The American Dream, Chiefs Predictions, Hucksters, and Healthy Retirement

This week on Upticks, tune in as Cory and I discuss the American dream, Kansas City Chiefs season predictions, healthy retirement, and more.

We talk more about the Falcon Wealth Advisors team, hucksters springing up, and how it could benefit you to worry about your goals and your goals only. All this and more on this engaging episode of Upticks!

Thank you for joining us this week! If you have a topic that you would like us to discuss or debate live on Upticks, please email it directly to Luke at?[email protected] ?and he’ll be sure to ask us to bring it up on the show!

Order ‘Retiring Right’ Today: https://a.co/d/geeSRDy

Read a summary of the conversation below:

Chiefs Predictions

As the podcast opens, Jake and Cory dive into the excitement of the NFL season, making predictions about the Kansas City Chiefs’ season record. Cory predicts a 13-4 finish, while Jake is slightly more optimistic, expecting a 14-3 season. They acknowledge the inherent uncertainty of predicting future outcomes, using it as a metaphor for the unpredictability of markets and investments. They remind listeners that just as no one can guarantee the outcome of a sports season, no one can reliably predict the movements of the stock market or election results. The broader takeaway is the importance of being skeptical about forecasts and not relying on others’ predictions to guide personal financial decisions.

Falcon Wealth Advisors’ 5 Groups?

Jake takes a moment to explain the structure of Falcon Wealth Advisors, emphasizing that clients can benefit from the collective efforts of five groups, not just individual advisors. The five groups are:?

• Operations Team: This group, led by Samantha Waters, handles client onboarding, paperwork, transfers, and rollovers, and continues to manage client accounts by addressing daily needs like distributions, statements, and online access.
• Investment Management Team: Led by Conner Hanlon, they oversee the day-to-day management of client portfolios, including rebalancing, trading, and responding to market movements. They help ensure clients’ investments are aligned with their financial plans, making adjustments as necessary.
• Financial Planning Team: Led by Jake Cross and comprised of five financial planners, this team focuses on tax planning, retirement planning, and reviewing client investments and financial plans. They take the lead on most client review meetings and serve as the primary relationship managers for ongoing financial discussions.
• Communications Team: Led by Luke Sullivan, this team helps ensure Falcon Wealth Advisors maintains transparent and consistent communication with clients. This includes producing the weekly newsletter, the Upticks show, and this blog that you are reading to highlight various aspects of wealth management.
• Wealth Advisors: Jake, Cory, and Kevin make up this team, managing client relationships and ensuring the overall strategy aligns with clients’ goals and values. They are also responsible for growing the firm and bringing on new clients. Jake emphasizes that the strength of Falcon Wealth Advisors lies in its team-based approach, with professionals dedicated to various aspects of the client experience, helping ensure that no one person is solely responsible for a client’s financial future.

When Interest Rates Go Down, the Hucksters Spring Up

The hosts discuss the dangers of financial scams that proliferate when interest rates drop, referring to a Wall Street Journal article. Jake highlights a case where a wealth management company falsely claimed it could guarantee a 17% return, a highly unrealistic and deceptive promise. The hosts emphasize that guarantees in investing, especially ones promising high returns, are red flags. They point out that some of the people running these companies had checkered pasts, including being barred from the financial industry. The key takeaway is a reminder for listeners to always check the background and credentials of anyone offering financial advice. Jake and Cory express disgust at the greed on both sides—the hucksters creating fraudulent schemes and the individuals who are often drawn in by the promise of quick, high returns. Their message: if something sounds too good to be true, it probably is.

The Only Goal That Matters

Cory reads from a blog post by financial industry thought leader Carl Richards, who stresses that the only goal that matters is one’s own, not anyone else’s. They highlight the idea that many people chase after the latest financial trend, whether it’s municipal bonds or hot stocks, without really considering if those investments align with their personal goals. Jake and Cory use the analogy of driving to a destination, like St. Louis: instead of speeding recklessly to get there faster, you focus on driving safely and effectively. Investing, they explain, is the same—focused, goal-based planning is far more important than chasing high returns or mimicking others’ strategies. The key message is that financial planning should be individualized, and that working with a trusted advisor to create a plan tailored to personal goals is essential for long-term success.

2024 Milliman Retiree Health Cost Index

Jake shares his thoughts on the 2024 Milliman Retiree Health Cost Index, which estimates that retirees can expect to spend between $100,000 and $300,000 on healthcare over their lifetime. While he acknowledges that the study is thorough, Jake expresses skepticism over the article’s slant, particularly regarding its focus on Medicare Advantage versus Medigap plans. Despite this, he highlights the importance of reviewing healthcare options annually. Retirees, or those approaching retirement, should work with their financial planner and healthcare agent to ensure they’re making the best choices based on their health needs and budget. He compares healthcare planning to regular car maintenance—just as you wouldn’t ignore your car’s oil changes, you shouldn’t ignore annual reviews of your healthcare plans. He reminds listeners that health is a significant expense in retirement, and making the right choices can mean the difference of thousands of dollars.

The American Dream Feels Out of Reach for Most

Cory introduces a discussion based on a Wall Street Journal poll, which reveals a growing gap between the American public’s desires for financial security, home ownership, and comfortable retirement, and their belief that these goals are achievable. The poll shows that while 89% of people say home ownership is important, only 10% believe it’s easy to achieve. Similarly, 96% of respondents say financial security is important, but only 9% believe it’s within reach, and 95% see a comfortable retirement as important, yet just 8% think it’s achievable.?

Cory points out that this disconnect between expectations and reality often stems from a lack of proactive planning. The hosts acknowledge the sentiment expressed by younger generations who feel disillusioned, blaming previous generations for the difficulties they face. Jake and Cory argue that while these feelings are valid, they can also create a victim mentality that ignores the individual responsibility necessary for achieving financial goals. They emphasize that freedom and financial security require personal effort, planning, and responsibility. Jake offers a sobering perspective, stating that while some may wish for more government involvement in financial security, the American system of freedom comes with personal responsibility.

How We Are Trying to Improve the Odds of Having a Healthy Retirement

The hosts wrap up the episode by discussing how people can improve their chances of enjoying a healthy and fulfilling retirement. They reference an ongoing Wall Street Journal article series written by a former editor and his wife, which emphasizes the importance of maintaining physical and mental health in retirement. The couple’s strategy includes a balanced approach to exercise (including weight training and cardio), a healthy diet, mental well-being practices, and proactive medical checkups. Jake and Cory agree that these aspects are healthy steps to take for retirees. Jake likens maintaining health in retirement to servicing a car—regular checkups and proactive care can prevent problems before they arise. He also highlights the importance of mental health, stressing that physical well-being alone isn’t enough; retirees must also focus on maintaining a positive mood through relationships, hobbies, and mental exercises. In closing, Jake shares his personal goal of inspiring others to lead healthy and happy lives, encouraging listeners to take ownership of their health and well-being as they approach retirement.

Thank you for tuning in, we hope you have a great week!

Third-party links and references are provided solely to share social, cultural and educational information. Any reference in this post to any person, or organization, or activities, products, or services related to such person or organization, or any linkages from this post to the web site of another party, do not constitute or imply the endorsement, recommendation, or favoring of Falcon Wealth Advisors or Hightower Advisors, LLC, or any of its affiliates, employees or contractors acting on their behalf. Hightower Advisors, LLC, do not guarantee the accuracy or safety of any linked site.

Legal & Privacy Securities offered through Hightower Securities, LLC, Member FINRA/SIPC, Hightower Advisors, LLC is a SEC registered investment adviser. brokercheck.finra.org ?2024 Hightower Advisors. All Rights Reserved.

Form Client Relationship Summary ("Form CRS") is a brief summary of the brokerage and advisor services we offer. HTA Client Relationship Summary HTS Client Relationship Summary