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.-------------------------------------------
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
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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
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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
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