Good morning and welcome. Thank you for tuning in. You're listening to Let's Talk Money here on eight ten and one of three one WGY. I'm Ryan Bouchet and I am going to be with you for the next hour or so. So once again, welcome, thank you for joining me and looking forward to what we have in store today. Any of the listeners out there that do have questions love to hear from you. One eight hundred Talk WGY.
That's one eight hundred eight two five five nine four nine. Obviously, a lot going on in the world today, and especially in our country and in the market. So I have a lot that I can go through and a lot that I can talk about. But like I said, if any of the listeners out there that want to get in and talk about the markets, you know, financial planning, retirement planning, you name it. You know, the elections, how they may impact the markets, and what's ahead.
Like I said, feel free give me a call. One eight hundred talk w guy. That's one eight hundred eight two five five nine four nine. So what do I want to talk about today? Well, obviously let's talk about the markets. We're seeing some really big swings in the market, especially the last couple of weeks, uh, seeing a lot of changes from you know, what we saw the first half of the year. I know, we're a couple of weeks into the third quarter, a couple of weeks past,
uh, you know, the midway point of the year. But a lot of interesting just stats in information of how you know, the first half of the year went, even the differences of the first the first quarter,
in the second quarter. In what we're seeing so far and in these first few weeks of the third quarter, you know, we're seeing a pretty big rotation taking place, and you know it's I think it's bringing up you know, maybe a little bit apprehension, a little bit concern, right, And so we'll talk a little bit about what we're seeing there in the markets and how that may affect your portfolio. And I saw some a couple of interesting headlines, you know, usually as the headlines right of you know, are
we in another tech bubble here? And there was a Wall Street Journal article this weekend talking about it. We've seen Apollo Global Management talking about this AI bubble is bigger than anything we've seen before. So we'll talk about that, talk a little bit about some comparisons back to two thousand. You know, not to not to spoil the conversation, but we don't see it in the same way. But I think there's some some interesting data points and topics to
discuss around that and why today you know, truly is is different. We'll talk about the health of the consumer, right, I mean, the consumer makes up so much of our growth as an economy. Uh. You know, when you think about our GDP, it's made up about two thirds of consumer spending, and so the health of the consumer is critical to the health of our economy. And you know, are we better today than I don't know, maybe pre COVID or over the last couple of years, or are
we kind of entering or or nearing a recession. You've seen a lot of headlines around that about how consumers are doing and what the effect may be there and are we coming or approaching and recession. So we'll talk about the health of the consumer, how that plays out in today's economy, what we're seeing different, uh, you know, angles of it, and where the what
the data is pointing at we'll talk about. So we obviously with the at the end of the quarter, we had a quarterly webinar last week and you can catch all these We do them for our clients, but you can catch them all on our website if you go to Bouchet dot com. The webinar is under the insights tab. You can check it out of under webinars and Videos. So we have last week's webinar, my my colleague Paulo la Pietra
and I presented that. It was, you know, just some good economic information and data, you know, just our thoughts on the markets, how we're positioned, what we saw, you know, a little bit of a look back for the first half of the year, but looking ahead, always trying to look ahead as to what we're seeing for the second half of the
year, and just tying some themes, you know. I always try to take a lot of you know, especially for these presentations, you know, inspiration and topics from you know, what are clients asking us about, what are we having conversations about with, you know, prospective clients that are coming in, current clients, and what are their concerns out there with regard to the market, what the seeing, what they're hearing, and trying to piece
that together and taking a lot of good information in data to weave that story and and help you know, paint the picture that how are we invested, what are we seeing ahead, what are we trying to do within the portfolios to take advantage of the current environment in what we're seeing. So you know,
we've we put out our our quarterly webinar. Last week, I sent out our quarterly UH market updates, so are right up on Friday, and again you can you can find that on our website as well, Bouche dot com under the Insights that one's actually under Bouchet Blog and you'll see the Q
two twenty twenty four market update. And you know for that, I I you know, simple title, but just striking the right balance and you know, talking about that balance in what that means right now, and I think that's more important than ever as we've kind of on through these last eighteen months or so of you know, great bull market environment, great returns, you know, nice environment. But we've had that really you know what we've talked
about, concentrated market environment and we've seen the last few weeks. Why having a you know, the right balance right, there's no you know, it might not be a full balance, but having that right balance is critical and I think important as we move forward in breaking down some of the nuance to
the markets. Talked a lot about that. I think, you know, when it comes to headlines, when it comes to what we're seeing hearing reading in the news, especially oftentimes, it's it's a very simplistic approach, right, you know, this happened, when this happens X is the outcome, or when we've seen this in history, this is always what comes about from
that. And you know, if you're making big investment moves or decisions based on sort of a you know, simplistic approach to that or or one data point here equals this, you know, it can it can be damaging because you can make a lot of different arguments. And you see that with economists all the time. Uh, you know, it depends on who's saying it or how they interpret the data. You can make a lot of different arguments
from that. So, you know, just talking about taking a little bit more of a nuanced approach to the markets, taking a step back, really diving in and seeing what's out there, because let's face, the markets are complex. There are so many complexities. I talk a lot about this with clients. How listen, there's there's the technical approach, which maybe a little bit more short term and based on some movements of the markets and in what
they're doing in you know, pattern recognition, things of that nature. There's fundamentals right with valuations, how stocks are trading relative to you know, earnings there, you know, return on equity, balance sheets, whatever it may
be. And then there's the human nature. The human nature is probably the hardest to uh uh you know, predict, define, and you know, our behaviors are you know, I think we talk about this efficient market, right, and if you've ever paid attention to the markets, or you've been involved in the markets or invested in the markets, markets are anything but efficient. I mean, there is just so much complexity that goes into it, and a lot of that is driven by the most complex you know piece of
it all, and that's human behavior and so hard to predict. And I think those three things, you know, taken together, you know, drives a lot of what's happening in the markets. But you know, there's the complexities there and they're all intertwined and interweaved and it's hard to uh, you
know, always make a simplistic come to a simplistic conclusion. When you have those three factors working together, So we'll talk a little bit more about you know, what that balanced approach means, what we're thinking about when it comes to a balanced approach, and a lot of the different you know, background and variables we're looking at, you know, whether it comes to stock investing, equities or fixed income or other parts of the market that we're seeing in
today's environment. You know, I said it earlier. We can talk a little bit about what's going on with the elections. Obviously things have been quite you know, for lack of better word, wild, the last three or four weeks. I think with what happened last weekend, and you know,
it's it's probably something we'll never forget. Right on July thirteenth, last Saturday, I mean, I was out grilling, it was out, my kids were out back with me, playing in the playground, and man, when I when I heard the news and read about the news, I mean, it was just shocking and just glued to what was happening for the next four or five hours. Really felt like, you know, for me, I'm
I'm forty years old. It just turned forty a couple of weeks ago, and for me, it just felt like, you know, probably you know, biggest political story in happening of my lifetime, of those last forty years. So you know, how is that impacting markets? How is it not maybe impacting markets? Uh? You know we've heard and you've probably seen because I've seen it multiple times out there. You know what this means from a
Trump trade? Right? What's what's going on? You know, maybe some of this what's happening lately in the markets is a Trump trade, and we can talk a little bit about that, you know, I think I think again there's there's more complexities to what we've seen the last few weeks, especially since the end of the second quarter, so you know, end of June.
But you know, and why maybe what we're seeing isn't necessarily a Trump trade because I think you know, expectations if you know now that it's looking more and more likely that that Trump uh will will win the election coming up. I think that's not that it's a foregone conclusion because we've seen some unexpected things happen in especially in the world of politics, but as of today that
that's looking like the most likely outcome. I think, you know, if if you're looking at you know, what the market expects and what the betting odds are that's looking like the most likely outcome coming up in November. But why you know, kind of those expectations of Trump being in office maybe doesn't fully line up with what we're seeing in the markets, believe it or not.
So we can talk about that. You know, our our positions are usually that, uh, you know, elections and politics don't have a huge impact on the overall markets, but we can certainly talk about what people are seeing in what they're expecting. And lastly, you know, we can if we get time time permits, we can talk about some of the conversations we're
having with clients. Some of the ways is that we've been helping clients lately, have had some really successful outcomes with with clients over the last couple of weeks, and share some of those stories at a high level, just ways that that you know, we're adding value and working with clients outside of you
know, especially outside of just the portfolios. That's a big part of what we do in managing the investments for clients, but it's really the planning and some of the different ways that we can deal with the complexities that that clients are dealing with their lives outside of their investments and had a really really interesting Uh I don't know if I want to say a quote, but just a really interesting comment from a client a couple of weeks ago that really, you
know, really resonated with me and probably could resonate with with many of you. And so I'll talk a little bit about that and and what that means, and and just getting into how we're helping clients with with their financial situations.
Like I said, a huge part of that is is working on their portfolios and investing their portfolios and our models and and doing what we do, but also you know, taking it a step deeper and going a little bit deeper in their financial lives and you know, giving them the peace of mind
that they come to us for. And I think I talked about it a few weeks ago, right, There's there's tangible outcomes you can you can look at in the work we do and measure, you know, whether it's in the portfolio, you know, strategies to save money, but it's also those intangible values and intangible returns that maybe you can't put a metric on it, but giving a client the peace of mind to move forward with the decision or
to not worry as as we're going through the the uncertainty of an upcoming election. I think sometimes those those intangible value adds are just as just as important. Hard to calculate, but they mean a lot to clients. So with that, open up the phone lines again. You can reach me one eight hundred Talk w g Y. That's one eight hundred eight two five five nine
four nine. If any of those topics you know, resonated with you, or or you know, thought of any questions that may be relevant to your situation or or any of the other listeners that are out there, give me a call again, one eight hundred Talk w g Y, one eight hundred eight two five five nine four nine. And you guys were enjoying this uh beautiful summer weekend. We'll go we'll go through the markets from the last week
a little bit. It's it's you know, this past week, I think we're seeing really that divergence that that we've been talking about and some of that rotation that we're seeing, and I think, you know, this week, this past week speaks to that perfectly. We had the uh the s MP, which you know, probably a good indication of the overall US stock market SMP was down for the week, down about two percent, still up fifteen
percent year to date, but down two percent for the week. The NASDAC, right, this is where we're seeing a huge rotation of late in we saw the NASDAK down four percent for the week, and you know that really led the charge, you know, on the flip side. And then you had the Dow Jones which was up almost a percent, up about seventy five basis pero point seventy five percent, and you had the Russell two thousand. So this has been, you know, something that's really come into favor over
the last two weeks. And we can talk about this and how that relates to what we talked about earlier, that quote unquote Trump trade. But you had the Russell two thousand up. So those are US small cap stocks up almost two percent for the week. You know, these stocks as of two or three weeks ago, we're down for the year. They're now up almost eight percent year to date. But they've come into favor recently, and we
can talk about why that is happening. But you're seeing, like I said, you're seeing this pretty major divergence within the markets right now, and you know, just an overall rotation, if you will. I think rotation is probably the best way to describe it. And you're seeing a lot of the
winners from the first half of the year, namely tech. Right, you talk about the Nasdaq being down four percent, and it was funny because we had a well maybe funny, maybe not, but you know, I had clients reaching out to me this week and emailing me with these questions, right, like, this is such a surprise. Mid midweek, we're having days where NAZAK was down one two percent and the Dow Jones is up. Right, the Dow Jones is only up seven percent year today it's trailing right.
The S and P and the NASAC are both up about fifteen and sixteen percent. So the Dow has been this this major trailer for most of the year, and all of a sudden, we're having the you know, volatile trading days. We're having the SMP down, the NASDAC down even more in some of these days, but the Dow Jones was up in some of those days. The the Russell two thousand was up, those small caps were up, and so I had client seaching out saying, hey, what's what's happening here?
Like what what is going on? And you know, on a on a day to day basis, it's it's hard to really say exactly what's driving this behavior. I mean, I think there's a lot going on out there right now in the markets. It's like I said, it's not that sort of simplistic, Hey, this is happening because this one factor I think there. I think there's a lot of factors at play right now. Right I think we're seeing a little bit of that market shift, that market rotation.
And you know, for us, like I said, I mean, it's been a it's been a very interesting market. So so first quarter of the market we had broad you know, rally through most of the sectors. The second quarter of the market, believe it or not, was all driven now down. The second quarter was up about four percent. The SMP, so you know, from April through June wasn't quite as strong of a growth as
we saw on the first quarter was up about ten percent or so. Second quarter of the markets were up about four percent, but it was heavily concentrated right of the three you know it three SMP was up three point nine percent. I talked a little bit about this and in my market letter, the
other day. But technology companies made up four point three percent of that growth, So the entire growth of the market was really rooted in technology in the second quarter, with very little participation from other areas of the market and other sectors. And even when you look at you know, through the midway point of the year, the markets were up about sixteen sixteen percent fifteen sixteen percent technology and communication services. So communication services sector is yep, the two big
names are Facebook and Google. Let's say, I mean those are those are the big drivers of that sector. Those were the only two sectors of all eleven you know, S and P five hundred sectors that outperformed the S and P. Usually don't see it. In those two sectors only outperformed the S
and P by two percent. They were up about seventeen percent versus the S and P being up fifteen percent, So you didn't really have a lot of you know, you kind of had more concentrated strength in the market technology in those communication services, which you know, frankly those are basically technology companies. Anyways, the rest of the sectors and the S and P together only average about a five percent return, So you had sort of this disparity of the
winners and losers. And right now over these last two weeks, you're seeing that rotation, you're seeing that shift, You're seeing a little bit of a pullback from technology. You're seeing some strength and areas the market that haven't seen strength. So whether it's particular sectors, you know, maybe the index like the Dow which was which was struggling for most of the year, and especially in the Russell two thousand, those small cap companies have all of a sudden
really started to take off in the last two weeks. Even for like a one week period last week, the outperformance versus the SMP was almost ten percent, So just a really sharp bounce back and snap back from some of these areas of the market that again, you know, was there one driving factor for this maybe you could you could for small caps, you could maybe point to the fact that we're seeing some slowing, you know, inflationary data,
and so lowering of interest rates would be good for small cap companies. Now on the flip side, if we're getting that lower inflationary data, it's actually coming with some slowing economic data, and that's something that because we're heading we're coming close to our news break, we'll we'll get more into the economic data behind a lot of this and what's driving market behavior, uh, you know,
after after we get back from the news. But what we're seeing with with small caps is, yeah, lower rates typically you know help small caps. But if we're getting you know, slowing economy uh in economic data kind of coming off its ties and and showing some signs of weakness, that usually isn't good for small caps either. So two dynamics at place, but we're seeing some strength there, you know, diversification right now, and and it's
it's having the right diversification. I think, you know, I always talk about not always, but I talk to especially uh you know, prospective clients, but also you know, oftentimes with current clients, we have these conversations of you know, modern orfolio theory and how you should be diversified. And
you know, to me, there's there's been a huge shift. And it's not just because the outperformance let's say, of US large cap growth stocks, but you're just I think there's a different market dynamic when you think about value versus growth companies, US companies versus international as markets evolved as times change, right, you know, our our biggest US companies, they're domiciled in the US, but these are multinational companies. They're huge, they're everywhere around the
globe. You know, almost half of their revenues derived from overseas business. So you know, it's not like these companies aren't tied to international areas of the market. They all are and you know, having the right approach to that diversification. And you know, for us lately, you know, again it's not having growth versus value per se. But you know, we've we've invest in areas that we call you know, quality areas of the market.
And when we've seen this shift over the last couple of weeks, we've seen you know, those those positions that maybe aren't the NASAC, aren't QQQ doing very very well as we see this shift. And so that's ways how we're thinking about diversification right in different ways. So I'll talk a little bit more
about that after the break. We're getting close to time for the news, and so when we come back, we'll talk about the economy, the strength of the consumer, We'll talk a little bit more about this rotation in the markets, and take any questions you may have. So stay with us. You're listening to Let's Talk money here in eight ten one O three one W G Y And welcome back to Let's Talk money here in eight ten and one O three one W g Y. I'm Ryan Bouchet and we'll be with you
for the next half hour or so. Again, thank you for joining me today on this beautiful, beautiful summer weekend. If you're if you're there and thinking of calling in with a question, don't hesitate, give me a call one eight hundred Talk WGY. That's one eight hundred eight two five five nine four nine. You know, as I always say, I have a lot of topics and things that I can talk about, but love hearing from all the listeners out there and always add something to the conversation into the show.
So if you're thinking about giving a call, or maybe you're on the fence to call in, just pick up that phone, give me a call. One eight hundred Talk WGY one eight hundred eight two five five nine four nine. And you know, the the intro into the second part of the show, it got me thinking a little bit I had shared at the start of the show. You know, something that a client said the last maybe a couple weeks ago, but just really resonated, and you know, I think
it was so important to the work that we do with clients. Uh. You know, the team that we have is as you heard, we have a number of c PAS enrolled agents. Uh, you know, there's a lot of expertise outside of just managing our clients wealth and and what we can do for for clients and the value that we add. It was it was
a really it was a great comment and a great conversation. Uh. It was actually with with some newer clients and uh, you know, we went through a pretty detailed uh tax projections and and really diving into their their full situation to kind of lay out what the next couple of years would look like. And obviously we all know that there's variables, and you know when we when we do when we do a plan with clients, we're always talking about,
hey, this is the baseline. We know things may change, but we got the baseline and in place and we have something we can work off
of. But as we were going through it, right and looking about because they're going through a lot of changes, right retirement and you know there they're huge life changes and not only that, right, there's the retirement transition is huge because you're going from wealth accumulator to now you know, maybe a capital preservation or wealthy accumulation depending on how you view it and what you need.
But so you're going through a different financial time of your life. But it's also the psychological impact is huge, and you know, and that's something we really don't take lightly as we're working with clients, and you know, sometimes clients will make mention of, oh, you probably you probably don't deal with this from clients often or they probably don't ask these questions, and I assure them, no, these are huge, huge changes and huge psychological changes right
as you're you're going through you know, and cumulating wealth and saving your money and earning a paycheck to going to a point where you know your next paycheck is is now coming from that wealth that you've accumulated, and it has a
huge, huge impact. And you know, oftentimes more times than not, we actually you know, have clients that enter retirement where they're not spending you know, enough money, right, and that may sound counterintuitive, but you know, we we run into more situations where not clients are are running the risk of running out of money because they're spending too much oftentimes as we try
to share with them, you're not spending enough. You know, you're you're kind of going through these changes, and I think you're it's such a hard transition to make that you know, you don't want to see yourself spending too much or or going through everything that you've worked all your life to save and having you know, these conversations with clients and finding and striking the right balance, encouraging them to live the life that they want to live, especially in
retirement, especially during those early years of retirement, when you have your health, you know, you have your family, you have all these things going
on. It's it's so important to UH to take advantage of that. And that's something that that we help and work with clients and encourage them to do, both from a technical and tactical side of of the investments and from a tax perspective, but also you know, getting into that right mindset there and having the right you know, mental framework to to enter this you know, really I don't want to say difficult, but just changing time and the impact
that has. But you know, to that point when when we're meeting with these clients, this new UH couple, and it was really you know, a really good conversation and and laid out a you know, really detailed tax projection for the next few years. You know, they said, you know, we didn't necessarily in like I said, newer client, and typically, you know, a retirement timeline is is what triggers a lot of folks to
give our office a call. Right they're going through this transition. It's finally at the point where hey, you know, I think I need help through this, and that's what, you know, encourages them to give us a call. But you know, they made a comment of hey, you know something along the lines. I may be paraphrasing a little bit, but you know, as we go through this exercise, we didn't need we didn't necessarily need you to get to where we're at and to get the accounts where they're
at, but we need your help getting this money out right. And it was just a really interesting concept that we see it every day with clients and and a lot with new clients, but I never really thought as much about it, right, because we have clients that are coming in that I have done a tremendous job right of saving in accumulating wealth and coming to us,
you know, with with big retirement accounts, taxable accounts. They've done the work right, they've been disciplined, they've they've done a great job saving and accumulating and investing through the years. But now it's hey, I've gotten to this point. I need help to kind of manage what's next. I need
help managing how do we get this money out? And I think that's, you know, something that that we've really strived for as as we've grown as a firm, and you know, we've we've we're an independent firm and an r A and and it's awesome that that we have this these capabilities with the team that we have, and we just have such an incredible team in place.
But you know, we have advisors that have so many different specialties and so many different backgrounds and whether it's like I said, CPAs, I'm I'm a CPA and a CFP certified Nincial planner in a certified public account but we
have we have other advisors that are CPAs. We have other advisors that are enrolled agents, so they've done a lot of work with individuals on taxes, and you know, getting to that point, you know, we we invest, we talk about it, we invest in our technology as well, and and so having you know, the great tools to do tax projections and to you know, look at what's ahead and to really come up with a game
plan. I talked earlier about you know, the tangible value we add and the intangible value well, you know, doing some some detailed tax projection work, is that tangible value we can add? And you know that's one of the things that is so critical as you know you're entering retirement and going through you know, hopefully the longevity of retirement is right. Oftentimes it's not always how much you make, but it's how much you keep and how are you
doing that? How are you keeping as much as that hard earned money that you've worked, like I said, a lifetime to build and to accumulate. How are you keeping that for yourselves your family? Minimizing taxes, avoiding taxes where we can, and you know, planning for not only the rest of your retirement years in the life that you have ahead of you, but you
know, multi generational planning. How can we how can we come up with a plan and what can we do so that you're not only keeping more of your money, but your children, your children's children are keeping more of that money. And those are the detailed conversations in planning opportunities that we find ourselves with all the time, and it's what helps, you know, again add
both that tangible and tangible value to clients. But like I said, you know, thinking about the intro to the second half of the show and calling for that consultation, right, that's something that you know, a lot of folks come to us for us because they need help with that of getting the
money out. Right, they've done the work to get the money in, to grow the money, but it's that work of getting the money out and planning around that that oftentimes it's so so valuable and so critical to the retirement planning process. And like I said, we are so fortunate as an organization too to have the team members and to have the folks and the advisors that you have that expertise and have that background that we can dive in and do
that work with clients. So, like I said, if it's something that that you've thought about or something that may be on your mind, you have something that you can give our firm a call or give me a call here today, And it looks like we do have a call we have Eric in Clifton Park. Eric, how are you this morning? Hey, I'm doing
well. How are you? I'm doing great? Thanks. So, I guess I'm struggling with We have come into a bit of money unfortunately as a result of UH being in a state, you know, so things are not wonderful in that sense starting off a little bit. Yeah, thank you, Uh, But what I'm what I'm having a challenge with right now is figuring out the assets from the estate so we're the sole beneficiary of them. There's a retirement plan for for comm Uh. There's a couple of four O one
k's and cash going along with that, as well as a house. So we'll have significant assets as a result of this. And we're already doing well. Okay right now I'll be you know, I'm not financially savvy. We're we're doing okay. So I guess my my question is you know who I know that there are taxed implications of UH drawing from the estate, and we need to do that within ten years. But I also want to be planning for the future and how to put some of these assets into our game to
you know, grow over time. And we have two kids, one and four right now that we're thinking of college savings, so there's a lot of like moving pieces, and I know that there are tax consequences. I know that there are retirement things that we want to look at. But figuring out who's the right person to be able to help is where I guess I'm struggling right now, you know, whether it's a tax advisor or financial advisor to really just like get the ball rolling, to kind of get us on our
feet and point us in the right direction. I hope all that makes sense. And I wasn't just going off on tangents. No, No, that's that's healthful. And like I said earlier, sorry to hear about you know, it sounds like a loss in your family, and you know those are those are really difficult times and in managing you know, all the you know, let's say, implications of that through a really you know emotional time is
never easy. And so you know, well, thank you for for calling and sharing that, and like I said, sorry about about the situation at
home and assuming with your family. But as you go through this, you know, I think about it from a couple of different angles and avenues, right is you know, one it's it's helping you know, go through the the estate you know, settlement, if you will, and in some of the folks that that are involved there, you know, typically in a state attorney and helping work with them, could potentially be you know, a CPA as well, who's kind of going through the tax implications or ramifications depending on
the size of the state, you know, going through some of the estate tax returned and going through and making sure everything settles appropriately and going through that process, you know, and then you know, lastly, I think through that is you know really not you know, to to bring it back to
us, but it's a clean segue. Is you know, the work that we do with clients through this and you know, working with clients and helping settle as states, but also you know, so not only from hey, what's next and kind of reactive to the estate situation in what's coming through, but also more of a you know, longer term, proactive approach to it. And I think you know a firm like ours that we again we do a lot of the work on the tax side because we have tax professionals in
house, but also the financial planning aspects that go into it. Because you brought up you know, a big point and it's kind of a critical change that happened in the last four or five years. But you know, when you when you inherit and receive retirement accounts, you know, I raise for one caves and move them to a inherited you know, before you could distribute those over the lifetime, so there would be rmds required, but you know,
it was minimal in terms of what those assets were. But now you're required to distribute that money within ten years, and so all of a sudden, you know, there's much bigger tax implications for the beneficiary and how they
have to manage that. And so a lot of the work that we do through a process like that is figuring out, you know, your current situation tax situation and trying to have a plan in place where you know you can utilize those assets, but trying to you know, manage the tax brackets and the marginal tax rates and the best way of possible so that again, more that money is kept within the family versus you know, if you found yourself
in a situation where you let that money accumulate for ten years and then distribute it all at once, you know, instead of maybe being in a twenty two to twenty four percent tax bracket. As you're distributing it through you know that ten your process and now all of a sudden that money's maybe being taxed at a you know, thirty seven thirty nine percent tax rate, and more
of that is is going to Uncle Sam. So coming up with the plan and you know, and and through a lot of the work that we do is we try to partner and quarterback a lot of the relationships, So the relationships with the outside the state planners are a state attorneys, outside CPAs if there is an outside CPA, and and really quarterbacking that because I think that's the most critical element of all this too, is is having a team of
advisors that are working together to make sure that you're making the right decisions, you're planning appropriately. And you know, it sounds like you have a young family, and so there's a lot of planning opportunities around that. I have.
My kids are a little bit older, they're they're five, seven to nine at this point, but have gone through you know, those early stages of a new family and a young family, and you know, how is the best way to save for them educational wise, while also balancing your own
you know, retire planning goals. And you know, to me, it's it's really just coming up with with that appropriate plan and you know, really seeing how the different decisions that that you're going to need to make, you know, impact you in different ways, both financially from a tax perspective, but also you know that you're also doing the things that you want to do, you know, with a with a young family and making those right decisions
right because sometimes the focus is all about you know, retirement, retirement, retirement, but you lose you lose focus on like, okay, well what's important now too. We want to give you know, the kids a good life, We want to be financially responsible, but you know, striking that right balance and and doing the right things to to help reach your goals.
So you know, I think in your situation now, it's it's you know, having all those professionals really working together to you know, be a little bit reactionary as to you know, going through this this settlement of the estate process, but as time goes on, you being proactive and you know, to me, I think it's it's in that regard, it's working with you know, financial advisory firm that can you know, really help kind of lay
the framework in the groundwork to you know, help move that forward for you. Got it? Okay, now this is this is really helpful because the piece that I've been struggling with is you know, looking at individual individual firms. You know, a tax firm. We have the attorney already, you know, a tax firm, and then a financial advisor firm to to help. But it's like managing those three pieces. Look, I mean having a young family, it takes up a lot of time that I absolutely love.
Working with the estate is not you know, not what I want to do on a day to day basis. So finding at least some of the pieces that can talk together the financial advisor and the tax side that's been the missing piece so far really is yeah, you know, being able to put things into financial you know, retirement count, but how does that impact us from a tax perspective? And the people that I've been working with can applying on
the tax side because they're not CPAs right right right. I think I think that's the critical I think that's the critical element is you know, having that team that that is capable and willing to work together through it. Because there is going to be a lot of moving pieces and a lot of elements that are going to be so important to making the right decisions and having folks that understand the implications there but are also able to, uh to work together for
you as well. So with that, like I said, I mean, if you want to give us a call at the office too in the coming weeks, you know, to see like how we work with with clients in that situation, be happy to to share more if that's something that may be of interest. Yeah, no, I'll definitely do that. Thank you. I appreciate, uh appreciate the advice here and I'll be reaching out this week,
all right, Eric, Well appreciate the call again. Sorry about the situation you're in, but you know, have a have a great rest of your weekend with the with the young kids. I know, I know what that's all about. And uh yeah, we'll we'll talk to you soon,
all right. Sounds good. Thank you, Thanks for the call. All right, and we have you know, we probably have another five minutes left, so any other listeners that are out there, if you have questions, give me a call one eight hundred talk w g Y. That's one eight hundred eighty two five five nine, four nine, And you know appreciate Eric
calling with uh, you know everything he just shared. And it's it's difficult going through that, like I said, not you know, you have the the decisions you have to make, you know, financially, and you know the the impact and the implications that that's going to have, you know, today and into the future. But you're also dealing with such an emotional time and in a difficult time, and you know, it's it's hard, it's
hard to navigate that. And you know, having the right like I said earlier and shared with Eric, I think having the right team in place that can help navigate all those different areas of of what you're going through, both tax wise, estate planning wise, and financially speaking, is is so important.
And so we we navigating similar you know situation with with the client now actually and uh, you know I said earlier, you know, trying to play that role as quarterback, right and and we're fortunate because we have, uh, the tax expertise and the tax background that we can even if we're not doing the returns, we can we can really you know, we have a good knowledge and we can help navigate the tax implications of a lot of
this. But you know, when you're when you're going through something like that, us being able to quarterback the relationships with the outside advisory teams is is So it's invaluable because there's a lot of moving pieces, there's a lot of complexities that come along with it, and you know, you're dealing with this, like I said, all at a time when you have this emotional you know, strain on you and your family as you're trying to go through it,
and it you know, oftentimes can just feel overwhelming and and you know, and rightfully so going through that and so you know, we'll we'll sit in on meetings with tax outside tax advisors, We'll sit in on meetings with
you know, state attorneys, so that and we've been doing that. I've been doing that a lot with clients recently, is just sitting with their state attorneys so that, you know, not only can we give some guidance you know, when we look at the assets and what we're managing and help come up with a plan of how that all fits in with an estate plan, but also just being another set of eyes and ears to be part of those meetings to help Hey, you know, making this decision, this is what
it impacts, and this is what we're that's this is what they're talking about. And being able to have you know, that base knowledge of of what goes into an estate plan, having that base knowledge and planning capabilities of how this impacts from a tax perspective, and then doing it and helping managing you know, the finances through that just add so much you know, value to
the relationship. And and that's really what we've we strive to do and how we built the firm and and how we work with clients is being able to you know, help manage these situations and help you know, navigate the complexities
of it all. Like you said, it's not just you know, the the portfolio management and the investment management, although that is an important piece of the puzzle and an important piece of of how we work, and you know, being the chief investment officer a big focus of mind on a day to day basis, but also you know, advising clients through this and helping navigate
these these difficult situations and complex times. It's uh, you know, it goes a long way and is a you know, a big, big part of what we do and what we strive to do and what we are really proud of doing and building those relationships with clients. So again, Eric, thank you for that call. You know, thank you for sharing your situation. I know it's not easy to share it and but thanks for the call. And I think it was a great talking point and topic to share with
all the listeners out there. So with that, we were coming to the end of today's show. Like I said, appreciate all the listeners out there that joined us today. I hope you all have really wonderful end to your weekend. We got the British Open or the Open Championship to maybe watch after this and have a great, great rest of your weekend. Thank you for tuning in. You can join us next week Saturday and Sunday ten am and eight am on Sunday. Have a great day. Thank you.