In this episode of Roadmap to Retirement, I am joined by John Howe-Wemett, CFP®, MSFP for a fourth time to discuss various aspects of financial planning for retirement. We address common misconceptions about Social Security, “is it a Ponzi Scheme?” and the importance of understanding its broader benefits. We cover the clickbait concept of retiring with one million dollars and highlight how financial needs vary significantly based on individual circumstances.

A substantial part of this episode is dedicated to finding joy in retirement, whether through buying desired items without societal judgment, spending quality with family, or giving to others. We conclude by affirming the crucial role of aligning financial planning with personal values to ensure a joyful retirement.

Welcome back to the Roadmap Retirement Podcast! I was recently joined by Liam Hanlon, the Head of Insights at Jump, a leading AI meeting assistant in the financial advice sector. Liam explains how Jump leverages unique and powerful data to aid advisors and make their work more efficient. During our discussion, we delve into the adoption of AI in financial advisory, its impact on time management, and how advisors can use this technology to reclaim significant amounts of time—up to 250 hours per year. We also tackled common barriers to adopting new tech, including concerns about client reactions and the learning curve associated with new tools. Liam shared insights from studies, revealing shifts in AI utilization in the financial sector, from a mere 25% adoption rate to two-thirds of advisors now using AI tools. We discussed how AI not only saves time but can also optimize client interactions by predicting successful conversational patterns and keeping advisors ahead of trending topics. As we wrap up, we reflect on the future of financial advisory, particularly the role AI will play amid the ongoing great wealth transfer and increasing demand for financial advice.

The key takeaway? AI isn’t just about saving time—it’s about maximizing the efficiency and effectiveness of that saved time to better serve clients and grow advisory businesses. If you would like to contact Liam about Jump, click HERE for his LinkedIn.

In this episode of Roadmap to Retirement, I am joined by Jennifer Stott, a CPA, to discuss effective financial strategies for those nearing or already in retirement. We cover Roth conversions, explaining the process of converting pre-tax IRA funds to a Roth IRA, the tax implications, and when it might be beneficial. The conversation continues on to cover considerations such as the impact on Medicare premiums, the taxability of Social Security benefits, and the importance of planning for required minimum distributions (RMDs). Jennifer highlights the new tax bill’s provisions, including the above-the-line charitable deductions and increased state and local tax (SALT) deductions, offering practical advice for retirees.

Did you know I love to talk about QCD’s? Jennifer and I discussed the potential pitfalls of adding children to property deeds without considering tax implications. We want to encourage listeners to take a comprehensive approach to retirement planning, especially when considering when estate planning and the potential tax burden on heirs. As a reminder, there is a emphasis on the importance of consulting with financial advisors and tax professionals for personalized advice.

Thanks for listening, come back next week for another episode!

In this episode of ‘Roadmap to Retirement’, I am talking with health insurance professional R. Cole Craven. We delve into effective health and Medicare insurance planning for both aspiring entrepreneurs and those nearing retirement. Cole shares his journey and passion for health insurance, focusing on the complexity many people face in understanding their healthcare plans. The discussion touches on the challenges and options available for health coverage both pre and post-retirement, including Cobra, marketplace insurance, and utilizing advanced premium tax credits. His company, Move Health, assists clients, especially in transitional phases, ensuring healthcare needs don’t impede significant life decisions. The episode underscores the importance of planning and healthcare literacy, encouraging early retirees to use financial planning as a tool to access affordable health insurance, and highlights the nuances of Medicare for those over 65.

To connect with Cole, check out his Linkedin, Move Health Partners website or email him at [email protected]

On this episode of Roadmap to Retirement, I am talking with Chet R. Bennetts, PhD, CFP®, CLU®, ChFC®, RICP®,CLF® today, assistant Professor of Financial Planning and Program Director at the American College of Financial Services. We discuss the importance of earning professional designations for both credibility and confidence in the financial planning industry. Chet shares his journey from being a young professional seeking credibility to becoming an academic and veteran advocate. The conversations also highlights specific designations like the RICP and new Tax Planning Certified Professional Designations, as well as the impact of lifelong learning on financial advisors’ ability to serve clients.

Additionally, Chet elaborates on his efforts to integrate financial counseling for veterans as a means to alleviate stress and enhance the effectiveness of other treatments, drawing from his personal military experience and PhD research. This episode shows the importance of addressing both financial and psychological well-being in comprehensive retirement planning.

To talk with Chet, click HERE for his LinkedIn.

In this episode of ‘Roadmap to Retirement,’ I am joined by Jason Grover, founder of Grover Financial Services. Jason shares his journey starting in the financial industry during the 2007-2008 Great Recession and emphasizes the importance of behavioral management in financial advising. We discuss investment strategies, the significance of setting financial goals, and managing market volatility. The conversation touches on topics such as asset allocation, the bucket approach to retirement planning, and the role of target date funds. Jason and I also explore when CDs might be appropriate and the importance of working with a financial advisor to avoid costly mistakes.

On this episode of Roadmap to Retirement, I am joined by CPA, Catherine Tindall to talk about the importance of tax planning and strategic outsourcing for business owners, specifically those in financial advisory firms. Catherine emphasizes that while basic tax returns can be managed by individuals with simple finances using software like TurboTax, complex financial situations, such as owning a business, require professional tax planning to identify opportunities and avoid costly mistakes. The conversations also highlights the inefficiency of handling all aspects of a business personally, advocating for a focus on one’s unique strengths and outsourcing secondary tasks to specialists. We both discuss the evolution of our business practices, stressing the importance of structured systems, team collaboration, and effective communication to enhance client service and business growth. Catherine also suggests that business owners should monitor their business like an investment, ensuring continuous improvement and risk minimization to increase its value.

Find Catherine Tindall on LinkedIn HERE.

Time for a change! For this episode, I am the one being “interviewed”. Take this as my announcement for my departure from Six Point Financial Partners after seven years to join a retiring advisor’s practice. I am having this conversation with John Howe-Wemett to discuss the decision-making process, the importance of finding the right professional fit, and the value of independence in the financial advisory field. Key topics include the differences between independent financial advisors and those tied to larger firms, the significance of CFP credentials, and the value of a client-advisor personality fit. I also addresses the challenges and opportunities in building my own brand and how this transition aligns with my career goals.

Check out the new brand: Cultivate Financial Planning at https://cultivatefinancialplanning.com

During this very short episode of Roadmap to Retirement, I am joined for a third time by John Howe-Wemett, CFP®, MS to talk about the importance of staying the course with one’s investment strategy during market downturns. We emphasize the value financial advisors offer in preventing clients from making emotionally driven, poor financial decisions. The conversation covers key principles of investment management, including time horizon, liquidity needs, and risk tolerance. We also highlight the psychological aspects of investing, the importance of upfront risk tolerance discussions, and strategies to maintain discipline. John and I  agree that the primary value a financial advisor provides is in helping clients stay committed to their long-term investment plans.

On this episode of ‘Roadmap to Retirement’ I am joined by Hannah Cannon, an associate in the Trust and Estates department at Woods Oviatt Gilman. We discuss various aspects of estate planning with a specific focus on what to do if you don’t have an obvious beneficiary. The conversation covers options like charitable donations, setting up scholarship funds, 529 accounts for educational purposes, and the intricacies of gift taxes. Hannah and I also delve into the complexities of long-term care planning and the importance of having a power of attorney. The episode aims to provide insights into effective estate planning and maximizing the benefits for both individuals and charitable organizations.