Jude Wilson  00:27

I’m doing excellent. Man, I’m so happy to be here. Too

Marc Killian  00:30

Good, good to chat with you as always. And some people meet with their advisor more than once a year, depending on the phase that they’re in and how they’re feeling and stuff. But we’re going to talk honestly a little bit this week about what that meeting looks like and what it doesn’t look like. And, you know, just, just to be contrarian, Jude, let’s, let’s talk about a bad review first. Like, what does a bad review kind of look like in your eyes?

Jude Wilson  00:53

Yeah, this is such an interesting topic to me, because most of the people that we see are within 10 years or less, preparing for retirement, and those people are doing very well for themselves, income wise, and most of them already have an advisor. So when they’re seeing us for the first time and we’re telling them about our process, and I’m hearing feedback from what they’re getting from their current advisor, I internally, I shake my head and wow, really? Because what we’ve seen is people, generally, when they do their annual review, are just talking about one topic. It’s either an insurance review or it’s an investment review. Well, those are products. Those are not necessarily a financial plan, and particularly as you get near to retirement, and definitely when you’re in retirement, there’s so much more to be discussed that makes up a holistic financial plan that looks at your entire picture. So I’m, in a way, I’m I’m disappointed for them, but then I’m happy, because when people get to see our firm, they notice there’s a noticeable difference.

Marc Killian  02:09

Yeah, and I’m not trying to bash any other other folks out there, but you know, if you’ve gone to a meeting, if you’ve had an advisor, and you’ve left kind of feeling like, what Jude’s talking about, like, well, there’s a lot of stuff we didn’t really cover a, they just may be the wrong type of advisor for you, right? Or B, then maybe it’s time to look for something different. So let’s talk about what a good one should look like, and what you guys do at your firm. Because to your point, it’s not just the portfolio.

Jude Wilson  02:37

Yeah, I always say to clients, a portfolio is not a plan. Portfolio is a set of numbers. Yeah, it tell tells you how rich you are at the moment. But the way a good review should look like is that regardless of what financial advisor that they’re using, you’re using, they should have a process. For instance, with our process GPS, there’s five pillars that we talk to clients about, taxes, investments, estate planning, retirement planning and risk management. And so let me give you a little deeper of an example. So when we’re doing our review, depending on where the client is in their journey, either pre retirees or retirement. We’re asking them several questions. Let’s take someone that’s in retirement, how is your income? Because that’s the driver of are you able to live the lifestyle that you’re accustomed to? But that income is affected by taxation also, because it’s not the gross, it’s the net, it’s what you put in your pocket. And that also leads us to talking about, well, has there been any changes in your life that we need to know about that would affect your estate plan? And then that leads us to talking about risk management. You want to be in a place where the risk that you don’t see and the risk that you do see is also being discussed. So when we’re talking to clients, we’re trying to make them as bulletproof as possible. We have a saying in the office that you want to control everything but own nothing on paper. And these are topics that

Marc Killian  04:20

okay?

Jude Wilson  04:20

Find that most advisors are not talking about because when you look at it, any one of these five pillars, if tipped over, could make a drastic change in your retirement, your current retirement, or getting to retirement,

Marc Killian  04:36

yeah, I mean your support structure, right? Kind of you’re talking about pillars as a building tool. You know, your building might have some some parts that are sagging, they’re gonna fall down, right? Great

Jude Wilson  04:48

analogy. That’s why you get paid the big bucks,

Marc Killian  04:52

you know. So like you’re thinking about stuff, like people panic about budgets. Jude, right, they panic about the budget. You know, so like spending, spending plan, excuse me, versus like spending reality, for example, that’s a piece that, when you’re going in and I think doing your annual reviews, I think that’s kind of that reality check, like, here’s what the plan has kind of said, what are we let’s take a look. What are we doing, right? Because we all know it’s a nickel and dime world. It’s very easy to get out of control, right?

Jude Wilson  05:20

Because the plan, in and of itself, is something that should be a living, breathing document. It shouldn’t be. We set it and forget it, and then we never look at it.

Marc Killian  05:30

Yeah, your life’s gonna change. It’s got to change, right? Yeah.

Jude Wilson  05:32

For instance, when we talk about income with clients, the one of the first questions we ask in a review is, how’s your income? Tell me how you’re feeling. Are Do you are you putting more money in the bank at the end of the month, or are you finding that you need to tap into additional resources? And that question is important, because if you look at the trajectory of most retirees, they’ve been saving all their life. They’ve been, you know, making sure that a certain amount of money is going into those savings accounts and those retirement accounts, but then when they reach the top of the mountain financial freedom and retirement, so oftentimes, they can’t find the switch to say to themselves, I’m going to spend more. I’m going to spend. And we help give people the permission to spend and say, You know what, if you spend this amount, you’re not going to run out of money. You can continue your lifestyle, or you could upgrade your lifestyle, but we’re going to make sure that you have that income for life. And those are fun conversations to have.

Marc Killian  06:32

Oh, absolutely. I mean, it is one of many, right? Does the plan still support my life? Does my has my life changed in enough ways that we need to make some differences withdrawal strategy, right? I mean, year to year, markets are going to be different. Are we making adjustments there? These are the kinds of things that you should be going through.

Jude Wilson  06:48

100% should I be like in that we’re taping right now in the beginning of April, and the market has been fairly Rocky.

Marc Killian  06:59

Oh, yeah.

Jude Wilson  06:59

Would it be appropriate to do Roth conversions, even though it wasn’t, maybe part of their original plan. But looking at the environment that we’re in, this may be the perfect time to do Roth conversions. So again,

Marc Killian  07:11

because your investments down, right? I guess we should explain that for folks who aren’t familiar with if your 401 is down, because the market’s been down a little bit and been rocky, and you got to pay the taxes on anyway, and we’re historically low tax rates doing a conversion now might make sense, is what you’re alluding to. Yeah,

Jude Wilson  07:28

that’s 100% correct. But if you’re on a just a static meeting schedule where you’re only talking about investments, you may be missing out on huge opportunities like this Roth conversion at this period of time and taking advantage of that. So when the market does back, bounce back up, all the growth has happened in your Roth and now you’ve got this filter of potential tax free money that otherwise, had you not had, the conversation may not have grown to where it could be,

Marc Killian  08:02

right, right, right. So, I mean, they should be customized and personalized, obviously, to the individual. I mean, there’s still these universal things that affect us all that we certainly talk about. What do you feel Jude makes your annual meetings effective, and hopefully, you know, special for your clients. What do you feel like you’ve gotten feedback on or that you’re just proud of, or whatever.

Jude Wilson  08:22

Yeah, 100% because we do an annual survey of clients to get some feedback and try to understand where we’re doing well and where we can do better. And the feedback that we’ve gotten from clients is that the annual view is an opportunity for them to get confidence and clarity. Yes, we’ve built the financial plan, but where are you today? What has changed in your life? What do we need to adapt to? What has changed outside of your life that you have no control, like legislative changes and to make sure, like, like the GPS in your car, that we’re still on target, to making sure that you have the best retirement years of your life. That’s one of the reasons why we named a GPS. We want to make sure you have guidance, planning and real solutions to make sure that you’re on course.

Marc Killian  09:13

And I think, a takeaway for people you know, if you’re not working with an advisor yet, if you’re watching various videos or podcasts or things you know, learning about the questions you want to ask or answer you’re thinking about getting on Jude’s calendar or someone near you, or whatever. Remember that the annual review is not just a formality, right? And maybe don’t view it that way. Once you get going, right, Jude, it’s a chance for a real conversation about what’s important, what’s changed, because, again, like we said earlier, life is gonna life and stuff’s gonna happen, right? So, you know, grand babies are gonna be born, and you’re gonna want to make changes to this or that, or, you know, whatever. So come ready to talk

Jude Wilson  09:51

Absolutely. Those are the most fun and successful reviews where it’s an interaction, it’s. Not, you know the financial advisor from on high telling you you got 12% return this year, right? It’s, it’s a conversation about what’s important to you at this moment in your life. Are we still on the right path, and do we need to make adjustments here and there?

Marc Killian  10:17

Yeah. And then you’re diving into the Social Security conversation. Then the changes, and the taxation changes and legacy and all the little minutia that makes it all go, right? But having that real chat about your life and what’s changing, or what might be changing is certainly the kind of the driver of the vehicle, if you will. So at the end of the day, right? That’s that’s important to keep in mind when you’re working with a financial professional. Don’t waste the opportunity when you have these annual reviews. Don’t just go punch the clock and go, I gotta go see my advisor and get it over with. Go in, talk, communicate, and if you’ve built a relationship, Jude and I think that’s the difference between working with a broker or someone who’s just selling you products, versus building a relationship with financial professionals where it’s a long term relationship, because now you do feel that camaraderie. Hey, Jude, how you doing this week? Let’s talk about what’s happened, right?

Jude Wilson  11:07

Yeah, 100% and that’s to me, internally, that is what gives me the most joy, knowing that we’ve built a trusting relationship, and people see us as their true advocate on this journey, there’s there’s no greater satisfaction than that for

Marc Killian  11:23

1. Yeah, there you go. All right. Well, if you got questions you need help. Reach out to Jude and the team if you’re not already working with them, if you’ve watched a couple of these or listened to a couple of these in audio form, and you’re thinking, Maybe I should reach out. Well, then just do it. What’s it gonna hurt? Have a conversation. Have a chat. See if they’re the right fit for you. It’s not designed to turn every single person that listens or views into a client, but it is designed to let you know who Jude is and his personality type and what they do. And if you need some help, they’re here. So click on one of the links down below. Get yourself some time onto the calendar and get started with a conversation with Jude and his team. They’ll walk you through the process, very, very easy to do. Go check out some of the resources at the tax bomb.com and don’t forget to subscribe to us on Apple Spotify, and of course, right here on YouTube, hit that thumbs up and notification bell. Jude, my friend, thanks for hanging out, brother. Always appreciate

Speaker 1  12:12

you.

Jude Wilson  12:12

It’s been fun, my friend.

Marc Killian  12:14

We will see you next time here on the Roth guy with Jude Wilson, who is the Roth guy, we’ll catch you later. You

Speaker 1  12:20

foreign

Walter Storholt  12:24

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

Speaker 1  13:40

you.