let’s talk some do’s and don’ts real quick of retirement planning. Chris, do you have a number one do and a number one don’t?
Speaker 2 [00:26:00] Well, the first one and we talked about it earlier, the number one don’t is don’t try to figure it all out on your own and then engage somebody. That’s that’s what a financial planner does, is help put that together for you. The big do is do it now. Don’t wait until you know. Brian said we’ve got clients in their forties. Don’t wait until you’re 60. Do it now. Go ahead and get that going. Because then the peace of mind is there. Right. Because you know what it is that you need to do to get to those goals.
Speaker 1 [00:26:30] Don’t procrastinate. Brian Yeah.
Speaker 3 [00:26:32] Well, I would agree with his do for sure. And then the downside, I would say don’t make a financial a major financial decision only with one piece of information. We see this all the time that clients make decisions based on their emotional reaction to it and what they don’t consider are the long term ramifications financially for that particular decision. And that’s why we built our firm based on that financial that foundation of just providing information. So it’s just like taking Social Security early, as a quick example. You know, if you just we see this all the time. And as a matter of fact, Chris, I had one a couple of years ago where we actually had somebody reverse their Social Security benefits because it wasn’t the right decision at the time. But he was told to go do it. And so he just went and did it. And we turned around and we reversed it. But that’s one of the things that you’ve got to look at the numbers out of it, and then you can decide emotionally if that is the decision that you want. But you got to make sure you get the information before you make a major financial.
Speaker 1 [00:27:27] Absolutely. It’s a huge decision. Important to know all the different avenues and all the different puzzle pieces.
Speaker 3 [00:27:33] Well, because all because if you had one puzzle piece and you make a decision, it doesn’t fit. It messes up your entire puzzle. So you’ve got to make sure each puzzle piece fits in. Just like Social Security. I mean, it’s the it’s the number one puzzle piece.
Speaker 1 [00:27:46] Well, our show has come to an end. Thank you, gentlemen, so much for joining me. And to the viewers at home. Call the number your screen, 844 952 ten and have a beautiful day.