Coasting in Retirement Ep 16: I Wanna Talk About Me!!
Segment 1 (Show Open):
Good afternoon everyone! Welcome in. Welcome to Coasting in Retirement! That’s. Right. We are back with a fresh episode, coming off our recent #beattheheat2023 vacation to upstate NY. I am your host, Josh Null, along side co-host Michelle Lee Melton, my radio partner in crime, my wine sipping ride or die…Michelle, how are you? Well, I’m excited to be back in studio, back at home in Coastal College’s recording studio here in beautiful downtown Fairhope, and I’m even more excited about the show we have today, as usual, we have another great show for those of you tuning in!
Listeners: Michelle and I are here today to discuss financial topics relevant to those of you in or near retirement living your best life along our part of the coast. If you’re just tuning in to our show, welcome, you’ve listening to what we consider Lower Alabama’s most dynamic and interesting financial radio show. Here’s what we’ve got in store for you today: First segment – deep dive on our topic of the day – Hint – it’s “Josh Day”. 2nd segment - at about 20 minutes past the hour - fan favorite, “Michelle with the News of the Week”. 3rd segment, roughly 40 minutes past the hour, ”Josh’s Crystal Ball and Big Mouth”. So buckle up, we’ve got a lot to get to!
Quick background on me for those new to the show. Again, my name is Josh Null, I am a fee-based financial advisor, I hold my FINRA Series 65 securities license, and I am the owner of Gulf Coast Financial Advisors, an independent investment management and financial planning firm with offices in Fairhope and Orange Beach, Alabama. You can find more information on me and Gulf Coast Financial Advisors by visiting our website gulfcoastfa.com or feel free to give us a call at 251-327-2124. If you missed that, don’t worry, we will repeat our contact info several times throughout the show!
Alright Michelle, before we get on with the show, should we brag about our recent trip to Finger Lakes, NY? We were going to try to record the show remotely, but that…didn’t happen. Anyway, on to our main topic: regular listeners of the show will know that I am originally from the backwoods of the Ozarks, certainly not Upstate NY, which means I grew up with a lot of country music in my life. I know a good chunk of the lyrics of most country songs from the late 70’s to, call it, early 2000’s. Today’s episode is inspired by a silly country song released 22 years ago – man that makes me feel old – called “I Wanna Talk About Me” by Toby Keith. Do you know that song, Michelle? I don’t recall all of the lyrics but I know the chorus goes something like “I wanna talk about me, wanna talk about I, wanna talk about number one, oh my oh my” or something like that. Why do I wanna talk about me? Michelle and I spend a LOT of time talking about big, broad economic topics, and all of these important financial companies, and while that’s a good thing to do, but today I wanna talk about what we do at Gulf Coast Financial Advisors. I wanna talk about me, Michelle.
We’re going to use a cheat sheet that you can download from my website gulfcoastfa.com. It’s located on the main page, and is titled, “We are Fee-Based Financial Advisors Offering a Wide Variety of Services”. We won’t take time to talk about every single thing we do for our clients, because we do a lot. We’ll hit the high points. Ready? Good. Like I said, I wanna talk about me with this show. But putting jokes to the side, what we are really talking about is what we do for you, our client. Or prospective client, maybe. So as with every good story, let’s start with the beginning:
Michelle, do you remember your first day of school? High school? Were you nervous? Most people get nervous when doing something new, especially if they are making a major shift in their lives. You don’t know where your class is located, where the bathrooms are, your teacher’s name, etc. That leads us to the important of the first thing we do with new clients at Gulf Coast Financial Advisors:
Welcome Orientation: Changing to a new advisor is a big deal, and not every advisor works like we do. There are so many different things to understand and find. “How do I read statements” or “Where can I access my accounts online?” are simple questions, but they can be frustrating without simple answers. We will constantly communicate with you to be sure you understand everything happening. You will know precisely what you must do and what we are doing to help you reach the goals we discussed in our first meeting.
Michelle, do you like managing your own investments?
Experienced Investment Management: A focused portfolio that strives for a conservative and growing income stream meant to outpace inflation to help you with the income you need and leave a lasting legacy to your heirs or charities of your choice. We will also assist with any necessary “tax-loss harvesting” of current positions.
Comprehensive Financial Plan: There is a lot to plan for in a sound financial plan. Most will touch on certain aspects of your plan once and never bring it up again. We have seen how much life changes for clients. Those changes could result in significant adjustments needed in your overall strategy. We will review all aspects of your plan regularly.
Tax Planning: We review existing tax returns to identify any potential tax savings and available phase-ins and phase-outs to make forward-looking tax recommendations. Note: this does not include tax preparation services.
Michelle, what is the most important thing for you financially when you retire?
Customized Income Plan: We use planning software that analyzes portfolio data to provide a solutions-based, visual road map for your income planning, particularly if you decide to sell your business and retire.
Quarterly Strategy Update Meetings: We will have strategy update meetings every quarter. Given the complexity of your complete financial picture, we have found this is necessary. We will discuss your Portfolio Review Report in these meetings and answer your questions. We will also evaluate your net worth statement to be sure you are still invested appropriately. As part of these meetings, we will also check in on some of the top financial areas of your life to be sure you are on the right track.
Coordinate all your Financial Professionals: As we go through your financial picture, other specialists must be involved. For example, we are not tax preparers or attorneys. We will work closely with your existing tax professional to limit your tax burden as much as possible. We will also work with your attorney as they help you draft your estate plans, trust documents, update your will, and prepare any necessary Power of Attorney documents. If you don’t have an existing professional in any of the areas touching your financial life that you know and trust, or if that person is close to retirement, we have fully vetted options.
Michelle, you’ve had some home projects recently. Would you say one of your frustrations was lack of communication?
Personal Contact from our Team: We strongly believe that you should get someone on the phone when you call during regular business hours. We will do everything we can to answer your phone call. If we are all unavailable, we will quickly contact you within a few hours. We also don’t wait for you to call. We will call to check in with you periodically throughout the year. Note: I shouldn’t say this but…I make myself available. Dad phone story.
We also send out monthly messages, we occasionally hold education events and client appreciation events. But I think it’s important to note that:
Concierge Financial Services: We have been helping clients with everything from purchasing new cars, working out mortgages, counseling on second homes and rental properties, business succession planning, employee benefits, and even larger vacations or recreation vehicle purchases. Whenever you are going through a significant financial decision or purchase, we want to be a part of it. We will help you ensure these big moments are filled with the excitement they are supposed to have and not angst or regret.
Final Transitions Help: When a loved one passes away, it’s challenging to deal with everything that must be done. Our team can help you with these transitions. We can even assist in helping you call the utility companies to change billing information, adjust passwords and cancel services that are no longer needed. We can also counsel on selling any property, claiming insurance policies, and more. Just know we will be there for you so you can focus on celebrating the life of your loved one as you adjust to your new life.
So there it is folks, not everything we do at Gulf Coast Financial Advisors, but a pretty good chunk of it. Interested in learning more? Then give us a call at 251-327-2124 or make an appointment on our website gulfcoastfa.com. That’s gulfcoastfa.com.
Alright folks, coming up next - There’s always a lot going on in the world! Particularly the world of finance- this past week was certainly an example of big news in finance! Every week Michelle and I scour the interwebs for helpful financial articles related to our topic of the day, especially articles that pertain to those in or near retirement. Join us after the break to hear Michelle and I discuss this week’s relevant headlines in our “Michelle with the News of the Week” segment. Stay tuned!
Segment 2 - Michelle with the News of the Week:
Josh: “Welcome back to Coasting in Retirement, your host Josh Null here! As we discussed before the break, every week Michelle and I scour the interwebs for helpful financial articles related to our topic of the day, especially articles that pertain to those in or near retirement. Michelle and I are going to help you all understand and decipher the deeper meaning of those headlines, or at the very least, provide context. So with out further adieu, here’s “Michelle with the news of the week”!:
1. Michelle: Alright Josh, let’s kick it off with well-known investment news site Barron’s. They have a fresh off the press article titled “The S&P 500 Rose 3% in July. The Good Times Should Keep Rolling”. This article points out that the S&P index hit its high of 4796 way back in January 2022, but a company called DataTrek says that the “implied” target level for the S&P 500 is about 4900, which means it could end the year at an all time high. The S&P is in the 4500 point range as of this recording, so raw math says that is about a 7% gain. So here’s my question Josh, the last time the S&P was this high, we had way lower interest rates compared to now. Is DataTrek is accurate, how does this math work?
Josh: This is such as top heavy rally, most of the gains are in the “Big 7”: Apple, Microsoft, Tesla, Meta (up 3x over last year), Amazon, Nvidia, Alphabet (google). There is so much more money in the circulation. AI?
https://www.barrons.com/articles/stock-market-july-performance-outlook-9351aca0
2. Michelle: so Josh, this past May, we released Episode 11 of Coasting in Retirement where we talked about 5 investments to avoid in retirement. (Josh – point to Spotify and website to find old episodes). One of those investments to avoid is the topic of our next article. Our friends at Investopedia have an article titled “Tupperware Gets a Seat at the Meme Stock Table as Investor Interest Hots up”. No, I didn’t mispronounce that last part, it actually says “Hots up” vs “Heats up”, so do a better job on spell check Investopedia. Anywhoo, this article states that despite being in danger of being de-listed from the New York Stock Exchange, and the Tupperware’s own management team warning that the company may not survive, the company stock is up 450% over the past month! What?! The article also updates the status of other meme stocks, and news flash, apparently there is an exchange traded fund that specializes in meme stocks! Guess what the ticker symbol is for this ETF? MEME. How cute. So, Josh, it sounds like all rainbows and lollipops on the meme front. Should retirees still avoid them in retirement?
https://www.investopedia.com/tupperware-gets-a-seat-at-the-meme-stock-table-as-investor-interest-hots-up-7567908
3. Michelle: Alright Josh, let’s bring in an article that gets us back to our topic of the day, or more specifically, your request to make this episode all about you. (Josh – I wanna talk about me). You mentioned that your first Gulf Coast Financial Advisors offers tax planning services to its clients. Well, Forbes has an article titled “Why Businesses Should Start Tax Planning Today”. Pretty straight forward article, it defines what tax planning is, it lists the reasons why tax planning is important, and it makes the case that pretty much any successful business should incorporate tax planning, regardless of company size. I personally find tax planning booooring and would rather talk about Meme stocks, so feel free to try to work our radio listeners into a frenzy with your feedback on tax planning…
https://www.forbes.com/sites/forbesbusinesscouncil/2021/08/17/why-businesses-should-start-tax-planning-today/?sh=2db3448c15c3
4. Michelle: Last article of the day. And in keeping with our episode theme of “all about Josh”, it’s from your website gulfcoastfa.com. Figures. I will say that this article is about last wills and testaments so it involves things I can do as well, which is good because our listeners tell us that more of me and less of you is the winning formula for our radio show. The article is titled “August is National Make a Will Month” and I appreciate that it reminds both you and I and our listeners of this fact. The article describes the differences between Wills and Trusts and gives some easy-to-follow basic steps to creating a will. I know you included this article because 1. It’s on your site and you wanna talk about you you you today and 2. Estate planning is an important piece of the client experience at Gulf Coast Financial Advisors. Care to elaborate more?
https://gulfcoastfa.com/blog/august-is-national-make-a-will-month
5. Michelle, great job as always with the headlines, these are all important pieces of information that impacts those in or near retirement! Listeners – if you have questions around the topics in our headlines of the week, or questions related to your investment strategy or financial plan, you can set an appointment by calling us at 251-327-2124 or by clicking calendy link on our website, gulfcoastfa.com. It’s in the upper right hand corner. It’s a free, no pressure, no obligation meeting.
Alright folks, coming up next : Josh’s Crystal Ball and Big Mouth. What have been some of my predictions? Have I been right? Was I ever wrong? How wrong? What do I think is going to affect investors in the near future? We talk about all of these things and poke a little fun at my big mouth. Stay tuned!
Segment 3 – Josh’s Crystal Ball and Big Mouth:
Welcome back! Your host Josh Null here, along side co-host Michelle. So, I am opinionated, I have strong opinions at times, I would say a radio show host that isn’t probably wouldn’t be very interesting to listen to. And I am paid in my profession to offer professional guidance and opinions to my clients, otherwise what use am I? Sometimes I feel so strongly about something that I talk about it publicly, on the various podcasts and radio shows I’ve had, sometimes I’ll even make predictions, and while I usually proved right, there are times I swing and I miss. Want to hear me beat my chest or maybe…eat a little crow? Then let’s get at with Josh’s Crystal Ball and Big Mouth. Alright Michelle, what’s first?
1. Michelle: So Josh when we were in the Finger Lakes region of upstate NY this past week, we saw a lady using a blow torch to burn out weeds at a winery. So let’s just use our own blowtorch and kick this off with a segment on your favorite, crypto. As usual, there’s been a ton of news around crypto recently, albeit this time is actually appears…somewhat favorable!? First, the SEC just confirmed that while they are considering treating nearly all cryptocurrencies as securities, they don’t consider the OG coin Bitcoin to be a security. Also in the news is investment giant Blackrock has filed to offer a bitcoin based exchange traded fund. Now as regular listeners will know, we’ve tried to be fair and balanced with crypto, even though I consider it witchcraft, but does all this good news make you change what your big mouth has had to say about crypto on our show?
https://www.cnbc.com/2023/06/15/blackrock-files-for-spot-bitcoin-etf-with-coinbase-as-a-crypto-custodian.html
https://www.forbes.com/sites/martinrivers/2023/07/31/bitcoin-is-not-crypto-the-sec-confirms/?sh=3be21be63221
2. Michelle: Alright Josh let’s talk about something that hits home way more than some of this silly crypto stuff we occasionally talk about. Recently both you and I were very disappointed and sad to see Bed Bath and Beyond go belly up and close all of its stores. You stated 2 things – that you were pretty aggravated at the private equity that had saddled BBB with unsustainable debt, and that you thought someone with more imagination would come in and scoop up the BBB carcass on the cheap. Well well well, it looks like discount website overstock.com bought the intellectual property rights, which is a fancy way of saying they bought the brand rights, of BBB, for what appears to be the nominal price of $21.5 million. Even more noteworthy is that overstock.com decided to ditch their own name and move forward as “bedbathandbeyond”, both offering traditional BBB products as well as 600,000 new products that are quote, “cheaper than before”!! Whatcha got to say about your crystal ball with this one?
https://www.foxbusiness.com/lifestyle/overstock-ceo-has-big-plans-for-bed-bath-beyonds-leftovers
https://www.cnn.com/2023/08/01/business/bed-bath-beyond-relaunch/index.html
3. Michelle: So by my count you’re big mouth and crystal ball now have 1 knockout with BBB and 1 split decision with crypto. So let’s see if you can survive this haymaker – I don’t think you’re going to make the 10 count myself. Just our last Coasting in Retirement episode asked our listeners if “this was as good as it gets” when it comes to fixed interest investments. Unfortunately, the answer to our episode’s question appears to be a big fat NO, because the Fed just hiked the Fed Funds Rate for the 11th time in its last 12 meetings, setting the benchmark overnight interest rate in the 5.25%-5.50% range, which is apparently a level last seen just prior to the 2007 housing market crash. So with that said Josh, here comes the punch – nearly every product or investment we discussed recently is now offering higher interest rates than what we just discussed publicly. For example, ol’ Chuck Schwab has a money market fund offering 5.24% yield on deposits of $1 million and 5.09% on deposits less than a million, which is significantly more than your big mouth just shouted out to our huge audience. Whatcha got to say for yourself?
https://www.google.com/search?q=recent+fed+rate+increases&rlz=1C1VDKB_enUS1044US1044&oq=recent+fed+rate+increase&aqs=chrome.0.0i512j69i57j0i22i30l8.4988j0j4&sourceid=chrome&ie=UTF-8
https://si2.schwabinstitutional.com/SI2/Trading/CashInvestmentYields.aspx
4. Michelle: Alright Josh, I ease up with this last one and let you preserve your dignity after that interest rate beat down. It’s also something that I know you feel pretty passionate about. It’s an opinion that feels a little jargony to me, so let’s walk our listeners thru it. You’ve stated that once investors truly understood the difference between wirehouse / brokerage advisors and reps of independent Registered Investment Advisor companies, commonly known as an RIA, they would choose the RIA route more often than not. You also stated that people starting their career would start going with an RIA right off the bat so that they had ownership. So, big mouth, we’re you right or wrong?
Well listeners, I hoped you enjoyed a peak behind the curtain on how I form my opinions and predictions, and more importantly, that I’m willing to admit when I am wrong. Which isn’t very often, but still. Now, to our listeners that have more questions the various investments and topics we discussed in this segment, we invite you to reach out to us. Call us anytime at 251-327-2124 to make an appointment or find us at on our website at gulfcoastfa.com.
Folks, that’s it for us this week here at Coasting in Retirement! I want to give a huge thank you to my lovely co-host, Michelle Lee Melton, a thank you to our awesome radio station 106.5, many thanks to the provider of our show music, local band Sloth Racer, and as always my sincere appreciation for all of your out there that have been listening and joining us on this journey. We would love to be a part of your journey as well. Until we talk again next Sunday, have a wonderful and productive week. This has been Coasting in Retirement with Josh Null!
Disclosure:
Advisory products and services offered by Investment Adviser Representatives through Prime Capital Investment Advisors, LLC (“PCIA”), a federally registered investment adviser. PCIA: 6201 College Blvd., Suite#150, Overland Park, KS 66211. PCIA doing business as Prime Capital Wealth Management ("PCWM") and Qualified Plan Advisors (“QPA”). Certain services may be provided by PCIA affiliates. In this format, Josh Null provides general information, not individually targeted personalized advice, and is not liable for the usage of the information provided. Exposure to ideas and financial vehicles should not be considered investment advice or a recommendation to buy or sell any of these financial vehicles. This information should also not be considered tax or legal advice. Past performance is not a guarantee of future results. Investments will fluctuate and when redeemed may be worth more or less than when originally invested.