In this episode of the Modern Cents podcast, Andrea and Shay Steacy, a seasoned financial planner, discuss Shay's journey into the world of advice-only financial planning. They discuss the evolution of financial planning, the importance of values in the profession, and the significance of cash flow management. Shay shares her insights on the behavioral aspects of financial planning, emphasizing the need for emotional intelligence and understanding client relationships. The conversation highlights the importance of community and collaboration in the financial planning industry, as well as the personal values that drive Shay's approach to helping clients achieve their financial goals.

#adviceonlyplanning #values #financialplanning

In this podcast, we discuss David's experience with declaring bankruptcy at a young age - how this happened, what lead to his decision to go down the route of declaring backruptcy, and the aftermath and consequences of his decisions. Ultimately, this led him into an 'unconventional' financial services career path away from sales and towards supporting advisors and ultimately clients on their financial paths.

David takes his lessons into his work as an advice-only planner, guiding his clients into a place of financial stability and comfort.

Find David at:

Legacy planning is often neglected or not well understood in estate planning. Context Studios, founded by Andrea Lekushoff, aims to capture the life stories and legacies of individuals, families, and entrepreneurs through high-end film and podcast documentaries. The documentaries are divided into chapters and presented in a platform that resembles Netflix. The goal is to create a family heirloom that can be easily accessed and shared with future generations. Context Studios is a unique offering in the market, as there are no other platforms that provide this level of personalized storytelling. The company aims to normalize the capturing and sharing of stories, and believes that it will become as ubiquitous as will and power of attorney planning. Context Studios donates a portion of the proceeds to the Alzheimer's Society.

⁠Context Studios website⁠

⁠LinkedIn profile⁠

⁠Youtube⁠

#legacyplanning #estateplanning #legacy #storytelling #entrepreneurs #personalegacy

Chapters

00:00 Introduction to Legacy Planning and Context Studios

02:58 The Need for Capturing Untold Stories

06:01 The Concept and Process of Context Studios

09:03 The Personal Significance of Capturing Family Stories

12:08 Tailoring Documentaries to Individual and Family Stories

14:57 Legacy Planning as an Essential Component of Estate Planning

17:52 The Context of Someone's Life and the Future of Storytelling

19:47 Ideal Clients and the Importance of Storytelling

22:09 Addressing Hesitation and Offering Options for Camera-Shy Individuals

25:01 Customized Packages and Questionnaire Process

27:24 Security and Privacy Measures

29:09 Sharing and Accessibility of the Documentary

31:22 Documenting Governance Practices and Future Generations

33:45 Supporting the Alzheimer's Society

36:07 Pride in the Work and Invitation to Connect

Summary

Bryan Haggard, CEO of Retire Mitten Financial, specializes in cross-border retirement planning for US-based families with ties to Canada. Retire Mitten helps US resident clients navigate the complexities of managing retirement accounts and benefits from both the US and Canada.

Andrea and Bryan focus on the challenges and complexities of cross-border retirement planning for US residents with Canadian exposure. The main themes include tax planning, estate planning, and the difficulties of finding knowledgeable cross-border financial planners. Key takeaways include the importance of early planning, understanding tax rates and potential exit taxes, and the value of working with professionals who specialize in cross-border planning. The conversation provides valuable insights for individuals considering a move from the US to Canada.

Takeaways

Renting vs. buying a home is a complex decision that is influenced by various factors, including financial considerations, cultural values, and personal preferences. Renting should not be stigmatized or seen as a negative financial decision, as it can provide flexibility and stability. The decision to rent or buy should be based on individual values and goals, rather than societal expectations.

Andrea interviews clients Vicki and Tom, lifelong renters, who have unique perspectives to share on their experiences with housing and their choice to continue to rent versus the societal norm of buying a home.

#renting #rentvsbuy #homeownership #canadianrealestate #realestate #homes

Elias Ben Khalifa, a seasoned real estate broker, shares his personal story of resilience and redemption in the face of financial ruin. He discusses his early experiences as a realtor, the challenges he faced, and the importance of consumer education in navigating complex financial decisions. Elias joined a multi-discipline organization and was promised a career path towards partnership, but the company eventually faced financial mismanagement and legal issues.

Elias also discusses his personal experience of being financially devastated and the impact it had on his personal life and relationships. He shares how he eventually found support and mentorship to rebuild his life and shares his personal journey of overcoming financial struggles and finding success in the real estate industry. He discusses the challenges he faced, including a failed business venture and a period of self-doubt and depression.

Through the support of his mentors and his wife, Elias was able to rebuild his confidence and excel in his career. He emphasizes the importance of honesty, asking questions, and seeking advice when making financial decisions. Elias also highlights the potential of private mortgage investments and the need for due diligence and independent advice.

On today's podcast, Justine Kelly shares her journey in the financial industry and her transition to advice-only planning. She emphasizes the importance of putting the human side into financial planning and providing unbiased advice. Justine and Andrea discuss the challenges of evaluating the value of advice-only planning and the need for clear communication between clients and planners. They also share success stories that highlight the impact of holistic financial planning on clients' lives. Justine encourages anyone, regardless of their financial situation, to seek financial planning services.

Chapters

00:00 Introduction and Background

08:02 Choosing a Career in Financial Planning

14:11 Understanding Advice-Only Planning

22:06 Success Story: Early Retirement Planning

26:08 Success Story: Providing Support in Grief

31:04 Challenges in the Banking Industry

36:43 Evaluating Financial Planners

40:11 Financial Planning for Everyone

#financialplanner #financialplanning #adviceonlyplanning #values #goals

Andrea Thompson interviews Skyler from Ascend Crypto to discuss all things cryptocurrency and digital assets. They explore the basics of cryptocurrency, the economic purpose of blockchain, and the difference between cryptocurrency and digital assets. They also delve into the concept of tokenization and how traditional assets like stocks and real estate can be represented on the blockchain. The conversation highlights the importance of following the money and understanding the partnerships and use cases of different crypto projects.

Ascend Crypto website

10% Discount code for crypto courses: moderncents10

#cryptocurrency #digitalassets #blockchain #bitcoin #ethereum #nft

The information shared in this podcast is current as of the date of recording but may not always be accurate, timely, or suitable for every situation. Listeners are encouraged to review and update their understanding regularly to ensure accuracy, as even small discrepancies could significantly impact the applicability of the insights provided.

Any projections or hypothetical scenarios discussed in this podcast are based on certain assumptions, many of which may be beyond our control or scope. These projections are for illustrative purposes only and do not guarantee actual results. Rates of return mentioned in projections are not reflective of real returns and do not provide any assurance of future performance.