show-B_S1E7_SEGMENT 3_TOF

Speaker 1 (00:08):

Hi, and welcome to this. Week's true or false. I have some great questions this week for Ryan and Tyson and Tyson. I'm going to begin with you. The first one is most investors have read the prospectus that comes with their mutual funds, true or false.

Speaker 2 (00:20):

That's absolutely false. In fact, I joke around a lot with my clients that if they have a hard time sleeping at night, maybe they need to pull out the prospectus because that's gonna help. 'em get to sleep faster. You know, the, these prospectus is are two and 300 pages, if not longer in a lot of cases. And it really does a disservice. We know that there's a lot of legal ease in there, but we wanna make sure that the client understands what they're investing in. And the prospectus a lot of times just does not make that happen.

Speaker 1 (00:47):

So, so good kindling at the end of the day, <laugh>

Speaker 2 (00:49):

I had a, uh, a client, I was doing an annual review and she had just received some of the prospectuses and she's like, do I really need to op even open those up? Cuz she was just standing over the garbage and drop drop. And we don't recommend that. Right? Mm-hmm <affirmative> you need to that's valuable information that's there, but it does. It becomes overwhelming in today's uh, wave of paper that comes in your mailbox every day. It can be very stressful, but it there's important information in there. Absolutely. And you need to know what

Speaker 1 (01:15):

You're investing. I remember one person telling me that they wanted it taken on as a challenge to find all of the fees and they did, it was a very engineer type person. Yeah. Where they found, and I'm not gonna get this exactly. Right. Some of them were on page five, then they were spread out to page 18 and then another set were on page 72. So those fees are disclosed, but you have to get really into the nitty gritty

Speaker 2 (01:36):

To find. And that's really when they felt like their, their kindling was

Speaker 1 (01:38):

Money. Yes. And then I think the snooze Fest happened after that. <laugh> all right, Ryan. My next one is for you. And that is all financial advisors are fiduciaries true or false.

Speaker 2 (01:49):

This is fault. In fact, if you're not working with a fiduciary, we really recommend that you consider that here's the difference. A fiduciary in really plain language is they're gonna do what's best for you. Not what's best for the firm. And this is a real challenge. I mean, there's a, there's a battle going on right now in the financial services industry. And it's over this fiduciary standard. We recommend that all of you should be using a fiduciary because a fiduciary is gonna help you. Not only clearly see where you're at, but they're also gonna be able to offer every solution that's available. You know, sometimes you'll run into a scenario where it'll be a life insurance, only advisor, that's all they can offer, um, or where they can do annuities or they can do life insurance. Well, that's not in your best in interest if that's not your plan. And so being a fiduciary first and foremost, we recommend that you're your own fiduciary. Um, no one's gonna watch your bottom line better than you. So you need to be informed. But then having a partner that when you put that pillow, your head on that pillow at night, you can sleep well, knowing that you've got a team behind you taking care of your money, that you've worked so long to, to work and build.

Speaker 1 (02:54):

And I think it's important to point out that there's a whole different set of licensing that goes with a fiduciary. This is not the same. This is an elite group of advisors. In fact, less than 10% of the advisors nationwide are fiduciaries.

Speaker 2 (03:08):

That's right. In fact, when Ryan and I started our firm, we decided that we wanted to go out and get that licensing to become fiduciaries because not only is it important to understand clearly, uh, the type of products that you have to offer because there's a lot of, there's a lot of misinformation out there with, uh, advisors who can only offer what their firm allows them to offer. That doesn't mean that those advisors are bad people. It just means that they're limited. They're they're a little bit, their hands are tied a little bit, but also how to clearly delineate what the fees look like. You know, we're as transparent as possible to make sure everybody understands that we're always taking care of them first.

Speaker 1 (03:44):

And my last question Tyson is for you two out of three retirees around the us will not have enough money to maintain their standard of living through retirement, true or false,

Speaker 2 (03:54):

Sadly. That's true. In fact, there was a recent Ernst and young, uh, report that, that outlined this. And so it becomes even more important to have a plan in place so that people can make sure that that money lasts as long as possible. Most people don't understand that when they retire those paychecks stop, they, they, they they're so focused on the return of an investment that they don't think about. That it's an income income, income piece that needs to continue on through retirement.

Speaker 1 (04:20):

You know, and I think a lot of retirees might also think, correct me if I'm wrong, guys, that I'm actually going to spend less when I'm in retirement. When that in fact could be the opposite, you've got a lot of extra time on your hands. You might in fact be spending more money.

Speaker 2 (04:33):

Well, there's the idea that when you get to retirement, your most expensive day of the week is Saturday. Well, when you retire every day is Saturday, right? Mm-hmm <affirmative> and it comes down to understanding how much you're spending the medical side adds up later on. And, uh, you know, one of the tragedies about this statistic with the Ernst and young study is we live in the richest land in the history of the world. And yet why is it that we get to retirement? And the average retiree has 60,000 total in savings. It's because a lot of the moves made throughout their working career. We're not the right moves and we're here to help you understand what the right moves are in retirement. If you've saved at least $200,000 or more for retirement, we want you to give us a call so that we can help you understand what that looks like for your individual situation.

Speaker 1 (05:16):

Ryan Tyson, thanks so much. Hey, don't go anywhere. We'll be right back. You're watching retirement solutions, television Utah's retirement TV.