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THE WARMUP

There are a number of tweaks you can make to your portfolio that will “turbocharge” your investments and your returns. Are you implementing these strategies in your portfolio?

THE WORKOUT

[1:49] Make sure every asset is working together

  • If you don’t have a portfolio but simply a handful of investments you might need more of a strategy.
  • You might have multiple mutual funds and think you’re diversified, but there could be a lot of crossover between those funds and you could be diversified in the same stocks over and over.
  • Placing the right investments in the right accounts allows you to better optimize for taxes.
  • Ryan shares an example of a client who came into the office without tax efficient accounts.

[5:03] See the fees

  • Hidden fees are often within the portfolio in a way that you don’t know you’re paying them.
  • Some big firms sell products with a lot of fees and the advisors are more like a sales force.
  • The biggest problem is that your statement doesn’t articulate the costs that you are paying.

[6:16] Optimize your portfolio with tax-efficient income

  • Bob shares a story of a client who had annuities with additional taxes.
  • By placing the right investment in your portfolio you can have investments that generate tax-advantaged income.

[11:11] Mailbag: Enough money for retirement

  • Christine thinks she has enough money for retirement but is scared every time she makes a withdrawal and feels like she might run out of money.
  • Bob sees this all the time–it’s one of the biggest fears in retirement.
  • The older we get, the more insecure we get about our future.
  • Peace of mind is worth so much.

[13:24] Purchasing an annuity

  • Mary is considering the purchase of an annuity to help with retirement income needs. This purchase would represent about half of her assets, is that too much?
  • You typically have to give up your principal for the annuity.
  • That would be a red flag to have that much of your net worth illiquid.
  • A positive: When you generate income from an annuity, it is very tax inefficient.

[16:24] Client spotlight

  • Certified Financial Planner Michelle helped someone who is already retired but was frustrated with a past advisor.
  • What immediately jumped out to Michelle was the fees since the advisor was charging well above the average but not giving good service.
  • Michelle shares how their tax situation was a way she found an area to add value to the client’s portfolio.

FEATURED QUOTE

“It’s not the return that you make, it’s what you keep–which is a really critical component to building the right portfolio.” – No Payne No Gain Podcast

 

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