Jude Wilson  00:37

I’m doing well. I’m so excited to be here, because this is one topic that I’m crazy passionate about.

Marc Killian  00:43

Well, let’s dive in, right? So what does it mean to you with that? What with that being said?

Jude Wilson  00:48

Well, let me, let me go back in time a little bit. I’m gonna take you to a time in an age where Jude was really young,

Marc Killian  00:56

okay,

Jude Wilson  00:58

when I first got into the industry, I really wanted to be a financial planner. That’s all I ever wanted to be. And I soon realized, after working for a very large brokerage company, that we weren’t really financial planners. We were really financial sales people. We were selling mutual funds or a stock, and that was the main purpose of our job, but that seems so incomplete to me, and so when I went back to school to study about financial planning, I realized that true financial planning not only includes opportunities, but it also includes protecting yourself, protecting yourself from certain risk, risk that You do see and risks that you don’t see. And the reason I’m passionate about the subject is because when you have a real financial plan, it prepares you for things that you hope never, ever happen in your life, but if they do happen, it changes the directory of your life in a positive way. So that’s kind of why I’m passionate about the subject

Marc Killian  02:03

well, and we tend to think of life insurance as being the main component of that Jude and it certainly can be, but we also it’s conflicting, because we also have kind of grown up with this kind of idea that we need life insurance in our late 20s, early 30s and 40s, when we’ve got the kids and the mortgage and then blah, blah, blah, but for our demographic, and a lot of people that you guys serve, when you get over 50 or over 60, many are torn about, what do I need? Life insurance? What is it doing? And then you add the fact that there’s been this marketing push for a couple of years now that life insurance is an investment tool, not just a protection tool, right? So I think that adds some confusion. So talk, talk a little bit about some of that. Yeah.

Jude Wilson  02:43

I think the way that the average consumer should look at this is that, you know, you you have a possibility for a lot of different occurrences in your life, and some occurrences, some of those occurrences, you hope, like, I said, hope never happened. Like, yeah, a spouse predeceasing You, or getting into a car accident and you become disabled, all these things, the things that we never want to talk about, let’s, let’s face it, random,

Marc Killian  03:09

crazy stuff. You might go to your favorite sporting event and get nailed in the head with a hockey puck and not be able to see for a month, right? I mean, so I

Jude Wilson  03:16

had that happen to a good friend recently. Yeah,

Marc Killian  03:19

exactly so. But to your point, though, you just never know when Murphy’s gonna come along, Murphy and his law and, you know, mess things up a little bit.

Jude Wilson  03:28

Yeah. And so what I see the typical couple goes through is they have their job, or they have their business, and someone talks to them about life insurance, and that being the biggest risk to their life is that a spouse predeceases the other spouse, right? There’s so much more more to that, and usually what happens is they they’ll get a life insurance policy through their job, because it’s offered in the benefit package, but there’s no additional thought through that, or they hear a commercial, and one of my favorite commercials, I will name the company says, I can get you a million dollars of life insurance for, you know, whatever amount of money. And yeah, and they hear that number, and they say, well, million dollars sounds good, but there’s actually some strategy that goes into choosing the right life insurance, the right amount of life insurance, and that’s just one category of all the different risk in fact, if you look at what we’ve developed, we’ve developed our own proprietary financial planning process, GPS guidance planning solutions. And in GPS, there’s five pillars, and one of the most important pillars that I’m passionate about is the risk management. And so we look at all the potential risks that you may face in your life. And we can’t protect people from everything you know who knew covid was going to happen, but we can look at the most common risk, like someone pre deceased. Thing like becoming disabled or or litigious risk your your assets are not titled properly, so that when you get sued, somebody comes after everything that you owe. But if you just change the titling, it could have protected you and given some layer, some barrier, at least so.

Marc Killian  05:19

Or yeah, to that point, yeah, that’s a great point, because often, sometimes too Jude, we see people go the opposite way. They transfer assets out to maybe their kids, and it actually opens them up to being lawsuit like the house, right? We tend to think of, I’m going to transfer the house over to the kids name so that the nursing home can’t come and get it. But then now that kid is they’re liable, right? So they got into an accident, somebody sues, and now they could take your home. So there’s just a lot of things you want to make sure that you have the protection. Again, being the theme this week, that you’re protecting yourself and your loved ones and your

Walter Storholt  05:53

assets.

Jude Wilson  05:53

And I’ll tell you a couple stories that are near and dear to my heart. I had this one couple that I had met 20 years before they retired. It they became a client probably about 15 years prior to retiring. When I first met them, they had about 20 years before. Anyway, very, very successful couple had the husband was a doctor. The wife worked in the practice. He was a former nurse. They were such a giving couple. They worked in the community. They gave back. They had these Christmas parties for kids because the husband was an OBGYN. And even though, through our planning, about 10 years into our planning, I told them, You have reached the point where you can retire. It’s no we love what we do. We want to keep on working. Sure, and every year we in our annual review, I’d say to them, Hey, you know, if you want to trigger this year, you can do it

Marc Killian  06:57

right?

Jude Wilson  06:57

One of the things that I did not fully appreciate in the beginning of our plan was that we had talked about long term care in the event that when they get to a certain age, if they were in the position where they weren’t as independent as they could be, how would they pay for care? And I remember having that conversation with them in the beginning of our planning stage, and one of their adult sons was like, I don’t think they need long term care insurance. They’ve got all these assets, and if you just put it in their money in the s, p, it’ll outperform. Well, fast forward 15 years into the future. They finally retired, and two years into their retirement, the the husband has liver cancer, and then a couple of years after that, the wife started facing dementia. They both moved into an assisted living facility, and the long term care policy paid all but $100 worth of the cost that they were, they were facing,

Marc Killian  08:01

oh, wow,

Jude Wilson  08:02

that was about $9,000 a month that they would have had to come out of pocket. And the the best part of this story, to me was the eldest son that that challenged the planning in the beginning, came up to me and said, after several years of the his mother being in the hospital, said, Jude, I can’t thank you enough. If it wasn’t for you and your planning, Mom and Dad would have spent most of their net worth on their care in retirement.

Marc Killian  08:33

Yeah,

Jude Wilson  08:34

and that Mark, I can’t tell you how much that touched me to my soul, and that’s the value I think really good financial planners bring is they, like I said, we can’t protect you from everything, right? Good planning addresses risk management, and

Marc Killian  08:49

it can certainly help in a lot of those arenas. And there’s so many little places where you can mess things up when you’re thinking about protection, right? So, like, we talked a little bit about life insurance, you know, you could think about beneficiaries how you’re titling things to your point a minute ago. And it’s not just one or two policies. It’s making sure everything is is got the right BDS in the right spots, or even basic documents too. Jude right like so we’re talking about protection, medical, powers of attorney, and the things that are so boring and not very sexy, but really crucial to do. I

Jude Wilson  09:21

love that and and in GPS, when we do the the risk management pillar, we have a analysis that we look at at the client, all the clients, policies, and all of the beneficiaries, and how they’re titled. One of the biggest mistakes I see people make is they have a life insurance policy couple, and they have each of them are their end of are their primary beneficiaries? Yeah, but then the contingent beneficiaries are their children. And if their children are not adults yet, why would you want to leave millions of dollars to kids that are not adults yet? So it’s simple things like that that people don’t. Necessarily have the experience or think through what could happen in the event that this happens. What’s the domino effects?

Marc Killian  10:09

Yeah, and estate planning could fall into that same kind of way in the reverse. Like, I was just making a joke earlier. I was talking with somebody and my mom, you know, she’s kind of forget some things a little bit at 85 but not too bad. And she’s like, Hey, all the estate planning stuff that your dad and I put together, I wonder if that’s still any good. And I was like, Well, you did it 50 years ago, and he’s been dead for 30 so time to review, right? So it can go both ways, right? You can set it and forget it and leave yourself into pickle, or you could not, you know, not make changes as often as you should, or whatever the case is. So lots of little places where you could shore that up for protection. And they’re simple fixes.

Jude Wilson  10:48

Yeah, they’re most of the time. They’re not wholesale changes. They’re simple fixes that that tweak the situation and optimize it, like you said, estate planning documents. I mean, I can’t tell you how beneficial it is for some people to have a trust in place, and I tell them, the trust is basically guard rails from the grave. It’s going to give you, it’s going to make sure that what you would have want to happen while you’re alive happens after you’ve you’ve passed. And so these are topics. They’re not sexy. Nobody’s going to write an article about about them or create a Netflix TV show. But I these are the most important topics, in my opinion, when you’re putting together a holistic plan, the way that we do with our GPS, that are looking at the things that are risk areas that you do see, and some risk areas that you that you just have a blind spot to,

Marc Killian  11:44

yeah, you know. And if all this stuff sounds like Greek to you, and you’re kind of, you’re kind of been tuning in, and you’ve been checking out our podcast and stuff, and you’re like, I know I need to deal with this stuff, but you know, well, think about it this way, when life gets hard or things get thrown at you, you don’t reach for a spreadsheet, right? Typically, you reach for a person to try to help you, and so that’s where to get having an advisor, having a team behind you, really leans on, you know, really kind of, I think there’s, there’s so many places in life, Jude where we’ve, we’ve eliminated the inter, the human interaction, right? You know, we may all, you know, some point, you know, restaurants may all be robots, and all these various different things that we’re moving our way towards. But I think there’s still some categories where people just go. I want to talk with another human that I can trust, who can look me in the eye and let me know that we’re on the right path. And certainly, I think financial is still in that arena. You know, robos advisors can only do so much 100%

Jude Wilson  12:37

because we’re very proud of the work that we do building holistic plans, but the true value of that work is to give people the clarity and confidence that they can live their life and regardless of what happens, they have options. And options give you power, and that is really what we want. We want at the end of our day that the clients are living a centered life, and a centered life has congruency. It has options, and it makes you feel that you can live your best life, particularly in retirement.

Marc Killian  13:12

That’s great point, you know. And and sometimes in the partnership, there’s one person who’s really good at this stuff and one that’s not, you know, but having that financial team behind you, the whole team, right? A CPA, a financial advisor, maybe an elder law or an estate planning attorney, right? Then that person who gets left behind, they can go, Look, this is where I turn to deal with the crap that I didn’t want to have to deal with or that I didn’t like doing. That’s just another added benefit. That’s another piece of that protection level that we’re talking about this week here on the show. So as always, if you got some questions and need some help, that’s going to do it for this week. We’re going to wrap up here on the podcast. But look again, it’s not the, you know, the the flashiest of topics, but it’s certainly a core pillar, Jude, to your point of the five pillars of of getting good, sound financial advice and strategies in place. So reach out to Jude and the team. We’ll have links in the show descriptions down below here on YouTube, Spotify, Apple, whatever podcasting app you like using, hit the thumbs up notification bell, all that good stuff, so you catch new episodes when they come out, but definitely reach out the Juden team if you’ve got some questions, as I’m sure that you probably do, my friend, thanks for breaking it down, bro. As always, appreciate you.

Jude Wilson  14:18

I enjoyed our time together, and hopefully the the audience got some some good information today.

Marc Killian  14:22

And if you didn’t, and you need more again, reach out to these guys. They do this all day long every day. So click on one of the links below. We’ll have all that information there for you. You can find them online at centrus, fs.com Again, the links are in the descriptions, and we’ll see you next time here on the Roth guy,

Walter Storholt  14:41

financial planning and advisory services are offered through prosperity Capital Advisors, PCA, an SEC registered investment advisor with its principal place of business in the state of Ohio, centrist financial strategies and PCA are separate non affiliated entities. PCA does not provide tax or legal advice. Insurance and tax services offered through centrist financial strategies are not affiliated with PCA. Information received from this podcast should not be viewed as individual investment advice. Product discussions and illustrations are hypothetical in nature and will vary based on many factors, including, but not limited to age, health product insurance carrier and product design you should consult the insurance carrier website and policy for detailed information, for information pertaining to the registration status of PCA, please contact the firm or refer to the Investment Advisor public disclosure website, www.advisorinfo.sec.gov, for additional information about PCA, including fees and services send for our disclosure statement as set forth on form, ADV from PCA, using the contact information herein, please read the disclosure statement carefully before you invest or send money you.