All About Your Benjamins™

It only makes sense that today's Rundown deals with risk tolerance--I am at the Riskalyze Fearless Investing Summit, after all.

Go ahead and subscribe to the RLS Wealth Management Rundown Flash Briefing.

Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimers page.

Eventually, I'd like to find a way to incorporate wellness and health into my financial planning process--I haven't figured out how to do it quite yet, so the most I can do is talk about it and encourage my clients to find ways to take care of themselves.

A couple of weeks ago, I practiced what I always preached and went to have my blood drawn to see what areas in my health could use improvements, did an InBody test to gather more data points, and started a new diet nutrition plan called carb cycling (I'll save you the geeky details). My plan is to continue to take care of myself as best I can to reduce the risks of health issues later in life so I can have a more enjoyable life and also spend less money on health-related expenses.

I encourage you not to view health and wellness as a chore or something to dread, but an investment in both time and money in yourself--yourself today and in the future.

Go ahead and subscribe to the RLS Wealth Management Rundown Flash Briefing.

 

Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimers page.

Wealth/Stack has been well covered--I did my own summary here, so there's no need for me to revisit how great the conference was. While I was in Scottsdale, I managed to record another Project One Question episode for All About Your Benjamins The Podcast. If I'm being honest, I failed at this episode...not because what you are about to listen to or watch is not good. It's quite the opposite--it's outstanding!

This episode could have been even more amazing if I would have managed to get more people on it; if you were at Wealth/Stack and we had a chance to speak, you know my voice was shot after the first day--nonstop talking and dry desert air are not a good combo (you can hear it a little with Bill Sweet). And not only did I not have a voice to ask my question, but there was so much going on that it was hard to grab people and pull them away from the networking or learning they were doing. In fact, I almost scratched the episode until Josh Brown called me out in his opening remarks (it's queued up for you), but after he showed that love I had to go forward with it, and I'm glad I did.

https://youtu.be/C25as7EKrOM?t=450

For this episode of Project One Question, I pulled from George Kinder, who is the godfather of life planning, and asked everyone his third question, "If you found out today was your last day, as you reflect back on your life, what would you do differently?" And not only did I ask my guests to open up and be vulnerable, but I asked them to do it in front of a camera.

I believe the future of financial planning is heading in the direction of life planning--that is creating financial plans that not only help our clients reach their long term "traditional" goals but also allow them to live the lives they want along the way. The goal is to create a plan...create a life...where we eliminate, or at least minimize, those regrets. It's one thing to help a client reach retirement. It's an entirely different thing to help them lead a happier and more fulfilled life WHILE reaching retirement.

If Wealth/Stack was about the future of financial advice, which it was, then it was the perfect place for me to introduce this question and way of looking at planning to other advisors and to those clients watching and listening.

Full disclosure: I am not an expert in life planning; I am trying to improve on getting deeper with the planning for my clients. Despite not being an expert, I see the future for financial planning and this is the future and I'm going to do my part to spread the word!

So, check out this episode with some of my friends and I think I'm going to try and do it again at another conference in 2020 and collect even more answers! Thank you so much to everyone who participated...I know it's not easy to hop in front of a camera and be vulnerable, but I greatly appreciate it and I think your clients will as well. Check below the video for all of the participants and links to their social media or company websites. These advisors are the advisors of the future and I would recommend any one of them in a heartbeat...so if you're in the market a new financial advisor, give them a look!

I hope you enjoy!

https://youtu.be/GYp80ETLOjc

Bill Sweet

Dasarte Yarnway

Kyle Van Pelt

Nyle Bayer

Samuel Deane

Ashby Daniels

Tobias Carlisle

Michael Policar

Alex Chalekian

Brandon Ebert

Victor Orozco

Show Notes:

All About Your Benjamins The Podcast: George Kinder

All About Your Benjamins The Podcast: Scott Frank, CFA, CFP®

The Seven Stages Of Money Maturity by George Kinder

Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimer page.

Ashby Daniels has become a very close friend of mine and this is one of my favorite blog posts he's written. After talking about his personal story growing up, I knew how his run would turn out...there was no way he wasn't going to help the woman in distress. Give his post a read and then give a listen to my quick thoughts about it and how I think how we handle life's curveballs is so important. Ashby is a financial advisor in Pittsburgh and writes the blog, Retirement Field Guide. Be sure to give Ashby a follow and subscribe!

Go ahead and subscribe to the RLS Wealth Management Rundown Flash Briefing.

Retirement Field Guide: Life's Curveballs

All About Your Benjamins The Podcast With Ashby Daniels

Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimers page.

Shoutout to my good friend Tyrone Ross for the motivation I needed earlier this morning with his Periscope. I usually don't put Fed related Rundowns on the podcast, but I wanted to highlight Ty's Periscope to bring it to your attention. Go watch this video as well!

What’s done in the dark will come to light. https://t.co/zbXG3FwjHw

— Tyrone V. Ross Jr. (@TR401) September 19, 2019

Go ahead and subscribe to the RLS Wealth Management Rundown Flash Briefing.

Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimers page.

The Meeting Of The Minds in Dana Point was one of my favorite videos I've recorded this year. After getting such a warm response to it, I decided I am going to do my best to organize a fresh Meeting Of The Minds at each conference I attend. As I'm sure you are well aware, Wealth/Stack wrapped up not too long ago, and I was able to fill another hotel room with some of my friends to discuss various topics related to financial planning and advice. Just like in Dana Point, the hotel room in Scottsdale was full of the brightest minds in our profession and the leaders of the future. I mention this in the podcast, but it's worth noting here...the individuals in this hotel room will be names that will change the profession. Trust me.

Below are all of the financial advisors, their Twitter handles, and their company websites.

I hope you enjoy!

Courtney Ranstrom / Trailhead Planners

Nina O'Neal / Archer Investment Management

Samuel Deane / Deane Financial

Steve Sivak / Innovate Wealth

Brendan Mullooly / Mullooly Asset Management

Tim Mullooly / Mullooly Asset Management

Ashby Daniels / Shorebridge Wealth Management

Brad Sherman / Sherman Wealth Management

Russell Kroeger / Upstart Wealth Management

Michael Policar / Hightower Bellevue

Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimers page.

As much as financial advisors love to solve our clients' financial planning needs and have all of the answers, the truth is sometimes we don't have all of the answers. And sometimes we have the answer, but the solution isn't necessarily easy to accomplish--the most common example/issue is the need for additional income. There are many families who have trimmed the fat from their budget and the only way to really make progress toward their goals is to increase their income.

This is a hard recommendation to give because increase one's income is not as simple as making some minor decisions. In today's Rundown, I discuss the need for additional income as the solution that is right for many financial plans, but so hard to accomplish.

Go ahead and subscribe to the RLS Wealth Management Rundown Flash Briefing.

Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimers page.

I've written about home country bias before, but I thought it would be great to revisit given the U.S. market's outperformance of international markets for yet another year, well at least up until today. Over allocating to your home country is a common behavioral bias investors suffer from and for U.S. investors, it's been a benefit over the last 10 years.  But will it be for the next 10?

The answer is no one knows, but I still believe a GLOBALLY diversified portfolio is best for most investors and their financial plans. Be sure to listen to today's Rundown, which I've pushed to the podcast and check out the graphs below that I reference.

Finally, this is not investment advice, so be sure to talk to your financial advisor to see where your home country bias lies and if you need to make any adjustments.

 

SPTM vs. SPDW vs. SPEM 2019 YTD Source: Y Charts

 

SPTM vs. SPDW vs. SPEM Last 10 years Source: Y Charts

 

Source: Visual Capitalist

Visual Capitalist: The $74 Trillion Global Economy in One Chart

Past Posts:

Home Country Bias And Your Portfolio

Home Country Bias Check-Up

 

Go ahead and subscribe to the RLS Wealth Management Rundown Flash Briefing.

 

Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimers page.

Balance is something I try to stress with clients when it comes to their financial plan and my friend Jeremy Walter shares reasons why this is so important. You can find his blog post below.

Calibrating Capital: Today Vs. Tomorrowland

Go ahead and subscribe to the RLS Wealth Management Rundown Flash Briefing.

Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimers page.

Audience: Clients and Financial Advisors

There are numerous factors to consider when it comes to retirement planning, and I don't know of anyone better suited to discuss some of these topics than Ashby Daniels, CFP®, so I asked him to join me for a conversation covering some of them. In this episode we discuss:

Understanding and re-evaluating your budget

Choosing the "right' Social Security strategy

Evaluating Medigap and Medicare Advantage

Implementing an investment strategy you can stick with for the long run

Disclaimer: These topics are educational and should be discussed with your financial advisor to determine the best solution for your financial plan.

In addition to the retirement planning discussion, Ashby also shares a little about his childhood and how it impacted his life--personally and professionally. The financial advisor in my is most excited about the retirement planning discussion. The individual in me is most excited about the personal stories Ashby shared--I think his personal story will impact far more people than our retirement talk.

Ashby is a financial advisor in Pittsburgh and writes the blog, Retirement Field Guide. Be sure to give Ashby a follow and subscribe!

I hope you enjoy!

Show Notes:

Twitter: @DanielsAshby

Retirement Field Guide

RFG: Will Social Security Still Be There When I Retire?

RFG: Social Security Financial Outlook-2019 Edition

https://youtu.be/gKALoSCbKuQ

Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimers page.