Haas Financial Group is inspired by Brendan’s passion around “the human side of advising”. In this episode, Ben sits down with Brendan to discuss practical tips and insights to apply behavioral finance into our financial planning practice. Brendan's mission is to provide the training that every advisor needs but never received in courses, designations, and certifications. He embarked on this quest to try and make the information more digestible and applicable for advisors to help accelerate their path to being able to develop these softer skills to their clients. He discusses the importance of asking better questions to form deeply personal relationships with our clients. By developing these skills, the financial planning conversation shifts to what our clients value; deconstructing their thoughts and feelings around money.
Losing a spouse can be a very difficult and emotional time. There's so much to do and to work through emotionally, financially, and physically. In this episode, we help to decipher what needs to happen now, what can be done soon, and what financial things can be handled later. We provide a checklist of small steps to take to feel like you are making progress in this new chapter of your life, but also allowing time to figure out what you'd like to see happen in the future.
We're halfway through the year and it's time for us to share themes from those that focus on investments - LPL Financial, Blackrock, JP Morgan, Nuveen, etc. They don't agree on what the second half of the year looks like. There are common statements and themes, but a wide range of potential outcomes. In this podcast episode we discuss the general themes and the outlook for the second half of the year.
We want to focus on what we believe financial planning is and that's helping point people in the right direction, making sure they understand the difference between things they can control and things that they can only influence. When you focus on controlling the things you can, your likelihood of success goes up significantly. It's when you drift into focusing on things you can't control or you choose to react to things you can't control, that's when self-sabotage gets in the way. In this podcast episode, we discuss the things you can control and the things you can influence even during these uncertain times.
In this podcast episode, Ben and Adam discuss ways we can help to work through your emotions while the market is down. We explore why it's important to keep perspective and weather the storm. Our goal is to help keep you focused on the things you can control, filter out the noise from the things you can’t and then be a partner on your journey, helping keep you on the right path no matter how many twists and turns it may take. If you have questions on something you are seeing or reading, send it to us to review!
Those that have accumulated wealth may want to limit their taxes and keep what they have, if not for themselves, but for their heirs. The stock and bond market has given us a lot of lemons to work with this year. If one of your goals is to limit your taxes over time, now may be the perfect time to do a Roth conversion with the market being down. Ben and Adam discuss Roth conversions and how or why they may fit into your long-term financial plan.
The estate settlement process can be long and overwhelming for those going through it. But when you have a checklist prepared with the details and what to expect, you may find it a bit easier than you first thought. If you've been named as executor, there are things you can prepare for prior to the estate settling process. This will help to properly execute on the deceased wishes in a timely manner. Listen to this podcast episode to feel confident with the process to properly settle an estate.
Markets are volatile. Investment losses can hurt, but they're going to happen if you're investing. In this podcast episode, we identify five common investor mistakes that set people back when they take short-term losses and compound the problem by feeling like they need to do something different. We feel that if you want long-term success, these are five things you should avoid doing, even when you get emotional.
The sandwich generation is defined as people who are still working, most likely in their 30's or 40's, that are responsible for bringing up their own children while caring for aging parents both physically and financially. They are feeling caught between two potentially difficult situations, all while trying to focus on their own retirement as part of that process. This podcast episode discusses the human side of what we do. There is not a spreadsheet or a financial planning program out there where you can plug these variables into the tool and it is going to tell you what to do in this situation. Everybody has their own personal outlook on how they want to approach these things and how do they want to prioritize them. It all comes down to tradeoffs, which is really what financial planning is. We want to help people think about what are the ways that they can say yes to their own needs and goals and not have to feel like it's making it impossible to say no to the people they care about and that you may feel like they rely on you. Ben and Adam discuss how they would walk someone in the sandwich generation through prioritizing their goals and developing their own plan. We talk about what tradeoffs might occur for clients to effectively manage these competing interests.
In this podcast episode, Adam and Ben talk about the different ways to give money to family beyond just writing a check. We discuss how our financial planning process helps determine if you can afford to gift now, the best way to go about it, and any tax laws that you should consider. If you wish to pass along your wealth to a loved one while living rather than leaving behind an inheritance or legacy, check out this episode!
While there isn't a silver bullet that can shield all your money from taxes, this podcast episode focuses on proactive and reactive strategies to help defer taxes if you have excess income. We focus specifically on tax liability while exploring different investment vehicles to help you allocate your assets appropriately, depending on your financial goals. And, we discuss factors that may drive your taxable income higher.
The key to any successful financial plan is making sure you use reasonable assumptions. An age gap between spouses can have an impact on irrevocable decisions such as when to retire, the best time to elect Social Security, pension decisions, and estate planning - just to name a few! In this podcast episode, Adam and Ben discuss how an age disparity in couples can impact your financial life and why it's important to make conservative assumptions if you are in this situation.