That Annuity Show
We usually have a good idea of where our interviews will head. However, sometimes we discover a more interesting story the longer we talk. That happened today. We thought we would be discussing advisory fee structures. Instead, we learned how Andy Panko, owner and financial planner at Tenon Financial built a half million dollar a year practice starting with a private Facebook group in 2019 and a strong commitment to fair pricing. Take good notes!
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Episode Transcript
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[paul_tyler]: this is paul tyler
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[bruno_caron]: oh
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[paul_tyler]: and welcome to another episode of the
nuit show and we’re goin to have an
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[paul_tyler]: interesting discussion around one of our
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[bruno_caron]: ah
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[paul_tyler]: passion topics fees
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[bruno_caron]: hm
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[paul_tyler]: and value that consumers
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[bruno_caron]: m
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[paul_tyler]: clients received from it ramsey welcome
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[andy_panko]: oh
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[bruno_caron]: oh
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[ramsey_d_smith]: paul great to be here
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[paul_tyler]: it looks
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[bruno_caron]: yeah
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[paul_tyler]: like you’re not in your usual location
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[ramsey_d_smith]: i’m not in atlanta
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[bruno_caron]: ah
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[ramsey_d_smith]: i’m an an undisclosed location here in
manhattan
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[paul_tyler]: excellent all right well hopefully we can
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[bruno_caron]: yeah
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[paul_tyler]: connect we’ve we’ve
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[bruno_caron]: oh
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[paul_tyler]: been going back and forth and
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[ramsey_d_smith]: yeah
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[paul_tyler]: be great to see ou actually in
person
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[bruno_caron]: yeah
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[paul_tyler]: bruno welcome as as a regular host
of our
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[bruno_caron]: okay
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[paul_tyler]: show
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[bruno_caron]: thank you it’s a pleasure and an
honor
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[andy_panko]: yeah
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[paul_tyler]: and yeah congratulations on your our new
role so tell us you know what you’re
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[paul_tyler]: doing these days
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[bruno_caron]: thank you appreciate it and now i
started a
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[ramsey_d_smith]: oh
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[bruno_caron]: role as a principle at life works
it’s an employee benefit consulting firm in in
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[ramsey_d_smith]: yeah
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[bruno_caron]: canada and i’m very happy to say
that i joined a very talented team and
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[andy_panko]: oh
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[bruno_caron]: the whole story on on retirement income
continues i’ll be involved and some of pension
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[bruno_caron]: risk transfer transactions as well as some
new retirements last lifetime income solutions so so
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[bruno_caron]: very happy to to in that team
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[paul_tyler]: excellent and i was i was actually
out in las vegas for four days last
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[paul_tyler]: week at insure tech
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[bruno_caron]: m
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[paul_tyler]: connect and
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[bruno_caron]: m oh
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[ramsey_d_smith]: m
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[paul_tyler]: it’s really interesting a lot
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[ramsey_d_smith]: no
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[paul_tyler]: of the people
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[bruno_caron]: oh
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[paul_tyler]: we’ve been talking to over the last
you know couple of years were out there
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[paul_tyler]: and you know
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[bruno_caron]: yeah
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[paul_tyler]: it was tremendous to see the energy
going
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[bruno_caron]: oh
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[paul_tyler]: into the retirement plan in arena from
a technology standpoint
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[bruno_caron]: oh
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[paul_tyler]: from a
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[bruno_caron]: yeah
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[paul_tyler]: um
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[andy_panko]: yeah
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[paul_tyler]: from an advisor standpoint a lot of
advisors out there you know talking about the
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[bruno_caron]: oh
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[paul_tyler]: startups they’ve launched in stuff
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[bruno_caron]: oh
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[paul_tyler]: and
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[andy_panko]: yeah
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[paul_tyler]: hey listen today we’re lucky enough to
have another guest
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[andy_panko]: yeah
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[paul_tyler]: who is
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[bruno_caron]: m
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[paul_tyler]: it’s got a
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[andy_panko]: yeah
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[paul_tyler]: really interesting background
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[bruno_caron]: oh
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[paul_tyler]: and bring this
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[bruno_caron]: oh
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[paul_tyler]: kind of a wealth of experience to
both clients and
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[bruno_caron]: oh
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[paul_tyler]: advisors and i think well to our
listeners as well
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[andy_panko]: oh
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[paul_tyler]: and i’d like to welcome
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[andy_panko]: yeah
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[paul_tyler]: andy
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[bruno_caron]: oh
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[paul_tyler]: paco
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[bruno_caron]: oh
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[paul_tyler]: who is the
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[bruno_caron]: ah
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[paul_tyler]: owner and financial
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[andy_panko]: oh
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[paul_tyler]: planner
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[bruno_caron]: yeah
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[paul_tyler]: of tennant financial
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[andy_panko]: ye
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[paul_tyler]: in new jersey and welcome
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[bruno_caron]: oh
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[andy_panko]: hi hey guys thanks for having me
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[bruno_caron]: oh
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[paul_tyler]: and can you just tell people a
little bit about you know who you are
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[paul_tyler]: and what you do
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[andy_panko]: sure i am a solo
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[bruno_caron]: oh
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[andy_panko]: r i a operation based in new
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[bruno_caron]: yeah
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[andy_panko]: jersey firm name is ten in financial
i do financial planning
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[bruno_caron]: oh
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[andy_panko]: and investment management all togeter and one
combined offering specifically
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[bruno_caron]: oh
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[andy_panko]: working with people traditional interne retirement folks
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[bruno_caron]: oh
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[andy_panko]: um my my differentiator is really strong
tax knowledge
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[bruno_caron]: yeah
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[andy_panko]: tax focus and get very hands on
it in the weeds with
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[bruno_caron]: oh
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[paul_tyler]: oh
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[andy_panko]: tax planning around distributions medic are sure
charges affordable care at credits if people are
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[bruno_caron]: oh
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[andy_panko]: on affordable care act roth conversions et
cetera
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[bruno_caron]: oh
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[andy_panko]: and and tie it all together
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[ramsey_d_smith]: oh
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[andy_panko]: and do it all for at fee
that is not just percent of assets
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[paul_tyler]: okay flat fee that’s
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[bruno_caron]: yeah
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[paul_tyler]: not just a percentage of assets ramsey
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[andy_panko]: oh
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[paul_tyler]: what do you
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[ramsey_d_smith]: yeah
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[paul_tyler]: think of that
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[bruno_caron]: oh
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[paul_tyler]: yeah
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[ramsey_d_smith]: i think
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[bruno_caron]: yah
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[ramsey_d_smith]: that’s an important business model for the
future and in financial planning you know one
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[ramsey_d_smith]: of the
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[paul_tyler]: oh
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[ramsey_d_smith]: one of the things that that we
that we face certainly s as folks that
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[ramsey_d_smith]: are in
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[bruno_caron]: yes
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[ramsey_d_smith]: the insurance industry is that you know
a lot of the
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[bruno_caron]: yeah
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[ramsey_d_smith]: a lot of the products and solutions
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[bruno_caron]: yeah
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[ramsey_d_smith]: that we provide to people umouknowdon’t they
compensate way many financial planners or financial advisers
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[ramsey_d_smith]: are used to getting compensated
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[bruno_caron]: m
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[ramsey_d_smith]: in leaden without getting into the debate
over
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[andy_panko]: right
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[ramsey_d_smith]: commissions versus
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[bruno_caron]: oh
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[ramsey_d_smith]: versus
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[andy_panko]: yeah
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[ramsey_d_smith]: w a u m p s which
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[bruno_caron]: oh
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[ramsey_d_smith]: more with les is just different
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[bruno_caron]: oh
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[ramsey_d_smith]: and you know a a flat feet
structure brings
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[bruno_caron]: yeah
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[ramsey_d_smith]: with it the potential for like pure
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[bruno_caron]: yeah
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[ramsey_d_smith]: ure objectivity
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[bruno_caron]: yeah
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[ramsey_d_smith]: and from my perspective in a world
where
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[bruno_caron]: oh
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[ramsey_d_smith]: we’re looking for
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[bruno_caron]: oh
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[paul_tyler]: yeah
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[ramsey_d_smith]: for
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[bruno_caron]: yeah
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[ramsey_d_smith]: for incentive structures
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[andy_panko]: oh
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[ramsey_d_smith]: that that allow for the possibility
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[paul_tyler]: yeah
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[ramsey_d_smith]: of best interest
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[bruno_caron]: m
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[ramsey_d_smith]: advising
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[andy_panko]: oh
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[ramsey_d_smith]: i
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[paul_tyler]: yeah
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[ramsey_d_smith]: think flat fees are marvellous for that
big fan
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[bruno_caron]: yeah
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[andy_panko]: thank you and that was my thoughts
as well and one of the reasons why
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[andy_panko]: when i set out and started this
business in twenty
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[bruno_caron]: oh
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[ramsey_d_smith]: yeah
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[andy_panko]: nineteen and i was planning it for
about three years prior so i really thought
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[andy_panko]: through with intention what i wanted to
be how i wanted to charge what i
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[andy_panko]: wanted to offer who i wanted to
work
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[bruno_caron]: oh
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[andy_panko]: with et cetera i just i couldn’t
make sense of percent of assets i know
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[andy_panko]: the majority industry does that um
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[bruno_caron]: m
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[andy_panko]: and it’s just
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[bruno_caron]: m
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[andy_panko]: i worked in institutional investments in banking
for the better part of twenty years prior
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[andy_panko]: to doing this and was in and
around the percent of asset model and just
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[andy_panko]: saw i knew enough to know that
the amount of work
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[paul_tyler]: m
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[andy_panko]: or effort or resources or experts or
complexity involved in managing
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[ramsey_d_smith]: yeah
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[andy_panko]: three million dollars versus one
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[bruno_caron]: oh
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[andy_panko]: just it’s not close linear an asset
size
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[bruno_caron]: oh
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[andy_panko]: is a terribly random indicator of the
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[bruno_caron]: m
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[andy_panko]: value provided the experts needed this resources
the time et cetera et cetera so so
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[andy_panko]: my thought was
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[bruno_caron]: oh
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[andy_panko]: i have a very clear focus of
who i want to work with what my
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[andy_panko]: services are going
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[bruno_caron]: yes
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[andy_panko]: to be i’m going to intentionally
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[ramsey_d_smith]: oh
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[bruno_caron]: oh
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[andy_panko]: turn away anyone
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[ramsey_d_smith]: yeah
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[andy_panko]: that’s outside this sort of
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[bruno_caron]: oh
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[andy_panko]: custom crafted avatar if
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[bruno_caron]: ah
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[andy_panko]: you will of the scenario and client
type i want to work with they’re all
227
00:05:18,080 –> 00:05:21,286
[andy_panko]: going no more or less want and
need the same services have the same general
228
00:05:21,366 –> 00:05:21,566
[andy_panko]: paying
229
00:05:21,425 –> 00:05:21,627
[bruno_caron]: oh
230
00:05:21,606 –> 00:05:23,229
[andy_panko]: points and planning opportunities et cetera
231
00:05:23,735 –> 00:05:23,957
[bruno_caron]: oh
232
00:05:24,090 –> 00:05:24,551
[andy_panko]: asset size
233
00:05:24,604 –> 00:05:24,786
[ramsey_d_smith]: yeah
234
00:05:24,671 –> 00:05:28,758
[andy_panko]: frankly has nothing to do with it
so why charge on that let me come
235
00:05:28,778 –> 00:05:31,623
[andy_panko]: up with a fee that i think
is fair for what i do what i
236
00:05:31,683 –> 00:05:34,628
[andy_panko]: provide it’s loosely based on hours
237
00:05:34,264 –> 00:05:35,387
[ramsey_d_smith]: oh i
238
00:05:35,770 –> 00:05:40,938
[andy_panko]: also kind of roughly bench marked to
what would they be paying my typical ideal
239
00:05:40,998 –> 00:05:45,070
[andy_panko]: client would be paying under percent of
assets model so make sure i’m not straying
240
00:05:45,110 –> 00:05:47,798
[andy_panko]: too far from that and thats what
i came up with and it’s been
241
00:05:47,825 –> 00:05:48,088
[bruno_caron]: oh
242
00:05:47,858 –> 00:05:50,779
[andy_panko]: a it’s working out really well clients
243
00:05:50,585 –> 00:05:50,806
[bruno_caron]: oh
244
00:05:50,940 –> 00:05:56,415
[andy_panko]: like it i like it it does
it’s not conflict free you know i’ll be
245
00:05:56,455 –> 00:05:57,136
[andy_panko]: the first to say no
246
00:05:57,065 –> 00:05:57,267
[bruno_caron]: yeah
247
00:05:57,276 –> 00:05:58,578
[andy_panko]: fee model is conflict free
248
00:05:59,615 –> 00:05:59,836
[bruno_caron]: yeah
249
00:05:59,880 –> 00:06:03,264
[andy_panko]: but i feel it’s a lot more
logical and mutually fair
250
00:06:03,095 –> 00:06:03,402
[bruno_caron]: oh
251
00:06:03,124 –> 00:06:03,344
[ramsey_d_smith]: yeah
252
00:06:04,185 –> 00:06:07,949
[andy_panko]: and has less flaws and less conflict
than something like percent of assets
253
00:06:08,172 –> 00:06:09,995
[ramsey_d_smith]: so i actually want to touch on
254
00:06:10,055 –> 00:06:10,359
[bruno_caron]: may
255
00:06:10,055 –> 00:06:14,142
[ramsey_d_smith]: that if we could because what are
i think the first thing you said which
256
00:06:14,202 –> 00:06:16,065
[ramsey_d_smith]: is that there’s no there’s
257
00:06:16,050 –> 00:06:16,974
[andy_panko]: yeah
258
00:06:16,105 –> 00:06:18,990
[ramsey_d_smith]: no version of compensation that doesn’t have
some kind of conflict
259
00:06:19,404 –> 00:06:19,545
[andy_panko]: right
260
00:06:19,445 –> 00:06:19,627
[bruno_caron]: yeah
261
00:06:19,791 –> 00:06:22,877
[ramsey_d_smith]: right so in this model what do
262
00:06:22,816 –> 00:06:22,856
[bruno_caron]: m
263
00:06:22,937 –> 00:06:26,222
[ramsey_d_smith]: you see is the conflict and how
do you how do you address
264
00:06:26,075 –> 00:06:26,278
[bruno_caron]: oh
265
00:06:26,262 –> 00:06:26,382
[ramsey_d_smith]: them
266
00:06:27,792 –> 00:06:31,939
[andy_panko]: the conflict is you know i charge
now eighty four hundred a year for single
267
00:06:32,019 –> 00:06:33,722
[andy_panko]: folks ninety six hundred from married
268
00:06:34,565 –> 00:06:34,585
[bruno_caron]: m
269
00:06:34,644 –> 00:06:34,664
[andy_panko]: i
270
00:06:34,675 –> 00:06:34,696
[paul_tyler]: m
271
00:06:34,764 –> 00:06:36,727
[andy_panko]: can in theory just sit with my
feet up on the
272
00:06:36,674 –> 00:06:36,695
[bruno_caron]: m
273
00:06:36,767 –> 00:06:40,514
[andy_panko]: desk and the money’s come and now
the client is always free to fire me
274
00:06:40,734 –> 00:06:42,136
[andy_panko]: and go separate way so they can
275
00:06:42,077 –> 00:06:42,724
[ramsey_d_smith]: hm
276
00:06:42,256 –> 00:06:45,983
[andy_panko]: always if they feel they’re not getting
enough value out of me or they feel
277
00:06:46,083 –> 00:06:49,108
[andy_panko]: i am messing around and not doing
anything then they
278
00:06:48,995 –> 00:06:49,217
[bruno_caron]: oh
279
00:06:49,168 –> 00:06:55,822
[andy_panko]: can simply cut ties and start paying
me um but you know that’s sort of
280
00:06:55,842 –> 00:06:59,606
[andy_panko]: the conflict where the money is always
coming in unless i really herentically fail
281
00:06:59,645 –> 00:06:59,866
[bruno_caron]: yeah
282
00:06:59,646 –> 00:07:02,008
[andy_panko]: the client by some way in which
case then they’re gonna leave
283
00:07:02,430 –> 00:07:02,553
[ramsey_d_smith]: oh
284
00:07:02,645 –> 00:07:02,866
[bruno_caron]: oh
285
00:07:03,210 –> 00:07:05,695
[andy_panko]: so not to say it doesn’t incentivize
me to work i mean there’s always the
286
00:07:05,755 –> 00:07:07,158
[andy_panko]: incentive you want to work you want
287
00:07:07,175 –> 00:07:07,459
[bruno_caron]: yeah
288
00:07:07,198 –> 00:07:10,204
[andy_panko]: to provide value you want to show
the client you’re doing something for them so
289
00:07:10,264 –> 00:07:11,286
[andy_panko]: i still have that but
290
00:07:11,585 –> 00:07:11,605
[bruno_caron]: m
291
00:07:12,108 –> 00:07:14,946
[andy_panko]: um now just to be fair that
there’s the conflict
292
00:07:14,675 –> 00:07:14,978
[bruno_caron]: yah
293
00:07:14,986 –> 00:07:15,448
[andy_panko]: that the
294
00:07:15,436 –> 00:07:15,577
[paul_tyler]: ye
295
00:07:15,468 –> 00:07:16,311
[andy_panko]: fee is the fee it’s always
296
00:07:16,214 –> 00:07:16,235
[bruno_caron]: h
297
00:07:16,331 –> 00:07:17,396
[andy_panko]: going to show up until they fire
me
298
00:07:17,684 –> 00:07:17,864
[ramsey_d_smith]: sure
299
00:07:18,065 –> 00:07:18,266
[bruno_caron]: oh
300
00:07:18,104 –> 00:07:20,649
[ramsey_d_smith]: well i think you’re being you’re being
modest generous
301
00:07:20,585 –> 00:07:20,906
[bruno_caron]: oh
302
00:07:20,769 –> 00:07:20,790
[andy_panko]: m
303
00:07:21,109 –> 00:07:21,250
[ramsey_d_smith]: right
304
00:07:21,390 –> 00:07:21,954
[andy_panko]: uh
305
00:07:22,492 –> 00:07:23,473
[ramsey_d_smith]: being a bit modest in that
306
00:07:23,421 –> 00:07:23,622
[bruno_caron]: yeah
307
00:07:23,814 –> 00:07:24,054
[ramsey_d_smith]: the end of
308
00:07:24,009 –> 00:07:24,030
[andy_panko]: h
309
00:07:24,074 –> 00:07:26,238
[ramsey_d_smith]: the day you’re you’re justifying an explicit
310
00:07:25,895 –> 00:07:26,116
[bruno_caron]: oh
311
00:07:26,318 –> 00:07:27,841
[ramsey_d_smith]: fee every year and there’s a
312
00:07:27,870 –> 00:07:28,215
[andy_panko]: oh
313
00:07:27,901 –> 00:07:31,751
[ramsey_d_smith]: conversation it sounds like a m p
s just sort of slip
314
00:07:31,595 –> 00:07:31,798
[bruno_caron]: oh
315
00:07:31,851 –> 00:07:32,172
[ramsey_d_smith]: into the
316
00:07:32,160 –> 00:07:32,381
[andy_panko]: yeah
317
00:07:32,474 –> 00:07:32,935
[ramsey_d_smith]: returns
318
00:07:32,735 –> 00:07:33,037
[bruno_caron]: oh
319
00:07:33,457 –> 00:07:33,919
[ramsey_d_smith]: right and
320
00:07:33,864 –> 00:07:33,965
[bruno_caron]: yeah
321
00:07:33,979 –> 00:07:34,521
[ramsey_d_smith]: sometimes aren’t
322
00:07:34,500 –> 00:07:34,520
[andy_panko]: m
323
00:07:34,541 –> 00:07:34,802
[ramsey_d_smith]: all that
324
00:07:35,345 –> 00:07:35,365
[bruno_caron]: m
325
00:07:35,535 –> 00:07:35,999
[ramsey_d_smith]: it’s visible
326
00:07:35,751 –> 00:07:35,852
[andy_panko]: it’s
327
00:07:36,282 –> 00:07:36,363
[ramsey_d_smith]: so
328
00:07:37,150 –> 00:07:37,390
[andy_panko]: yeah
329
00:07:37,325 –> 00:07:38,015
[bruno_caron]: yeah
330
00:07:37,811 –> 00:07:39,293
[andy_panko]: and mpesargoof
331
00:07:38,314 –> 00:07:39,687
[ramsey_d_smith]: yeah oh
332
00:07:39,414 –> 00:07:40,475
[andy_panko]: in a lot of way so
333
00:07:40,925 –> 00:07:41,207
[bruno_caron]: oh
334
00:07:41,217 –> 00:07:42,298
[andy_panko]: advisors get more
335
00:07:42,694 –> 00:07:42,795
[ramsey_d_smith]: ye
336
00:07:43,300 –> 00:07:46,005
[andy_panko]: let’s call it what it is advisors
vast join advisors don’t
337
00:07:46,004 –> 00:07:46,025
[bruno_caron]: m
338
00:07:46,025 –> 00:07:49,691
[andy_panko]: have any special modo or secret sauce
when it comes to picking vestments and out
339
00:07:49,711 –> 00:07:51,514
[andy_panko]: performing the markets we all know that
there’s
340
00:07:51,425 –> 00:07:51,605
[bruno_caron]: oh
341
00:07:51,834 –> 00:07:52,095
[andy_panko]: endless
342
00:07:51,836 –> 00:07:51,857
[ramsey_d_smith]: m
343
00:07:52,315 –> 00:07:52,976
[andy_panko]: amounts of research
344
00:07:52,693 –> 00:07:52,714
[ramsey_d_smith]: m
345
00:07:53,317 –> 00:07:53,798
[andy_panko]: that show that
346
00:07:54,755 –> 00:07:55,955
[bruno_caron]: oh
347
00:07:55,661 –> 00:07:56,883
[andy_panko]: yet when markets go
348
00:07:57,005 –> 00:07:57,251
[bruno_caron]: yeah
349
00:07:57,103 –> 00:08:00,008
[andy_panko]: up advisors make more all else equal
simply
350
00:07:59,975 –> 00:08:00,279
[bruno_caron]: oh
351
00:08:00,068 –> 00:08:00,930
[andy_panko]: because the market went up
352
00:08:00,995 –> 00:08:01,217
[bruno_caron]: oh
353
00:08:01,230 –> 00:08:05,037
[andy_panko]: it’s just bata it’s not advisor magic
it’s not advisor special service it’s simply bata
354
00:08:06,540 –> 00:08:08,343
[andy_panko]: and oftentimes when markets are good
355
00:08:08,294 –> 00:08:08,315
[bruno_caron]: m
356
00:08:08,383 –> 00:08:11,369
[andy_panko]: and chugging along people don’t have problems
you know clients
357
00:08:11,255 –> 00:08:11,275
[bruno_caron]: m
358
00:08:11,389 –> 00:08:13,332
[andy_panko]: aren’t reaching out oh my god what
we’re going to do et cetera
359
00:08:13,865 –> 00:08:13,885
[bruno_caron]: m
360
00:08:14,154 –> 00:08:16,418
[andy_panko]: now is the opposite now markets down
twenty thirty
361
00:08:16,264 –> 00:08:16,546
[ramsey_d_smith]: yeah
362
00:08:16,518 –> 00:08:16,899
[andy_panko]: per cent
363
00:08:17,375 –> 00:08:17,618
[bruno_caron]: oh
364
00:08:17,800 –> 00:08:18,721
[andy_panko]: advisers getting paid
365
00:08:18,573 –> 00:08:18,695
[bruno_caron]: yeah
366
00:08:18,801 –> 00:08:20,384
[andy_panko]: all s equal you now twenty to
thirty per cent
367
00:08:20,435 –> 00:08:20,757
[bruno_caron]: oh
368
00:08:20,484 –> 00:08:23,629
[andy_panko]: less clients are more on edge reaching
out
369
00:08:23,495 –> 00:08:23,762
[bruno_caron]: oh
370
00:08:24,110 –> 00:08:27,716
[andy_panko]: now if nothing else there’s more calls
and emails you have to feel to talk
371
00:08:27,725 –> 00:08:27,826
[bruno_caron]: ah
372
00:08:27,776 –> 00:08:28,878
[andy_panko]: with clients and you know
373
00:08:29,374 –> 00:08:29,435
[bruno_caron]: ah
374
00:08:29,419 –> 00:08:34,848
[andy_panko]: welcome alleged things like that and there’s
more planning opportunities like tax lost harvesting and
375
00:08:34,868 –> 00:08:38,454
[andy_panko]: doing roth conversion with things redowa so
there’s a real strong
376
00:08:38,465 –> 00:08:38,708
[bruno_caron]: oh
377
00:08:38,514 –> 00:08:42,741
[andy_panko]: argument logical argument to be made that
advisors work more do more ovide more value
378
00:08:43,643 –> 00:08:45,506
[andy_panko]: when assets are down ad they’re getting
paid less
379
00:08:45,665 –> 00:08:46,685
[bruno_caron]: oh
380
00:08:46,287 –> 00:08:47,930
[andy_panko]: than the opposite so
381
00:08:47,975 –> 00:08:48,296
[bruno_caron]: oh
382
00:08:48,351 –> 00:08:51,015
[andy_panko]: you know for that amongst a host
of other reasons just percent
383
00:08:50,836 –> 00:08:51,946
[paul_tyler]: yeah
384
00:08:51,035 –> 00:08:51,400
[bruno_caron]: oh
385
00:08:51,055 –> 00:08:52,738
[andy_panko]: of assets is such a goofy
386
00:08:52,846 –> 00:08:52,947
[ramsey_d_smith]: ah
387
00:08:52,918 –> 00:08:53,219
[andy_panko]: silly
388
00:08:54,125 –> 00:08:54,386
[bruno_caron]: oh
389
00:08:54,221 –> 00:08:58,154
[andy_panko]: um arbitrary almost backward way to charge
in my opinion for the reasons
390
00:08:58,120 –> 00:08:58,223
[bruno_caron]: ah
391
00:08:58,194 –> 00:08:58,576
[andy_panko]: i mentioned
392
00:09:00,016 –> 00:09:03,562
[paul_tyler]: fascinatin so ah it’s the more more
phone
393
00:09:03,476 –> 00:09:03,576
[bruno_caron]: ah
394
00:09:03,602 –> 00:09:03,823
[paul_tyler]: calls
395
00:09:03,630 –> 00:09:03,913
[andy_panko]: oh
396
00:09:03,903 –> 00:09:05,405
[paul_tyler]: come in the less you less you
make
397
00:09:05,345 –> 00:09:05,666
[bruno_caron]: oh
398
00:09:05,626 –> 00:09:05,766
[paul_tyler]: um
399
00:09:06,400 –> 00:09:06,522
[andy_panko]: yep
400
00:09:07,008 –> 00:09:09,512
[paul_tyler]: commission structures are fascening you know i
ran
401
00:09:09,395 –> 00:09:09,555
[bruno_caron]: yeah
402
00:09:09,612 –> 00:09:11,195
[paul_tyler]: commissions for an insurance company for
403
00:09:11,304 –> 00:09:11,405
[bruno_caron]: yeah
404
00:09:11,576 –> 00:09:12,177
[paul_tyler]: year and a half that
405
00:09:12,125 –> 00:09:12,365
[bruno_caron]: oh
406
00:09:12,217 –> 00:09:15,483
[paul_tyler]: was two years that was an interesting
experience i mean to learn a lot
407
00:09:15,399 –> 00:09:15,420
[andy_panko]: m
408
00:09:15,545 –> 00:09:15,849
[bruno_caron]: oh
409
00:09:17,046 –> 00:09:17,966
[paul_tyler]: you have an institutional
410
00:09:17,461 –> 00:09:17,561
[andy_panko]: ah
411
00:09:18,047 –> 00:09:19,668
[paul_tyler]: background tell us a little bit about
that and
412
00:09:19,715 –> 00:09:19,916
[bruno_caron]: yeah
413
00:09:20,209 –> 00:09:22,451
[paul_tyler]: how does that how is that shaped
414
00:09:22,444 –> 00:09:23,224
[ramsey_d_smith]: oh
415
00:09:22,625 –> 00:09:22,845
[bruno_caron]: yah
416
00:09:23,672 –> 00:09:25,554
[paul_tyler]: your practice with individuals
417
00:09:25,814 –> 00:09:25,835
[bruno_caron]: h
418
00:09:26,402 –> 00:09:27,063
[andy_panko]: sure so
419
00:09:27,044 –> 00:09:27,065
[bruno_caron]: m
420
00:09:27,504 –> 00:09:28,746
[andy_panko]: all of my experience
421
00:09:29,285 –> 00:09:30,185
[bruno_caron]: oh
422
00:09:29,487 –> 00:09:31,210
[andy_panko]: and experiences that almost have it didn’t
423
00:09:31,025 –> 00:09:31,354
[bruno_caron]: oh
424
00:09:31,531 –> 00:09:35,898
[andy_panko]: shaped my views my practice what i
do now so going all the way back
425
00:09:35,958 –> 00:09:36,780
[andy_panko]: i graduate to college
426
00:09:36,725 –> 00:09:36,968
[bruno_caron]: oh
427
00:09:36,880 –> 00:09:39,825
[andy_panko]: two thousand went to school for finance
wanted to
428
00:09:39,754 –> 00:09:40,059
[ramsey_d_smith]: yeah
429
00:09:39,865 –> 00:09:40,065
[andy_panko]: be an
430
00:09:40,055 –> 00:09:40,356
[bruno_caron]: oh
431
00:09:40,125 –> 00:09:41,848
[andy_panko]: advisor not knowing what it was just
wanted
432
00:09:41,884 –> 00:09:42,005
[bruno_caron]: yeah
433
00:09:41,888 –> 00:09:44,032
[andy_panko]: to help people with money you know
is that simple
434
00:09:43,835 –> 00:09:44,143
[bruno_caron]: oh
435
00:09:44,913 –> 00:09:45,073
[andy_panko]: um
436
00:09:45,260 –> 00:09:45,342
[bruno_caron]: ah
437
00:09:46,115 –> 00:09:46,676
[andy_panko]: i interviewed
438
00:09:46,625 –> 00:09:46,886
[bruno_caron]: yeah
439
00:09:46,736 –> 00:09:48,399
[andy_panko]: at a lot of the large places
who were
440
00:09:48,494 –> 00:09:48,614
[bruno_caron]: yeah
441
00:09:48,679 –> 00:09:54,289
[andy_panko]: on campus namely large insurance companies and
the big wire houses and quickly got turned
442
00:09:54,389 –> 00:09:54,529
[andy_panko]: off
443
00:09:54,755 –> 00:09:54,775
[bruno_caron]: m
444
00:09:55,230 –> 00:09:58,235
[andy_panko]: this was again twenty something years ago
there was much more of a perverse
445
00:09:58,265 –> 00:09:58,508
[bruno_caron]: yeah
446
00:09:58,355 –> 00:09:59,017
[andy_panko]: sales culture
447
00:09:59,583 –> 00:09:59,705
[bruno_caron]: yeah
448
00:09:59,918 –> 00:10:01,421
[andy_panko]: a um gathering called or sell this
449
00:10:01,445 –> 00:10:01,649
[bruno_caron]: oh
450
00:10:01,501 –> 00:10:02,603
[andy_panko]: loaded mutual fund culture
451
00:10:02,555 –> 00:10:03,134
[bruno_caron]: yea
452
00:10:02,923 –> 00:10:05,347
[andy_panko]: then than there is now and you
know
453
00:10:05,345 –> 00:10:06,095
[bruno_caron]: yeah
454
00:10:05,387 –> 00:10:08,272
[andy_panko]: the common denominator with all those things
i was interviewed for was just sell else
455
00:10:08,345 –> 00:10:08,566
[bruno_caron]: oh
456
00:10:08,973 –> 00:10:12,018
[andy_panko]: and i never wanted to do sales
in the traditional sense so
457
00:10:12,065 –> 00:10:12,388
[bruno_caron]: oh
458
00:10:12,098 –> 00:10:14,171
[andy_panko]: i i got turned of by that
and gave up in the idea of being
459
00:10:14,211 –> 00:10:16,011
[andy_panko]: an advisor stumbled
460
00:10:15,905 –> 00:10:16,168
[bruno_caron]: yah
461
00:10:16,051 –> 00:10:17,353
[andy_panko]: into an actuarial job at
462
00:10:17,384 –> 00:10:17,405
[bruno_caron]: h
463
00:10:17,433 –> 00:10:19,657
[andy_panko]: a major insure you know on the
corporate side
464
00:10:19,535 –> 00:10:19,940
[bruno_caron]: oh
465
00:10:19,797 –> 00:10:20,438
[andy_panko]: not advising at
466
00:10:20,405 –> 00:10:20,628
[bruno_caron]: oh
467
00:10:20,498 –> 00:10:24,104
[andy_panko]: all and it was cool did that
i was
468
00:10:24,185 –> 00:10:24,409
[bruno_caron]: yeah
469
00:10:24,224 –> 00:10:27,209
[andy_panko]: at a major insurance company in the
us for for four years
470
00:10:27,695 –> 00:10:28,565
[bruno_caron]: oh
471
00:10:27,931 –> 00:10:29,533
[andy_panko]: put myself on my own rotation while
472
00:10:29,435 –> 00:10:29,719
[bruno_caron]: oh
473
00:10:29,553 –> 00:10:31,296
[andy_panko]: i was there i wanted to see
and do different things
474
00:10:31,184 –> 00:10:31,205
[bruno_caron]: m
475
00:10:31,316 –> 00:10:32,979
[andy_panko]: you know super young and eager and
wanted to learn
476
00:10:32,855 –> 00:10:33,097
[bruno_caron]: oh
477
00:10:34,021 –> 00:10:35,543
[andy_panko]: so in the four years i was
there
478
00:10:35,585 –> 00:10:35,846
[bruno_caron]: oh
479
00:10:35,704 –> 00:10:39,730
[andy_panko]: i had four different roles one was
an actuary role one
480
00:10:39,648 –> 00:10:39,668
[bruno_caron]: m
481
00:10:39,830 –> 00:10:44,779
[andy_panko]: was helping manage a general account one
was securities lending and the fourth
482
00:10:44,585 –> 00:10:44,806
[bruno_caron]: yes
483
00:10:44,919 –> 00:10:47,844
[andy_panko]: one was private placement credit research so
saw
484
00:10:47,885 –> 00:10:48,109
[bruno_caron]: yeah
485
00:10:48,024 –> 00:10:52,792
[andy_panko]: dramatically different areas of the insurance world
but learned boat load in that relatively short
486
00:10:52,852 –> 00:10:54,815
[andy_panko]: time about insurance and investments
487
00:10:54,815 –> 00:10:55,057
[bruno_caron]: yeah
488
00:10:54,876 –> 00:10:59,363
[andy_panko]: and etcetera um got my m b
a while i was there i went part
489
00:10:59,443 –> 00:11:02,648
[andy_panko]: time the company i was at paid
for they paid ninety percent so
490
00:11:02,585 –> 00:11:02,826
[bruno_caron]: yes
491
00:11:03,350 –> 00:11:05,530
[andy_panko]: is working while going to school with
492
00:11:05,555 –> 00:11:06,155
[bruno_caron]: yeah
493
00:11:05,690 –> 00:11:09,497
[andy_panko]: m b a in hand i left
there was no requirement to stay even though
494
00:11:09,517 –> 00:11:09,857
[andy_panko]: they paid for
495
00:11:09,854 –> 00:11:09,875
[bruno_caron]: m
496
00:11:09,877 –> 00:11:10,578
[andy_panko]: the majority of it
497
00:11:11,195 –> 00:11:11,420
[bruno_caron]: oh
498
00:11:11,440 –> 00:11:13,664
[andy_panko]: so i left went to a large
499
00:11:14,045 –> 00:11:14,326
[bruno_caron]: oh
500
00:11:14,084 –> 00:11:20,695
[andy_panko]: japanese global bank to do counterpart derivative
credit research so basically
501
00:11:21,245 –> 00:11:21,448
[bruno_caron]: oh
502
00:11:21,376 –> 00:11:25,964
[andy_panko]: the bank was trading for in exchange
interest rate derivatives and credit the fault swaps
503
00:11:26,305 –> 00:11:27,106
[andy_panko]: with other banks
504
00:11:27,785 –> 00:11:28,349
[bruno_caron]: oh
505
00:11:27,887 –> 00:11:32,295
[andy_panko]: hedge funds and do the analysis of
how much risk and exposure are
506
00:11:32,254 –> 00:11:33,481
[ramsey_d_smith]: yeah
507
00:11:32,315 –> 00:11:36,381
[andy_panko]: we comfortable taking to the banks and
these hedge funds with these derivative products were
508
00:11:36,402 –> 00:11:41,531
[andy_panko]: trading did that for a few years
move to market risk analyzing the risk of
509
00:11:41,855 –> 00:11:42,157
[bruno_caron]: oh
510
00:11:41,993 –> 00:11:43,239
[andy_panko]: those same products interest rate
511
00:11:43,265 –> 00:11:43,530
[bruno_caron]: oh
512
00:11:43,279 –> 00:11:48,374
[andy_panko]: derivatives for in exchange credit the fault
um and then bounced around a few other
513
00:11:49,025 –> 00:11:49,287
[bruno_caron]: oh
514
00:11:49,155 –> 00:11:52,902
[andy_panko]: large banks all more or less doing
the same sort of counter
515
00:11:52,625 –> 00:11:52,829
[bruno_caron]: yeah
516
00:11:52,982 –> 00:11:53,703
[andy_panko]: party credit
517
00:11:53,675 –> 00:11:54,335
[bruno_caron]: yeah
518
00:11:54,063 –> 00:11:58,471
[andy_panko]: analysis where majority of my career was
we would do to if trades
519
00:11:58,324 –> 00:11:58,546
[ramsey_d_smith]: oh
520
00:11:58,631 –> 00:12:02,077
[andy_panko]: end or lend money through prime brokerage
to hedge funds private equity funds
521
00:12:02,615 –> 00:12:02,919
[bruno_caron]: oh
522
00:12:03,139 –> 00:12:03,880
[andy_panko]: finance like
523
00:12:03,835 –> 00:12:04,058
[ramsey_d_smith]: yes
524
00:12:04,100 –> 00:12:06,184
[andy_panko]: activist position trades and all sorts of
funky
525
00:12:06,065 –> 00:12:06,287
[bruno_caron]: yeah
526
00:12:06,304 –> 00:12:13,175
[andy_panko]: equity trades and foreign exchange and rate
derivatives so in all that got tremendous exposure
527
00:12:13,316 –> 00:12:14,277
[andy_panko]: to you know
528
00:12:15,005 –> 00:12:15,206
[bruno_caron]: yeah
529
00:12:15,760 –> 00:12:21,690
[andy_panko]: working with investment managers doing due diligence
on their traders their portfolio managers there financing
530
00:12:21,770 –> 00:12:22,492
[andy_panko]: desks or treasury
531
00:12:22,295 –> 00:12:22,597
[bruno_caron]: yeah
532
00:12:22,552 –> 00:12:24,297
[andy_panko]: desks or operations and just
533
00:12:24,273 –> 00:12:24,455
[bruno_caron]: yeah
534
00:12:24,317 –> 00:12:27,988
[andy_panko]: really learned the inner workings of investing
in the products behind it
535
00:12:28,654 –> 00:12:28,876
[ramsey_d_smith]: yeah
536
00:12:28,900 –> 00:12:29,901
[andy_panko]: couple that with the insurance
537
00:12:29,614 –> 00:12:29,776
[ramsey_d_smith]: yeah
538
00:12:29,921 –> 00:12:34,085
[andy_panko]: experience i had where i saw how
the sausage is made in managing the general
539
00:12:33,904 –> 00:12:34,205
[ramsey_d_smith]: oh
540
00:12:34,125 –> 00:12:39,281
[andy_panko]: accounts and how actuaries price and create
things and so all that
541
00:12:39,623 –> 00:12:39,763
[ramsey_d_smith]: yeah
542
00:12:39,762 –> 00:12:39,982
[andy_panko]: helped
543
00:12:39,875 –> 00:12:40,117
[bruno_caron]: oh
544
00:12:40,123 –> 00:12:43,428
[andy_panko]: form this sort of deeper level of
knowledge and understanding about
545
00:12:43,444 –> 00:12:44,494
[ramsey_d_smith]: oh
546
00:12:43,468 –> 00:12:47,395
[andy_panko]: a lot of the products and strategies
belying retail financial advising
547
00:12:47,825 –> 00:12:48,109
[bruno_caron]: oh
548
00:12:48,196 –> 00:12:53,222
[andy_panko]: so coming back full circle it was
twenty fifteen or sixteen still doing the institutional
549
00:12:53,302 –> 00:12:59,116
[andy_panko]: thing long commute in and out of
mid town manhattan long hours stressful days i
550
00:12:59,177 –> 00:13:02,223
[andy_panko]: was like i don’t i don’t at
to do this other twenty years made good
551
00:13:02,263 –> 00:13:02,443
[andy_panko]: money
552
00:13:03,095 –> 00:13:03,115
[bruno_caron]: m
553
00:13:03,184 –> 00:13:04,847
[andy_panko]: worked with some great folks saw some
554
00:13:04,804 –> 00:13:05,404
[ramsey_d_smith]: yeah
555
00:13:04,907 –> 00:13:09,715
[andy_panko]: incredibly cool funky things but just i
don’t want to do this you know
556
00:13:09,725 –> 00:13:10,027
[bruno_caron]: oh
557
00:13:10,036 –> 00:13:12,680
[andy_panko]: that much longer i always had this
itch work
558
00:13:12,605 –> 00:13:12,828
[bruno_caron]: yeah
559
00:13:12,760 –> 00:13:15,786
[andy_panko]: with with individuals directly you know thought
that’d be more fulfilling and
560
00:13:15,755 –> 00:13:15,998
[bruno_caron]: yes
561
00:13:15,847 –> 00:13:20,124
[andy_panko]: satisfying as opposed to helping a hedge
fun make more money in the trade you
562
00:13:20,164 –> 00:13:22,668
[andy_panko]: now i want to help individuals make
meaningful decisions
563
00:13:22,625 –> 00:13:22,645
[bruno_caron]: m
564
00:13:22,689 –> 00:13:25,113
[andy_panko]: in their lives so i don’t
565
00:13:25,115 –> 00:13:25,382
[bruno_caron]: yeah
566
00:13:25,153 –> 00:13:30,221
[andy_panko]: know exactly how but i came across
the x y planning that works podcast and
567
00:13:30,261 –> 00:13:33,687
[andy_panko]: that blew the lid off for me
that’s where they started interviewing you know every
568
00:13:33,787 –> 00:13:37,854
[andy_panko]: week a different financial visor who’s focusing
on working with gnxragen
569
00:13:37,446 –> 00:13:37,547
[ramsey_d_smith]: ah
570
00:13:38,495 –> 00:13:44,084
[andy_panko]: and has alternate fee structures service models
they do early service um et cetera it’s
571
00:13:44,184 –> 00:13:48,311
[andy_panko]: not just sell product that’s not just
gather assets is where i’m going and hearing
572
00:13:48,431 –> 00:13:52,598
[andy_panko]: other people’s stories that yeah wow you
can do advising and planning the way you
573
00:13:52,618 –> 00:13:56,645
[andy_panko]: think it should be done that was
it like i was hooked that then re
574
00:13:56,705 –> 00:14:01,233
[andy_panko]: invigorated me to be like yeh let
me revisit this financial advising thing
575
00:14:01,415 –> 00:14:02,795
[bruno_caron]: oh
576
00:14:02,014 –> 00:14:04,558
[andy_panko]: but let me do it on my
terms you know i want to work for
577
00:14:04,598 –> 00:14:07,809
[andy_panko]: myself i don’t want get a big
place anymore i did that for twenty years
578
00:14:07,670 –> 00:14:07,690
[bruno_caron]: a
579
00:14:07,849 –> 00:14:08,511
[andy_panko]: i dont want to commute
580
00:14:09,095 –> 00:14:09,358
[bruno_caron]: oh
581
00:14:09,234 –> 00:14:10,257
[andy_panko]: i want to work with individuals
582
00:14:10,895 –> 00:14:11,825
[bruno_caron]: oh
583
00:14:11,040 –> 00:14:14,225
[andy_panko]: but work with people i want to
work with provide services i want to provide
584
00:14:15,106 –> 00:14:17,651
[andy_panko]: charge how i want to charge i
don’t want to be hamstrung to have to
585
00:14:17,691 –> 00:14:22,218
[andy_panko]: do percent of assets or only cell
product and it all sort of came together
586
00:14:22,338 –> 00:14:25,147
[andy_panko]: with with launching my business twenty nineteen
587
00:14:26,554 –> 00:14:27,394
[ramsey_d_smith]: oh
588
00:14:26,590 –> 00:14:28,453
[andy_panko]: how i want to do it with
who i want to do how i want
589
00:14:28,493 –> 00:14:32,140
[andy_panko]: to charge and it’s thankfully but everything
i thought it would be in the what
590
00:14:32,200 –> 00:14:35,906
[andy_panko]: are we almost three years now so
i dropped a lot on you i’ll leave
591
00:14:35,946 –> 00:14:36,427
[andy_panko]: it there for now
592
00:14:36,956 –> 00:14:37,037
[bruno_caron]: so
593
00:14:37,176 –> 00:14:38,198
[paul_tyler]: no that’s that’s that’s
594
00:14:38,160 –> 00:14:38,504
[andy_panko]: oh
595
00:14:38,499 –> 00:14:38,840
[paul_tyler]: i mean it’s
596
00:14:38,765 –> 00:14:38,992
[bruno_caron]: yeah
597
00:14:39,020 –> 00:14:40,784
[paul_tyler]: an interesting journey right and i think
598
00:14:41,229 –> 00:14:41,250
[andy_panko]: m
599
00:14:42,065 –> 00:14:42,287
[bruno_caron]: oh
600
00:14:42,767 –> 00:14:43,810
[paul_tyler]: i think your your clients
601
00:14:43,680 –> 00:14:44,790
[andy_panko]: yeah
602
00:14:43,850 –> 00:14:44,631
[paul_tyler]: are lucky to have you
603
00:14:45,305 –> 00:14:45,325
[bruno_caron]: m
604
00:14:45,710 –> 00:14:45,971
[andy_panko]: thank you
605
00:14:45,954 –> 00:14:46,054
[paul_tyler]: have
606
00:14:45,964 –> 00:14:46,144
[ramsey_d_smith]: i mean
607
00:14:46,094 –> 00:14:46,194
[paul_tyler]: that
608
00:14:46,204 –> 00:14:47,025
[ramsey_d_smith]: i got to say like
609
00:14:47,266 –> 00:14:47,286
[paul_tyler]: m
610
00:14:47,366 –> 00:14:48,488
[ramsey_d_smith]: uh that is a
611
00:14:48,496 –> 00:14:49,846
[paul_tyler]: yeah
612
00:14:48,748 –> 00:14:50,892
[ramsey_d_smith]: very there’s a very
613
00:14:50,758 –> 00:14:50,839
[paul_tyler]: ah
614
00:14:51,072 –> 00:14:51,433
[ramsey_d_smith]: broad
615
00:14:51,240 –> 00:14:51,441
[andy_panko]: yeah
616
00:14:51,533 –> 00:14:54,758
[ramsey_d_smith]: background and a lot of depth and
a lot of areas and so
617
00:14:54,815 –> 00:14:54,835
[bruno_caron]: m
618
00:14:54,859 –> 00:14:54,879
[ramsey_d_smith]: i
619
00:14:56,557 –> 00:14:56,597
[bruno_caron]: m
620
00:14:56,625 –> 00:14:56,687
[andy_panko]: ah
621
00:14:57,002 –> 00:14:58,685
[ramsey_d_smith]: ran a derivative deb for twenty
622
00:14:58,560 –> 00:14:59,160
[andy_panko]: yeah
623
00:14:58,725 –> 00:15:00,328
[ramsey_d_smith]: years so i had conversations
624
00:14:59,751 –> 00:14:59,915
[andy_panko]: okay
625
00:15:00,428 –> 00:15:02,071
[ramsey_d_smith]: with someone in that role
626
00:15:03,462 –> 00:15:03,623
[andy_panko]: yeah
627
00:15:03,505 –> 00:15:03,526
[paul_tyler]: m
628
00:15:04,034 –> 00:15:04,495
[ramsey_d_smith]: discussing
629
00:15:04,216 –> 00:15:04,461
[paul_tyler]: yeah
630
00:15:04,385 –> 00:15:05,465
[bruno_caron]: oh
631
00:15:04,555 –> 00:15:06,618
[ramsey_d_smith]: capacity like every day so
632
00:15:06,856 –> 00:15:07,756
[paul_tyler]: oh
633
00:15:07,310 –> 00:15:07,430
[andy_panko]: t was
634
00:15:07,460 –> 00:15:07,560
[ramsey_d_smith]: so
635
00:15:07,490 –> 00:15:07,571
[andy_panko]: me
636
00:15:07,640 –> 00:15:07,880
[ramsey_d_smith]: much of
637
00:15:08,075 –> 00:15:08,095
[bruno_caron]: u
638
00:15:08,461 –> 00:15:08,762
[ramsey_d_smith]: so much
639
00:15:08,780 –> 00:15:08,800
[bruno_caron]: h
640
00:15:08,802 –> 00:15:09,323
[ramsey_d_smith]: of what you did
641
00:15:09,404 –> 00:15:09,425
[bruno_caron]: h
642
00:15:09,563 –> 00:15:11,546
[ramsey_d_smith]: you know very strong understanding and understanding
643
00:15:11,490 –> 00:15:11,510
[andy_panko]: m
644
00:15:11,687 –> 00:15:12,889
[ramsey_d_smith]: like what it what it takes
645
00:15:12,785 –> 00:15:12,805
[bruno_caron]: m
646
00:15:12,929 –> 00:15:15,313
[ramsey_d_smith]: to to be good at that and
like so i think about like
647
00:15:15,425 –> 00:15:15,707
[bruno_caron]: oh
648
00:15:16,394 –> 00:15:17,717
[ramsey_d_smith]: i think about all you’ve done
649
00:15:18,256 –> 00:15:18,499
[paul_tyler]: yes
650
00:15:18,598 –> 00:15:18,778
[ramsey_d_smith]: pless
651
00:15:18,755 –> 00:15:19,078
[bruno_caron]: oh
652
00:15:18,818 –> 00:15:22,044
[ramsey_d_smith]: you said you know you’re focus on
tax like you walk to
653
00:15:21,970 –> 00:15:22,500
[andy_panko]: what
654
00:15:22,145 –> 00:15:23,490
[ramsey_d_smith]: a planning conversation
655
00:15:23,211 –> 00:15:23,271
[andy_panko]: to
656
00:15:24,574 –> 00:15:29,643
[ramsey_d_smith]: with with someone with with just way
more tools than your average
657
00:15:29,490 –> 00:15:29,752
[andy_panko]: yeah
658
00:15:30,124 –> 00:15:30,945
[ramsey_d_smith]: planner is going to have
659
00:15:30,905 –> 00:15:31,148
[bruno_caron]: yes
660
00:15:31,466 –> 00:15:31,827
[ramsey_d_smith]: and because
661
00:15:32,465 –> 00:15:33,605
[bruno_caron]: my
662
00:15:32,588 –> 00:15:34,391
[ramsey_d_smith]: they don’t teach all that stuff in
the c f p right
663
00:15:35,015 –> 00:15:35,297
[bruno_caron]: oh
664
00:15:35,280 –> 00:15:35,380
[andy_panko]: no
665
00:15:35,395 –> 00:15:35,416
[paul_tyler]: m
666
00:15:35,874 –> 00:15:36,014
[ramsey_d_smith]: yeah
667
00:15:35,883 –> 00:15:36,446
[andy_panko]: definitely not
668
00:15:36,875 –> 00:15:36,976
[ramsey_d_smith]: so
669
00:15:37,231 –> 00:15:37,372
[andy_panko]: yeah
670
00:15:37,817 –> 00:15:41,815
[ramsey_d_smith]: so guess two questions like how do
you how do you
671
00:15:42,095 –> 00:15:42,319
[bruno_caron]: yeah
672
00:15:42,416 –> 00:15:45,220
[ramsey_d_smith]: how are you leveraging that to get
you know i guess to sort of beat
673
00:15:45,260 –> 00:15:46,042
[ramsey_d_smith]: out the competition
674
00:15:45,780 –> 00:15:46,063
[andy_panko]: oh
675
00:15:46,142 –> 00:15:47,644
[ramsey_d_smith]: given that you’ve got these extra tools
676
00:15:48,215 –> 00:15:48,439
[bruno_caron]: oh
677
00:15:48,225 –> 00:15:50,109
[ramsey_d_smith]: and the other piece and this is
sort of one of the things that i
678
00:15:50,169 –> 00:15:51,731
[ramsey_d_smith]: always wonder when you got when one
goes
679
00:15:51,720 –> 00:15:51,924
[andy_panko]: yah
680
00:15:51,771 –> 00:15:59,471
[ramsey_d_smith]: from institutional too the individual do you
know is do the individuals kind of understand
681
00:16:00,121 –> 00:16:00,242
[andy_panko]: ah
682
00:16:00,876 –> 00:16:00,977
[ramsey_d_smith]: how
683
00:16:00,890 –> 00:16:01,385
[bruno_caron]: oh
684
00:16:01,017 –> 00:16:02,830
[ramsey_d_smith]: much depth you have how do you
sort of
685
00:16:02,883 –> 00:16:03,066
[andy_panko]: oh
686
00:16:03,894 –> 00:16:05,798
[ramsey_d_smith]: communicate to them that you know stuff
687
00:16:05,670 –> 00:16:06,690
[andy_panko]: oh
688
00:16:05,838 –> 00:16:06,500
[ramsey_d_smith]: that like the
689
00:16:07,565 –> 00:16:07,585
[bruno_caron]: m
690
00:16:07,645 –> 00:16:07,666
[paul_tyler]: m
691
00:16:08,160 –> 00:16:08,321
[andy_panko]: yeah
692
00:16:08,224 –> 00:16:09,649
[ramsey_d_smith]: so many other people just would never
693
00:16:09,556 –> 00:16:09,804
[paul_tyler]: oh
694
00:16:09,689 –> 00:16:11,073
[ramsey_d_smith]: have had the opportunity to touch
695
00:16:11,190 –> 00:16:11,471
[andy_panko]: oh
696
00:16:11,555 –> 00:16:12,458
[ramsey_d_smith]: that’s one of the toughest things
697
00:16:12,545 –> 00:16:13,010
[bruno_caron]: oh
698
00:16:12,759 –> 00:16:13,682
[ramsey_d_smith]: in my view that i’ve seen
699
00:16:14,720 –> 00:16:18,286
[andy_panko]: yeah and the that’s a million dollar
question for advisors
700
00:16:17,844 –> 00:16:18,634
[ramsey_d_smith]: yeah
701
00:16:18,366 –> 00:16:20,350
[andy_panko]: how do you market how do you
get in front of people you
702
00:16:20,294 –> 00:16:20,415
[ramsey_d_smith]: yeah
703
00:16:20,390 –> 00:16:23,455
[andy_panko]: can be the best most technically proficient
704
00:16:24,065 –> 00:16:24,085
[bruno_caron]: m
705
00:16:24,376 –> 00:16:25,738
[andy_panko]: most perfect adviser there is
706
00:16:26,375 –> 00:16:26,679
[bruno_caron]: oh
707
00:16:26,780 –> 00:16:28,163
[andy_panko]: if you can’t get front of people
it doesn’t matter
708
00:16:28,474 –> 00:16:28,616
[ramsey_d_smith]: yeah
709
00:16:28,643 –> 00:16:29,425
[andy_panko]: you have no business
710
00:16:30,005 –> 00:16:30,246
[bruno_caron]: oh
711
00:16:30,426 –> 00:16:33,471
[andy_panko]: um i i sort of got lucky
sort of had
712
00:16:33,515 –> 00:16:34,295
[bruno_caron]: yeah
713
00:16:33,531 –> 00:16:37,037
[andy_panko]: some intention in how i got my
exposure and myself
714
00:16:36,785 –> 00:16:37,007
[bruno_caron]: yes
715
00:16:37,117 –> 00:16:39,841
[andy_panko]: in front of people was through a
facebook group
716
00:16:39,905 –> 00:16:40,126
[bruno_caron]: oh
717
00:16:39,942 –> 00:16:40,482
[andy_panko]: i created
718
00:16:40,726 –> 00:16:40,746
[paul_tyler]: m
719
00:16:41,584 –> 00:16:46,673
[andy_panko]: called taxes in retirement and so i
started my business november twenty nineteen i was
720
00:16:46,713 –> 00:16:47,394
[andy_panko]: doing traditional
721
00:16:47,165 –> 00:16:47,328
[bruno_caron]: yeah
722
00:16:47,454 –> 00:16:51,160
[andy_panko]: marketing stuff local library seminars taken centers
influence
723
00:16:50,915 –> 00:16:51,160
[bruno_caron]: oh
724
00:16:51,201 –> 00:16:53,966
[andy_panko]: out to lunch um trying to get
published
725
00:16:53,855 –> 00:16:54,098
[bruno_caron]: yeah
726
00:16:54,026 –> 00:16:58,295
[andy_panko]: in some o us news articles and
things like that and none of those really
727
00:16:58,294 –> 00:16:58,656
[ramsey_d_smith]: oh
728
00:16:58,475 –> 00:17:02,031
[andy_panko]: seem to click or at least not
immediately and then pandemic happened a few months
729
00:17:02,051 –> 00:17:06,355
[andy_panko]: later and world stopped an there’s no
more in person lunches or seminars or whatever
730
00:17:07,436 –> 00:17:10,639
[andy_panko]: and so i’m like a right now
what so i started this facebook group just
731
00:17:11,530 –> 00:17:13,593
[andy_panko]: nothing else to do i was locked
in my house i was like let me
732
00:17:13,673 –> 00:17:17,720
[andy_panko]: just get online try to get exposure
to people by way of a group invite
733
00:17:17,760 –> 00:17:23,831
[andy_panko]: people to join answer their questions i’d
share helpful and sightful things about retire planning
734
00:17:23,851 –> 00:17:28,843
[andy_panko]: with a tax focus to it and
ramsey to your point like i try to
735
00:17:29,014 –> 00:17:29,257
[ramsey_d_smith]: yeah
736
00:17:29,163 –> 00:17:32,309
[andy_panko]: be modest but i know i know
my stuff really well from a technical perspective
737
00:17:32,349 –> 00:17:35,714
[andy_panko]: i know i have this depth from
my previous career that the vast majority
738
00:17:35,585 –> 00:17:36,066
[bruno_caron]: oh
739
00:17:35,774 –> 00:17:38,419
[andy_panko]: of retail advisors don’t and probably never
will
740
00:17:38,746 –> 00:17:39,796
[paul_tyler]: oh
741
00:17:39,341 –> 00:17:39,823
[andy_panko]: so so i know
742
00:17:39,794 –> 00:17:39,995
[bruno_caron]: yeah
743
00:17:39,863 –> 00:17:43,141
[andy_panko]: the knowledge is there and i know
i could explain and
744
00:17:43,146 –> 00:17:43,247
[bruno_caron]: ah
745
00:17:43,262 –> 00:17:47,888
[andy_panko]: educate well even these technical concepts so
i thought a facebook group could be a
746
00:17:47,968 –> 00:17:48,208
[andy_panko]: great
747
00:17:48,496 –> 00:17:48,800
[paul_tyler]: yeah
748
00:17:48,588 –> 00:17:51,883
[andy_panko]: outlet for me to do that because
it’s this sort of
749
00:17:51,874 –> 00:17:52,324
[ramsey_d_smith]: yeah
750
00:17:52,084 –> 00:17:58,014
[andy_panko]: iterative collaborative people show up i’m there
you ask questions i answer blahblablah and that’s
751
00:17:58,034 –> 00:18:01,960
[andy_panko]: what happened so people would ask questions
about whatever roth conversions or me care or
752
00:18:02,020 –> 00:18:02,381
[andy_panko]: something
753
00:18:02,159 –> 00:18:02,199
[bruno_caron]: m
754
00:18:02,782 –> 00:18:02,942
[andy_panko]: and i
755
00:18:02,954 –> 00:18:02,975
[bruno_caron]: m
756
00:18:03,002 –> 00:18:07,469
[andy_panko]: would give this really long super thorough
detailed answer not crossing the line i’ve never
757
00:18:07,529 –> 00:18:09,653
[andy_panko]: given specific advice like i’m not recommending
investments
758
00:18:10,115 –> 00:18:10,715
[bruno_caron]: oh
759
00:18:10,414 –> 00:18:14,987
[andy_panko]: but answering questions about how taxation works
on this or that ther um
760
00:18:15,485 –> 00:18:16,145
[bruno_caron]: yeah
761
00:18:15,490 –> 00:18:16,656
[andy_panko]: that’s what i did and
762
00:18:17,536 –> 00:18:17,698
[paul_tyler]: ye
763
00:18:18,010 –> 00:18:22,397
[andy_panko]: people would frequently respond like wow he
that that was a quicker response than ever
764
00:18:22,437 –> 00:18:27,145
[andy_panko]: got from my adviser and be my
adviser doesn’t even know that and i’m like
765
00:18:27,746 –> 00:18:30,915
[andy_panko]: and i’m giving it away for free
and i’m so i’m on to something here
766
00:18:31,056 –> 00:18:32,604
[andy_panko]: and so people more more people kept
767
00:18:32,554 –> 00:18:33,514
[ramsey_d_smith]: yeah
768
00:18:32,645 –> 00:18:32,946
[andy_panko]: joining
769
00:18:33,815 –> 00:18:33,835
[bruno_caron]: m
770
00:18:34,050 –> 00:18:36,193
[andy_panko]: more more questions were asked me more
questions i answered
771
00:18:36,568 –> 00:18:36,629
[paul_tyler]: ah
772
00:18:37,055 –> 00:18:40,621
[andy_panko]: and i started doing live videos every
wednesday night at eight p m eastern in
773
00:18:41,442 –> 00:18:43,666
[andy_panko]: june twenty twenty about different topics
774
00:18:44,285 –> 00:18:44,305
[bruno_caron]: m
775
00:18:44,727 –> 00:18:45,729
[andy_panko]: now retirement related with a tax
776
00:18:45,777 –> 00:18:46,324
[ramsey_d_smith]: hm
777
00:18:45,829 –> 00:18:48,021
[andy_panko]: book s and more
778
00:18:47,975 –> 00:18:48,319
[bruno_caron]: oh
779
00:18:48,101 –> 00:18:51,226
[andy_panko]: people started showing up live to watch
those that ask me live q and i’d
780
00:18:51,326 –> 00:18:51,607
[andy_panko]: answer on
781
00:18:51,635 –> 00:18:51,796
[bruno_caron]: oh
782
00:18:51,667 –> 00:18:56,495
[andy_panko]: the fly and i think that level
of engagement and just seeing people just randomly
783
00:18:56,555 –> 00:19:00,121
[andy_panko]: pepper me with questions and me knowing
most of the answers sometimes you no if
784
00:19:00,141 –> 00:19:00,802
[andy_panko]: i don’t i’ll tell them
785
00:19:01,385 –> 00:19:02,615
[bruno_caron]: yeah
786
00:19:01,724 –> 00:19:04,648
[andy_panko]: and just seeing my thought process and
how i articulate and elaborate and how i
787
00:19:04,729 –> 00:19:09,356
[andy_panko]: explain to anser your question that’s how
i got in front of people and because
788
00:19:09,416 –> 00:19:14,886
[andy_panko]: it’s facebook it’s got this national global
reach but it’s not bound by being in
789
00:19:14,926 –> 00:19:17,991
[andy_panko]: a certain geography or however many people
are you know butts and seeds at the
790
00:19:18,031 –> 00:19:22,238
[andy_panko]: library something i’m doing it’s facebook there’s
now thirty plus thousand people in this group
791
00:19:22,298 –> 00:19:24,601
[andy_panko]: and growing by the week so that’s
where
792
00:19:24,526 –> 00:19:25,756
[paul_tyler]: yeah
793
00:19:24,621 –> 00:19:25,882
[andy_panko]: i got my exposure and that was
a
794
00:19:25,906 –> 00:19:26,536
[paul_tyler]: oh
795
00:19:25,982 –> 00:19:29,165
[andy_panko]: perfect outlet for me in my strong
suits of
796
00:19:29,075 –> 00:19:29,418
[bruno_caron]: oh
797
00:19:29,605 –> 00:19:31,607
[andy_panko]: answering questions demonstrating what i know
798
00:19:32,465 –> 00:19:32,731
[bruno_caron]: yeah
799
00:19:32,487 –> 00:19:33,949
[andy_panko]: and just helping share information with
800
00:19:33,886 –> 00:19:34,329
[paul_tyler]: oh
801
00:19:34,009 –> 00:19:34,229
[andy_panko]: folks
802
00:19:34,566 –> 00:19:35,230
[ramsey_d_smith]: thirty thousand
803
00:19:35,676 –> 00:19:35,898
[paul_tyler]: okay
804
00:19:36,524 –> 00:19:36,706
[ramsey_d_smith]: well
805
00:19:36,614 –> 00:19:36,635
[bruno_caron]: m
806
00:19:36,741 –> 00:19:36,841
[andy_panko]: it’s
807
00:19:36,747 –> 00:19:36,949
[ramsey_d_smith]: done
808
00:19:36,861 –> 00:19:38,023
[andy_panko]: like thirty three but
809
00:19:38,056 –> 00:19:38,217
[paul_tyler]: yeah
810
00:19:38,063 –> 00:19:38,845
[andy_panko]: yeah who’s counting
811
00:19:38,875 –> 00:19:39,099
[ramsey_d_smith]: okay
812
00:19:39,045 –> 00:19:39,205
[andy_panko]: yes
813
00:19:41,124 –> 00:19:41,444
[ramsey_d_smith]: bravo
814
00:19:41,138 –> 00:19:41,941
[paul_tyler]: okay so so
815
00:19:42,120 –> 00:19:42,320
[andy_panko]: yeah
816
00:19:42,202 –> 00:19:44,451
[paul_tyler]: so okay this kind of reframes every
okay
817
00:19:44,612 –> 00:19:44,813
[ramsey_d_smith]: there’s
818
00:19:44,651 –> 00:19:44,772
[paul_tyler]: so
819
00:19:44,833 –> 00:19:46,297
[ramsey_d_smith]: a lot there paul it there’s like
820
00:19:46,205 –> 00:19:46,386
[bruno_caron]: oh
821
00:19:46,276 –> 00:19:46,376
[paul_tyler]: so
822
00:19:46,958 –> 00:19:47,159
[ramsey_d_smith]: there’s
823
00:19:47,158 –> 00:19:47,398
[paul_tyler]: story
824
00:19:47,219 –> 00:19:47,820
[ramsey_d_smith]: so many layers
825
00:19:47,618 –> 00:19:48,039
[paul_tyler]: about this
826
00:19:47,880 –> 00:19:51,429
[andy_panko]: uh
827
00:19:47,881 –> 00:19:48,181
[ramsey_d_smith]: to this
828
00:19:48,881 –> 00:19:51,665
[paul_tyler]: now now just to kind of level
because we talked a little bit about your
829
00:19:51,705 –> 00:19:52,607
[paul_tyler]: practice beforehand
830
00:19:52,414 –> 00:19:52,657
[ramsey_d_smith]: yes
831
00:19:52,627 –> 00:19:53,548
[paul_tyler]: and you know i’ve seen you
832
00:19:53,555 –> 00:19:53,798
[bruno_caron]: oh
833
00:19:53,608 –> 00:19:54,891
[paul_tyler]: in there you know like kind of
interesting
834
00:19:54,690 –> 00:19:55,980
[andy_panko]: yeah
835
00:19:55,051 –> 00:19:56,032
[paul_tyler]: like on
836
00:19:56,015 –> 00:19:56,522
[bruno_caron]: my
837
00:19:56,093 –> 00:19:58,961
[paul_tyler]: linked in and you know i’m acting
linked in it’s kind of you get this
838
00:19:59,190 –> 00:19:59,431
[andy_panko]: yeah
839
00:19:59,202 –> 00:20:02,029
[paul_tyler]: sort of squirrel right in se your
name
840
00:20:01,983 –> 00:20:02,144
[andy_panko]: yeah
841
00:20:02,109 –> 00:20:04,252
[paul_tyler]: pop up and okay he’s in here
you know
842
00:20:04,355 –> 00:20:05,285
[bruno_caron]: oh
843
00:20:04,553 –> 00:20:07,959
[paul_tyler]: okay talk to sarah grillo you know
she’s been a couple of
844
00:20:07,940 –> 00:20:08,080
[andy_panko]: yeah
845
00:20:07,979 –> 00:20:08,359
[paul_tyler]: times i’ve
846
00:20:08,374 –> 00:20:08,538
[ramsey_d_smith]: ye
847
00:20:08,379 –> 00:20:08,479
[paul_tyler]: seen
848
00:20:08,765 –> 00:20:08,966
[bruno_caron]: yeah
849
00:20:09,301 –> 00:20:09,481
[paul_tyler]: going
850
00:20:09,514 –> 00:20:09,736
[ramsey_d_smith]: oh
851
00:20:09,521 –> 00:20:11,985
[paul_tyler]: back and forth on here so twenty
nineteen
852
00:20:11,794 –> 00:20:12,058
[ramsey_d_smith]: oh
853
00:20:12,226 –> 00:20:14,820
[paul_tyler]: a pandemic hits you’re just starting your
practice
854
00:20:14,850 –> 00:20:15,091
[andy_panko]: yeah
855
00:20:14,900 –> 00:20:15,222
[paul_tyler]: correct
856
00:20:15,905 –> 00:20:16,146
[bruno_caron]: yeah
857
00:20:16,099 –> 00:20:16,200
[andy_panko]: yeah
858
00:20:16,328 –> 00:20:16,549
[paul_tyler]: okay
859
00:20:16,370 –> 00:20:16,532
[andy_panko]: yes
860
00:20:16,831 –> 00:20:18,338
[paul_tyler]: so now you get on
861
00:20:18,365 –> 00:20:18,995
[bruno_caron]: yeah
862
00:20:18,439 –> 00:20:18,982
[paul_tyler]: facebook
863
00:20:19,745 –> 00:20:21,665
[bruno_caron]: oh
864
00:20:19,806 –> 00:20:24,233
[paul_tyler]: build this thirty thousand thirty three thousand
member facebook
865
00:20:24,210 –> 00:20:25,320
[andy_panko]: yeah
866
00:20:24,293 –> 00:20:27,078
[paul_tyler]: page and now fast forward to twenty
twenty two
867
00:20:27,420 –> 00:20:27,704
[andy_panko]: yah
868
00:20:27,939 –> 00:20:28,961
[paul_tyler]: tell me this is correct you’re
869
00:20:29,855 –> 00:20:30,101
[bruno_caron]: oh
870
00:20:30,003 –> 00:20:31,385
[paul_tyler]: you’re charging eight thousand
871
00:20:31,050 –> 00:20:31,710
[andy_panko]: yeah
872
00:20:31,465 –> 00:20:34,857
[paul_tyler]: on bridge but eight or nine thousand
dollars per plan and you don’t you can’t
873
00:20:34,897 –> 00:20:36,221
[paul_tyler]: take any more clients is that
874
00:20:36,210 –> 00:20:37,320
[andy_panko]: oh
875
00:20:36,282 –> 00:20:36,603
[paul_tyler]: correct
876
00:20:37,572 –> 00:20:38,036
[andy_panko]: i don’t want to
877
00:20:38,104 –> 00:20:38,884
[ramsey_d_smith]: yeah
878
00:20:38,238 –> 00:20:40,695
[andy_panko]: take more clients so
879
00:20:42,076 –> 00:20:42,357
[paul_tyler]: yeah
880
00:20:44,224 –> 00:20:46,648
[andy_panko]: when when i set out had a
very clear goal of what
881
00:20:46,606 –> 00:20:47,626
[paul_tyler]: oh
882
00:20:46,688 –> 00:20:48,050
[andy_panko]: i wanted this business to look like
883
00:20:48,046 –> 00:20:48,066
[paul_tyler]: m
884
00:20:48,070 –> 00:20:51,035
[andy_panko]: what i wanted my personal life to
look like as it relates to the business
885
00:20:52,096 –> 00:20:52,756
[paul_tyler]: oh
886
00:20:52,117 –> 00:20:52,778
[andy_panko]: coming from
887
00:20:52,594 –> 00:20:52,977
[ramsey_d_smith]: yeah
888
00:20:53,239 –> 00:20:58,247
[andy_panko]: to deck it’s of the rat race
grind again big commute shackle to an office
889
00:20:58,728 –> 00:21:03,716
[andy_panko]: you know chair from eight to six
every day super stressful days i didn’t want
890
00:21:03,756 –> 00:21:08,105
[andy_panko]: that i wanted the antithesis of that
so i wanted to create a solo practice
891
00:21:08,385 –> 00:21:10,870
[andy_panko]: some would call it a lifestyle i’m
hesitant to use that word ecusetht
892
00:21:10,685 –> 00:21:10,988
[bruno_caron]: oh
893
00:21:10,910 –> 00:21:16,563
[andy_panko]: as negative connotations by people who don’t
understand what a lifestyle practice means lifestyle practice
894
00:21:16,603 –> 00:21:20,837
[andy_panko]: where i have forty to fifty clients
ongoing clients that
895
00:21:21,346 –> 00:21:22,276
[paul_tyler]: oh
896
00:21:21,750 –> 00:21:26,790
[andy_panko]: i like hopefully they like me hopefully
i serve well and that’s it
897
00:21:26,984 –> 00:21:27,005
[bruno_caron]: m
898
00:21:27,291 –> 00:21:29,895
[andy_panko]: you can do the math on the
money you know how much i’m grossing for
899
00:21:29,915 –> 00:21:30,697
[andy_panko]: that many clients
900
00:21:30,514 –> 00:21:30,899
[ramsey_d_smith]: oh
901
00:21:30,757 –> 00:21:33,041
[andy_panko]: and my expenses are about thirty grand
all in
902
00:21:33,665 –> 00:21:33,685
[bruno_caron]: m
903
00:21:33,942 –> 00:21:40,333
[andy_panko]: so i’m making plenty good enough money
i enjoy what i do i’m not overburden
904
00:21:40,393 –> 00:21:43,799
[andy_panko]: distress there’s a handful of times throughout
the year i do semi annual meeting so
905
00:21:43,879 –> 00:21:46,203
[andy_panko]: in those months that i do my
my meeting cluster
906
00:21:45,995 –> 00:21:46,835
[bruno_caron]: yeah
907
00:21:46,283 –> 00:21:48,587
[andy_panko]: together i’m busier then than otherwise
908
00:21:49,085 –> 00:21:49,105
[bruno_caron]: m
909
00:21:49,588 –> 00:21:50,370
[andy_panko]: but i have very
910
00:21:50,354 –> 00:21:50,375
[bruno_caron]: m
911
00:21:50,490 –> 00:21:55,876
[andy_panko]: flexible good life good work life balance
i enjoy my personal life my professional life
912
00:21:55,956 –> 00:21:59,242
[andy_panko]: i get paid plenty well enough you
know i’m not motivated by money be nice
913
00:21:59,302 –> 00:22:03,128
[andy_panko]: if people gave me more but that’s
not what i’m out for so i don’t
914
00:22:03,228 –> 00:22:05,741
[andy_panko]: want more clint i can accommodate another
915
00:22:06,916 –> 00:22:08,326
[paul_tyler]: oh
916
00:22:07,330 –> 00:22:10,235
[andy_panko]: and you know if i wanted to
but i’m cool where i’m at i got
917
00:22:10,295 –> 00:22:14,281
[andy_panko]: forty five clients it’s another two or
three suspect will trickle in over the next
918
00:22:14,321 –> 00:22:17,527
[andy_panko]: handful of months people that i’ve had
calls and talks with over the past year
919
00:22:18,508 –> 00:22:20,432
[andy_panko]: if they do great they don’t i’m
still
920
00:22:20,285 –> 00:22:20,548
[bruno_caron]: oh
921
00:22:20,452 –> 00:22:22,796
[andy_panko]: all right so so i’m good like
my business is
922
00:22:22,737 –> 00:22:22,960
[paul_tyler]: okay
923
00:22:22,816 –> 00:22:23,296
[andy_panko]: done growing
924
00:22:23,284 –> 00:22:23,672
[ramsey_d_smith]: oh
925
00:22:23,897 –> 00:22:27,003
[andy_panko]: i know what it takes to hire
to grow and i know one that’s a
926
00:22:27,063 –> 00:22:27,944
[andy_panko]: bell that can’t be un wrong
927
00:22:28,084 –> 00:22:28,894
[ramsey_d_smith]: oh
928
00:22:28,185 –> 00:22:32,752
[andy_panko]: once you hire people you then need
to give them focus and career development and
929
00:22:32,812 –> 00:22:38,341
[andy_panko]: motivation and at track and you know
increasing wages throughout time me i do flat
930
00:22:38,402 –> 00:22:42,228
[andy_panko]: fee if i lose a client and
i lose nine grand of revenue i’m okay
931
00:22:42,408 –> 00:22:45,994
[andy_panko]: right i don’t feel to back vill
if i have employees i can’t have
932
00:22:45,957 –> 00:22:46,038
[bruno_caron]: ah
933
00:22:46,014 –> 00:22:49,660
[andy_panko]: that attitude like then it needs to
be about money to some extent because i
934
00:22:49,720 –> 00:22:54,128
[andy_panko]: need to pay them and so make
myself something in return so i’m just at
935
00:22:54,148 –> 00:22:57,701
[andy_panko]: this point i don’t want to hire
it out grow i’m freely giving away all
936
00:22:57,721 –> 00:23:01,225
[andy_panko]: additional prospects right on my business website
i have a list of referrals to like
937
00:23:01,265 –> 00:23:04,168
[andy_panko]: twenty five other advisors who are all
flat fee retirement focused
938
00:23:04,364 –> 00:23:04,485
[ramsey_d_smith]: ah
939
00:23:04,928 –> 00:23:05,409
[andy_panko]: just freely
940
00:23:06,305 –> 00:23:06,669
[bruno_caron]: oh
941
00:23:06,520 –> 00:23:10,907
[andy_panko]: i have this big funnel of prospects
and people finding me through facebook through youtube
942
00:23:10,947 –> 00:23:15,675
[andy_panko]: now as well but i’m close to
business so here you go i’m just giving
943
00:23:15,695 –> 00:23:18,462
[andy_panko]: them away to other folks who are
on this flat fee journey yeah
944
00:23:18,446 –> 00:23:19,527
[paul_tyler]: okay i’m gonna give bruno
945
00:23:19,357 –> 00:23:19,479
[andy_panko]: yeah
946
00:23:19,607 –> 00:23:19,908
[paul_tyler]: a chance
947
00:23:19,770 –> 00:23:20,093
[andy_panko]: yeah
948
00:23:19,948 –> 00:23:21,971
[paul_tyler]: here in a second so i just
got just to so
949
00:23:22,145 –> 00:23:22,347
[bruno_caron]: yeah
950
00:23:22,680 –> 00:23:22,881
[andy_panko]: yeah
951
00:23:22,833 –> 00:23:27,809
[paul_tyler]: people think facebook hey who’s selling you
know
952
00:23:28,633 –> 00:23:28,796
[andy_panko]: yeah
953
00:23:28,911 –> 00:23:29,532
[paul_tyler]: on facebook i’m
954
00:23:29,550 –> 00:23:29,812
[andy_panko]: yeah
955
00:23:29,612 –> 00:23:31,936
[paul_tyler]: selling stretch pants what’s the company
956
00:23:31,865 –> 00:23:32,674
[bruno_caron]: uh
957
00:23:32,016 –> 00:23:33,639
[paul_tyler]: that had a netflix documentary
958
00:23:33,570 –> 00:23:33,853
[andy_panko]: spanks
959
00:23:33,699 –> 00:23:34,721
[paul_tyler]: about it now
960
00:23:34,860 –> 00:23:35,081
[andy_panko]: oh
961
00:23:34,901 –> 00:23:34,961
[paul_tyler]: it
962
00:23:34,996 –> 00:23:35,157
[bruno_caron]: hah
963
00:23:35,041 –> 00:23:35,201
[paul_tyler]: was
964
00:23:35,314 –> 00:23:35,334
[ramsey_d_smith]: m
965
00:23:36,240 –> 00:23:36,526
[andy_panko]: oh
966
00:23:36,303 –> 00:23:36,624
[paul_tyler]: lulu
967
00:23:36,541 –> 00:23:36,964
[ramsey_d_smith]: hm
968
00:23:37,385 –> 00:23:37,673
[bruno_caron]: yeah
969
00:23:37,400 –> 00:23:37,821
[andy_panko]: lu lemon
970
00:23:37,735 –> 00:23:37,996
[ramsey_d_smith]: luther
971
00:23:38,006 –> 00:23:38,106
[paul_tyler]: no
972
00:23:38,057 –> 00:23:38,358
[ramsey_d_smith]: lemon
973
00:23:38,522 –> 00:23:38,763
[andy_panko]: yes
974
00:23:39,027 –> 00:23:41,450
[paul_tyler]: was it lulu no it’s it’s it’s
975
00:23:41,405 –> 00:23:41,607
[bruno_caron]: oh
976
00:23:41,651 –> 00:23:42,672
[paul_tyler]: it’s somehnghat sounds like that
977
00:23:42,570 –> 00:23:43,470
[andy_panko]: yeah
978
00:23:42,752 –> 00:23:43,553
[paul_tyler]: but it’s it’s like a
979
00:23:44,950 –> 00:23:45,955
[andy_panko]: multi level lula ro
980
00:23:45,956 –> 00:23:46,176
[paul_tyler]: level
981
00:23:46,094 –> 00:23:46,115
[bruno_caron]: m
982
00:23:46,597 –> 00:23:47,599
[paul_tyler]: lulu row right
983
00:23:47,650 –> 00:23:48,439
[andy_panko]: yes okay yeah
984
00:23:48,681 –> 00:23:48,901
[paul_tyler]: okay
985
00:23:48,827 –> 00:23:48,968
[bruno_caron]: wow
986
00:23:49,422 –> 00:23:50,444
[paul_tyler]: people seen facebook
987
00:23:50,217 –> 00:23:50,237
[bruno_caron]: a
988
00:23:50,250 –> 00:23:50,493
[andy_panko]: oh
989
00:23:50,564 –> 00:23:52,807
[paul_tyler]: live i think lulu ro but
990
00:23:53,174 –> 00:23:53,236
[andy_panko]: ah
991
00:23:53,228 –> 00:23:53,388
[paul_tyler]: yet
992
00:23:53,405 –> 00:23:54,485
[bruno_caron]: oh
993
00:23:53,509 –> 00:23:55,272
[paul_tyler]: you like did
994
00:23:55,230 –> 00:23:56,310
[andy_panko]: yeah
995
00:23:55,237 –> 00:23:55,257
[bruno_caron]: m
996
00:23:55,332 –> 00:23:56,053
[paul_tyler]: most of your clients
997
00:23:56,134 –> 00:23:56,354
[ramsey_d_smith]: oh
998
00:23:56,153 –> 00:24:00,160
[paul_tyler]: find you through facebook or did they
find them from people on facebook who recommended
999
00:24:00,240 –> 00:24:00,340
[paul_tyler]: you
1000
00:24:00,390 –> 00:24:01,080
[andy_panko]: my
1001
00:24:00,420 –> 00:24:04,126
[paul_tyler]: and is there anything in common with
these people like geography
1002
00:24:03,737 –> 00:24:03,902
[bruno_caron]: yes
1003
00:24:04,507 –> 00:24:05,509
[paul_tyler]: or are they just tell
1004
00:24:05,375 –> 00:24:05,597
[bruno_caron]: yeah
1005
00:24:05,569 –> 00:24:05,949
[paul_tyler]: us kind of
1006
00:24:05,940 –> 00:24:07,890
[andy_panko]: yah
1007
00:24:06,070 –> 00:24:08,153
[paul_tyler]: like what does your cantal generally
1008
00:24:08,135 –> 00:24:08,402
[bruno_caron]: yeah
1009
00:24:08,193 –> 00:24:08,614
[paul_tyler]: look like
1010
00:24:09,215 –> 00:24:09,235
[bruno_caron]: m
1011
00:24:09,832 –> 00:24:13,458
[andy_panko]: um yes the vast majority of the
forty five clients i
1012
00:24:13,474 –> 00:24:13,776
[ramsey_d_smith]: oh
1013
00:24:13,559 –> 00:24:15,322
[andy_panko]: have found me through facebook
1014
00:24:15,706 –> 00:24:16,207
[paul_tyler]: yeah
1015
00:24:16,904 –> 00:24:20,811
[andy_panko]: some aren’t on facebook and they found
me through youtube because a lot of videos
1016
00:24:20,871 –> 00:24:24,799
[andy_panko]: i did weekly on facebook i dropped
the re plays on to my youtube channel
1017
00:24:24,939 –> 00:24:28,967
[andy_panko]: after the fact so some people have
two clients i found three that found me
1018
00:24:28,987 –> 00:24:34,380
[andy_panko]: through youtube i’m also a you’re familiar
it roger
1019
00:24:34,415 –> 00:24:34,656
[bruno_caron]: oh
1020
00:24:34,421 –> 00:24:36,723
[andy_panko]: whitney av you heard of him the
retirement answer man podcast
1021
00:24:36,926 –> 00:24:37,027
[paul_tyler]: no
1022
00:24:36,964 –> 00:24:37,144
[andy_panko]: okay
1023
00:24:37,865 –> 00:24:37,885
[bruno_caron]: m
1024
00:24:37,891 –> 00:24:38,404
[ramsey_d_smith]: hm
1025
00:24:37,985 –> 00:24:43,812
[andy_panko]: he’s got a really large retirement podcast
he’s got a paid membership group called the
1026
00:24:43,833 –> 00:24:46,076
[andy_panko]: rock retirement club where i’m
1027
00:24:46,055 –> 00:24:46,256
[bruno_caron]: yes
1028
00:24:46,196 –> 00:24:50,624
[andy_panko]: one of the sort of adjuncts slash
coaches in there so some of the members
1029
00:24:50,664 –> 00:24:51,065
[andy_panko]: from there
1030
00:24:51,244 –> 00:24:51,450
[ramsey_d_smith]: yeah
1031
00:24:52,186 –> 00:24:55,093
[andy_panko]: have ultimately hired me but otherwise
1032
00:24:55,114 –> 00:24:56,194
[ramsey_d_smith]: yeah
1033
00:24:55,133 –> 00:24:56,236
[andy_panko]: yeah i mean facebook really
1034
00:24:56,255 –> 00:24:56,516
[bruno_caron]: oh
1035
00:24:56,437 –> 00:24:58,344
[andy_panko]: is the nexus of
1036
00:24:58,336 –> 00:24:58,584
[paul_tyler]: yeah
1037
00:24:58,405 –> 00:24:59,955
[andy_panko]: where all my business and exposure came
from
1038
00:24:59,855 –> 00:25:00,117
[bruno_caron]: oh
1039
00:25:00,536 –> 00:25:01,380
[paul_tyler]: wow bruno
1040
00:25:03,066 –> 00:25:03,466
[bruno_caron]: wonderful
1041
00:25:03,378 –> 00:25:03,540
[andy_panko]: right
1042
00:25:03,475 –> 00:25:03,496
[paul_tyler]: m
1043
00:25:04,348 –> 00:25:04,708
[bruno_caron]: yeah i know
1044
00:25:04,816 –> 00:25:05,476
[paul_tyler]: yeah
1045
00:25:04,989 –> 00:25:06,451
[bruno_caron]: well well done and
1046
00:25:06,436 –> 00:25:06,578
[paul_tyler]: ye
1047
00:25:06,531 –> 00:25:06,712
[bruno_caron]: that’s
1048
00:25:06,750 –> 00:25:06,972
[andy_panko]: thank you
1049
00:25:07,453 –> 00:25:14,805
[bruno_caron]: that’s great i want to take the
discussion where in a place where a lot
1050
00:25:14,825 –> 00:25:18,211
[bruno_caron]: of people don’t don’t focus too much
don’t talk about too much
1051
00:25:18,630 –> 00:25:18,914
[andy_panko]: yeah
1052
00:25:19,092 –> 00:25:22,318
[bruno_caron]: you know in the context of retirement
and planning longevity
1053
00:25:22,141 –> 00:25:22,282
[andy_panko]: yeah
1054
00:25:22,919 –> 00:25:23,219
[bruno_caron]: and that’s
1055
00:25:23,203 –> 00:25:23,224
[ramsey_d_smith]: m
1056
00:25:23,380 –> 00:25:28,869
[bruno_caron]: bequest like how do you how do
you view bequest how do you advise your
1057
00:25:28,949 –> 00:25:31,012
[bruno_caron]: clients on bequest you advise them
1058
00:25:31,003 –> 00:25:31,126
[andy_panko]: yeah
1059
00:25:31,072 –> 00:25:33,597
[bruno_caron]: on having having a certain goal
1060
00:25:33,480 –> 00:25:33,723
[andy_panko]: oh
1061
00:25:33,837 –> 00:25:35,460
[bruno_caron]: or just be that
1062
00:25:35,505 –> 00:25:35,669
[andy_panko]: yeah
1063
00:25:35,660 –> 00:25:36,501
[bruno_caron]: that wild
1064
00:25:36,334 –> 00:25:36,555
[ramsey_d_smith]: oh
1065
00:25:36,580 –> 00:25:36,681
[andy_panko]: oh
1066
00:25:36,582 –> 00:25:38,966
[bruno_caron]: card that is out there um
1067
00:25:38,760 –> 00:25:39,084
[andy_panko]: oh
1068
00:25:39,226 –> 00:25:39,466
[bruno_caron]: you know
1069
00:25:40,024 –> 00:25:40,224
[ramsey_d_smith]: yeah
1070
00:25:40,288 –> 00:25:40,789
[bruno_caron]: my follow up
1071
00:25:40,764 –> 00:25:40,867
[andy_panko]: oh
1072
00:25:40,829 –> 00:25:44,635
[bruno_caron]: is definitely going to be on you
know you know on the tax consequences and
1073
00:25:44,935 –> 00:25:45,817
[bruno_caron]: how do you strategize
1074
00:25:45,812 –> 00:25:46,014
[andy_panko]: sure
1075
00:25:45,897 –> 00:25:48,782
[bruno_caron]: there just conceptually how
1076
00:25:48,840 –> 00:25:49,022
[andy_panko]: oh
1077
00:25:48,842 –> 00:25:53,408
[bruno_caron]: does that conversation go you’re your clients
and and there
1078
00:25:53,510 –> 00:25:53,690
[andy_panko]: eh
1079
00:25:53,668 –> 00:25:58,613
[bruno_caron]: there you know they’re their desires towards
towards bequest
1080
00:25:58,619 –> 00:26:01,456
[andy_panko]: what towards legacy planning and leaving people
stuff
1081
00:26:01,936 –> 00:26:02,159
[paul_tyler]: oh
1082
00:26:02,660 –> 00:26:02,840
[andy_panko]: uh
1083
00:26:02,776 –> 00:26:03,337
[bruno_caron]: or or not
1084
00:26:03,304 –> 00:26:03,525
[ramsey_d_smith]: oh
1085
00:26:03,457 –> 00:26:04,340
[bruno_caron]: i’m not saying that you
1086
00:26:04,365 –> 00:26:04,545
[andy_panko]: right
1087
00:26:04,400 –> 00:26:06,485
[bruno_caron]: know they should or not but you
know how
1088
00:26:06,454 –> 00:26:07,894
[ramsey_d_smith]: oh
1089
00:26:06,525 –> 00:26:07,528
[bruno_caron]: does that conversation go
1090
00:26:08,370 –> 00:26:10,153
[andy_panko]: i find a lot of it or
not actually
1091
00:26:10,054 –> 00:26:10,864
[ramsey_d_smith]: oh
1092
00:26:10,974 –> 00:26:15,301
[andy_panko]: maybe it’s coincidence but when i meet
with people even as part of the prospect
1093
00:26:15,361 –> 00:26:19,889
[andy_panko]: process one of th things i ask
because you have any legacy goals you now
1094
00:26:19,949 –> 00:26:26,861
[andy_panko]: design eres requirements to leave money to
family friends charities whatever and vast majority of
1095
00:26:26,881 –> 00:26:30,787
[andy_panko]: my clients the answer is no it’s
like my primary goal is to not run
1096
00:26:30,907 –> 00:26:31,809
[andy_panko]: out whatever i have left
1097
00:26:31,895 –> 00:26:32,118
[bruno_caron]: oh
1098
00:26:31,989 –> 00:26:34,614
[andy_panko]: great my kids can have it or
you know i leave it to a charity
1099
00:26:35,796 –> 00:26:37,458
[andy_panko]: i only have a few
1100
00:26:37,625 –> 00:26:37,870
[bruno_caron]: oh
1101
00:26:37,739 –> 00:26:44,049
[andy_panko]: clients of my forty five where there
is some sort of meaningful legacy or questo
1102
00:26:44,250 –> 00:26:44,430
[andy_panko]: with
1103
00:26:44,285 –> 00:26:44,975
[bruno_caron]: oh
1104
00:26:44,550 –> 00:26:46,452
[andy_panko]: whatever i know who’re talking about but
you know leaving
1105
00:26:46,325 –> 00:26:46,647
[bruno_caron]: legacy
1106
00:26:46,632 –> 00:26:47,032
[andy_panko]: leaving money
1107
00:26:46,903 –> 00:26:46,924
[ramsey_d_smith]: m
1108
00:26:47,132 –> 00:26:50,596
[andy_panko]: like i say yeah one of them
is a special needs case where they have
1109
00:26:50,636 –> 00:26:53,859
[andy_panko]: a second to die life insurance policy
that’s going to fund a special needs trust
1110
00:26:55,421 –> 00:27:00,028
[andy_panko]: another one is charitably inclined and we
worked to set up a downer advise fund
1111
00:27:00,088 –> 00:27:03,113
[andy_panko]: as part of it and that really
legacy a hat’s given away money during life
1112
00:27:03,214 –> 00:27:07,220
[andy_panko]: but i really don’t have a lot
now i guess
1113
00:27:07,426 –> 00:27:07,689
[paul_tyler]: yes
1114
00:27:07,501 –> 00:27:10,446
[andy_panko]: if someone did have a strong burning
desire you know there a few
1115
00:27:10,366 –> 00:27:10,386
[paul_tyler]: m
1116
00:27:10,526 –> 00:27:13,591
[andy_panko]: things you can do you can do
like you know cash value life our whole
1117
00:27:13,611 –> 00:27:17,537
[andy_panko]: life policy to make sure it’s there
you can simply just ear mark it put
1118
00:27:17,718 –> 00:27:20,403
[andy_panko]: an account that you don’t touch kind
of take it out of the financial planning
1119
00:27:20,443 –> 00:27:22,266
[andy_panko]: considerations um
1120
00:27:24,403 –> 00:27:24,566
[bruno_caron]: yeah
1121
00:27:24,730 –> 00:27:26,240
[andy_panko]: i mean those are the main ones
i suppose
1122
00:27:27,435 –> 00:27:33,085
[bruno_caron]: so basically you come up with a
dynamic where you know if people are you
1123
00:27:33,125 –> 00:27:33,806
[bruno_caron]: know retiring
1124
00:27:34,530 –> 00:27:34,755
[andy_panko]: yeah
1125
00:27:35,088 –> 00:27:35,930
[bruno_caron]: if they die very
1126
00:27:35,692 –> 00:27:35,773
[andy_panko]: no
1127
00:27:36,090 –> 00:27:38,554
[bruno_caron]: early they’ll leave you know significant
1128
00:27:39,076 –> 00:27:39,217
[andy_panko]: yeah
1129
00:27:39,295 –> 00:27:44,364
[bruno_caron]: um significant legacy behind them and if
they die
1130
00:27:44,380 –> 00:27:44,521
[andy_panko]: so
1131
00:27:44,684 –> 00:27:45,866
[bruno_caron]: very late they may leave
1132
00:27:46,756 –> 00:27:46,776
[paul_tyler]: m
1133
00:27:46,928 –> 00:27:47,248
[bruno_caron]: nothing
1134
00:27:47,246 –> 00:27:47,326
[andy_panko]: no
1135
00:27:47,570 –> 00:27:47,590
[ramsey_d_smith]: a
1136
00:27:48,390 –> 00:27:49,352
[bruno_caron]: and you know
1137
00:27:49,461 –> 00:27:49,523
[andy_panko]: you
1138
00:27:49,552 –> 00:27:49,733
[bruno_caron]: there’s
1139
00:27:49,564 –> 00:27:49,666
[andy_panko]: know
1140
00:27:50,113 –> 00:27:59,344
[bruno_caron]: a major gap there and that’s you
know that’s generally an accepted way of planning
1141
00:27:59,545 –> 00:27:59,905
[bruno_caron]: and that’s
1142
00:28:00,600 –> 00:28:00,801
[andy_panko]: oh
1143
00:28:01,408 –> 00:28:01,989
[bruno_caron]: to your point
1144
00:28:01,808 –> 00:28:01,929
[andy_panko]: yeah
1145
00:28:02,029 –> 00:28:06,857
[bruno_caron]: i think you mentioned you certainly never
want to leave negative bequest where
1146
00:28:07,250 –> 00:28:07,393
[andy_panko]: right
1147
00:28:07,418 –> 00:28:09,962
[bruno_caron]: you know that would essentially be running
out of money
1148
00:28:09,865 –> 00:28:09,886
[paul_tyler]: m
1149
00:28:10,303 –> 00:28:15,712
[bruno_caron]: and just you know be a burden
for for your kids but m but that’s
1150
00:28:15,772 –> 00:28:15,896
[andy_panko]: that
1151
00:28:15,892 –> 00:28:17,837
[bruno_caron]: that’s that’s typically the general
1152
00:28:18,450 –> 00:28:19,320
[andy_panko]: yah
1153
00:28:20,477 –> 00:28:20,921
[bruno_caron]: the general
1154
00:28:20,901 –> 00:28:21,062
[andy_panko]: yeah
1155
00:28:21,002 –> 00:28:21,427
[bruno_caron]: dynamic
1156
00:28:21,094 –> 00:28:22,144
[ramsey_d_smith]: oh
1157
00:28:21,487 –> 00:28:23,345
[bruno_caron]: there oh
1158
00:28:22,504 –> 00:28:27,973
[andy_panko]: and it also depends how passionate people
feel about leaving money so there’s also you
1159
00:28:28,033 –> 00:28:33,241
[andy_panko]: mentioned tax planning considerations around this some
people don’t
1160
00:28:33,185 –> 00:28:33,528
[bruno_caron]: oh
1161
00:28:33,281 –> 00:28:36,725
[andy_panko]: care about taxes or like if i
die and leave a two million dollar fully
1162
00:28:36,805 –> 00:28:40,149
[andy_panko]: taxable i a o my kid who’s
already in the thirty seven percent tax bracket
1163
00:28:41,360 –> 00:28:43,744
[andy_panko]: for him or her like so we
let them pay the tax right they’re getting
1164
00:28:43,764 –> 00:28:47,230
[andy_panko]: something he didn’t have to start with
so i don’t care i’ll be gone other
1165
00:28:47,290 –> 00:28:47,570
[andy_panko]: folks
1166
00:28:47,405 –> 00:28:47,651
[bruno_caron]: oh
1167
00:28:47,831 –> 00:28:50,635
[andy_panko]: do do have this inherent desire to
sort of stick it to the man a
1168
00:28:50,655 –> 00:28:55,324
[andy_panko]: little bit you stick it to uncle
sam and they do have more consideration for
1169
00:28:56,206 –> 00:29:00,014
[andy_panko]: tax efficiency of wealth transfer so for
example if they know they have
1170
00:28:59,884 –> 00:29:00,574
[ramsey_d_smith]: yeah
1171
00:29:00,154 –> 00:29:01,257
[andy_panko]: more money than they’re ever going
1172
00:29:01,204 –> 00:29:01,834
[ramsey_d_smith]: yeah
1173
00:29:01,297 –> 00:29:01,958
[andy_panko]: to spend down
1174
00:29:02,524 –> 00:29:02,747
[ramsey_d_smith]: oh
1175
00:29:03,160 –> 00:29:03,581
[andy_panko]: and they know
1176
00:29:03,665 –> 00:29:03,909
[bruno_caron]: oh
1177
00:29:03,821 –> 00:29:06,065
[andy_panko]: a lot of it’s going to go
to their kid and let’s say their kids
1178
00:29:06,105 –> 00:29:07,948
[andy_panko]: a starving artist um
1179
00:29:07,805 –> 00:29:08,915
[bruno_caron]: oh
1180
00:29:08,529 –> 00:29:12,876
[andy_panko]: then in that case if they have
like tax for ira money they’ll probably leave
1181
00:29:12,936 –> 00:29:13,237
[andy_panko]: it to
1182
00:29:13,274 –> 00:29:13,295
[bruno_caron]: m
1183
00:29:13,277 –> 00:29:16,462
[andy_panko]: the kid let the kid pay taxes
because the kid will pay taxes than the
1184
00:29:16,502 –> 00:29:19,127
[andy_panko]: client would during during their life or
vice
1185
00:29:19,145 –> 00:29:19,349
[bruno_caron]: oh
1186
00:29:19,167 –> 00:29:21,350
[andy_panko]: versa going back to the example of
the kids
1187
00:29:22,205 –> 00:29:22,490
[bruno_caron]: oh
1188
00:29:22,212 –> 00:29:24,335
[andy_panko]: you know high earning doctor always
1189
00:29:24,313 –> 00:29:24,334
[ramsey_d_smith]: m
1190
00:29:24,355 –> 00:29:28,422
[andy_panko]: going to be a top tax rate
the client parents are in the twenty two
1191
00:29:28,482 –> 00:29:34,412
[andy_panko]: percent federal bracket let’s say and they
are concerned about maximizing the net after tax
1192
00:29:34,532 –> 00:29:35,754
[andy_panko]: amount of what’s left to the kid
1193
00:29:35,986 –> 00:29:36,006
[paul_tyler]: m
1194
00:29:36,355 –> 00:29:36,936
[andy_panko]: then we
1195
00:29:36,987 –> 00:29:37,595
[bruno_caron]: right
1196
00:29:37,017 –> 00:29:40,421
[andy_panko]: talk more about conversions let the cl
t pay taxes on the money in life
1197
00:29:40,501 –> 00:29:42,963
[andy_panko]: even to her not going to need
it let them pay taxes
1198
00:29:42,625 –> 00:29:42,646
[paul_tyler]: m
1199
00:29:43,084 –> 00:29:46,026
[andy_panko]: on it so it’s all in a
rath so when they die that ruth then
1200
00:29:46,146 –> 00:29:49,069
[andy_panko]: goes tax free to the child and
in the high tax bracket
1201
00:29:49,285 –> 00:29:49,426
[bruno_caron]: yeah
1202
00:29:49,640 –> 00:29:49,680
[andy_panko]: so
1203
00:29:49,677 –> 00:29:49,841
[paul_tyler]: yeah
1204
00:29:49,720 –> 00:29:50,381
[andy_panko]: it really all depends
1205
00:29:50,224 –> 00:29:50,487
[ramsey_d_smith]: oh
1206
00:29:50,421 –> 00:29:52,746
[andy_panko]: on clients circumstances and their emotions and
views towards
1207
00:29:52,804 –> 00:29:53,045
[ramsey_d_smith]: yeah
1208
00:29:52,806 –> 00:29:53,207
[andy_panko]: taxes
1209
00:29:53,706 –> 00:29:55,589
[paul_tyler]: okay he just switching gears
1210
00:29:55,530 –> 00:29:56,340
[andy_panko]: yes
1211
00:29:55,629 –> 00:29:55,669
[paul_tyler]: a
1212
00:29:55,694 –> 00:29:55,715
[bruno_caron]: m
1213
00:29:55,709 –> 00:29:57,993
[paul_tyler]: little bit so on stand the noting
man’s
1214
00:29:57,879 –> 00:29:57,900
[andy_panko]: m
1215
00:29:58,293 –> 00:29:58,734
[paul_tyler]: podcast
1216
00:29:58,985 –> 00:29:59,915
[bruno_caron]: yeah
1217
00:29:59,075 –> 00:29:59,796
[paul_tyler]: stands sounds
1218
00:29:59,813 –> 00:29:59,874
[andy_panko]: ah
1219
00:29:59,856 –> 00:30:01,058
[paul_tyler]: great and full disclosure he’s
1220
00:30:01,084 –> 00:30:01,834
[ramsey_d_smith]: my
1221
00:30:01,118 –> 00:30:03,582
[paul_tyler]: actually one of our business partners he’s
great and we appreciate
1222
00:30:03,334 –> 00:30:03,354
[ramsey_d_smith]: m
1223
00:30:04,003 –> 00:30:04,604
[paul_tyler]: business we’ve done
1224
00:30:04,745 –> 00:30:04,967
[bruno_caron]: oh
1225
00:30:04,824 –> 00:30:06,307
[paul_tyler]: with our care with him try to
1226
00:30:06,293 –> 00:30:06,395
[andy_panko]: ah
1227
00:30:06,327 –> 00:30:06,928
[paul_tyler]: get him on the anuity
1228
00:30:06,844 –> 00:30:07,112
[ramsey_d_smith]: oh
1229
00:30:07,008 –> 00:30:07,469
[paul_tyler]: show he
1230
00:30:07,620 –> 00:30:07,781
[andy_panko]: ye
1231
00:30:07,749 –> 00:30:08,871
[paul_tyler]: has yet to accept the
1232
00:30:08,970 –> 00:30:09,291
[andy_panko]: yeah
1233
00:30:08,971 –> 00:30:09,211
[paul_tyler]: offer
1234
00:30:09,814 –> 00:30:10,954
[ramsey_d_smith]: oh
1235
00:30:10,534 –> 00:30:12,036
[paul_tyler]: where does annuities fit with your client
1236
00:30:11,907 –> 00:30:12,008
[ramsey_d_smith]: ah
1237
00:30:12,076 –> 00:30:13,398
[paul_tyler]: hell are they too young
1238
00:30:14,070 –> 00:30:15,360
[andy_panko]: yeah
1239
00:30:14,080 –> 00:30:18,408
[paul_tyler]: do you have any strong feelings about
annuities if you were going to sell them
1240
00:30:18,570 –> 00:30:18,817
[andy_panko]: yeah
1241
00:30:19,372 –> 00:30:19,893
[paul_tyler]: or offer
1242
00:30:19,761 –> 00:30:19,922
[andy_panko]: yeah
1243
00:30:19,934 –> 00:30:22,161
[paul_tyler]: them to clients what would they look
like you know what’s
1244
00:30:22,020 –> 00:30:22,710
[andy_panko]: yeah
1245
00:30:22,181 –> 00:30:22,784
[paul_tyler]: the criteria
1246
00:30:23,510 –> 00:30:26,454
[andy_panko]: yep it all depends like an annuity
1247
00:30:26,554 –> 00:30:26,776
[ramsey_d_smith]: oh
1248
00:30:26,555 –> 00:30:30,261
[andy_panko]: like anything is a tool sometimes it
makes sense sometimes it doesn’t i
1249
00:30:30,334 –> 00:30:30,538
[ramsey_d_smith]: ye
1250
00:30:30,822 –> 00:30:33,947
[andy_panko]: definitely i feel my view of retirement
planning
1251
00:30:33,695 –> 00:30:34,955
[bruno_caron]: oh
1252
00:30:34,147 –> 00:30:38,275
[andy_panko]: is sort of best of both worlds
using we weigh file speak there’s a probability
1253
00:30:38,315 –> 00:30:41,601
[andy_panko]: based approach there’s a safety first approach
where
1254
00:30:41,555 –> 00:30:42,215
[bruno_caron]: oh
1255
00:30:41,661 –> 00:30:43,966
[andy_panko]: safety first is lock up you know
your
1256
00:30:43,925 –> 00:30:44,208
[bruno_caron]: oh
1257
00:30:44,026 –> 00:30:49,516
[andy_panko]: income through annuities maybe to a lesser
extent cashed by a life insurance probability based
1258
00:30:49,556 –> 00:30:54,444
[andy_panko]: as puragistlike let the markets do their
thing some people lean really hard in their
1259
00:30:55,085 –> 00:30:59,235
[andy_panko]: views and preferences towards one of the
clients i mean towards towards the other some
1260
00:30:59,295 –> 00:30:59,697
[andy_panko]: people like
1261
00:30:59,605 –> 00:30:59,626
[paul_tyler]: m
1262
00:30:59,737 –> 00:31:01,825
[andy_panko]: tell me whatever i should do that
that’s best for me
1263
00:31:02,284 –> 00:31:02,545
[ramsey_d_smith]: yeah
1264
00:31:03,200 –> 00:31:06,323
[andy_panko]: i try to be pragmatic about it
i don’t sell insurance that was a conscious
1265
00:31:06,363 –> 00:31:08,846
[andy_panko]: decision i am the only it’s not
1266
00:31:08,746 –> 00:31:08,786
[bruno_caron]: m
1267
00:31:08,906 –> 00:31:10,167
[andy_panko]: because i don’t think insurance
1268
00:31:10,094 –> 00:31:10,115
[bruno_caron]: m
1269
00:31:10,207 –> 00:31:12,590
[andy_panko]: products are important it’s just me and
1270
00:31:12,605 –> 00:31:12,625
[bruno_caron]: m
1271
00:31:12,650 –> 00:31:18,676
[andy_panko]: my beliefs i want to have that
distinction between the advice giver and the one
1272
00:31:18,736 –> 00:31:21,339
[andy_panko]: who consummates the sale i’m not
1273
00:31:22,085 –> 00:31:22,367
[bruno_caron]: oh
1274
00:31:22,100 –> 00:31:25,245
[andy_panko]: literally or demonizing people who do one
versus the other but that’s my approach towards
1275
00:31:25,234 –> 00:31:25,477
[ramsey_d_smith]: oh
1276
00:31:25,285 –> 00:31:25,485
[andy_panko]: things
1277
00:31:25,685 –> 00:31:26,525
[bruno_caron]: yeah
1278
00:31:26,327 –> 00:31:30,253
[andy_panko]: but realizing insurance products are important what
i’ve done is there are some folks
1279
00:31:30,275 –> 00:31:30,295
[bruno_caron]: m
1280
00:31:30,794 –> 00:31:33,679
[andy_panko]: i work with who are agents for
annuities or life
1281
00:31:33,785 –> 00:31:34,048
[bruno_caron]: yes
1282
00:31:34,100 –> 00:31:38,966
[andy_panko]: on some fee only platform such as
lincoln has one younowdplhas
1283
00:31:37,735 –> 00:31:37,756
[paul_tyler]: m
1284
00:31:39,146 –> 00:31:44,204
[andy_panko]: one um so if and when the
time comes where i feel either
1285
00:31:44,285 –> 00:31:44,548
[bruno_caron]: yes
1286
00:31:44,384 –> 00:31:47,669
[andy_panko]: a lifepeners product or annuity is in
the best interest client i have folks i
1287
00:31:47,710 –> 00:31:51,556
[andy_panko]: can reach out to or places i
can go direct to help shop around now
1288
00:31:51,876 –> 00:31:55,543
[andy_panko]: my view is going back i try
to blend the best of both worlds
1289
00:31:55,325 –> 00:31:55,345
[bruno_caron]: m
1290
00:31:56,043 –> 00:32:00,471
[andy_panko]: i think social security is the best
annuity anyone can ever have so a core
1291
00:32:00,591 –> 00:32:05,499
[andy_panko]: tenant of my planning is to make
sure people maximize that for their scenarios to
1292
00:32:05,539 –> 00:32:06,180
[andy_panko]: the and someone
1293
00:32:06,034 –> 00:32:06,278
[ramsey_d_smith]: oh
1294
00:32:06,221 –> 00:32:07,784
[andy_panko]: has traditional defined benefit
1295
00:32:07,745 –> 00:32:07,765
[bruno_caron]: m
1296
00:32:07,964 –> 00:32:09,748
[andy_panko]: pension same story
1297
00:32:09,514 –> 00:32:09,779
[ramsey_d_smith]: oh
1298
00:32:10,148 –> 00:32:10,730
[andy_panko]: let’s get the most
1299
00:32:10,745 –> 00:32:10,972
[bruno_caron]: oh
1300
00:32:10,790 –> 00:32:16,851
[andy_panko]: out of that um i kind of
have to view that you generally want to
1301
00:32:16,932 –> 00:32:23,022
[andy_panko]: make sure your anticipated necessary expenses throughout
retirement are covered by guaranteed secure income of
1302
00:32:23,062 –> 00:32:25,646
[andy_panko]: which here’s only three sources social security
pension or annuity
1303
00:32:26,314 –> 00:32:27,124
[ramsey_d_smith]: yeah
1304
00:32:26,848 –> 00:32:28,311
[andy_panko]: if it’s not then
1305
00:32:28,655 –> 00:32:29,345
[bruno_caron]: yeah
1306
00:32:28,892 –> 00:32:30,514
[andy_panko]: that’s when we start to consider okay
maybe
1307
00:32:30,665 –> 00:32:31,415
[bruno_caron]: yeah
1308
00:32:30,895 –> 00:32:31,937
[andy_panko]: we plug that gap with
1309
00:32:31,955 –> 00:32:32,217
[bruno_caron]: oh
1310
00:32:32,077 –> 00:32:33,700
[andy_panko]: an annuity now what’s the best
1311
00:32:33,605 –> 00:32:33,745
[bruno_caron]: yeah
1312
00:32:34,140 –> 00:32:36,324
[andy_panko]: no option or product out there to
get you that and that’s where i go
1313
00:32:36,364 –> 00:32:36,845
[andy_panko]: to my network
1314
00:32:36,725 –> 00:32:37,047
[bruno_caron]: yes
1315
00:32:36,905 –> 00:32:39,469
[andy_panko]: in my platforms to start feeling around
1316
00:32:39,874 –> 00:32:40,076
[ramsey_d_smith]: yeah
1317
00:32:40,170 –> 00:32:41,092
[andy_panko]: um some clients
1318
00:32:40,977 –> 00:32:41,465
[bruno_caron]: my
1319
00:32:41,192 –> 00:32:44,958
[andy_panko]: have so many assets even if they
don’t have enough guarantee didn’t come to support
1320
00:32:45,439 –> 00:32:50,027
[andy_panko]: their anticipated necessary expenses they have so
many assets that it doesn’t matter like they’re
1321
00:32:50,067 –> 00:32:53,312
[andy_panko]: never going to burn through them in
that case we don’t bother paying for the
1322
00:32:53,332 –> 00:32:56,618
[andy_panko]: guarantee of an annuity unless they’re ultra
ultra conservative
1323
00:32:56,298 –> 00:32:56,379
[bruno_caron]: oh
1324
00:32:56,658 –> 00:32:57,700
[andy_panko]: and specifically demand it
1325
00:32:58,864 –> 00:32:59,824
[ramsey_d_smith]: oh
1326
00:32:59,222 –> 00:32:59,663
[andy_panko]: i don’t know that
1327
00:32:59,555 –> 00:32:59,797
[bruno_caron]: oh
1328
00:32:59,743 –> 00:32:59,863
[andy_panko]: it’s
1329
00:33:00,376 –> 00:33:00,682
[ramsey_d_smith]: yes
1330
00:33:00,564 –> 00:33:01,346
[andy_panko]: some some various
1331
00:33:01,133 –> 00:33:01,274
[bruno_caron]: yeah
1332
00:33:01,386 –> 00:33:02,007
[andy_panko]: thoughts there but
1333
00:33:02,334 –> 00:33:03,236
[ramsey_d_smith]: so out of forty five
1334
00:33:03,395 –> 00:33:03,556
[bruno_caron]: yah
1335
00:33:03,496 –> 00:33:05,219
[ramsey_d_smith]: clients this is very interesting because
1336
00:33:04,904 –> 00:33:04,925
[bruno_caron]: h
1337
00:33:05,860 –> 00:33:06,441
[ramsey_d_smith]: the framework
1338
00:33:06,335 –> 00:33:06,884
[bruno_caron]: oh
1339
00:33:06,501 –> 00:33:08,164
[ramsey_d_smith]: you’re talking about is like
1340
00:33:08,670 –> 00:33:08,891
[andy_panko]: yeah
1341
00:33:08,705 –> 00:33:09,726
[ramsey_d_smith]: is the exact right one
1342
00:33:10,067 –> 00:33:10,107
[bruno_caron]: m
1343
00:33:10,087 –> 00:33:10,267
[ramsey_d_smith]: right
1344
00:33:10,456 –> 00:33:10,476
[paul_tyler]: m
1345
00:33:10,588 –> 00:33:10,728
[ramsey_d_smith]: last
1346
00:33:10,814 –> 00:33:10,835
[bruno_caron]: m
1347
00:33:10,828 –> 00:33:12,591
[ramsey_d_smith]: certainly in my view
1348
00:33:12,455 –> 00:33:12,637
[bruno_caron]: yeah
1349
00:33:12,906 –> 00:33:13,026
[andy_panko]: thank
1350
00:33:13,032 –> 00:33:13,132
[ramsey_d_smith]: at
1351
00:33:13,066 –> 00:33:13,127
[andy_panko]: you
1352
00:33:14,875 –> 00:33:19,480
[ramsey_d_smith]: so then out of forty five clients
where you’re using this this
1353
00:33:19,446 –> 00:33:19,487
[bruno_caron]: m
1354
00:33:19,660 –> 00:33:23,575
[ramsey_d_smith]: this framework how many what percentage of
them
1355
00:33:23,624 –> 00:33:23,645
[bruno_caron]: m
1356
00:33:23,876 –> 00:33:25,098
[ramsey_d_smith]: you know would end up being
1357
00:33:26,045 –> 00:33:26,065
[bruno_caron]: m
1358
00:33:26,240 –> 00:33:28,784
[ramsey_d_smith]: being put in an annuity and the
reason i say
1359
00:33:28,710 –> 00:33:29,033
[andy_panko]: oh
1360
00:33:28,844 –> 00:33:32,790
[ramsey_d_smith]: that is like this is an interesting
sort of like you know sand box where
1361
00:33:33,040 –> 00:33:33,181
[andy_panko]: yeah
1362
00:33:33,291 –> 00:33:34,553
[ramsey_d_smith]: you’re outside of the persuasions
1363
00:33:34,355 –> 00:33:34,617
[bruno_caron]: oh
1364
00:33:34,654 –> 00:33:37,258
[ramsey_d_smith]: and people trying to sell and on
the other side you’re outside
1365
00:33:37,285 –> 00:33:37,306
[paul_tyler]: m
1366
00:33:37,318 –> 00:33:37,538
[ramsey_d_smith]: of the
1367
00:33:37,786 –> 00:33:38,716
[paul_tyler]: yeah
1368
00:33:37,835 –> 00:33:38,116
[bruno_caron]: yeah
1369
00:33:38,240 –> 00:33:38,320
[ramsey_d_smith]: you
1370
00:33:38,280 –> 00:33:38,702
[andy_panko]: oh
1371
00:33:38,360 –> 00:33:41,104
[ramsey_d_smith]: know the the other side of the
persuasions where people are just ring to get
1372
00:33:41,164 –> 00:33:41,505
[ramsey_d_smith]: a um
1373
00:33:41,315 –> 00:33:41,580
[bruno_caron]: yeah
1374
00:33:41,565 –> 00:33:41,846
[ramsey_d_smith]: fees
1375
00:33:41,718 –> 00:33:41,899
[andy_panko]: yeah
1376
00:33:42,326 –> 00:33:42,407
[ramsey_d_smith]: so
1377
00:33:42,410 –> 00:33:42,531
[andy_panko]: yeah
1378
00:33:42,487 –> 00:33:44,109
[ramsey_d_smith]: we got the right decision making process
1379
00:33:43,895 –> 00:33:44,036
[bruno_caron]: oh
1380
00:33:44,510 –> 00:33:46,834
[ramsey_d_smith]: you’ve got the sample size of forty
five coin it’s
1381
00:33:47,160 –> 00:33:47,502
[andy_panko]: oh
1382
00:33:47,575 –> 00:33:47,735
[ramsey_d_smith]: right
1383
00:33:47,675 –> 00:33:47,878
[bruno_caron]: oh
1384
00:33:48,316 –> 00:33:51,820
[ramsey_d_smith]: like what is is it ten per
cent twenty percent thirty percent like what percentage
1385
00:33:51,605 –> 00:33:52,265
[bruno_caron]: yeah
1386
00:33:51,860 –> 00:33:51,900
[ramsey_d_smith]: of
1387
00:33:51,900 –> 00:33:52,141
[andy_panko]: oh
1388
00:33:51,981 –> 00:33:53,723
[ramsey_d_smith]: clients end up all right
1389
00:33:54,035 –> 00:33:54,339
[bruno_caron]: oh
1390
00:33:54,394 –> 00:33:55,180
[ramsey_d_smith]: using an annuity
1391
00:33:55,110 –> 00:33:55,860
[andy_panko]: yeah
1392
00:33:56,915 –> 00:33:56,935
[bruno_caron]: m
1393
00:33:57,281 –> 00:33:58,864
[andy_panko]: honestly most of my clients
1394
00:33:58,604 –> 00:33:58,625
[bruno_caron]: m
1395
00:33:58,904 –> 00:34:02,930
[andy_panko]: and this is probably a result of
my fee structure have more
1396
00:34:02,884 –> 00:34:03,144
[ramsey_d_smith]: oh
1397
00:34:03,071 –> 00:34:07,298
[andy_panko]: assets and they’re going to need and
i don’t want to think they’re hiring me
1398
00:34:07,304 –> 00:34:07,325
[bruno_caron]: m
1399
00:34:07,318 –> 00:34:08,940
[andy_panko]: because i’m the cheap guy you know
some three
1400
00:34:08,853 –> 00:34:08,873
[ramsey_d_smith]: h
1401
00:34:08,980 –> 00:34:10,002
[andy_panko]: million bucks is going to be
1402
00:34:09,965 –> 00:34:10,188
[bruno_caron]: oh
1403
00:34:10,042 –> 00:34:14,990
[andy_panko]: paying twenty thirty grand at most other
advisors versus d be ninety six hundred and
1404
00:34:15,031 –> 00:34:15,832
[andy_panko]: i can say with confidence
1405
00:34:15,484 –> 00:34:16,130
[ramsey_d_smith]: oh
1406
00:34:15,892 –> 00:34:20,319
[andy_panko]: my service is most likely better yet
it’s cheaper again it’s not cheap i feel
1407
00:34:20,255 –> 00:34:21,065
[bruno_caron]: my
1408
00:34:20,520 –> 00:34:23,344
[andy_panko]: right fee i feel they’re overcharging in
that case so anyway
1409
00:34:23,375 –> 00:34:23,395
[bruno_caron]: m
1410
00:34:23,765 –> 00:34:24,667
[andy_panko]: a lot of my clients have
1411
00:34:24,584 –> 00:34:24,605
[bruno_caron]: m
1412
00:34:24,687 –> 00:34:26,650
[andy_panko]: a few million dollars which is more
than their
1413
00:34:26,825 –> 00:34:27,351
[bruno_caron]: oh
1414
00:34:27,992 –> 00:34:28,453
[andy_panko]: likely gonna
1415
00:34:28,504 –> 00:34:28,565
[bruno_caron]: ah
1416
00:34:28,773 –> 00:34:31,498
[andy_panko]: come close to spending down so it
hasn’t it’s not that
1417
00:34:31,454 –> 00:34:31,475
[bruno_caron]: m
1418
00:34:31,618 –> 00:34:33,861
[andy_panko]: prevalent i do have some clients that
1419
00:34:33,935 –> 00:34:33,955
[bruno_caron]: m
1420
00:34:33,962 –> 00:34:37,247
[andy_panko]: have existing annuities that that they have
from before
1421
00:34:37,229 –> 00:34:37,270
[bruno_caron]: m
1422
00:34:37,287 –> 00:34:38,169
[andy_panko]: we started working together
1423
00:34:38,024 –> 00:34:38,045
[bruno_caron]: m
1424
00:34:38,164 –> 00:34:38,365
[ramsey_d_smith]: oh
1425
00:34:38,569 –> 00:34:43,497
[andy_panko]: in some cases we have kept them
that is folded into their part of their
1426
00:34:43,538 –> 00:34:51,703
[andy_panko]: income plan another case we did have
it surrendered recently now with the markets doing
1427
00:34:51,723 –> 00:34:52,384
[andy_panko]: what they’re doing
1428
00:34:52,757 –> 00:34:52,797
[bruno_caron]: m
1429
00:34:53,326 –> 00:34:53,526
[andy_panko]: people
1430
00:34:53,564 –> 00:34:53,585
[bruno_caron]: m
1431
00:34:53,606 –> 00:34:56,210
[andy_panko]: have been more concerned have been questioning
more
1432
00:34:56,315 –> 00:34:56,682
[bruno_caron]: uh
1433
00:34:56,351 –> 00:35:01,459
[andy_panko]: do i want to need security income
which i’m sue you’re not surprised markets are
1434
00:35:01,479 –> 00:35:03,653
[andy_panko]: homme everything was great no one
1435
00:35:03,637 –> 00:35:03,657
[bruno_caron]: m
1436
00:35:03,694 –> 00:35:07,242
[andy_panko]: wants to hear anything about paying for
an annuity where even if i live till
1437
00:35:07,323 –> 00:35:11,570
[andy_panko]: ninety i’ll get maybe four something per
cent n’t it right if if i
1438
00:35:11,555 –> 00:35:11,899
[bruno_caron]: oh
1439
00:35:11,630 –> 00:35:14,975
[andy_panko]: die before that you know it’s a
terrible deal on the surface and i try
1440
00:35:15,015 –> 00:35:16,638
[andy_panko]: to explain to people don’t view it
as an investment you
1441
00:35:16,714 –> 00:35:16,956
[ramsey_d_smith]: oh
1442
00:35:16,758 –> 00:35:20,967
[andy_panko]: can’t really look at are its longevity
insurance you buy it for guarantee stability certainty
1443
00:35:21,529 –> 00:35:22,752
[andy_panko]: knowing the pay checks on a e
there et cetera
1444
00:35:22,985 –> 00:35:23,005
[bruno_caron]: m
1445
00:35:23,413 –> 00:35:28,864
[andy_panko]: but still that’s a tough sale a
year ago when markets were red hot and
1446
00:35:28,924 –> 00:35:29,245
[andy_panko]: everyone’s
1447
00:35:29,007 –> 00:35:29,047
[bruno_caron]: m
1448
00:35:29,265 –> 00:35:32,069
[andy_panko]: like i got making money hand over
fist as much as i said to
1449
00:35:32,023 –> 00:35:32,044
[ramsey_d_smith]: m
1450
00:35:32,129 –> 00:35:32,390
[andy_panko]: folks
1451
00:35:32,199 –> 00:35:32,882
[bruno_caron]: and race for a log
1452
00:35:32,750 –> 00:35:33,552
[andy_panko]: this isn’t going to last
1453
00:35:33,844 –> 00:35:33,864
[ramsey_d_smith]: m
1454
00:35:34,353 –> 00:35:36,597
[andy_panko]: and rats were low and payouts weren’t
great on annuities
1455
00:35:36,274 –> 00:35:36,516
[ramsey_d_smith]: oh
1456
00:35:36,757 –> 00:35:40,344
[andy_panko]: right um i did condition folks to
1457
00:35:40,394 –> 00:35:40,415
[bruno_caron]: m
1458
00:35:40,404 –> 00:35:41,867
[andy_panko]: say this stock market
1459
00:35:41,795 –> 00:35:41,815
[bruno_caron]: m
1460
00:35:41,907 –> 00:35:44,332
[andy_panko]: is not going to last i don’t
know when but it’s got to turn at
1461
00:35:44,352 –> 00:35:45,274
[andy_panko]: some point so here we are
1462
00:35:45,245 –> 00:35:45,845
[bruno_caron]: may
1463
00:35:45,414 –> 00:35:48,000
[andy_panko]: you know a year later um
1464
00:35:48,103 –> 00:35:48,124
[ramsey_d_smith]: m
1465
00:35:48,260 –> 00:35:54,831
[andy_panko]: now with markets down people are sort
of naturally more interested in my god what
1466
00:35:55,011 –> 00:35:55,892
[andy_panko]: do let’s do something
1467
00:35:56,054 –> 00:35:56,075
[bruno_caron]: m
1468
00:35:56,153 –> 00:35:56,453
[andy_panko]: should we
1469
00:35:56,413 –> 00:35:56,434
[ramsey_d_smith]: m
1470
00:35:56,513 –> 00:35:58,296
[andy_panko]: get into an annuity just cut my
losses
1471
00:35:58,043 –> 00:35:58,084
[ramsey_d_smith]: ah
1472
00:35:58,115 –> 00:35:58,135
[bruno_caron]: m
1473
00:35:58,417 –> 00:35:59,719
[andy_panko]: get rid of the variability going forward
1474
00:35:59,594 –> 00:35:59,615
[bruno_caron]: m
1475
00:36:00,640 –> 00:36:01,261
[andy_panko]: so we’ve had more
1476
00:36:01,325 –> 00:36:01,587
[bruno_caron]: yes
1477
00:36:01,342 –> 00:36:02,163
[andy_panko]: conversations
1478
00:36:01,354 –> 00:36:01,574
[ramsey_d_smith]: oh
1479
00:36:02,263 –> 00:36:06,631
[andy_panko]: there is there’s two clients i’ve had
that talk with i didn’t sell them i
1480
00:36:06,731 –> 00:36:08,133
[andy_panko]: said here’s one alternative
1481
00:36:08,764 –> 00:36:09,484
[ramsey_d_smith]: oh
1482
00:36:08,794 –> 00:36:08,874
[andy_panko]: to
1483
00:36:08,945 –> 00:36:08,965
[bruno_caron]: m
1484
00:36:08,955 –> 00:36:13,582
[andy_panko]: riding out investments you know i still
think investments will come back where
1485
00:36:13,414 –> 00:36:13,655
[ramsey_d_smith]: oh
1486
00:36:13,763 –> 00:36:14,103
[andy_panko]: positioned
1487
00:36:13,796 –> 00:36:13,981
[bruno_caron]: yes
1488
00:36:14,143 –> 00:36:16,948
[andy_panko]: well for sequence overturn they have cash
buffers right we
1489
00:36:16,925 –> 00:36:17,069
[bruno_caron]: ye
1490
00:36:17,008 –> 00:36:19,893
[andy_panko]: got the sort of bucket thing going
on so we’re doing all the things we
1491
00:36:19,933 –> 00:36:21,195
[andy_panko]: should do from a traditional
1492
00:36:22,175 –> 00:36:22,398
[bruno_caron]: oh
1493
00:36:22,277 –> 00:36:27,844
[andy_panko]: probability based retirement playing perspect i but
certain clients are much more sensitive
1494
00:36:28,805 –> 00:36:29,208
[bruno_caron]: oh
1495
00:36:29,145 –> 00:36:31,568
[andy_panko]: to to down markets and how that
potentially impacts tem
1496
00:36:32,345 –> 00:36:32,547
[bruno_caron]: oh
1497
00:36:32,589 –> 00:36:36,055
[andy_panko]: um anyway to to put numbers to
it ramsey i don’t know
1498
00:36:35,944 –> 00:36:36,207
[ramsey_d_smith]: oh
1499
00:36:37,177 –> 00:36:38,159
[andy_panko]: my gas definitely my
1500
00:36:38,014 –> 00:36:38,256
[ramsey_d_smith]: oh
1501
00:36:38,240 –> 00:36:43,821
[andy_panko]: gas as sort of a cash savings
tool a few have done beyond my
1502
00:36:43,685 –> 00:36:44,405
[bruno_caron]: oh
1503
00:36:43,901 –> 00:36:45,784
[andy_panko]: gas and actually buying whether it’s a
spa
1504
00:36:46,025 –> 00:36:46,187
[bruno_caron]: oh
1505
00:36:46,225 –> 00:36:49,570
[andy_panko]: or just deferred ennui tat we’re playing
on annuitizing or getting a withdraw
1506
00:36:49,483 –> 00:36:49,504
[ramsey_d_smith]: m
1507
00:36:49,650 –> 00:36:54,298
[andy_panko]: writer on haven’t yet had any one
purchase yet since working with me but the
1508
00:36:54,358 –> 00:36:56,405
[andy_panko]: conversations come up in the last six
months
1509
00:36:56,786 –> 00:36:57,006
[paul_tyler]: okay
1510
00:36:57,365 –> 00:36:57,385
[bruno_caron]: m
1511
00:36:57,564 –> 00:36:57,786
[ramsey_d_smith]: got it
1512
00:36:58,469 –> 00:36:58,769
[paul_tyler]: two kind
1513
00:36:58,800 –> 00:36:59,067
[andy_panko]: yah
1514
00:36:58,809 –> 00:37:02,095
[paul_tyler]: of twin questions here for you you
know
1515
00:37:02,315 –> 00:37:03,021
[bruno_caron]: oh
1516
00:37:03,136 –> 00:37:04,318
[paul_tyler]: general questions always really
1517
00:37:04,170 –> 00:37:04,431
[andy_panko]: yeah
1518
00:37:04,378 –> 00:37:07,103
[paul_tyler]: tough potentially probability you can
1519
00:37:07,115 –> 00:37:07,336
[bruno_caron]: oh
1520
00:37:07,143 –> 00:37:10,809
[paul_tyler]: use all the words you need to
hear for compliance purposes but okay
1521
00:37:10,740 –> 00:37:12,289
[andy_panko]: my
1522
00:37:10,869 –> 00:37:14,215
[paul_tyler]: i’m in my fifties i’ve got a
sizable decent size for ink
1523
00:37:14,310 –> 00:37:14,533
[andy_panko]: yeah
1524
00:37:15,397 –> 00:37:20,986
[paul_tyler]: open up the paper inflation gas prices
are coming down inflations still up
1525
00:37:20,930 –> 00:37:21,051
[andy_panko]: yeah
1526
00:37:21,046 –> 00:37:21,247
[paul_tyler]: there
1527
00:37:21,215 –> 00:37:21,356
[bruno_caron]: oh
1528
00:37:21,307 –> 00:37:24,454
[paul_tyler]: i just see the russians blowing up
a potentially
1529
00:37:24,480 –> 00:37:24,741
[andy_panko]: yeah
1530
00:37:25,015 –> 00:37:25,316
[paul_tyler]: blowing
1531
00:37:25,325 –> 00:37:25,629
[bruno_caron]: oh
1532
00:37:25,376 –> 00:37:27,942
[paul_tyler]: up a fuel pipe line i see
the melt down in
1533
00:37:27,995 –> 00:37:28,216
[bruno_caron]: oh
1534
00:37:28,002 –> 00:37:28,283
[paul_tyler]: the bond
1535
00:37:28,278 –> 00:37:28,459
[andy_panko]: yeah
1536
00:37:28,343 –> 00:37:32,980
[paul_tyler]: market and you know i got this
plan what what kind of
1537
00:37:32,945 –> 00:37:33,189
[bruno_caron]: oh
1538
00:37:33,041 –> 00:37:34,964
[paul_tyler]: changes so i’d be making do you
have any
1539
00:37:34,925 –> 00:37:35,088
[bruno_caron]: yeah
1540
00:37:35,024 –> 00:37:40,733
[paul_tyler]: like to id you have top top
three um ideas or concepts or recommendation ure
1541
00:37:40,753 –> 00:37:41,575
[paul_tyler]: giving to people right now
1542
00:37:41,735 –> 00:37:41,957
[bruno_caron]: yeah
1543
00:37:42,016 –> 00:37:42,766
[paul_tyler]: oh
1544
00:37:42,725 –> 00:37:42,946
[bruno_caron]: oh
1545
00:37:43,572 –> 00:37:43,672
[andy_panko]: no
1546
00:37:44,837 –> 00:37:45,895
[bruno_caron]: m m m
1547
00:37:46,196 –> 00:37:51,604
[andy_panko]: as bad as it might sound on
the surface i still feel the plans we
1548
00:37:51,684 –> 00:37:56,994
[andy_panko]: put together for people were well thought
out well constructed they knew eventually down turns
1549
00:37:57,035 –> 00:38:01,692
[andy_panko]: going to happen here it is and
it’s human nature to want to feel
1550
00:38:01,505 –> 00:38:03,005
[bruno_caron]: oh
1551
00:38:02,312 –> 00:38:04,614
[andy_panko]: i got to do something i got
to sell i got a chant i gotta
1552
00:38:04,635 –> 00:38:04,915
[andy_panko]: whatever
1553
00:38:05,144 –> 00:38:05,165
[bruno_caron]: m
1554
00:38:05,816 –> 00:38:10,461
[andy_panko]: the best response i can give people
is don’t just do something stand there no
1555
00:38:10,801 –> 00:38:12,245
[andy_panko]: i don’t know who said it but
i think it’s brilliant
1556
00:38:12,605 –> 00:38:12,887
[bruno_caron]: yes
1557
00:38:12,706 –> 00:38:15,652
[andy_panko]: when you feel the need to do
something just because there’s so many click bates
1558
00:38:15,732 –> 00:38:17,396
[andy_panko]: and noise and news bites
1559
00:38:17,435 –> 00:38:18,395
[bruno_caron]: oh
1560
00:38:17,496 –> 00:38:18,057
[andy_panko]: about whatever
1561
00:38:18,766 –> 00:38:19,426
[paul_tyler]: oh
1562
00:38:19,660 –> 00:38:19,741
[andy_panko]: the
1563
00:38:19,745 –> 00:38:20,267
[bruno_caron]: oh
1564
00:38:19,801 –> 00:38:22,145
[andy_panko]: plan is built for this now it’s
super painful to watch
1565
00:38:23,165 –> 00:38:23,428
[bruno_caron]: oh
1566
00:38:24,509 –> 00:38:25,831
[andy_panko]: them off i’m
1567
00:38:25,865 –> 00:38:27,665
[bruno_caron]: oh
1568
00:38:25,891 –> 00:38:30,098
[andy_panko]: not saying it’s not when someone looks
at their balances and stock markets are down
1569
00:38:30,338 –> 00:38:33,403
[andy_panko]: twenty twenty five and dependin what yu’re
talking about agra
1570
00:38:33,434 –> 00:38:33,455
[bruno_caron]: m
1571
00:38:33,544 –> 00:38:34,064
[andy_panko]: bonbmarkets
1572
00:38:33,635 –> 00:38:33,917
[bruno_caron]: oh
1573
00:38:34,165 –> 00:38:37,951
[andy_panko]: down twelve thirteen percent for the year
stock market doesn’t
1574
00:38:37,775 –> 00:38:38,057
[bruno_caron]: oh
1575
00:38:37,971 –> 00:38:41,997
[andy_panko]: surprise me the bomb market that took
everyone by surprise not that we didn’t know
1576
00:38:42,038 –> 00:38:44,201
[andy_panko]: the risk was there you know if
you know about the race you now this
1577
00:38:44,241 –> 00:38:48,288
[andy_panko]: can happen but the extent in the
in the quickness
1578
00:38:48,035 –> 00:38:48,905
[bruno_caron]: yeah
1579
00:38:48,348 –> 00:38:51,994
[andy_panko]: with which it have risen has has
really you’ve gin a slap in the face
1580
00:38:52,194 –> 00:38:52,535
[andy_panko]: but anyway
1581
00:38:54,125 –> 00:38:54,305
[bruno_caron]: yeah
1582
00:38:54,799 –> 00:38:59,106
[andy_panko]: my view is and for people that
are okay with the view we’re carrying on
1583
00:38:59,186 –> 00:39:01,610
[andy_panko]: for people that aren’t okay with the
view those are the ones we have the
1584
00:39:01,630 –> 00:39:05,657
[andy_panko]: annuity conversation were like i get and
i don’t care if you say i went
1585
00:39:05,737 –> 00:39:05,817
[andy_panko]: out
1586
00:39:06,155 –> 00:39:06,499
[bruno_caron]: oh
1587
00:39:06,338 –> 00:39:10,164
[andy_panko]: then okay fine you know the then
we start to consider whatever happened up to
1588
00:39:10,184 –> 00:39:12,428
[andy_panko]: this point it is what it is
now we put the guarantees
1589
00:39:12,485 –> 00:39:13,175
[bruno_caron]: yeah
1590
00:39:12,488 –> 00:39:15,433
[andy_panko]: in place you maybe shoot yourself on
the foot you know when the rebound
1591
00:39:15,425 –> 00:39:15,690
[bruno_caron]: yeah
1592
00:39:15,473 –> 00:39:18,478
[andy_panko]: happens in one year two or three
years they may come back and be like
1593
00:39:18,558 –> 00:39:18,899
[andy_panko]: oh man
1594
00:39:18,845 –> 00:39:19,046
[bruno_caron]: yes
1595
00:39:18,939 –> 00:39:22,605
[andy_panko]: what i do that but we discuss
all the pros and cons now and make
1596
00:39:22,625 –> 00:39:23,767
[andy_panko]: the best decision so
1597
00:39:23,757 –> 00:39:23,938
[paul_tyler]: okay
1598
00:39:23,827 –> 00:39:24,027
[andy_panko]: anyway
1599
00:39:24,635 –> 00:39:24,820
[bruno_caron]: yeah
1600
00:39:24,868 –> 00:39:25,009
[paul_tyler]: yeah
1601
00:39:24,989 –> 00:39:28,916
[andy_panko]: no no no dramatic changes one thing
i have started doing is people’s
1602
00:39:28,775 –> 00:39:28,977
[bruno_caron]: yeah
1603
00:39:28,956 –> 00:39:29,837
[andy_panko]: fixed income portion
1604
00:39:30,513 –> 00:39:30,635
[bruno_caron]: yeah
1605
00:39:30,759 –> 00:39:32,622
[andy_panko]: instead of just a total bond market
fund
1606
00:39:32,375 –> 00:39:32,395
[bruno_caron]: m
1607
00:39:32,862 –> 00:39:34,585
[andy_panko]: starting to layer in some
1608
00:39:34,606 –> 00:39:34,948
[paul_tyler]: oh
1609
00:39:34,645 –> 00:39:35,126
[andy_panko]: t bills
1610
00:39:35,315 –> 00:39:36,215
[bruno_caron]: yeah
1611
00:39:35,967 –> 00:39:39,313
[andy_panko]: because yields are for and giver take
as a portion
1612
00:39:39,095 –> 00:39:39,357
[bruno_caron]: oh
1613
00:39:39,513 –> 00:39:42,358
[andy_panko]: of their of their fixed income you
know a year ago t bill yields where
1614
00:39:42,398 –> 00:39:45,844
[andy_panko]: a joke there was really no reason
to lock up money at you know half
1615
00:39:45,904 –> 00:39:46,164
[andy_panko]: percent
1616
00:39:45,995 –> 00:39:46,277
[bruno_caron]: oh
1617
00:39:46,224 –> 00:39:48,268
[andy_panko]: or whatever now slightly different story
1618
00:39:48,785 –> 00:39:49,625
[bruno_caron]: yeah
1619
00:39:49,490 –> 00:39:49,770
[andy_panko]: but that’s
1620
00:39:49,655 –> 00:39:50,435
[bruno_caron]: oh
1621
00:39:49,910 –> 00:39:52,694
[andy_panko]: only the only real sort of change
i’ve kind of done
1622
00:39:52,867 –> 00:39:52,887
[bruno_caron]: m
1623
00:39:53,455 –> 00:39:53,875
[andy_panko]: with folks so
1624
00:39:53,894 –> 00:39:53,915
[bruno_caron]: m
1625
00:39:53,955 –> 00:39:54,076
[andy_panko]: far
1626
00:39:54,796 –> 00:39:55,998
[paul_tyler]: okay last one then we’ll
1627
00:39:56,075 –> 00:39:56,276
[bruno_caron]: yeah
1628
00:39:56,118 –> 00:39:59,484
[paul_tyler]: have bruno and ramsey give you their
best their best
1629
00:39:59,345 –> 00:39:59,586
[bruno_caron]: oh
1630
00:39:59,564 –> 00:40:00,405
[paul_tyler]: question there they’re gonna be
1631
00:40:00,360 –> 00:40:01,050
[andy_panko]: oh
1632
00:40:00,445 –> 00:40:01,407
[paul_tyler]: tough so you know
1633
00:40:01,445 –> 00:40:03,005
[bruno_caron]: yeah
1634
00:40:01,500 –> 00:40:01,641
[andy_panko]: sure
1635
00:40:01,547 –> 00:40:03,871
[paul_tyler]: get ready for this i’m
1636
00:40:03,794 –> 00:40:04,026
[bruno_caron]: m uh
1637
00:40:03,911 –> 00:40:04,552
[paul_tyler]: an advisor
1638
00:40:04,100 –> 00:40:04,220
[andy_panko]: oh
1639
00:40:04,812 –> 00:40:08,519
[paul_tyler]: oh my gosh you know you built
this great practice three years
1640
00:40:08,315 –> 00:40:08,335
[bruno_caron]: m
1641
00:40:08,599 –> 00:40:10,322
[paul_tyler]: off of facebook how do i
1642
00:40:10,325 –> 00:40:10,587
[bruno_caron]: oh
1643
00:40:10,402 –> 00:40:11,724
[paul_tyler]: future prove my practice
1644
00:40:12,810 –> 00:40:13,010
[andy_panko]: yeah
1645
00:40:13,955 –> 00:40:14,096
[bruno_caron]: yeah
1646
00:40:15,829 –> 00:40:16,800
[andy_panko]: um m
1647
00:40:17,615 –> 00:40:18,038
[bruno_caron]: oh
1648
00:40:17,711 –> 00:40:19,974
[andy_panko]: in what sense like specifically
1649
00:40:19,627 –> 00:40:19,947
[paul_tyler]: it could
1650
00:40:19,775 –> 00:40:21,185
[bruno_caron]: yeah
1651
00:40:20,007 –> 00:40:20,107
[paul_tyler]: be
1652
00:40:20,014 –> 00:40:21,036
[andy_panko]: to me or other advisors
1653
00:40:20,809 –> 00:40:24,254
[paul_tyler]: could be i’m just talking i’m somebody
who calls you up and says
1654
00:40:24,245 –> 00:40:24,965
[bruno_caron]: yeah
1655
00:40:24,354 –> 00:40:27,339
[paul_tyler]: i love what you’ve done you’ve clearly
1656
00:40:27,305 –> 00:40:27,529
[bruno_caron]: oh
1657
00:40:27,700 –> 00:40:30,885
[paul_tyler]: taken some very conscious decisions around fast
1658
00:40:30,845 –> 00:40:31,026
[bruno_caron]: yah
1659
00:40:31,086 –> 00:40:31,807
[paul_tyler]: there’s number
1660
00:40:31,740 –> 00:40:32,001
[andy_panko]: yeah
1661
00:40:31,847 –> 00:40:33,650
[paul_tyler]: of clients how you’re building
1662
00:40:33,675 –> 00:40:33,798
[andy_panko]: yeah
1663
00:40:33,990 –> 00:40:34,491
[paul_tyler]: prospects
1664
00:40:34,235 –> 00:40:34,479
[bruno_caron]: oh
1665
00:40:34,571 –> 00:40:37,376
[paul_tyler]: what you’re doing within the industry you
know is there
1666
00:40:37,595 –> 00:40:37,776
[bruno_caron]: yes
1667
00:40:38,238 –> 00:40:41,383
[paul_tyler]: any just sort of big piece of
advice you give
1668
00:40:41,340 –> 00:40:41,581
[andy_panko]: yeah
1669
00:40:41,405 –> 00:40:41,688
[bruno_caron]: oh
1670
00:40:41,423 –> 00:40:44,460
[paul_tyler]: advisors who may talk to you oh
1671
00:40:44,735 –> 00:40:44,936
[bruno_caron]: yeah
1672
00:40:45,502 –> 00:40:48,767
[andy_panko]: uh i mean honestly the advisors who
seek me
1673
00:40:48,785 –> 00:40:49,087
[bruno_caron]: oh
1674
00:40:49,028 –> 00:40:51,932
[andy_panko]: out is more about fee structures people
who want
1675
00:40:51,845 –> 00:40:52,955
[bruno_caron]: oh
1676
00:40:51,973 –> 00:40:55,138
[andy_panko]: to get into a flat fee set
up whether they’re starting
1677
00:40:55,055 –> 00:40:56,315
[bruno_caron]: yeah
1678
00:40:55,158 –> 00:40:57,522
[andy_panko]: their own thing or they’re at it
place that wants to try to transition
1679
00:40:58,235 –> 00:40:58,476
[bruno_caron]: oh
1680
00:40:58,744 –> 00:41:02,029
[andy_panko]: not percent of assets isn’t going away
it will be here longer
1681
00:41:01,895 –> 00:41:02,142
[bruno_caron]: yeah
1682
00:41:02,350 –> 00:41:02,650
[andy_panko]: than all
1683
00:41:02,615 –> 00:41:02,841
[bruno_caron]: yeah
1684
00:41:02,690 –> 00:41:05,675
[andy_panko]: of us but anecdotally i do see
1685
00:41:05,675 –> 00:41:05,938
[bruno_caron]: oh
1686
00:41:05,755 –> 00:41:08,821
[andy_panko]: a lot more change views
1687
00:41:08,525 –> 00:41:08,545
[bruno_caron]: m
1688
00:41:08,941 –> 00:41:11,766
[andy_panko]: changing preference from advisors and consumers alike
1689
00:41:12,695 –> 00:41:12,939
[bruno_caron]: oh
1690
00:41:12,707 –> 00:41:15,973
[andy_panko]: to start moving away from percent of
assets it’s not
1691
00:41:15,875 –> 00:41:16,116
[bruno_caron]: oh
1692
00:41:16,013 –> 00:41:19,078
[andy_panko]: going to be this dramatic overnight switch
where
1693
00:41:18,965 –> 00:41:19,249
[bruno_caron]: oh
1694
00:41:19,378 –> 00:41:21,562
[andy_panko]: all the wire houses now wake up
tomorrow and start doing flat
1695
00:41:21,515 –> 00:41:21,756
[bruno_caron]: yah
1696
00:41:21,622 –> 00:41:22,984
[andy_panko]: fees but
1697
00:41:22,964 –> 00:41:22,985
[bruno_caron]: h
1698
00:41:23,044 –> 00:41:23,485
[andy_panko]: i do see
1699
00:41:24,046 –> 00:41:24,796
[paul_tyler]: oh
1700
00:41:24,507 –> 00:41:24,707
[andy_panko]: lots
1701
00:41:24,665 –> 00:41:26,135
[bruno_caron]: oh
1702
00:41:24,727 –> 00:41:27,432
[andy_panko]: of advisors trying to change over namely
the younger
1703
00:41:27,485 –> 00:41:27,687
[bruno_caron]: yes
1704
00:41:27,512 –> 00:41:29,555
[andy_panko]: ones are the ones trying to start
their own thing because they’re doing it for
1705
00:41:29,575 –> 00:41:30,116
[andy_panko]: the right reasons
1706
00:41:30,185 –> 00:41:30,205
[bruno_caron]: m
1707
00:41:30,777 –> 00:41:32,525
[andy_panko]: so my advice is percent of asses
and going
1708
00:41:32,555 –> 00:41:32,777
[bruno_caron]: yeah
1709
00:41:32,585 –> 00:41:39,723
[andy_panko]: away but definitely be aware other fee
structures other service offerings for not doing tax
1710
00:41:39,844 –> 00:41:41,526
[andy_panko]: planning if you’re overcharging
1711
00:41:41,375 –> 00:41:41,762
[bruno_caron]: oh
1712
00:41:41,586 –> 00:41:44,852
[andy_panko]: on basic percent of asset model someone
might
1713
00:41:44,855 –> 00:41:45,177
[bruno_caron]: oh
1714
00:41:44,872 –> 00:41:47,181
[andy_panko]: start eating your lunch and don’t be
surprised if that happens over the next ten
1715
00:41:47,302 –> 00:41:47,724
[andy_panko]: twenty years
1716
00:41:48,365 –> 00:41:50,015
[bruno_caron]: yah h
1717
00:41:50,008 –> 00:41:50,089
[paul_tyler]: no
1718
00:41:51,270 –> 00:41:51,514
[andy_panko]: yeah
1719
00:41:51,566 –> 00:41:51,847
[paul_tyler]: thoughts
1720
00:41:51,866 –> 00:41:52,066
[bruno_caron]: well
1721
00:41:51,967 –> 00:41:52,329
[paul_tyler]: question
1722
00:41:52,166 –> 00:41:52,407
[bruno_caron]: i mean
1723
00:41:53,010 –> 00:41:53,231
[andy_panko]: yeah
1724
00:41:53,469 –> 00:41:56,253
[bruno_caron]: last question all right well usually start
with that
1725
00:41:56,269 –> 00:41:56,370
[andy_panko]: yeah
1726
00:41:56,293 –> 00:41:57,916
[bruno_caron]: because that gets the conversation going but
1727
00:41:58,710 –> 00:41:58,911
[andy_panko]: oh
1728
00:41:58,838 –> 00:42:00,440
[bruno_caron]: sounds like a little backwards but
1729
00:42:01,860 –> 00:42:02,121
[andy_panko]: yeah
1730
00:42:02,183 –> 00:42:03,646
[bruno_caron]: how do you um
1731
00:42:03,872 –> 00:42:03,912
[andy_panko]: h
1732
00:42:03,916 –> 00:42:04,340
[paul_tyler]: oh
1733
00:42:04,587 –> 00:42:04,848
[bruno_caron]: how do you
1734
00:42:04,839 –> 00:42:04,860
[andy_panko]: h
1735
00:42:04,908 –> 00:42:05,008
[bruno_caron]: view
1736
00:42:05,040 –> 00:42:05,302
[andy_panko]: oh
1737
00:42:05,228 –> 00:42:09,435
[bruno_caron]: income in retirement do you use the
four percent rule
1738
00:42:09,360 –> 00:42:09,540
[andy_panko]: oh
1739
00:42:10,237 –> 00:42:16,908
[bruno_caron]: do you you know you mentioned the
weight vow to basic approaches you mentioned
1740
00:42:16,714 –> 00:42:16,875
[andy_panko]: yeah
1741
00:42:17,128 –> 00:42:18,891
[bruno_caron]: the three stools um
1742
00:42:19,456 –> 00:42:19,765
[paul_tyler]: oh
1743
00:42:19,592 –> 00:42:21,295
[bruno_caron]: in aggregate and all in
1744
00:42:21,263 –> 00:42:21,384
[andy_panko]: oh
1745
00:42:21,535 –> 00:42:25,883
[bruno_caron]: all you know all marvels considered how
do
1746
00:42:25,890 –> 00:42:26,110
[andy_panko]: oh
1747
00:42:25,963 –> 00:42:30,873
[bruno_caron]: you you plan on you know total
income for each year
1748
00:42:31,020 –> 00:42:31,040
[andy_panko]: m
1749
00:42:32,036 –> 00:42:32,357
[bruno_caron]: for
1750
00:42:32,460 –> 00:42:33,210
[andy_panko]: oh
1751
00:42:32,718 –> 00:42:36,655
[bruno_caron]: you know for for a newly retired
m m
1752
00:42:37,515 –> 00:42:41,481
[andy_panko]: that’s a tough one and that there
is no single rule thumb or process or
1753
00:42:41,562 –> 00:42:41,922
[andy_panko]: formula
1754
00:42:42,095 –> 00:42:42,360
[bruno_caron]: oh
1755
00:42:42,183 –> 00:42:46,911
[andy_panko]: that works um i do use traditional
financial planning oft were that
1756
00:42:46,895 –> 00:42:47,160
[bruno_caron]: yes
1757
00:42:46,971 –> 00:42:49,014
[andy_panko]: does project out cash flows of anticipated
1758
00:42:48,875 –> 00:42:49,076
[bruno_caron]: yah
1759
00:42:49,074 –> 00:42:50,597
[andy_panko]: income and expenses and backs
1760
00:42:50,404 –> 00:42:50,465
[bruno_caron]: ah
1761
00:42:50,677 –> 00:42:52,239
[andy_panko]: in to assume portfolio withdraws and
1762
00:42:52,265 –> 00:42:52,566
[bruno_caron]: oh
1763
00:42:52,279 –> 00:42:54,884
[andy_panko]: doesn’t monte carlo based on that you
can tweak it kick
1764
00:42:54,914 –> 00:42:54,935
[bruno_caron]: h
1765
00:42:54,944 –> 00:42:55,224
[andy_panko]: it however
1766
00:42:55,115 –> 00:42:55,338
[bruno_caron]: yeah
1767
00:42:55,244 –> 00:42:58,229
[andy_panko]: you want four percent rule tremendously
1768
00:42:58,565 –> 00:42:58,866
[bruno_caron]: oh
1769
00:42:58,690 –> 00:43:02,056
[andy_panko]: you know i know it well studied
it a lot
1770
00:43:02,255 –> 00:43:02,416
[bruno_caron]: yeah
1771
00:43:02,677 –> 00:43:06,603
[andy_panko]: know what it does but in reality
no one lives a simple pretty
1772
00:43:06,808 –> 00:43:06,849
[bruno_caron]: m
1773
00:43:06,844 –> 00:43:08,266
[andy_panko]: linear consistent annual
1774
00:43:08,024 –> 00:43:08,045
[bruno_caron]: m
1775
00:43:08,466 –> 00:43:09,348
[andy_panko]: distribution life
1776
00:43:09,755 –> 00:43:10,385
[bruno_caron]: oh
1777
00:43:10,350 –> 00:43:12,906
[andy_panko]: it’s at least a good back of
the envelope starting point for example
1778
00:43:12,887 –> 00:43:13,715
[bruno_caron]: m m
1779
00:43:13,920 –> 00:43:16,264
[andy_panko]: um some one sixty five they retire
they
1780
00:43:16,244 –> 00:43:16,265
[bruno_caron]: m
1781
00:43:16,364 –> 00:43:18,367
[andy_panko]: got fifty thousand of social security
1782
00:43:18,185 –> 00:43:18,205
[bruno_caron]: m
1783
00:43:18,427 –> 00:43:23,296
[andy_panko]: between you know spouses and their total
expense needs are let’s say eighty so they
1784
00:43:23,336 –> 00:43:24,598
[andy_panko]: got a thirty thousand shortfall
1785
00:43:25,246 –> 00:43:25,266
[paul_tyler]: m
1786
00:43:25,445 –> 00:43:25,465
[bruno_caron]: m
1787
00:43:25,740 –> 00:43:29,433
[andy_panko]: multiply by twenty five and that’s the
starting point of how many
1788
00:43:29,405 –> 00:43:29,628
[bruno_caron]: oh
1789
00:43:29,453 –> 00:43:32,938
[andy_panko]: investable assets you should have if you
want to do a pure probability based
1790
00:43:32,915 –> 00:43:33,177
[bruno_caron]: oh
1791
00:43:33,700 –> 00:43:36,624
[andy_panko]: thirty year distribution on that then you’re
in the
1792
00:43:36,596 –> 00:43:36,636
[bruno_caron]: m
1793
00:43:36,645 –> 00:43:37,406
[andy_panko]: all park right
1794
00:43:37,604 –> 00:43:37,625
[bruno_caron]: m
1795
00:43:37,726 –> 00:43:40,231
[andy_panko]: if your if your assets fall far
short of
1796
00:43:40,295 –> 00:43:40,518
[bruno_caron]: oh
1797
00:43:40,311 –> 00:43:43,877
[andy_panko]: that twenty five number and twenty five
is just the reciprocal of four percent
1798
00:43:44,015 –> 00:43:44,198
[bruno_caron]: yeah
1799
00:43:44,698 –> 00:43:45,740
[andy_panko]: if your assets are far short
1800
00:43:46,488 –> 00:43:46,509
[bruno_caron]: m
1801
00:43:46,821 –> 00:43:47,803
[andy_panko]: you got to think this plan
1802
00:43:47,624 –> 00:43:47,645
[bruno_caron]: m
1803
00:43:47,903 –> 00:43:50,067
[andy_panko]: you now there’s a decent chance ou
might run out if your
1804
00:43:50,097 –> 00:43:50,178
[bruno_caron]: oh
1805
00:43:50,147 –> 00:43:55,756
[andy_panko]: assets are comfortably above that there’s really
no reason to think barring law suit or
1806
00:43:55,754 –> 00:43:55,775
[bruno_caron]: m
1807
00:43:55,816 –> 00:43:58,100
[andy_panko]: you know not having proper protections in
place about umbrella
1808
00:43:57,935 –> 00:43:58,196
[bruno_caron]: yeah
1809
00:43:58,160 –> 00:44:01,806
[andy_panko]: insurance and someone breaking their neck on
your sidewalk onsumingyou for two million bucks or
1810
00:44:01,847 –> 00:44:07,436
[andy_panko]: something just from pure distribution standpoint you
should be fine if you want to take
1811
00:44:07,476 –> 00:44:10,962
[andy_panko]: some of that should be fine away
then you can start layering in some annuities
1812
00:44:11,202 –> 00:44:15,149
[andy_panko]: and this is where i sort of
trip myself up over thinking it i think
1813
00:44:15,269 –> 00:44:17,697
[andy_panko]: is even with annuities
1814
00:44:19,054 –> 00:44:19,254
[ramsey_d_smith]: oh
1815
00:44:19,170 –> 00:44:21,334
[andy_panko]: if you take all of your assets
and pump it into
1816
00:44:21,185 –> 00:44:21,470
[bruno_caron]: oh
1817
00:44:21,374 –> 00:44:23,258
[andy_panko]: annuities with guaranteed payments you know it’s
1818
00:44:23,206 –> 00:44:23,866
[paul_tyler]: yeah
1819
00:44:23,278 –> 00:44:24,240
[andy_panko]: certainty what your payment are going to
be
1820
00:44:24,575 –> 00:44:25,565
[bruno_caron]: my
1821
00:44:24,901 –> 00:44:26,444
[andy_panko]: borrowing to follow to the insurer but
even then there’s
1822
00:44:26,405 –> 00:44:26,708
[bruno_caron]: oh
1823
00:44:26,484 –> 00:44:28,287
[andy_panko]: state backstop so let’s assume you still
get paid
1824
00:44:29,465 –> 00:44:29,645
[bruno_caron]: yeah
1825
00:44:30,100 –> 00:44:34,026
[andy_panko]: but that doesn’t mean it’s riskless what
if inflation persists at eight nine percent for
1826
00:44:34,106 –> 00:44:34,788
[andy_panko]: ten years
1827
00:44:34,791 –> 00:44:34,832
[bruno_caron]: m
1828
00:44:35,950 –> 00:44:40,517
[andy_panko]: do any annuities newly written annuities even
have traditional colas anymore on their payments like
1829
00:44:41,278 –> 00:44:41,459
[andy_panko]: i don’t
1830
00:44:41,347 –> 00:44:41,429
[paul_tyler]: no
1831
00:44:41,435 –> 00:44:41,678
[bruno_caron]: oh
1832
00:44:41,479 –> 00:44:42,361
[andy_panko]: think so to mind that’s right
1833
00:44:42,977 –> 00:44:43,079
[paul_tyler]: no
1834
00:44:43,545 –> 00:44:43,806
[bruno_caron]: social
1835
00:44:43,706 –> 00:44:43,806
[andy_panko]: so
1836
00:44:43,886 –> 00:44:44,227
[bruno_caron]: security
1837
00:44:45,501 –> 00:44:46,703
[andy_panko]: which is why it’s the best thing
there is
1838
00:44:46,745 –> 00:44:46,929
[bruno_caron]: oh
1839
00:44:46,763 –> 00:44:47,744
[andy_panko]: and make the most of it so
1840
00:44:47,675 –> 00:44:47,957
[bruno_caron]: oh
1841
00:44:48,125 –> 00:44:52,573
[andy_panko]: you know even going the pure annuity
route isn’t isn’t riskless so it’s always going
1842
00:44:52,593 –> 00:44:55,938
[andy_panko]: to be this mixed you can never
solve with finite
1843
00:44:55,685 –> 00:44:55,886
[bruno_caron]: oh
1844
00:44:56,018 –> 00:44:58,983
[andy_panko]: certainty that someone will be okay or
will
1845
00:44:58,895 –> 00:44:59,426
[bruno_caron]: oh
1846
00:44:59,043 –> 00:45:02,329
[andy_panko]: not i started triangulate i do things
1847
00:45:02,195 –> 00:45:02,438
[bruno_caron]: yeah
1848
00:45:02,369 –> 00:45:07,057
[andy_panko]: like the four percent rule is a
ham handed starting point monte carlo under various
1849
00:45:07,177 –> 00:45:10,462
[andy_panko]: twists and tweet i know that’s just
guessing the future using the past as a
1850
00:45:10,482 –> 00:45:11,003
[andy_panko]: predictor so i
1851
00:45:11,015 –> 00:45:11,283
[bruno_caron]: yes
1852
00:45:11,043 –> 00:45:14,008
[andy_panko]: know it’s flawed but it’s sort of
the closest
1853
00:45:13,986 –> 00:45:14,026
[bruno_caron]: m
1854
00:45:14,028 –> 00:45:15,431
[andy_panko]: thing we got to a crystal ball
if
1855
00:45:15,434 –> 00:45:15,455
[bruno_caron]: m
1856
00:45:15,471 –> 00:45:16,913
[andy_panko]: you will um
1857
00:45:17,226 –> 00:45:17,267
[bruno_caron]: m
1858
00:45:17,935 –> 00:45:18,295
[andy_panko]: and even
1859
00:45:18,194 –> 00:45:19,025
[bruno_caron]: m my
1860
00:45:18,396 –> 00:45:20,018
[andy_panko]: just sort of basic math
1861
00:45:19,936 –> 00:45:20,536
[paul_tyler]: yeah
1862
00:45:20,058 –> 00:45:20,760
[andy_panko]: like i had a conversate
1863
00:45:20,885 –> 00:45:20,905
[bruno_caron]: m
1864
00:45:20,900 –> 00:45:24,767
[andy_panko]: client the other day do i have
enough i looked at well you need ex
1865
00:45:24,887 –> 00:45:29,054
[andy_panko]: amount of dollars per year you have
wide amount of dollars in your investment account
1866
00:45:29,215 –> 00:45:30,818
[andy_panko]: even though it’s down twenty per cent
1867
00:45:31,955 –> 00:45:32,135
[bruno_caron]: oh
1868
00:45:32,020 –> 00:45:36,768
[andy_panko]: that’s a two per cent withdraw rate
for the next thirty five years i don’t
1869
00:45:36,755 –> 00:45:36,775
[bruno_caron]: m
1870
00:45:36,788 –> 00:45:40,554
[andy_panko]: know that anyone can can realistically argue
that a two per cent with draw rate
1871
00:45:40,614 –> 00:45:41,656
[andy_panko]: isn’t safe like dividends
1872
00:45:41,525 –> 00:45:41,748
[bruno_caron]: oh
1873
00:45:41,676 –> 00:45:45,302
[andy_panko]: and interest alone throw off two percent
for her so for her i’m like i
1874
00:45:45,342 –> 00:45:47,125
[andy_panko]: don’t need the fancy tools you’re good
1875
00:45:47,135 –> 00:45:48,215
[bruno_caron]: yeah
1876
00:45:47,946 –> 00:45:48,888
[andy_panko]: that’s a simple scenario
1877
00:45:48,944 –> 00:45:48,965
[bruno_caron]: m
1878
00:45:49,228 –> 00:45:53,776
[andy_panko]: to constrain investor in market speak that’s
more difficult and that’s where you can’t
1879
00:45:54,005 –> 00:45:54,025
[bruno_caron]: m
1880
00:45:54,257 –> 00:45:57,222
[andy_panko]: pinpoint it even if you do o
the safety first thing
1881
00:45:57,515 –> 00:45:57,761
[bruno_caron]: oh
1882
00:45:58,243 –> 00:46:00,487
[andy_panko]: there’s still some element of unknown future
risk
1883
00:46:00,875 –> 00:46:01,217
[bruno_caron]: oh
1884
00:46:00,948 –> 00:46:03,152
[andy_panko]: that you can’t quite solve for so
you just kind of have to look at
1885
00:46:03,232 –> 00:46:04,073
[andy_panko]: all the different angles
1886
00:46:04,205 –> 00:46:04,427
[bruno_caron]: yeah
1887
00:46:04,394 –> 00:46:07,258
[andy_panko]: approaching from different ways where there’s monte
carlo four percent just
1888
00:46:07,385 –> 00:46:07,626
[bruno_caron]: yeah
1889
00:46:07,399 –> 00:46:13,308
[andy_panko]: basic tick and tying of cash flows
um and revisit every year even in retirement
1890
00:46:13,349 –> 00:46:13,489
[andy_panko]: these
1891
00:46:13,505 –> 00:46:13,726
[bruno_caron]: yeah
1892
00:46:13,529 –> 00:46:18,036
[andy_panko]: plans are always moving targets always dynamic
so you really have to kind of keep
1893
00:46:18,096 –> 00:46:21,182
[andy_panko]: reaping if their expenses change life circumstances
change
1894
00:46:20,945 –> 00:46:21,166
[bruno_caron]: yeah
1895
00:46:21,222 –> 00:46:21,703
[andy_panko]: if inflation
1896
00:46:21,526 –> 00:46:22,606
[paul_tyler]: oh
1897
00:46:21,783 –> 00:46:24,768
[andy_panko]: changes their plans will change you have
to be adaptable
1898
00:46:24,695 –> 00:46:25,595
[bruno_caron]: oh
1899
00:46:24,808 –> 00:46:28,907
[andy_panko]: to it very long winded answer sorry
but it’s a great question
1900
00:46:28,629 –> 00:46:28,649
[bruno_caron]: h
1901
00:46:28,987 –> 00:46:29,769
[andy_panko]: but not one that i
1902
00:46:29,774 –> 00:46:29,795
[bruno_caron]: h
1903
00:46:29,809 –> 00:46:30,390
[andy_panko]: think has
1904
00:46:30,226 –> 00:46:30,490
[paul_tyler]: oh
1905
00:46:30,591 –> 00:46:31,012
[andy_panko]: a tint
1906
00:46:31,096 –> 00:46:31,318
[paul_tyler]: oh
1907
00:46:31,814 –> 00:46:31,994
[andy_panko]: hundred
1908
00:46:31,834 –> 00:46:32,134
[ramsey_d_smith]: yeah
1909
00:46:32,014 –> 00:46:32,696
[andy_panko]: percent right answer
1910
00:46:34,156 –> 00:46:34,597
[paul_tyler]: you’re good
1911
00:46:34,380 –> 00:46:34,721
[andy_panko]: oh
1912
00:46:34,620 –> 00:46:34,761
[bruno_caron]: that
1913
00:46:36,161 –> 00:46:36,522
[paul_tyler]: ramsey
1914
00:46:36,425 –> 00:46:36,647
[bruno_caron]: oh
1915
00:46:37,904 –> 00:46:38,104
[ramsey_d_smith]: well
1916
00:46:37,955 –> 00:46:38,257
[bruno_caron]: oh
1917
00:46:38,404 –> 00:46:41,029
[ramsey_d_smith]: yeah absolutely so i think i already
asked my tough
1918
00:46:41,045 –> 00:46:41,307
[bruno_caron]: oh
1919
00:46:41,089 –> 00:46:41,550
[ramsey_d_smith]: questions
1920
00:46:41,380 –> 00:46:41,521
[andy_panko]: what
1921
00:46:41,950 –> 00:46:42,111
[ramsey_d_smith]: and
1922
00:46:42,256 –> 00:46:42,579
[paul_tyler]: oh
1923
00:46:42,772 –> 00:46:44,758
[ramsey_d_smith]: you know i think that i mean
i
1924
00:46:44,855 –> 00:46:45,178
[bruno_caron]: oh
1925
00:46:44,859 –> 00:46:45,080
[ramsey_d_smith]: hope
1926
00:46:45,496 –> 00:46:45,516
[paul_tyler]: m
1927
00:46:45,924 –> 00:46:46,228
[ramsey_d_smith]: hope that
1928
00:46:46,140 –> 00:46:46,281
[andy_panko]: oh
1929
00:46:46,329 –> 00:46:47,137
[ramsey_d_smith]: future proofing
1930
00:46:47,555 –> 00:46:47,756
[bruno_caron]: yes
1931
00:46:48,334 –> 00:46:51,359
[ramsey_d_smith]: in this space it means like
1932
00:46:51,185 –> 00:46:51,508
[bruno_caron]: my
1933
00:46:51,719 –> 00:46:51,799
[ramsey_d_smith]: you
1934
00:46:51,766 –> 00:46:52,029
[paul_tyler]: yeah
1935
00:46:51,839 –> 00:46:56,407
[ramsey_d_smith]: know coming at it the way andy
does right with first of all
1936
00:46:56,469 –> 00:46:56,490
[andy_panko]: m
1937
00:46:56,487 –> 00:46:56,708
[ramsey_d_smith]: with
1938
00:46:57,245 –> 00:46:57,265
[bruno_caron]: m
1939
00:46:57,268 –> 00:46:58,591
[ramsey_d_smith]: sort of a know i brought her
1940
00:46:58,519 –> 00:46:58,680
[bruno_caron]: right
1941
00:46:58,671 –> 00:46:59,252
[ramsey_d_smith]: background
1942
00:47:00,515 –> 00:47:01,020
[bruno_caron]: oh
1943
00:47:01,234 –> 00:47:03,437
[ramsey_d_smith]: the right and center of structure around
flat fees
1944
00:47:03,755 –> 00:47:04,082
[bruno_caron]: oh
1945
00:47:04,399 –> 00:47:05,060
[ramsey_d_smith]: um and
1946
00:47:05,116 –> 00:47:05,380
[paul_tyler]: my
1947
00:47:05,120 –> 00:47:07,464
[ramsey_d_smith]: then sort of a clear understanding of
like
1948
00:47:07,355 –> 00:47:07,375
[bruno_caron]: m
1949
00:47:07,965 –> 00:47:10,749
[ramsey_d_smith]: where the real value ad is your
comment earlier about
1950
00:47:10,535 –> 00:47:10,737
[bruno_caron]: yeah
1951
00:47:11,090 –> 00:47:13,714
[ramsey_d_smith]: getting paid one per cent a year
for just proved ing bata
1952
00:47:13,916 –> 00:47:13,977
[bruno_caron]: m
1953
00:47:14,235 –> 00:47:14,355
[ramsey_d_smith]: right
1954
00:47:14,370 –> 00:47:14,532
[andy_panko]: yeah
1955
00:47:14,395 –> 00:47:14,855
[ramsey_d_smith]: bata comes
1956
00:47:14,804 –> 00:47:14,825
[bruno_caron]: m
1957
00:47:14,915 –> 00:47:16,337
[ramsey_d_smith]: for for free or very
1958
00:47:16,331 –> 00:47:16,475
[andy_panko]: yeah
1959
00:47:16,437 –> 00:47:18,098
[ramsey_d_smith]: close to it should it should you
can
1960
00:47:18,050 –> 00:47:18,192
[andy_panko]: yeah
1961
00:47:18,138 –> 00:47:18,979
[ramsey_d_smith]: get it for four basis
1962
00:47:18,845 –> 00:47:19,685
[bruno_caron]: my
1963
00:47:19,019 –> 00:47:21,542
[ramsey_d_smith]: points a vanguard right so the
1964
00:47:21,575 –> 00:47:21,837
[bruno_caron]: yeah
1965
00:47:22,062 –> 00:47:25,537
[ramsey_d_smith]: but all the rest of it right
the tax decisions
1966
00:47:25,145 –> 00:47:25,165
[bruno_caron]: m
1967
00:47:27,160 –> 00:47:30,806
[ramsey_d_smith]: all the other sort of all of
their planning work that you talk about that’s
1968
00:47:30,846 –> 00:47:30,966
[ramsey_d_smith]: where
1969
00:47:30,911 –> 00:47:31,093
[andy_panko]: yeah
1970
00:47:31,006 –> 00:47:32,028
[ramsey_d_smith]: the real value ad is
1971
00:47:32,796 –> 00:47:32,920
[andy_panko]: eh
1972
00:47:32,809 –> 00:47:33,631
[ramsey_d_smith]: and so clarity
1973
00:47:33,284 –> 00:47:33,305
[bruno_caron]: m
1974
00:47:33,350 –> 00:47:33,491
[andy_panko]: yeah
1975
00:47:33,771 –> 00:47:35,715
[ramsey_d_smith]: on that making sure geting paid for
that i think i think
1976
00:47:35,945 –> 00:47:36,248
[bruno_caron]: oh
1977
00:47:36,758 –> 00:47:39,385
[ramsey_d_smith]: i hope that that is the that
1978
00:47:39,425 –> 00:47:39,709
[bruno_caron]: oh
1979
00:47:39,466 –> 00:47:41,050
[ramsey_d_smith]: is the future of what of what
this
1980
00:47:41,040 –> 00:47:41,322
[andy_panko]: oh
1981
00:47:41,131 –> 00:47:42,541
[ramsey_d_smith]: industry looks like
1982
00:47:43,067 –> 00:47:43,107
[bruno_caron]: m
1983
00:47:43,320 –> 00:47:43,641
[andy_panko]: it seems
1984
00:47:43,586 –> 00:47:43,729
[paul_tyler]: yeah
1985
00:47:43,721 –> 00:47:44,382
[andy_panko]: clear the industry is
1986
00:47:44,414 –> 00:47:44,435
[bruno_caron]: m
1987
00:47:44,422 –> 00:47:46,187
[andy_panko]: going more towards planning and
1988
00:47:46,475 –> 00:47:47,045
[bruno_caron]: oh
1989
00:47:46,527 –> 00:47:47,149
[andy_panko]: away from just
1990
00:47:47,173 –> 00:47:47,194
[ramsey_d_smith]: m
1991
00:47:47,189 –> 00:47:49,795
[andy_panko]: investment management because that’s become cheap easy
and commoditized
1992
00:47:49,835 –> 00:47:50,855
[bruno_caron]: oh
1993
00:47:49,835 –> 00:47:51,398
[andy_panko]: to do and do well but
1994
00:47:51,754 –> 00:47:52,018
[ramsey_d_smith]: oh
1995
00:47:52,030 –> 00:47:55,776
[andy_panko]: just one sort of final thought from
me is i don’t i can’t stand when
1996
00:47:55,856 –> 00:47:56,277
[andy_panko]: advisors
1997
00:47:56,015 –> 00:47:56,035
[bruno_caron]: m
1998
00:47:56,357 –> 00:47:59,222
[andy_panko]: say my value is going to be
at least x dollars or my value
1999
00:47:59,255 –> 00:47:59,661
[bruno_caron]: oh
2000
00:47:59,262 –> 00:48:02,227
[andy_panko]: will be at least double my fee
and plying you quantify
2001
00:48:02,255 –> 00:48:02,497
[bruno_caron]: oh
2002
00:48:02,287 –> 00:48:03,529
[andy_panko]: your value you can’t
2003
00:48:03,556 –> 00:48:04,156
[paul_tyler]: yeah
2004
00:48:03,910 –> 00:48:04,371
[andy_panko]: for example
2005
00:48:04,955 –> 00:48:04,975
[bruno_caron]: m
2006
00:48:05,092 –> 00:48:06,174
[andy_panko]: claiming social security
2007
00:48:06,404 –> 00:48:06,425
[bruno_caron]: m
2008
00:48:07,176 –> 00:48:08,499
[andy_panko]: tremendous amount of value
2009
00:48:08,547 –> 00:48:08,567
[bruno_caron]: m
2010
00:48:08,759 –> 00:48:10,863
[andy_panko]: and helping someone get that decision right
2011
00:48:11,495 –> 00:48:11,716
[bruno_caron]: yeah
2012
00:48:11,545 –> 00:48:15,532
[andy_panko]: for them based on what you know
at the time but you don’t know until
2013
00:48:15,592 –> 00:48:16,133
[andy_panko]: years after
2014
00:48:15,935 –> 00:48:16,805
[bruno_caron]: my
2015
00:48:16,173 –> 00:48:19,258
[andy_panko]: the fact was ultimate the right decision
so for example
2016
00:48:18,935 –> 00:48:18,955
[bruno_caron]: m
2017
00:48:19,148 –> 00:48:19,168
[paul_tyler]: a
2018
00:48:19,439 –> 00:48:21,622
[andy_panko]: if i work with a single person
anticipated
2019
00:48:21,604 –> 00:48:21,885
[ramsey_d_smith]: yeah
2020
00:48:21,642 –> 00:48:22,283
[andy_panko]: to live till ninety
2021
00:48:22,055 –> 00:48:22,296
[bruno_caron]: oh
2022
00:48:23,626 –> 00:48:24,607
[andy_panko]: the answer is going to probably
2023
00:48:24,635 –> 00:48:24,655
[bruno_caron]: m
2024
00:48:24,647 –> 00:48:28,138
[andy_panko]: be delay or social security to seven
um you
2025
00:48:28,114 –> 00:48:28,315
[ramsey_d_smith]: oh
2026
00:48:28,178 –> 00:48:28,760
[andy_panko]: know what if she dies
2027
00:48:28,745 –> 00:48:29,130
[bruno_caron]: oh
2028
00:48:28,820 –> 00:48:31,930
[andy_panko]: at sixty a hit by truck out
of the blue she’s
2029
00:48:31,865 –> 00:48:32,167
[bruno_caron]: oh
2030
00:48:32,190 –> 00:48:36,077
[andy_panko]: financially worse off because she would have
spent down a lot more assets in delaying
2031
00:48:35,864 –> 00:48:35,885
[bruno_caron]: m
2032
00:48:36,117 –> 00:48:36,898
[andy_panko]: social security
2033
00:48:37,775 –> 00:48:37,795
[bruno_caron]: m
2034
00:48:37,920 –> 00:48:38,942
[andy_panko]: less goes to her kids
2035
00:48:38,894 –> 00:48:38,915
[bruno_caron]: m
2036
00:48:39,002 –> 00:48:41,346
[andy_panko]: or her charity or her whatever so
in hindsight
2037
00:48:41,315 –> 00:48:42,335
[bruno_caron]: oh
2038
00:48:41,726 –> 00:48:44,631
[andy_panko]: that decision costs that client potentially ten
thousands of dollars
2039
00:48:44,465 –> 00:48:44,485
[bruno_caron]: m
2040
00:48:44,751 –> 00:48:45,653
[andy_panko]: of social security
2041
00:48:45,604 –> 00:48:45,926
[ramsey_d_smith]: oh
2042
00:48:45,734 –> 00:48:45,755
[bruno_caron]: m
2043
00:48:46,855 –> 00:48:46,955
[andy_panko]: that
2044
00:48:46,895 –> 00:48:47,180
[bruno_caron]: oh
2045
00:48:46,995 –> 00:48:50,761
[andy_panko]: doesn’t mean i didn’t add value it
was the right decision at the time but
2046
00:48:50,862 –> 00:48:51,062
[andy_panko]: let’s
2047
00:48:51,035 –> 00:48:51,055
[bruno_caron]: m
2048
00:48:51,162 –> 00:48:53,205
[andy_panko]: not pretend we can quantify the value
2049
00:48:53,045 –> 00:48:53,350
[bruno_caron]: oh
2050
00:48:53,446 –> 00:48:56,311
[andy_panko]: in these more abstract the things
2051
00:48:56,405 –> 00:48:56,425
[bruno_caron]: m
2052
00:48:56,471 –> 00:48:57,673
[andy_panko]: like financial planning
2053
00:48:57,494 –> 00:48:57,515
[bruno_caron]: m
2054
00:48:57,773 –> 00:48:59,917
[andy_panko]: like decision making like the comfort we
provide
2055
00:48:59,555 –> 00:48:59,575
[bruno_caron]: m
2056
00:48:59,977 –> 00:49:03,362
[andy_panko]: and helping someone sleep better at night
you can’t
2057
00:49:03,155 –> 00:49:03,377
[bruno_caron]: yeah
2058
00:49:03,623 –> 00:49:06,107
[andy_panko]: so let’s get off this thing that
percent of assets is
2059
00:49:06,124 –> 00:49:06,372
[ramsey_d_smith]: oh
2060
00:49:06,147 –> 00:49:07,650
[andy_panko]: the way to determine value it’s just
2061
00:49:07,594 –> 00:49:07,815
[ramsey_d_smith]: oh
2062
00:49:07,730 –> 00:49:12,924
[andy_panko]: it’s so not flat fee is not
even knowing i can’t qualify the value and
2063
00:49:12,984 –> 00:49:16,410
[andy_panko]: people perceive value differently i can do
the same thing for client avers client b
2064
00:49:16,657 –> 00:49:16,739
[bruno_caron]: ah
2065
00:49:16,970 –> 00:49:20,136
[andy_panko]: client b may think it’s the best
thing ever client maybe like a whatever
2066
00:49:19,985 –> 00:49:20,212
[bruno_caron]: yeah
2067
00:49:20,857 –> 00:49:22,981
[andy_panko]: um so how do i tempt to
charge
2068
00:49:22,775 –> 00:49:22,795
[bruno_caron]: m
2069
00:49:23,041 –> 00:49:27,768
[andy_panko]: on value you can’t so charge on
what you do know hour spent resources provided
2070
00:49:27,929 –> 00:49:29,071
[andy_panko]: level of experts needed
2071
00:49:29,015 –> 00:49:29,035
[bruno_caron]: m
2072
00:49:29,411 –> 00:49:32,276
[andy_panko]: et cetera et cetera that’s why i
think this fee structure makes sense that’s why
2073
00:49:32,255 –> 00:49:32,499
[bruno_caron]: yes
2074
00:49:32,396 –> 00:49:34,259
[andy_panko]: i think it’s the fee structure of
the future
2075
00:49:34,024 –> 00:49:34,287
[ramsey_d_smith]: yeah
2076
00:49:34,941 –> 00:49:35,422
[andy_panko]: hence maybe
2077
00:49:35,435 –> 00:49:35,455
[bruno_caron]: m
2078
00:49:35,462 –> 00:49:37,366
[andy_panko]: i can help you future prove your
practice but that may
2079
00:49:37,417 –> 00:49:37,438
[paul_tyler]: i
2080
00:49:37,426 –> 00:49:38,488
[andy_panko]: be too bold of a statement to
say
2081
00:49:38,825 –> 00:49:39,086
[bruno_caron]: yeah
2082
00:49:39,596 –> 00:49:40,918
[paul_tyler]: this is great this is
2083
00:49:41,411 –> 00:49:41,493
[bruno_caron]: ah
2084
00:49:41,419 –> 00:49:44,705
[paul_tyler]: andy so how do people find your
facebook
2085
00:49:44,375 –> 00:49:44,636
[bruno_caron]: oh
2086
00:49:44,825 –> 00:49:46,208
[paul_tyler]: group your youtubechannel
2087
00:49:45,390 –> 00:49:45,691
[andy_panko]: oh
2088
00:49:47,089 –> 00:49:47,670
[paul_tyler]: your site
2089
00:49:47,795 –> 00:49:47,815
[bruno_caron]: m
2090
00:49:47,851 –> 00:49:47,951
[paul_tyler]: or
2091
00:49:47,944 –> 00:49:48,232
[ramsey_d_smith]: yah
2092
00:49:48,492 –> 00:49:48,752
[paul_tyler]: follow
2093
00:49:49,244 –> 00:49:49,265
[bruno_caron]: m
2094
00:49:49,333 –> 00:49:49,834
[paul_tyler]: your writings
2095
00:49:51,311 –> 00:49:51,832
[andy_panko]: best way
2096
00:49:51,695 –> 00:49:51,976
[bruno_caron]: oh
2097
00:49:51,972 –> 00:49:55,958
[andy_panko]: probably is just go to my business
website ten in financial dot com that’s t
2098
00:49:55,955 –> 00:49:56,196
[bruno_caron]: oh
2099
00:49:56,459 –> 00:49:59,504
[andy_panko]: n o n financial dot com i
have a free resources
2100
00:49:59,315 –> 00:50:00,335
[bruno_caron]: oh
2101
00:49:59,584 –> 00:50:02,449
[andy_panko]: section that has links to all my
social spots
2102
00:50:02,909 –> 00:50:02,950
[bruno_caron]: m
2103
00:50:03,050 –> 00:50:03,992
[andy_panko]: plus a bunch of other free
2104
00:50:03,884 –> 00:50:03,905
[bruno_caron]: m
2105
00:50:04,072 –> 00:50:06,656
[andy_panko]: handouts i made there’s no lead captures
clicking at downloads
2106
00:50:06,485 –> 00:50:06,707
[bruno_caron]: yeah
2107
00:50:06,676 –> 00:50:09,661
[andy_panko]: you don’t have to give your name
or email all sorts of fun stuff there
2108
00:50:09,781 –> 00:50:09,882
[andy_panko]: for
2109
00:50:09,815 –> 00:50:10,057
[bruno_caron]: yeah
2110
00:50:09,922 –> 00:50:12,766
[andy_panko]: advisors alike you know not just clients
but advisors alike can get a lot of
2111
00:50:12,867 –> 00:50:13,087
[andy_panko]: a lot of
2112
00:50:13,115 –> 00:50:13,337
[bruno_caron]: oh
2113
00:50:13,127 –> 00:50:14,850
[andy_panko]: value out of it so there you
go
2114
00:50:15,726 –> 00:50:18,110
[paul_tyler]: awesome all right hey thanks so much
ramsey
2115
00:50:17,970 –> 00:50:18,171
[andy_panko]: oh
2116
00:50:18,310 –> 00:50:19,853
[paul_tyler]: bruno andy and
2117
00:50:19,905 –> 00:50:20,086
[bruno_caron]: thank
2118
00:50:20,068 –> 00:50:20,190
[andy_panko]: yeah
2119
00:50:20,073 –> 00:50:20,233
[paul_tyler]: thanks
2120
00:50:20,146 –> 00:50:20,287
[bruno_caron]: you
2121
00:50:20,271 –> 00:50:20,433
[andy_panko]: cool
2122
00:50:20,524 –> 00:50:20,707
[ramsey_d_smith]: thank
2123
00:50:20,714 –> 00:50:20,874
[paul_tyler]: thanks
2124
00:50:20,768 –> 00:50:20,889
[ramsey_d_smith]: you
2125
00:50:21,455 –> 00:50:23,218
[paul_tyler]: hey thanks for all our listeners give
us feedback
2126
00:50:22,955 –> 00:50:23,500
[bruno_caron]: oh
2127
00:50:23,359 –> 00:50:25,182
[paul_tyler]: tell us who we should have on
and and
2128
00:50:25,170 –> 00:50:25,800
[andy_panko]: yeah
2129
00:50:26,075 –> 00:50:26,358
[bruno_caron]: oh
2130
00:50:26,303 –> 00:50:28,369
[paul_tyler]: give us question so thank and join
2131
00:50:28,350 –> 00:50:28,553
[andy_panko]: oh
2132
00:50:28,429 –> 00:50:30,177
[paul_tyler]: us again next week for another episode
2133
00:50:29,804 –> 00:50:29,825
[bruno_caron]: m
2134
00:50:30,318 –> 00:50:31,583
[paul_tyler]: of that annuity show
2135
00:50:31,955 –> 00:50:32,238
[bruno_caron]: oh
2136
00:50:32,826 –> 00:50:33,159
[andy_panko]: thank you all
The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.
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