What is an Advisor?

SPEAKER_00 0:05

We're gone to a really great financial future. Tom and Don are talking real money.

Financial Advice Landscape

SPEAKER_02 0:12

When it comes to getting financial advice, okay, actually let's get more specific. When it comes to getting investing advice, generally speaking, you have three choices of professionals who generally specialize in providing investing and portfolio advice. Not tax advice, not legal advice. This is I'm just talking about investing. Three general categories. It's really pretty simple, but the devil's in the details. The three categories are financial advisors or investment advisors is actually more technically accurate. Registered investment advisors is even more accurate. Two, financial advisors, aka stockbrokers. They used to be called stockbrokers. That used to be the big term. Now they're kind of obfuscating that with financial advisor. And third, financial advisors, uh uh uh, aka insurance salespeople or insurance agents. Again, the term insurance agent carries with it some negative salesy connotation, so they like to call themselves financial advisors. So basically, all three of them can call themselves financial advisors, but there are big differences between them. Hi, everybody, welcome to Talking Real Money, the podcast. I am Don McDonald. That is Tom Cock, and we are here to help you understand this very simple yet complex relationship between these various careers, these various professionals, Tom.

SPEAKER_04 1:55

It's a fascinating time, too, and a topic that we'll take up on another day as well, is around uh the requirement for fiduciary advice for retirement assets, which was, was, wasn't. Anyway, we'll bat that around at a future discussion. But at the end of the day, you correctly point out basically everybody in the industry now wants to be called either a fiduciary or a financial advisor. No one wants to be called a broker, and certainly no one wants to admit that they sell insurance products because that's kind of bad rap, man. And I don't want to.

SPEAKER_02 2:25

I'm telling you, in the financial advice industry, that's the lowest of the low. It's pretty much right on the ground. Actually, let me let me just step back a minute because that the foot this is where about 95% of the people in the investment advice business get their first opportunity to pretend that they actually dole out good financial advice when in fact they've been taught by the company to sell annuities.

SPEAKER_04 2:53

Well, and and we did a we did a podcast on this, I'm gonna say six months ago, about Northwest Mutual and how they recruit people and what ends up happening, and what ends up happening is they get sold a product of some kind, and generally the people get hired because they'll hire anybody. Uh no offense. Got a problem. They'll hire you because their turnover is so high. Because basically those people most of those people end up leaving. And guess what stays behind? The insurance policies that were sold to the people by those anyway. So, but let's let's unpack this a little bit when it gets down to the nitty-gritty. As you said, the devil truly in the details here. And Kiplinger wrote a recent piece about the differences, and I think a pretty decent and actually a fairly fair, if you will, article about this. They talk about first the broker focused on transactions. Remember that, and they say that think of a broker primarily as a facilitator of trades. Their main job is to execute transactions like buying or selling stocks for you. Now, that may seem antiquated in some way, but it still happens, right? That may it may seem antiquated to pay somebody to buy an actively managed mutual fund, but it still happens on a regular basis. And and so I I have to agree with them here. I mean, this and they're generally not into the planning so much as they are into uh the idea of the day, the idea that's pitched to them. And remember, because I I don't think this gets discussed enough. If you go into one of the major brokerage houses and you know them, I Merrill Lynch et al. Their primary responsibility, those folks there, is to the firm, not to you. They have it's that's the bottom line that you need to pay attention to. May I quibble, though?

SPEAKER_02 4:36

I assume you will. I'm going to quibble a little bit because there has been a growing trend in the industry toward the bifurcation of the role, where they are now not always required to act in the best interest of the firm. Nowadays, most brokerage firms, the old-fashioned brokerage firms, the Merrill Lynch's, you know, the Ed Jones and the like, they are part-time fiduciaries. So they do this is where it really gets confusing. It's not as simple as it used to be. We used to be able to say, if that's a stockbroker, their duty is to act in the best interest of the firm. That's not the case. Sometimes the problem is determining when those sometimes are happening. They don't flash a red light or put on a red hat that says we're not in your best interests anymore.

SPEAKER_04 5:32

Then they get you in saying they're fiduciary. And then what I see happening is, and I have friends who work in the industry who are in the situation, at major firms like a Fidelity, for example, where they'll get you in, they might discuss a little bit of planning, they might do some work there, and then they'll say, Hey, we've got this great product for you, and that product turns out to be, for example, an annuity, which leads me to the next type of person in this business, the insurance agent. Now, again, uh, they're going to use the term financial professional, financial advisor, because that's what gets your ears, right? That's what gets them going. But their recommendations are generally limited to the products they sell. This from uh from McKiplinger. While insurance is a vital part of a financial plan, they say, I don't know if that it is or not. Um, an agent's duty is different than that of a comprehensive planner, per se. You think? Shockingly. I mean, and this comes up all the time. Their job is to move more insurance products.

SPEAKER_02 6:35

And to move insurance products at the highest possible price to the client and profit to the firm and to the agent. And sometimes we've seen products not very many, thankfully, but a few uh less than reputable insurance agents and companies selling products with commissions as high as twelve percent. We just saw one yesterday.

SPEAKER_04 7:02

12 percent annuity, yeah. And guess how long it's gonna take another ten years for them to get out of that product? That's a very expensive one, and they don't want to be in it anymore. It's shocking to me.

SPEAKER_02 7:13

That's the that's the rub with these products, though, Tom, is that because of the level of regulation of the insurance sales industry, it's much lower regulation than of brokers, and that's which is slightly lower regulation than of registered investment advisors in terms of disclosure and and conflicts of interest. They are basically allowed to say that you don't pay a commission because technically you don't pay them a commission up front. It's playing with words. It really is. It's uh again, it's a form of obfuscation because the reality is when you get into an insurance product, the agent collects a commission. They collect it from the insurance company. The insurance company is willing to front them that commission because they know they've got you locked up via a high surrender charge for seven, eight, ten, twelve years, uh which they'll collect they'll collect that commission if you leave early. Uh if you stay, they make the money back because they know they've got a nice big profit margin built into these policies.

SPEAKER_04 8:26

Yeah, I I think you said that very, very well. Then there's the investment advisor representative who works for a registered investment advisor.

SPEAKER_02 8:35

That's the one that's confusing enough already.

SPEAKER_04 8:38

And then they threw in, by the way, in this article, certified financial planner. Now we have seen certified financial planners who hawk insurance too. That's the happens.

SPEAKER_02 8:47

We have seen CFPs playing all three sides of this three-sided fence.

SPEAKER_04 8:52

Yep. But if you are only an investment advisor representative, in the article points out, it means legally and ethically obligated to act in your best interest when delivering advice or managing assets in that capacity. In that capacity. I love that disclaimer, right?

SPEAKER_02 9:12

That's the part I was talking about. When you're a broker, you can be an IAR for a couple of minutes, and then you can be a product seller for a couple of minutes. Heck, you can be even an insurance seller. You could be all three people in one person's body. Talk about a confusing, I mean, schizophrenic lifestyle. Which one am I today? Am I IAR or broke sure? I don't know.

Investment Strategies Unpacked

SPEAKER_04 9:42

I need my own therapist with me all the time if I did that. And then the article throws in the CFP designation, certified financial planner, which I do think is probably the most rigorous designation in the industry. A lot of study involved, exams, keep the you're required to have an ongoing continuum education. It also says you're required to adhere to strict ethical standards enforced by the CFP board. And we've seen uh that sometimes not always followed. So I again, but at the end of the day, let's just walk through these again. A broker is gonna look at uh at a portfolio and almost always say, yeah, you're in these things. It should be in other things because they're gonna want to move you into a product that they like. An insurance agent, most of the time, they're gonna say, you know what you really need? Steady income in retirement, and you know where that comes from? An annuity. It just it happens. And an investment advisor representative, they have that fiduciary standard. They're gonna do the planning, they're gonna do the tax planning, they're gonna build the right portfolio to match those things up. And so, you know, this legacy advice is what I call it because we see it all the time, because these major brokerages have the names you know. I'm not even gonna say the names, but you know them because they they sponsor golf tournaments, uh, they have major uh spokespeople doing it. And what I see in those portfolios, Don, just I mentioned the one yesterday, but it included, yes, a few index funds, yes, a few individual stocks, because someone at the home office told them these are gonna be the hot stocks, and a few actively managed funds, a series of ideas, not a portfolio. Again, when I look at insurance work, generally it's uh similar to those things, but you add an annuity product and an RIA, and pardon me, an IAR that works for an RIA, uh, they have the plan. They have the it's just I know. They have a plan, they take the tax considerations and planning, and then they have the portfolio to match that. And I guess at the end of the day, for anyone listening, you have to decide which of those three serves you best. What fits your need for the future? Then then you can make a decision.

SPEAKER_02 11:59

I honestly believe, I I really do, and I think this is based on some definitive trends we can see in the industry. I think the days of the in the investment advisor/slash stockbroker are dying, are going away. I think the stockbroker side of that business is going to eventually just fade into oblivion. The commission side of that So Ed Jones will close all the home businesses. No, no, no, no, no, no. I think they're gonna go all all fee all fee uh only. I think they're gonna go 100% fee only. I think Merrill's gonna go fee only. I think uh uh Ed Jones will go fee only. I think that is the trend. Well, no, that okay. They're gonna be able to do that. No, no, no, no, no. Okay, all right. That's where I was gonna say. There's but then what we'll have is really basically two I see you'll have the insurance. RIAs who sell insurance or the people who sell insurance and aren't RIAs and people who are just RIAs. But the broker side, the because the reason is when I was in the sales broker business over 40 years ago. Back when you were talking real money? It was a long time ago. Um, over 90% of mutual fund sales were commissioned mutual fund sales. Some as high as eight and a half percent, New Veen. Wow. Uh now, now about it's right around twenty-five percent are commissioned products. Okay. The rest of the industry is no load funds. Yeah, okay.

SPEAKER_04 13:30

That that helps.

SPEAKER_02 13:31

We're seeing a trend away from it.

SPEAKER_04 13:33

Yeah. I I mean the problem always is, and this is the reason that I might take Umbrage with you just a bit, is the profits are so much greater on the brokerage side. Wait, it's not even close when you're selling commission products.

SPEAKER_02 13:48

Again, but but uh I don't know, I I lost my words. I got a here we go, here we go. Hold on. I'm gonna I got my thought back. All right, yeah, please. When you charge two to three percent on an AUM on which people I believe AmeriPrize's top uh is like three percent. I think it's uh right. You're right.

SPEAKER_04 14:16

So if you can get away with that, we're people in the probably change.

SPEAKER_02 14:20

Yeah, that's okay. So I think we're seeing a trend away. I really do believe that. Uh now, here's one of the things we love doing on Talking Real Money. We like taking questions. And we've got ways to do it now, multiple ways. You can go to talkingrealmoney.com and type your question in. That's just me tapping on the desk. Or you can speak it in with your voice into a mic, or you can call 855-935-Talk and let us know you want to be on the show, and we'll put you on the show just like this. Hey Craig, welcome to Talking Real Money. What's on your mind?

SPEAKER_01 14:55

Well, thanks, guys. Appreciate it. Enjoy your show so much. So your podcast is my go-to favorite, and I think the service you guys continue to provide is just a wonderful gift of financial advice for all of us. So thank you for that. That's that's nice. Thank you.

SPEAKER_04 15:09

We're gonna answer your question now because you said that.

SPEAKER_01 15:11

So just to give you my situation, so I am retired. Um I do have a financial plan. I did a uh a fee-only producer advisor plan. So I currently have about five million dollars. Um, 2.7 of that is in qualified. Um, the rest is in a brokerage account. Um, I'm on an equity slide path um to address, I think what they called um sequencing risk, I guess it was. Um so currently I've got about 34% of my equities or my portfolio in equities, and increasing that 1% per year. Um my portfolio of equities is GTI and the XUS, so obviously international and domestic ETF funds 30% and international right now. Um, and as I'm increasing my uh right half, I'm increasing the international part of that. So but I feel that you know my um you know, we are living very comfortably on uh you know three percent you know uh withdrawal rate. So um you know I basically have my risk profile, I guess you could call it that, is you know, I I just really don't need to take the risk. I feel that my um fixed size is a hodgepodge right now. I've got you know Vanguard um total bond, vanguard total international bonds, inflation. Um and and basically I'm a little confused about like using B and D or these total bond funds because of the diversification part of it. And I totally understand that on the equity side. Seems like, you know, um, and on the bond side, seems like it's kind of the reverse type of thinking that you're you know hoping something doesn't fail, like a corporate bond or whatever. So I guess I would understand on the corporate side that you know diversification would be important on the bonds because you know maybe one is not going to do well. But if you're going after you know very high stability and um you know low volatility or high risk, then you know it seems like you want to stay on the government side and you know again, not knowing whether the country is you know in good shape or not, I tend to lean towards the US because I wouldn't know how to even research you know the international side. So so so I guess the core of my question about that is I mean, is there really evidence, you know, historical data that says if you're really going for the fixed side and you're looking for um a level of you know safety and and you know low volatility that you know wouldn't you want to lean towards like treasuries? And if not, help me with that, I guess, is the first question.

SPEAKER_02 18:07

But no, this is actually a really good question, and I I I I know the answer. And the answer is there's not much difference. There's really not. Uh the returns on uh a total market bond fund like BND are fractionally, have been in the past, fractionally larger than the returns on just straight fixed income portfolios like a bond ladder or a C D ladder.

SPEAKER_04 18:34

Stands to reason. There's a little more you're getting paid a little bit more, and uh it's that stands to reason. So um, but back to your overall situation, just so I understood, because you you mentioned right now you're 34% in stocks. I think I heard that right, but you're increasing your stock allocation or are you decreasing it?

SPEAKER_01 18:57

Well, yeah, so the financial plan that I have and the financial advisor I use said, you know, given your situation and you know, you you know, basically my risk profile, I don't need to take a lot of risk. And so to take sequencing risk out, right, um during the early years of my retirement, we lowered my um the equity side of my portfolio down to uh basically 30 percent, and I'm increasing it every year 1% to address the sequencing risk. I think that's the right term. Okay, the sequence of returns risk.

SPEAKER_02 19:27

Yeah, yeah, yeah. Okay, I get what they what they were trying to do. They were trying to reduce that market volatility risk, which is really what we're talking about in the early years, which is the sequence of returns risk. Uh, and then it's a very gradual step back up. But you know, you don't uh and you're right, you know, you don't need to take it. So you're at 30%, 35%, whatever that number ends up being, you're probably pretty darn conservative. And I I want to make a point about a fund like BND, because I need to make sure you're looking at it properly. BND reflects the total high quality bond market, not junk, it's high quality. So 50 plus percent of that portfolio is in treasury securities, in U.S. government backed. The bulk of the rest of it is in AAAA rated paper. There's very little in the the bottom of the investment grade bucket, which is triple B. So your default risks, for all intents and purposes, are negligible to non-existent.

SPEAKER_04 20:31

Yeah, and here's another thing to think about you alluded to in your note is the year 2022, where bonds and stocks went down. And I think you said something about, well, Tom always says, you know, own bonds for stability. Didn't happen in 2022, right? It went down, I think it was 12 or 13 percent. So it was fairly dramatic for fixed income. Um but I wouldn't I that wouldn't make my decision on how to invest now, because again, I think you what you always want to do with any security is look back over a very long period of time. Over the long haul, what have bonds really done? Well, bonds really have provided that that that stability, the the ballast, if you will, and stocks have given you the growth. Over the long haul, right? There's gonna be these periods. That was a very strange one with interest rates changing, et cetera. That okay, that that that's gonna come along. That wouldn't give me a reason to distrust the fund or that strategy, because again, I'm looking 80 and 90 years back at those fixed income the investments.

SPEAKER_02 21:30

And the other thing that we that we we neglect to mention, and I don't mention it enough, I really should, is the fact that that decline in 2022 was more of a reversion to the mean event than it was a collapse of the bond market. What happened is we gave back some gains that you probably shouldn't have gotten. Basically, bonds are supposed to be income providers. And over the 30 years prior to 2022, almost 30 years every year, bond values rose because interest rates had been steadily falling. That was just gravy that investors counted on when they shouldn't have. The only thing you should count on from bonds is the interest payment. All of that capital gain that occurred over, again, about three decades was gravy that was given back a little bit in 2022 when rates finally went back up again for the first time in a very, very long time.

SPEAKER_04 22:34

I'm gonna I'm gonna just uh you also I'm gonna make it to me.

SPEAKER_01 22:39

But I guess the question is, you know, I mean, when you're in the accumulation phase, you know, you have the time and you know, I mean, I'm an investor, but I don't I don't worry about all these you know big inflection points, right? I haven't, you know, whatever it's a dot-com enclosure and all of that stuff, right? I just you know in my portfolio, I just let it ride, and that's what I do, right? Um I do have a high tolerance to risk, I just don't need to take it. Um when D and D you know drops you know it did, and we can say, well, maybe it won't again, but again, we can't predict the um it's kind of like feeling like, okay, well now I guess I feel like I need to take input three years of of money and cash. So when you know if if if both the stock and the bond market goes down again by B and B, I'm saying that I can ride through that without having to pull money out of you know, uh whatever bonds and of course you want to do. Stock spawns that have that have dropped in value, right? So so so when I get all that, I I guess what I'm just asking is is there something that is a little more less volatile?

SPEAKER_02 23:45

Yeah. I I do what I do. You I mean it's a little more work, and we don't suggest it across the board for everybody because it is more work. But I do both. Well, I do all three. I have my my short-term money in high yield savings. I have about half of my fixed income portfolio in things like BND. And and I think I have a dimensional fund too. Um then the other portion of it, it's about a it's pretty close to a third, a third, a third. Pretty close. Uh I have another third in a laddered portfolio of CDs that I do through Schwab because they have a setup that makes it semi-automatic. They let you know when your CD's coming due and they give you a list of CDs to choose from to replace the one that just came due. That matches the only problem with that. Yeah, that's good. Yeah. The only problem with that is the human emotion factor.

SPEAKER_04 24:43

Having the discipline you need to make that move with the CD ladder when things come up, because you've got to be able to buy the next one and you've got to be able to buy it under any condition, any interest rate, any situation. And we run into people all the time and say, I didn't do it because the rate did X. I just didn't make that move.

SPEAKER_02 25:01

Or I was waiting for the rate to go back up. Yeah.

SPEAKER_04 25:04

Just talk to somebody who's mad that they have a mortgage of six and a half percent. It's like, well, but historically that's not that bad. It's bad compared to 2020, but that's really a pretty decent rate in the long haul.

SPEAKER_02 25:14

So long as you can keep the discipline, it can work. But people we we've learned from decades of doing this that generally most of us aren't that disciplined.

unknown 25:25

Sure.

SPEAKER_02 25:26

All right.

SPEAKER_01 25:26

Well does that help? I'm an engineer. I'm an engineer by basis, so I probably have you know, details are in it.

SPEAKER_02 25:34

So you're yeah, see, you're a Paul Merriman kind of guy. That's it. You're your Paul's like engineering too. He's like he's got that mindset, that data-driven mindset.

SPEAKER_01 25:43

And I really was intrigued because you had a podcast on the target maturity bond funds, and I know the vanguard's not available yet.

SPEAKER_02 25:49

It looks like it's mostly corporate, but I see there's an iShares uh that's treasury, and so uh that's it's not terrible, but I I just find it so easy, again, because I know the rules. When my CD comes due, it goes right out to five years. Automatically. And the only the only reason I wouldn't do it is if an event come up that uh came up that had reduced my emergency money to ridiculously low levels and I needed to refund it. That's the only time I did.

SPEAKER_01 26:20

Now does Vanguard have a I know you use Schwab. Does Vanguard have a tool like that for building the ladders?

Listener Questions and Insights

SPEAKER_02 26:26

Don't know, but they can probably do it because they're a brokerage firm, so they can do brokerage CDs, so I would imagine they could. Anyway. Sure. Okay. If that helps, great. Well, I appreciate it.

SPEAKER_01 26:35

Yeah.

SPEAKER_02 26:36

My pleasure, Tom's pleasure. Thanks so much for being a part of the program. Take care. Thank you, Bye. Again, give us a call, 855-935-Talk with your questions or send them in at talkingrealmoney.com, either speaking them for the Friday podcast, which I do, or typing them, which allows Tom to take down yet another tree.

SPEAKER_04 26:59

Which they almost took me down and my they got my wife's car, but they missed me. Ha ha.

SPEAKER_02 27:04

I probably shouldn't have because it was a hundred foot. Do not taunt the trees.

SPEAKER_04 27:09

It's so funny.

SPEAKER_02 27:10

I just recently watched I just I'm rewatching West Wing for like the third time. I love that. Only because the writing is so good. Aaron Storkins. Man, the first couple of seasons. So this is when Mrs. Landingham dies.

SPEAKER_04 27:24

Oh, that's right. I forgot that part of it.

SPEAKER_02 27:26

Yeah. Be careful. You're taunting the trees, but remember Jed Bartlett went into the National Cathedral and taunted God. I know, and the price that was paid. So all right. And he you know he crushed his cigarette on the finger of the National Cathedral. Which I did not realize was big enough to lay the National the Washington Monument down.

SPEAKER_04 27:45

My brother performed there once. I'm gonna go hug a large cedar on the way home if that makes you feel any better today. You're gonna be seeing a cedar?

SPEAKER_03 27:53

Seeing a cedar. I hope that's not uh you know what.

SPEAKER_04 27:56

All right, uh the questions coming fast and furious. And and please continue to send them in because we like to talk about the topics you want to talk about. This comes from Youngstown, Ohio. Peter, I found you guys and happy I did. Retiring this year, I've read a dozen books on the subject. Wow. That's good for you.

SPEAKER_02 28:15

There are a lot of books, and most of them are bad.

SPEAKER_04 28:17

Enjoyed retirement over the weekend, but no discussion about LMP, Bill Bernstein, four pillars of wealth. A fellow Pacific Northwesterner. I'm trying to combine Paul Merriman and Bill Bernstein for a successful retirement. I see some parallels with Christine Benz, multiple buckets, but quote, when you've won the game, stop playing, as Bill says. What are your thoughts? LMP. Now, I'll be completely honest with you. I had to look that up because I didn't know what it was. And we know Bill's work, obviously, but I didn't know this I idea, this plan of taking the obligations you have in the coming few years and taking that money and completely setting aside. Sounds a little like, as he said, the Christine Benz bucket strategy. But what he's really talking about is with that money, have absolutely hundred percent no risk, right? Isn't that what LMP sort of matching your the needs you've got coming up with whatever cash could be be handed out?

SPEAKER_02 29:13

I think we've suggested the same kind of thing without giving it an acronym. I mean everybody wants an acronym.

SPEAKER_04 29:21

Sorry.

SPEAKER_02 29:22

Do we need an acronym? Liability matching portfolio. Well, what is a liability matching portfolio? Well, it has generally laddered bonds or CDs. Okay? That's the absolute ain't no doubt about it. Uh tips like Treasury inflation protected securities so that you have some uh inflation protection. And then a short intermediate term high quality bond fund. Well, that sounds like kind of like what we've been saying for a long time. Have a portion of your money in something that's really safe. Either or CDs laddered, bonds laddered, a bond fund, maybe all of the above, and a year or two worth of expenses in a very safe high yield savings account or the equivalent money market that you can draw on for emergency. So we've basically been saying the same thing, right?

Understanding Liability Matching Portfolios

SPEAKER_04 30:24

Without the difference acronyms. You know, we don't we don't have the I and I think Christine Ben said the same thing at Retire Meet. The buckets, right? You have the bucket for short-term cash needs, matching the liabilities that you've got coming up in that short period of time. Doesn't mean you quit the stock market because you still want the exposure to something that's going to increase the value of your holdings, right? Which is what stocks would be expected to do. That shorter term would be in something that hopefully, as you said, Don, sort of keeps up with inflation. Yeah, maybe, maybe not, but it holds its value, and then it can pay the bills as they come due in the coming year. So yeah, I think we're on the same page here.

SPEAKER_02 31:06

Yeah, basically we here's what we say. When you're getting into retirement, you need a plan. Okay? Whatever the short whatever your short-term needs end up being in that plan, whatever they might be, that's kept in a safe, relatively secure portion of the portfolio. Bonds, stocks, that kind of thing. Bonds, uh, CDs, that kind of thing. The rest you can let grow. Same thing Bill Bernstein's saying, he just gave it a cute name. LMP. Yeah. Thank you, Bill for that. Cute name.

SPEAKER_04 31:42

Anyway, that's our those are our questions for today.

SPEAKER_02 31:44

Yeah, we've got the call in questions at 855-935-Talk. Love it. We've got the questions that that came in at talkingreal money.com. Um I think we're done. Gee, another one.

SPEAKER_04 31:57

You know, I'll add one thing. I've had some great conversations here the last few days from people that called us. Call me. I'm happy to do that. Did they call you or did they fill out the needed advisor form? A couple of them filled out the form, but a couple of them just picked up the telephone because apparently it's still worse.

SPEAKER_02 32:13

Like called the the office number. Yeah, called the office number and said, 800-386-3004.

SPEAKER_04 32:19

That old guy, he's still hanging out there? Yeah, because there's free lunch, uh, so he stays. Uh anyway. So they called.

SPEAKER_02 32:26

There was yesterday. So I hung her up for that. Okay, there's not free lunch every day at the office.

SPEAKER_04 32:31

No, this isn't Amazon or something. There's no even you didn't even get a tomato every day.

SPEAKER_02 32:36

Those of us who work from home aren't getting the free lunches.

SPEAKER_04 32:40

We'll make your drop of the lunch, but it'll be a little stale since it's delivery. Okay. They deliver here. You just door dash me.

SPEAKER_02 32:47

When you door dash the office, just say, Oh, oh, we forgot to add Don. And you want your regular Chick-fil-A order, or what are you on now? I don't even know if your fast food du joures. I'm I'm flexible. Okay. Tacos. The big arch? We'll go with the big arch? I don't want to big I look at I don't know. That's too much food. Thousand sixty-two calories. That's too much food. You know?

Closing Thoughts and Resources

SPEAKER_03 33:10

I want to do it. I keep threatening. My wife's like, no, don't do that. That's disgusting. Okay, well, maybe it is. Maybe it isn't. So maybe it isn't.

SPEAKER_02 33:18

Go to talkingrealmoney.com and uh fill out the form if you want to meet with one of our advisors for free for nothing for a little bit. Uh or uh send a question or call Tom at 800-386-3004 and Pester him anytime during the business days. Which for Tom is a different business day than your business day.

SPEAKER_04 33:38

True.

SPEAKER_02 33:38

My business early business. Tom, Tom is working on what time zone are you really working on? I really don't know. You're doing you're living Greenwich mean time, aren't you? I'm trying to be nicer these days, so maybe. This day starts at the same time as the day starts in London.

SPEAKER_04 33:54

Close, actually. Probably true. Terms of the markets. Yeah. All right. We got to go. Call any time. Glad to hear from you.

SPEAKER_02 34:01

That's it. We're done. We're out of here. We're we're we've done our duty talking real money.

SPEAKER_00 34:07

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