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All right, so John Oliver's epic rant about retirement, the financial industry

and financial advisors was hilarious and spot-on. But he left out one important

detail. And it's a detail that saved one of my clients hundreds of thousands of

dollars - in one moment. Find out what that is coming up. Hey folks, I'm Patrick King,

financial planner and host of Transformative Television. Here on this

channel, we have a soft spot for people who are going through the divorce

process, who have lost a spouse or a loved one or people who are just trying

to transform their lives for the better. If that's you or you're in one of those

situations, please consider subscribing for more videos like this. And if you

need financial help through one of those situations, please don't hesitate to give

me a call. But in this video, what I want to do is pick apart a little bit of John

Oliver's epic retirement rant and share my thoughts on that and talk about the

one thing that I think he missed that saved one of my clients hundreds of

thousands of dollars in one moment.

"Take annuities. Now certain types of those can be very complicated investment

products that have high fees and would only be appropriate for certain types of

portfolios. But some financial advisers push them hard." Oh man.

Annuities. Man, I see these annuities all the time. They get so many fees and

they're impossible to get out of. One thing all the time I find myself working

with new clients to figure out ways to get out from under some of these annuity

contracts. And the commissions that these "advisers" - brokers, insurance agents

get paid on these annuities are up to 10% - maybe even more - of the contract

value up front. So if you're selling someone a million dollar annuity, you're

gonna get almost a hundred grand. Stupid. No wonder why these folks have an

incentive to sell you these things. "Now generally, it is currently legal for

financial advisors to put their own interests ahead of yours unless - and this

is interesting - they are what's called a "fiduciary". Because not all financial

advisors are bound to act in your best interest, but fiduciaries are." All right, so

here we are with fiduciary again. Y'all are gonna get sick of hearing me talk

about fiduciaries, right? There you go. "But compound interest works both ways.

meaning while your money adds up, your fees can really add up too." Man. Fees.

Fees! All the time - all right so I did the math behind this particular example

using the fees from their retirement plan and compared them to the fees from

a from a fee-only fiduciary financial advisor (my fees in this case) and what

the difference would be for a $1,000,000 investor. Let's say you retired with a

million dollars and both portfolios grew the same - let's say 7%. Just the

difference in fees alone over the 30-year retirement would be $1.6 million

Check the math, it's in the show notes below. It's absolutely ridiculous.

Fees matter. Fees matter and they're hidden a lot of times, so always check

for that stuff. "But the problem with active management

is that even many Wall Street experts find it difficult to consistently beat

the market." Man, active management. So active management, if you actually pay

attention to the math, it doesn't really hold up, you know? So there are studies

that have shown that over a fifteen year time period only 17% of the mutual funds

that start that time period beat their index or their benchmark. 17%! And to give

you an idea how bad those odds suck, over that same course of time only 48% of

funds survived! 52% went out of business! So you've got a

better chance of picking a fund that goes out of business than you do a

finding one that's gonna beat the benchmark. Good luck with that!

All right, at the end, you know the one thing that I really love that they

touched on was, you know they mentioned working with fiduciary advisor. They

worked with - to invest in low-cost index funds, Vanguard funds they mentioned in

the in the video. But I think the thing that kind of got left on the cutting

room floor (along with Kristin Chenoweth) was, is there a difference between

people who work with an advisor and people who don't? You know, is there a

benefit of working with a fiduciary advisor? And there was a study done by

none other than Vanguard on this topic. And what they found was that the clients

that worked with a fiduciary advisor tended to see 3% more return than those

that didn't in a given year. Now of course, individual years varied, but what

they saw is, over time, they averaged three percent more per year. Now we

talked about the little bit in fees that made a huge difference. 3 percent is

ridiculous. So you know what were the factors that were involved in this 3

percent? What were those things that those advisors were doing to get

that extra 3 percent that the clients that work with them saw? Well the two

biggest were behavioral coaching and spending strategy in retirement, the

biggest being behavioral coaching. So this, I think, is the most important point

of working with an advisor that wasn't mentioned in the video. So to give you a

quick story of why I think this makes such a big difference, I want to share

with you the experience of a client of mine. Obviously can't name names but

this gentleman - he was an older gentleman - this was back in the

financial crisis and he came in, he almost picked them up bottom of the

market. This was March 2009, so obviously he's scared. You know, recessions and and

corrections are a normal part of investment but we'd never seen

anything like that before. Stock market's down a lot, but you know

his portfolio didn't have a whole ton of stocks in it. It was down a little bit

but, you know, it was not nearly as down

the market in general. So he came in and he wanted to go to cash. He couldn't take

it anymore. He had been watching the news and reading the headlines. And so he's

like, "You know Patrick, we gotta go to cash." But as unusual as those

circumstances were, we stuck with our strategy. We had a strategy for a reason.

And again, he didn't have 100% stocks, but we stuck with it. And if he

had gone to all cash at that moment he would have locked in his losses forever

or until he decided to get back in "when it was safe". So we stuck with the

strategy. Fast-forward a year later, he comes back in, his portfolio is way up.

And we're talking hundreds of thousands of dollars. But in that one moment we

decided to stick with our strategy, we kept his his money invested and it

allowed him to participate fully in that recovery when the market bounced back in

March of 2009. And of course it did nothing but go up with a couple of blips

since then which has been kind of ridiculous. So not only did he did he

benefit by NOT locking in hundreds of thousands of dollars of losses in that

one year, but that growth also compounded over time too, as the market continued to

go up and he continued to participate in it. So that behavioral coaching thing is

the biggest benefit as evidenced by the Vanguard study and it could be worth

hundreds of thousands of dollars. So that's where that "advisor alpha" comes

from and, I think, one of the important points of working with a fiduciary

family advisor that wasn't that wasn't included in that

video. Of course that story's not quite as hilarious as his but it's a true

story and it's real dollars. So all right folks, thank you so much for watching. I

hope you enjoyed this video, If you did click like below, consider subscribing,

leave us a comment. Let me know what you thought.

Until next time I'm Patrick King. This is Transformative Television. Take a deep

breath. You got this!

You know, I totally have an elf-spotting degree now. Thanks, John Oliver!

For more infomation >> John Oliver Retirement Rant Was Spot On - But Missed One Important Point - Duration: 9:12.

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Ask Limo U Show: Episode #93 - What was your goal at ILCT Vegas your first time? - Duration: 8:40.

so bill typically the operators and the members across the nation have some

great questions for you but I think I have a great one for you that's better

be good or you'll never be on another episode I think so I'm taking a chance

here and I have no idea what it is yup but I did some research and I was kind

of looking back and I saw that your first IL CT show was in 2007 is all

right long time ago yeah it was awhile ago now

I was pretty young at the time was in about elementary school so you think

that's funny so just curious way back then going into

that show if you remember what was your number one goal at that show in Vegas

I've been in the industry online for about eight months

I've only been to one show which was the LC TV show at Mohegan Sun Casino so I

would say my number one goal was really networking from the affiliate standpoint

to acquire affiliates that was probably my number one goal and but I think even

bigger than that was my number one fear I was really nervous because I was

speaking at that show my first speaking engagement one I'd really didn't know

that many people at the LC TE show George Jacobs but from Wendy said you

had started a relationship with and he introduced me to some people at the LC

TV show Tammy sue Kochi Oh Dawson brother Maurice Brewster Tom Naza God

rest his soul who else I know there were some other people I did dinner ed

Kolbert who was with Boston Kochi affiliate managed at that time now with

Commonwealth Matt altough from Savoia so I walked out of the first lct East with

two affiliates Boston coach and Savoia which was great so going into the big

show Vegas il CT I've never been there before you know I wanted to come out of

there with a lot of affiliate business so that was my primary goal didn't I was

like everybody else I didn't have a strategy not like the stuff I tell you

guys to do to have a plan and the strategy and write your emails ahead of

time I was like everybody else I just didn't know what to expect so that was

kind of the goal but that session that I was speaking on believe it or not I mean

you're probably like fourth grade 2007 I was talking about social media so

sitting here today and what we do with Facebook Ads and AdWords an online mark

it's ironic and I'll never forget at the end of the session I was I was really

really the beginning of the session I was nervous that nobody was gonna show

up and when that first person showed up and came and sat down and like the 30th

the row because the room was sat for like 3 or 400 people like hey come on up

to the front you know we can talk to each other because nobody else is gonna

be here nobody knows who I am and nobody knows what the hell social media is in

2007 either so kind of the other funny part was and you may not even be aware

of this but was the only social media platform that phew I asked him at the

end of my presentation who's heard of lengthen who's heard of Twitter who's

over to Facebook they're all brand new like in 2006 and 7

nobody maybe one or two people are raising their hands but then I get to

anybody heard of MySpace and everybody their hands go up everybody was on

MySpace at that time which is yeah you know not even around any longer so I

think I was really fearful of that I was really nervous even though I'd done

public speaking before but you know really my plane and going in without a

plan but my goal was to acquire affiliate business and learn and get

education it's so vastly different today because this show that we're getting

ready to go something heck just by the time this airs it's only a couple of

weeks away right the education is gonna be phenomenal the NLA has done an

unbelievable job with the education it's kind of gone from a Monday Tuesday

Wednesday show into you know Sunday I mean with all the stuff we're doing you

know we've got a Google AdWords session on Sunday for 90 minutes we've got

another 90 minute session you know on search engine optimization that I'm

doing there's the Chosin payment sponsored I

think it's B 2 or B 4 Network but that starts like 4 o'clock on Sunday that is

a hundred percent speed affiliate networking that everybody that wants to

play it business should be attending and all that stuff is before the show even

officially starts on Monday and then you got all day Monday in the show floor in

the education and Tuesday and Wednesday there's a lot of great stuff that's

going on then you have all these different breakout events like the

mastermind group that we're doing on Monday and Tuesday yeah by the way I

think we still have one or two tickets still available for that if you want to

sign up I'm sure somebody'll throw the link into this so I'm probably more

excited about this show and I'm sure you are too being your first Vegas show

can't wait that you're going - and with the team but that one was

really just about affiliate networking was probably more fear than it was

excitement going right first makers show most area to speak yeah first one you've

ever been to yeah absolutely I mean when you don't know anybody

yeah no at all so that's it but like social media and look how it all comes

around and now look at what we build it well I mean it's it's kind of funny and

you know people ask me how I built my brand in this industry and it all

started speaking at that show and but it really from that point on has been about

social media it's what I've done on Facebook and Twitter you know and

lengthen and all of that type of stuff right you know I look at over the last

11 years how that's manifested and you know today it's as we're filming this

show I literally did a live broadcast this morning telling people the mistakes

they're making with not optimizing their job description and profile on Facebook

they're not thinking of Facebook as a search engine algorithm and people that

are searching for that or when people are like trying to join our group like

our limo growth group and you know if your name's Tom Smith and your job is a

garbage man or a web designer or something we're not letting the group

yeah right so if it doesn't say Tom Smith owner of Tom Smith limo or

whatever it is you're not going to get in and your clients are thinking in

those same terms right you know and then we see similar things that happen on

their LinkedIn profiles once again two huge social media channels that can

impact your brand and impact your business building skills so I look

forward to that stuff that's so kind of how I built my brand mm-hmm and that's

but I think it all started with the fear that I had going into that first show

well that's the kind of value that people are gonna be able to get at this

show this year in Vegas I know I'm excited for it I blame this one LCP show

in the last 11 years well one Vegas show and you know I can

tell you that I think I just see em getting bigger and better every single

year and you look at the content and praise God for the the work and the time

in the efforts facili that Doug Schwartz and Diane for geek on the NLA you know

show committee boards have put in to this I commend them tremendously because

they not only do they do an excellent job but the amount of time that goes

into this but then right behind you know this is

show season I guess right now because you know literally a month behind this

show we've got lab live right here in Nashville not gonna want to miss that

event and then about three weeks after that is the technology summit you know

in South Beach once again another lct event that you're not gonna want to miss

it's gonna be the first technology some it's not the leadership anymore it's a

technology summit and I'm privileged to help put the the content the speakers

and everything together with Sarah at lct for that we have my good friend who

you got to meet a few months ago Sam Mallikarjun Tom's gonna be a speaker

I'll be speaking down there really talking about tech and how it applies in

our business and moving forward over the next 10 years I'm sure there'll be a lot

of discussion about autonomous vehicles and you know that type of stuff so I

would highly recommend that one take advantage of show season we've never had

a technology summit like this in South Beach and if you're on the fence about

lab live I promise you you have never attended a bet our industry about what

you're gonna get right here not in this office it's about 50 yards right up that

road up the hill but the guests that we have coming in the the access for that

is going to be enco we're getting a little bit off topic here but I know I

love live events and you know I love the stuff that I mean I just think the value

that's being driven to you know the the people in this industry it wasn't as

robust as it is today well thanks for sharing Bill and I tell you what I'm

excited for the technology summit I'm excited for lab live and I'm excited to

see you guys in Vegas and excited to see you on the next episode of you know my

new truck they asked limo

For more infomation >> Ask Limo U Show: Episode #93 - What was your goal at ILCT Vegas your first time? - Duration: 8:40.

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What Was The Last Video Game You Played? FLUNK Life - Duration: 1:17.

That would be

FIFA. Yeah FIFA 18. Played it yesterday. It's good game.

Last video game would have to be

Player unknown battlegrounds on PC. Well in the game there's a hundred people

You parachute down

And it's pretty much like a free-for-all you can choose different game modes

You can do a squad you can do a duo you can do and then the solo and the idea is

to

be the last person standing and get winner winner chicken dinner

I don't play video games so last video game. I played actually was life is strange with my brother

Pretty good game. I think

It's not a video game. I do video games really

I think gaming is a waste of time which is very controversial and it's gonna get me so much

Oh my god abuse, but um it is

Cuz I have candy crush, and it's ruining my life

Hi guys, if you liked that video don't forget to click the subscribe button from

For more infomation >> What Was The Last Video Game You Played? FLUNK Life - Duration: 1:17.

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Trump Is In Trouble For What He Just Said That Has Liberals Howling Mad(VIDEO)!!! - Duration: 4:19.

Trump Is In Trouble For What He Just Said That Has Liberals Howling Mad

the president had a lot to say about the rampage shooting at Stoneman Douglas and

predictably he inserted himself right into the middle of the story let's bring

in our Sunni contributor Michael D Antonia is the author of the truth about

Trump Michael thank you very much for coming in first off what do you which

will be actually president saying he would run in without a weapon

he's there oh I'm sure he would what would he get ten feet before he had to

stop and catch his breath this is a 71 year old man who had four deferments

when he could have served in the Vietnam War with a gun in his hand but instead

he chose not to so alright this idea that this is a physically courageous man

who would be committed to risking life and limb I I think is laughable but yet

he'll stand up and do this and assume that his base is going to applaud him

and it's no different than the guy at the end of the bar saying this kind of

thing so if past actions may be some indication of how one would react in

certain circumstances or similar circumstances so I want to play this now

this is a Donald Trump on the Howard Stern Show in 2008 about the time an

elderly man fell off the stage in front of him at a charity event at mar-a-lago

so you have all these really rich people and a man about 80 years old very

wealthy made a lot of people didn't like him he fell off the stage so what

happens is this guy falls off right on his face hits his head and I thought he

died and you know what I did I said oh my god that's disgusting I turned away I

couldn't you know he was right in front of me I turned away I didn't want to

touch no the Marines he's bleeding all over the place I felt terribly you know

beautiful marble floor didn't look so good

became very read and you have this poor guy 80 years old laying on the floor

unconscious and all of the rich people are turning right oh my god this is

terrible this is disgusting and you know they're turning away nobody wants to

help the guy his wife is screaming she's sitting right next to him she's

screaming what happens is these ten Marines from the back of the room they

were so far back you know it's a huge ball they come running forward they grab

them they put the blood all over the place that's all over their uniforms

they're taking it this swipe they ran them out they created a stretcher

unicorny human stretcher what is put their arms out yeah like five guys at

each side they ran them out I never sorted they ran like you will never do

that lean up it's disgusting you got to call let the Vicks there I forgot to

call to say is he okay he was okay yeah my thing I'm not saying

it's a disaster that but I mean if you can an elderly person I most people

would probably run in to help an elderly person or just say are you okay can we

get someone to help him it wouldn't turn away into oh my god its discussing

beautiful marble floors I already forgot to call the next day you know picking up

the phone was too much for him but he's gonna run into a building where there's

a shooter absolutely makes no sense at all but this is a president who loves to

tell stories he's not a man of action he's a man of words and so he weaves

these tales to embroider his image he's the hero of every story he tells and as

he told me he's the star of his own comic book and he writes it every day

well later in that interview Trump tells Howard Stern I'm not good with medical

in other words if you cut your finger and there's blood pouring out I'm gone

it's not the first time that he's puffed himself up you know with that sort of

image but seeing instead crystal is a calls him the Walter Mitty that the

Walter Mitty complex well the question is now which one will be the joke

because when he gets caught in something he'll say oh it was a joke you know the

person who insults you who insults in this case law enforcement officers who

are brave who D run into dangerous situations now he's going to say well

which one's the joke is it the joke about parkland or is it the joke about

the person who fell down in front of him and

you did nothing I wonder which one thank you