Podcast 115: Timely Withdrawals, Strategic Giving, and Finding a Financial Advisor

In this episode of the Ask Gregory Podcast, Gregory answers a listener’s question about working past retirement age and how that affects Social Security benefits. Later in the episode, Wealth Advisor Brandon Blanchard and Gregory discuss how a team-based advisory approach may benefit clients long-term. They also break down Qualified Charitable Distributions (QCDs), required minimum distributions (RMDs), and the power of reaching that first $100,000 in your 401(k).

If you're considering retirement, thinking about charitable giving, or evaluating what you need from a financial advisor or firm, this episode may be able to help you make informed decisions.

For further reading, check out our blog article “Qualities to Look for When Choosing a Financial Advisor.”

For more episodes like this head over to www.gregoryricks.com/podcast

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Transcript

Gregory Ricks: 0:00

Gregory, hey, welcome. I'm your host. Gregory Ricks, a financial advisor here to answer your questions and help you win with your money. So we're going to jump to the Winning at Life hotline. We've got John from Mandeville, how long? And you've got a question here. I was about to read the notes on the call in, but welcome to the show, John. How can I help you today?

Unknown: 0:34

Hi, Rick, thank you for taking my call. So I'm 59 years old. I'm going to work till I'm 70. I enjoy working, and I'm probably going to take Social Security, maybe at 67 or 68 so what's the protocol on that? How does it work? Is my Social Security affected in terms of the amount that I would receive if I'm still working?

Gregory Ricks: 0:56

Not if you're waiting to your full retirement age, which sounds like would be 67 without getting to your birth year, just assume your full retirement age is 67 like mine will be 67 and I can't tell you, I don't have the answer for me, because that's not something I think about. Because people ask me, well, Gregory, when? When are you retiring? Whatever like. Why would I retire from what? I don't even see what I do as work. I really enjoy all this

Unknown: 1:28

kind of the same way. I'm the same way with that. I enjoy what I do. And I could very well work past 70. I'm just not sure. But I just didn't know if the amount of Social Security would be affected adversely if I'm still working, or if I would still get my full amount,

Gregory Ricks: 1:44

it would not it would be adversely affected if you started taking it prior to full retirement age, and at age 70, yeah, you've got to turn it on at that point because, because you're just leaving money behind from that standpoint. Now, if you're still working, you are improving it, and you're probably have higher earning years that are going to replace your early working years there. So you're likely improving it some as you continue to go because you're still working, even though you may be taking it as well.

Unknown: 2:22

I see. All right. Well, thank you so much,

Gregory Ricks: 2:26

John, can I ask you a question on the other side of this? Because this is one of the things. I've got a few of them, but I'm gonna give you number one here real quick thought. But if you don't want to answer it, that's fine, but in working with a financial advisor or a firm, a quick thought on, what are your expectations from that? Or what would you be looking for?

Unknown: 2:55

Well, I'm looking for somebody who I can trust based on their experience and based on their, you know, their knowledge. I think the most important thing is I want to, I want to know that they're, they're looking out for my best interest. You know, I get it. They're earning, they're earning their money, assets under management, and that's great. Everybody's got to earn a living, and that's a great way to do it. But I want to make sure that they're making decisions for me that are particular to me and not, you know, textbook, cookie cutter decisions. I think that's the most important thing.

Gregory Ricks: 3:29

Okay, that's very interesting from that standpoint, not, not a surprise answer from that standpoint, that'll help me a little bit on my next topic I'm going to cover there when we come back from the break, John, thank you for that, and thanks for the call today. Be safe on the road. Okay, you too. There you have it. You've got my first question. I've got a few more questions I'm gonna ask of you when we come back from the break, but I will give John and the rest of you that are listening a few thoughts on that. We'll be right back. Well, three questions I've had for the show today is, what are your expectations from a financial advisor or from a financial firm. And would you want a team of people helping you? I'm just going to tell you, you should have a team of people helping you, and that means that they all know you. They all understand what's going on, being connected with more than one advisor and another analyst or two provides more services for you, allows for acting in your best interest. They all have that obligation to act in your best interest, and you're probably working with the right firm if they've got that success. US and resources, then they're not acting or giving advice for compensation. And another thing I spoke about earlier is small firms, younger firms struggle or even at the big name, giant firms, where they operate with many advisory firms under their umbrella. What are those many firms doing? They're on the hunt for prospects. They spend a great deal of time doing that. And I'll share with you, so you understand we don't have that problem at Gregory Ricks and Associates, the advisors on the team. And I'm gonna pull up my website here that you can go to gregoryricks.com and then go to menu and it lists Our Team. And go ahead, connect up. Brandon, put him on air with me. Brandon Blanchard, which is on the team as well, has called into the show to he's got a few things he wants to talk with you about as well. So I say, I'll let you talk to- Hey, Brandon, you've been listening a little bit. So you see where I'm going with this. Nicholas, for example, I'm gonna run through the advisors and analysts. We got Nicholas, roadie, Brandon Blanchard, Mason Goynes, Janae Bridges, Luke Malter, analyst Hailey Melerine and Lance Malter as well from that standpoint. But what one of the problems is the firms have to find people. I'm just telling you, the public is not ringing off everybody's phones and keeping everybody busy by volunteering to find they're on the hunt for clients, and I'll tell you at our firm, Nicholas, Brandon, Mason, Janae, Luke, do not hunt for prospects. They don't hunt for clients. Gregory Ricks and Associates does and is really good at the getting the word out that we're there to help. They spend majority of their time working with clients, acting in best interest, keeping their knowledge up. They spend a great deal of time on investment management and income planning and financial planning and collaborating with each other. So Brandon, how much time did you spend on prospecting last week?

Brandon Blanchard: 8:03

precisely zero minutes. Yeah. Hit the nail on the head. There. We spend our time servicing clients and making sure we're bringing value to the table to help further their goals. We don't spend the time walking around, knocking on doors, asking if anybody wants or needs a financial advisor. We are there servicing our clients who have already told us, this is what we need, and this is how you can help.

Gregory Ricks: 8:25

Yeah, and one of the things you do, like you presented at one of our educational events, and that was not a prospect thing, or looking for new clients event for you that was, once again, that's part of educational resources that we provide for clients and the public, and nobody's under any obligation to become a client or set an appointment, and there's no fee charged for for that, but it's something we do, because it's who we are from that standpoint. And over your career, has that been any different? And you've been with us a number of years. Go ahead. Share. How long have you worked with Gregory Ricks and Associates?

Brandon Blanchard: 9:08

Just realized that next week will make seven years. So I've joined up in May of 2018, and coming up on that anniversary soon.

Gregory Ricks: 9:16

Yeah. So how many of those years? Or did you spend prospecting?

Brandon Blanchard: 9:23

None. So that's one thing you told me right when I was looking to initially join the firm, is that's not what we do here. Once you're able to start servicing clients, you're going to hit the ground running, and you will be helping people from day one. You know you talk about door knocking, and that may seem antiquated, but that is how a lot of advisors spend a very large portion of their early career years is beating the street and knocking on doors from top to bottom in each neighborhood, and that's the last time that they're spending servicing the clients they do have.

Gregory Ricks: 9:57

Yeah, earlier in the show, don't know if you had caught this, but because I had a call or call in about Social Security, John and I asked him, before I let him go, I said,"Let me, let me ask you a question, if you're looking for a financial advisor, what what would be important to you?" And his was his, his core thing was about acting in their best interest, and kind of in the last segment, I addressed that by you've got to be working with a firm that's successful, where a business is being done that they're not having to generate sales or turn on new clients to pay the bills, all that's already being taken care of because they're successful, and when you're sitting in a meeting, you're not having to, like worry about your house note, car note, feeding the kids, getting the wife something for Mother's Day. You don't have to worry about that. You're sitting there with that client and absolutely going to offer up what's in their best interest, and even if that leads them to not working with us, we make we give that advice and that interest and be truthful that, yeah, we're probably not a fit. Am I accurate?

Brandon Blanchard: 11:26

Yeah, you absolutely are. And a lot of times when I have those conversations and it ends up at that meeting in where you're telling them exactly like you had said, we're not a fit, I don't think it's a good time for us to work together at this stage in your life, but here's what we can do to help give you a little bit advice and steer you in the right direction. Very often, the response I get is,"Oh, I'm so sorry for wasting your time," and I've got to hold my hands to say, no, no, this is not a waste of anybody's time at all. We got you some good information. We made sure that there was information uncovered that you were previously unaware of, and even if we didn't find anything like that, you got some reassurance that you're on the right track and you're doing the right things, and Milton that you have in the room with you here... his phrase is always "Come kick the tires. You never know what you're going to find out, and you don't know what you don't know." And I think that's a great way to approach it, because even if we do reach that conclusion of we are not a fit to work together, at least that's one less thing you don't know, right?

Gregory Ricks: 12:26

Yeah, absolutely. What one of the things and I mentioned, you know, that creates capacity is a problem for people at times for firms, is they just, there's only so many hours in the day, and that's why we have that team structure that everybody's connected to more than one advisor, analyst, service people, relationship team, and I'm a part of all of those teams as well. So where they have confidence that they're going to be taken care of, and it's they're going to be acted in their best interest. And thinking of people should look at two things that, what are you thinking you expect from an advisor? And I think it is a complete separate question to think, what do you expect from a firm standpoint? And I think both of those are critical, and that the firm also is successful. And one way to do that is go to their office and see how the operation is going. Does it feel successful that they're going to be around, versus struggling or short staffed. Any thought there Brandon?

Brandon Blanchard: 13:50

Yeah, that you're on the right track, the larger team and having a little bit more business activity that gives you those good signals that the firm you're working with is one that's going to be around, and one that is sustainable, if you have that one man show type of operation where it's an advisor and somebody else answering the phones, well, that might work well and good if that person is doing nothing but working for you all day, every day, if they never get sick, they never go on vacation and they never plan on retiring. That's not the case. So the team helps.

Gregory Ricks: 14:24

Yeah. Now I know you, you want, you've got a couple topics that you want to talk about when we come back from the break, but when we come back, I'm gonna talk about, I want to talk with you about the 401(k) analyzer that we're re-rolling out here in the coming weeks. You can hear the music. We're going to take a short break. We'll be back with more from Brandon after the break. This is Winning at Life with Gregory Ricks. I was just saying I'll go back to the restaurant way here and think about that. That'd be like, Yeah, I want to filet mignon, I want a sweet potato and I want a broccoli starter, but I only want the owner to make it. I don't want one of those cooks. I want the owner to make make that for me. Can y'all make that happened? What? What you think Brandon?

Brandon Blanchard: 15:25

Don't think that owner could probably make it happen if you were the only person in the restaurant, right? Yeah. But once there's a few more people who are interested, that's when the cracks begin to show.

Gregory Ricks: 15:35

Yeah, he could take care of and service more people and provide excellence. Yeah, and that's what we do. From financial services. Time for your thoughts, but you know something we talked about, and we've done this over the years in different iterations, but we're re-updating our 401 (K) analyzer. One of the reasons is most every worker has some type of retirement program. We're going to roll that out, but there's not going to be a cost to that either on providing that service for existing clients and folks that are not clients that would like to utilize our resources to make that work better for them, because it's important money. It's money that can compound and can build a fortune. You've got people with small accounts, Brandon as well as there's folks everywhere with seven figure 401(k)s, and you have volatility in the market. And people like, what, volatility? Yeah, this happens every five to seven years, that we have corrections and drawbacks and concerns. But we also need people having proper allocation and compounding. You know, I in our meeting, I I brought this up yesterday, and, you know, I said Brandon, and you know the answer, "what's the hardest amount of money to accumulate?"

Brandon Blanchard: 17:09

Yes, that first $100,000 and for very many people, that's what takes place in their 401(k)s.

Gregory Ricks: 17:16

Yeah, that that is the hardest block of money. And you could look at it differently. You could call it your first $10,000, but we're talking about a meaningful amount of money that becomes magic. That first $100,000 is the hardest. If you're going to set a goal, and you should have goals and it and it shouldn't be my my dream goal is, I'm set if I save $10,000 or $20,000 No, you've just got a big savings account there. But that $100,000 but, and I'm gonna just go ahead share for you the next block of money. That's the easiest, is the next $100,000 why? You could just let that first $100,000 compound, and let's say at 7.2% in 10 years, that $100,000 goes to $200,000 and you didn't have to do anything. You didn't have to add any more to it. In 10 more years, $200k goes to$400,000 at $300,000 was a lot easier than that first $100,000 but people aren't getting help, guidance, the proper nudges the direction on allocation tax situations, which that leads into what what would you like to talk about? What do you think is important for them to hear from you today? You doing something

Brandon Blanchard: 18:41

Just what you said at the tail end of that about QCDs? statement there is taxes. So we're just getting around to people finally catching their breath after filing their 2024 tax year. And we're starting to take that few forward look on what comes next. How do I plan for 2025 and for a lot of people, that does involve the biggest topics that we cover, require minimum distributions, those mandated account distributions that the IRS tells you, you're old enough now to where we're going to force this taxable event on you. So for a lot of people, that's kind of a thing that you do begrudgingly. You don't really want that money to come out. You don't want it. You don't need it, but the tax man wants their shares, and they're forcing you to take it. So I figured one of the topics we've covered today is something that has been on our radar for quite some time, something called QCDs, or Qualified Charitable Distributions; a way to get that money to a better cause in a more tax efficient manner, if you are so inclined.

Gregory Ricks: 19:44

Well, I love me some QCDs there. So what are some of the rules regarding that?

Brandon Blanchard: 19:51

Well, I think one of the more interesting things about the qualified charitable distribution rules is that they never actually got around to modifying that age from the original beginning age for required minimum distributions, which, if you all remember, all the way back to pre-2020 that used to be 70 and a half. So they eventually kicked that can down to 73 and nowadays, if you're born after 1960 you don't need to begin those RMDs until you're age 75 but for some reason or another, that QCD age is still at 70 and a half. So if you are at that age 70.5 if you want to call it that way, that gives you eligibility to donate from your tax advantaged accounts like your traditional IRA to a qualified charitable institution. And that's a very important part of this. It does have to be an actual 501(c)3, charity for this qualified and I kind of described it as cutting out you, the account owner, as the middle man. So think about it like this. Let's say that you are donating to popular charity like Wounded Warrior or Saint Jude, one of those big organizations that a lot of people get to regularly, and you're making a distribution from your IRA to cover that. Well, that's totally a three step process, right? You make that distribution from your account, you have to pay the IRS, and then you give that charity their share after the tax man has been paid. So what a QCD does is effectively cut you out of the middle there in the QCD. What happens is the account makes the distribution directly to the charity, and because that money never comes to you in any spendable fashion, the IRS does not view that as a taxable event, but if you are required minimum distribution age, they will count that as a qualifying distribution for your RMD. So you're kind of getting the best of both worlds, where you're making sure you give that charitable organization that you're passionate about the full value of the donation, and you're making sure that the tax man is satisfied without giving more than we have to give them. So I think it's a great, easy opportunity to get get that money over to a good, qualifying charitable organization, and again, make sure that the tax man is satisfied, because nobody wants issues with the IRS.

Gregory Ricks: 22:26

Yeah, a couple little details to that is really important is make sure the address for the charity is correct, because they need to receive that check. And if they don't receive the check, then it didn't cash. So the distribution didn't happen. If you're of RMD age, if you're prior to RMD age, but 70 and a half doing it and it don't get cash, well, I guess, no harm, no foul there. But you can't file for it as it happened on your tax return as if it happened and it didn't. So it's important that they receive the check and they cash it in the year of the distribution. Two really important things there

Brandon Blanchard: 23:15

Absolutely. Another thing I would add on to that is you want to make sure that whichever organization you are donating this money to, that they provide you with a very clear receipt saying that I, whichever organization, let's say St.Jude, for example, we received this donation from Gregory Ricks in the amount of$100, here's our tax ID number, and here's when it was received. Now it's very important to have that because, from the perspective of the company that holds your account, that brokerage institution, they don't know that you're making a QCD, so they're going to report this to the IRS as a normal taxable event. So it's on you and your CPA with that letter to verify that this was a non-taxable event. That way you don't have to pay more than you should on this money

Gregory Ricks: 24:09

and toss out another one is got to make sure they are a charity, legal charity, through the IRS

Unknown: 24:16

That's right you can't give that to your buddy's company down the street. It has to be a qualifying charitable organization.

Gregory Ricks: 24:22

Hey, hang on for a minute. We'll be right back with Winning at Life. You get you got any other thoughts for me, or you want to cut loose?

Brandon Blanchard: 24:33

I think I'm good here. Anything else that you want to talk about, please let me know.

Gregory Ricks: 24:38

Okay, well, awesome. Thank you for joining us today on Winning at Life. Brandon big help, and he's part of the team at Gregory Ricks and Associates, one of the Wealth Advisors. Thanks, Brandon. Happy Mother's Day, and we'll see you Monday. We'll be right back. Thoughts from Gregory. Yeah, that's me. I'm your host. Gosh, what a what a wonderful day. It is. Been a wonderful week, wonderful month 2025. Is a great year. Looking forward to see how the rest of the year shakes out. Yeah, I'm an optimist, things are going to get better. If you're struggling, it's going to get better. There's always opportunity for improvement, opportunity for things to get better. On the show today, I've kind of posed three questions for you, if you're working with a financial advisor, what's your expectations? What are expectations from a financial firm? And it is separate expectations with who you're working with, if that advisor left, say you retired, called it a day, or any other number of reasons left. Would that firm be able to take care of you and the advice and your expectations remain the same, or what your expectations are that they would be taken care of, that they could still uphold that fiduciary standard that is to act in your best interest and to continue the quarterly follow ups, the annual reviews and or mid year reviews. And that doesn't mean mid year reviews always happen the middle of the year. I just mean me on the cycle of how your annual look back and planning session for the future happens. But if that person you're used to seeing over you is gone, can they handle that? Or would you and do you know the other people? Or it would you feel like, well, now, now I'm with somebody new I don't even know. At our firm, you're, you're gonna already know other people, because there's other people going to be interacting with you. And one reason I structure the teams that way is somebody might leave. I've had personnel change over the years. And caller asked earlier, you know, basically asked him that question. When he called in about Social Security, asked him what, what's his expectation? His big is, is to act in in the best interest, and a firm needs to have the wherewithal to be able to do that, so nobody's making a decision based on child's tuition, mortgage payment, car note, how am I gonna pay the bills? They should have success to where that's not in the thought process, as I mentioned to you in last segment, that we could choose not to go forward. Sometimes we don't go forward because of a difference of the philosophies. If we're not aligned, we're not order takers. We show you our philosophy. The reasons and everybody's situation is different. We tailor to them, but we do have core overall beliefs of how all this should be put together, part of that, and it is because of me, because I got 40 plus years in this business, decades of meeting with people and looking at all these situations, ongoing learning and training for decades, and I do more of that now more than ever. I just love absorbing information and getting better and transferring that to the team. And we've got the team that's involved and critically thinking and planning and how all that evolves. But there are situations where what and here's so you understand that first visit is that to talk you into becoming a client, it's to get to know you, and it's a fit visit. It's a fit visit from your standpoint, or is this, could this place be a home for you as a client? And our standpoint is, can you be a fit as a long term client, fundamentally? And it isn't always the case, and we do have the right to not go forward just kind of simply, we just we're not a fit this time. It's not your best interest at this time, our philosophies don't align, and certain part of our philosophy you might not like and that might cause us to not go forward on that, and your understanding has to evolve. We just don't do this for no reason on how we oversee assets. And if you don't realize this, I'll share a story. I was at an event a few days ago, and a gentleman asked, well, Gregory, how's the firm going? How are you doing? I know there's been this volatility and market correction. So are y'all kind of busy getting a lot of calls and stuff? And I said, Bill, I'm not getting --we-- don't get many calls at all because our clients are prepared for this. We have the expectation that this is going to come. You know, this happens every five to seven years. Technically, it's an opportunity. Financial Services is its own going care. It's like having a doctor that's giving you own going care. And I'll tell you this, way you get sick, you should have a doctor to go see. And I'm serious, I'll fuss young people like especially employee. If you get sick, go the doctor. We have great health insurance. If you get sick, go the doctor. Don't wait. And I think even if you're not sick, you should go see your doctor once a year. There's tests and stuff that you should be getting done. It's proactive health and if something's going to go wrong with you. When would you rather know after it's gone wrong and it's revealed itself, or you catch it before it's ready to reveal itself, you got to be proactive and find out if there's a problem coming. Why should you be working with a financial advisor? It's what you don't know. Why are you working with a doctor? If something's wrong, you need to know if you're gonna run out of money. When would you like to know? If you're in retirement, planning for retirement, starting retirement. And if there's something wrong with your plan, you do it yourself plan, when would you like to know? If something's wrong with your car, when do you want to find out before you head out on the road trip or you get a couple hours down the highway and it breaks? I want to be in front of health problems. I want to be in front of financial problems. I want to have a sense of things going well, and if something's going to go wrong, I need to know as soon as possible. I talk to you so much about, you know, having a awareness of where you are from a cash standpoint, your flow of money. How does that look on a monthly basis? If you're a business owner, entrepreneur, you need a sense of that on a weekly. Now, one thing-- another question John had asked earlier when I posed it to the caller, and you're welcome to call in. I'd appreciate your thoughts there, because you'd be teaching and helping me from what you see, I think all of you should be working with somebody. Qualities to look for when choosing an advisor: qualifications and credentials. If you're a wealth advisor, you have to be licensed. You have to have proper securities license to be a wealth advisor. An insurance agent can't be can't cross over and be a wealth advisor, just based on an insurance license. But Wealth Advisors can have an insurance license because they can also recommend and assist you obtaining insurance products. I believe there should be a cross over, but there's licenses on both sides, and that's part of qualifications is those are no easy tests and continuing education that is upkept, and you might not be aware, but there's quite a bit of continued education that's done each year, and it's not subject to what we want to do. We don't have a choice. We're we have to go through these courses every year, and we have to be tested. Then we go through SEC regulated check-ins with those that oversight us, where we ask a whole bunch of questions, making sure we're acting in best interest, doing what's legally right, and following the rules that are set forth. Those are quarterly check-ins that we do on top of education and testing. There's quite a bit that's being done. It's quite rigorous. And but then there's other credentials that they can also have, such as certified financial planner, which is additional education, testing, costs for that, and continuing ed to keep up those certifications. And we've got Luke Malter at our firm is a Certified Financial Planner, and Mason Goynes is a Certified Financial Planner on our staff. Everybody's not certified financial planners, but that's also why you should have a team of people helping you. We have that collaboration, all of that mindset, and then you've got my 40 years of being in the business that is oversighting and interacting with all of them. There is a lot of collaboration that goes on each week. Y'all got some questions. Need some help. Gregoryricks.com, we'll be back here next week with more Winning at Life. Take care of your moms. Happy Mother's Day. Thanks so much for listening to Ask Gregory where we answer your financial questions. You can find us anywhere a podcast can be found and on YouTube and Facebook Live every Saturday from 10 to one, subscribe, leave a review and tune in next time.

Disclosure: 36:26

Investment advisory products and services are made available through AE Wealth Management LLC, a registered investment advisor, insurance products are offered through the insurance business Gregory Ricks and Associates, Inc, a wealth management does not offer insurance products. The insurance products offered by Gregory Ricks and Associates, Inc are not subject to investment advisor requirements. Investing involves risk, including the potential loss of principal any references to protection, safety or lifetime income generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strengths and claims of the paying ability of the issuing Carrier. This podcast is intended for informational purposes only. It is not intended to be used as a sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual situation. Gregory Ricks and Associates is not permitted to offer and no statement made during the show shall constitute tax or legal advice. Our firm is not affiliated with nor endorsed by the US government or any other governmental agency. The Information and opinions contained herein provided by third parties have been attained by sources believed to be reliable, but the accuracy and completeness cannot be guaranteed by Gregory Ricks and Associates. Please remember that converting an employer plan account to a Roth IRA is a taxable event. Increase in taxable income from the Roth IRA conversion may have several consequences, including, but not limited to a need for additional tax withholdings or estimated tax payments, the loss of certain tax deductions and credits and higher taxes on Social Security benefits and higher Medicare premiums, be sure to consult with a qualified tax advisor before making any decisions with your IRA. Neither a wealth management or advisors providing investment advisory services through a wealth management recommend or facilitate the buying or selling of cryptocurrencies third parties and guests of the show are not affiliated with nor do their opinions reflect those of Gregory Ricks and associates or AE wealth management. Ae Wealth Management provides services without regard to political affiliation, and the views of individual advisors do not necessarily reflect the views of AE wealth management. We are ask Gregory, you.