A question that all parents have to weigh is how much should they involve their children in family finances. Every child is different and there are pros and cons to both sides of the argument. Today we’ll find out where Chris stands on this topic and how he talks to his children about money.
Read more and get additional financial resources here: https://pffirm.com/2021/03/should-kids-be-involved-in-financial-decisions/
What we discuss on this episode:
1:28 – What role Chris’ parents played in his view of money?
4:18 – Getting kids involved
8:50 – Treating each child differently
11:35 – Arguments against getting kids involved
14:02 – Dangers of today’s technology
16:57 – Have clients shared tips?
After the year we had in 2020, a lot of people want to know which direction we’re headed this year. While we don’t have a crystal ball, we do have some opinions on the strength of the economy and the sectors that enjoy a return to normal in 2021. Join us for this episode and get Chris’ financial outlook.
Read more and get additional financial resources here: https://pffirm.com/2021/03/our-financial-outlook-for-2021/
What we discuss on this episode:
3:08 – What is Chris’ outlook for 2021?
4:58 – What sectors could rebound first?
7:12 – Could this growth extend for a long time?
9:42 – The reason for optimism in the market
11:33 – Impact of stimulus
13:18 – Any areas of concern?
16:07 – Planning opportunities this year?
Have you ever stopped to think about your journey of learning all that you have about money and finances? Did you parents shape your financial views most heavily? Is there a TV or radio expert that has influenced you most? Or have you learned everything from a book or Google?
Read more and get additional financial resources here: https://pffirm.com/2021/02/where-does-my-financial-knowledge-come-from/
What we discuss on this episode:
3:18 – Picking up advice from the ‘celebrity’ financial experts
6:46 – Recommended books
9:00 – What influence did Chris’ parents have on his view on money?
10:52 – Friends
13:22 – Professional relationships
15:17 – How has your view of money changed with age?
18:31 – Is technology today good or bad for financial literacy?
Everyone wants to know when the next market crash is going to happen, but there’s no one with that answer. The better question is what can you do to be prepared for that next crash? Let’s take a look back at the worst crashes in market history and what lessons they taught us about planning.
Read more and get additional financial resources here: https://pffirm.com/2021/02/lessons-from-the-market-crash-hall-of-fame/
What we discuss on this episode:
2:10 – Crazy start to 2021 with Gamestop and other market news
5:03 – Black Tuesday
9:10 – Dot Com Crash
13:11 – September 17, 2001
15:57 – The 2008 crash
21:56 – What does the future hold?
No industry is without its flaws, and the financial industry is no exception. Let’s explore some times where we’ve encountered annoying or frustrating elements of the financial world. As you would expect, Chris will give it to you straight.
Read more and get additional financial resources here: https://pffirm.com/2021/01/what-drives-your-financial-advisor-crazy/
What we discuss on this episode:
2:49 – Hidden Fees
4:14 – Clients that are worried about their own goals over their client
6:49 – How can you tell if an advisor is putting their goals first?
7:26 – Big brokerage firms pushing products
9:04 – One-size-fits-all sales pitch
10:07 – It reflects poorly on the industry
12:05 – Buzzwords and jargon
15:08 – Financial plans that are too long
The new year means it’s time to start laying out plans and goals for 2021. Let us help you with the financial side of those resolutions by highlighting six planning items to review over the next 12 months.
Read more and get additional financial resources here: https://pffirm.com/2021/01/beginning-of-the-year-planning-items-for-2021/
What we discuss on this show:
3:15 – Expecting another unpredictable year in 2021
4:40 – Maximize your contributions
6:19 – Review the pandemic relief packages
8:16 – Exploring possibilities for tax-loss harvesting
9:33 – Charitable contributions
11:37 – Consider purchases that could give you a tax credit
13:19 – Roth Conversion
15:48 – Making planning a priority this year
You’ll probably find that advisors have varying opinions when it comes to annuities, but variable annuities might have the worst reputation of them all. Today we’ll tell you why variable annuities aren’t usually a good investment and why Chris rarely uses them in portfolios he builds.
Read more and get additional financial resources here: https://pffirm.com/2020/12/are-variable-annuities-a-bad-investment/
What we discuss on this show:
2:39 – Why so much disdain for variable annuities?
4:37 – Do you find many people with variable annuities?
6:49 – Can you have a variable annuity and not realize it?
8:00 – Understanding all the fees associated with these
14:29 – Do you ever use variable annuities for clients?
15:40 – Can you get out of a variable annuity?
Picking a financial advisor is one of the most important things you’ll do for your retirement, but how do you know if you’re making the right choice? Today we’ll lay out the expectations you should have for this relationship, what to look for when interviewing people, and why it can have a big impact on your financial future. Plus, we’ll tell you about the top 15 cities for retirement.
Read more and get additional financial resources here: https://pffirm.com/2020/12/how-to-pick-the-right-financial-advisor/
What we discuss on this show:
4:17 – Top 15 retirement locations
6:00 – Are many of your clients looking to move in retirement?
6:41 – Tax considerations for moving
8:15 – Picking the right advisor. Let’s start with expectations.
12:29 – Warning signs
15:07 – Can your advisor become a bad fit over time?
17:07 – What can go wrong if you stick with the wrong advisor?
19:02 – Should you interview multiple people?
22:18 – How to determine if someone is a good fit for you?
25:41 – How to get in touch with Chris
What does it take to build a portfolio for a client? Today we’ll take you through the process of how we create model portfolios and what goes into determining what portfolio will work for each individual.
Read more and get additional financial resources here: https://pffirm.com/2020/11/creating-model-portfolios-for-clients/
What we discuss on this show:
4:46 - How does the final month of the year look for Chris?
7:21 - What is a model portfolio
11:25 - Determining which model fits you
14:25 - How many models are there?
15:15 - Tweaking existing models to meet a client’s needs
16:55 - How often do you change the models for someone?
On this episode, we present you with five commandments that are worth of being written on stone tablets in your retirement plan.
Read more and get additional financial resources here: https://pffirm.com/2020/11/following-the-financial-commandments/
What we discuss on this show:
2:21 - Is a second stimulus necessary?
5:19 - Financial Commandment 1
8:42 - Financial Commandment 2
12:28 - Financial Commandment 3
15:35 - Financial Commandment 4
18:47 - Financial Commandment 5
21:39 - Summarizing these commandments.
