Business Innovators Radio - Interview with Financial Professional Bryan Baysinger Discussing Hiring a Financial Advisor

Episode Date: October 19, 2023

Bryan has been a well-known Financial Professional and Educator for the Last 36+ Years! Bryan has developed a specialty working with Semi-Retired and Retired persons aged 50+. Hundreds have attended his classes on learning how to Shield their Life Savings (Assets) from all the negative issues out there that they are usually unaware of!Knowledge is Power! Education is Key! Consequently, many who have worked for small & large companies have set aside millions of dollars. Bryan helps clients ensure their savings last throughout their lifetime & create a legacy if they desire for their heirs!Learn More:https://shieldyourretirement.com/Influential Entrepreneurs with Mike Saundershttps://businessinnovatorsradio.com/influential-entrepreneurs-with-mike-saunders/Source: https://businessinnovatorsradio.com/interview-with-financial-professional-bryan-baysinger-discussing-hiring-a-financial-advisor

Welcome to influential entrepreneurs, bringing you interviews with elite business leaders and experts, sharing tips and strategies for elevating your business to the next level. Here's your host, Mike Saunders. Hello and welcome to this episode of Influential Entrepreneurs. This is Mike Saunders, the authority positioning coach. Today we have back with us financial professional Brian Basinger and we'll be talking about how to communicate with a financial professional. Brian, welcome back to the program. Great to be back, Mike. You know, I like the topic here of how to communicate, how to best communicate, because isn't it true that a lot of times we get into surface level conversations and then after

the conversation figure out, well, I should have asked this or I wish I had thought to say it that way. So talk a little bit about some of the communication styles and questions that you would ask someone when you're beginning to talk with them about their. life savings and retirement accounts. Well, here's a question I ask everybody, regardless of where they're at and where they have their money, what's important to you about your money? Because actually, we're working for them, Mike.

In other words, it's not what I want for the client, but what do they want for them and their family. So it's got to be what's important to them first and foremost, and we deal with that. And then we'll get into some specific questions. And these specific questions, I call them, and I believe important questions lead to significant answers. So that's a general question to begin with, but then I have other more pertinent to the point questions that they may have never thought of. Yeah. What are some of those responses you get when you ask someone what's important to them?

because I would venture to say that you get some of some common responses. And then I would also wonder if you get some that are like, that's an interesting response. Right. So yeah, when we're asking that, what's important about your money? Well,

I want to make sure it lasts during my lifetime. And I pass it on to my airs. That could be a response that some people would say. I want to grow my, continue to grow my money and get as much as I can in the stock market, which is, because of the three different levels of and phases of money, a lot of people are still in the accumulation phase.

And they may already be in their late 60s and early 70s because that, the people they have worked with haven't brought any other questions to the table. And so there in turn, that's the question that they add or the response they would make is that, you know, I've been working on my broker for a long time. this is what I've done. So it's different responses from different people.

Or I've been at the bank for 30, 40 years, you know. And I'm concerned, let's say I'm concerned about low interest rates because I'm only getting 2% on my CD. So we just kind of leave that open for them to elaborate on what's important to them. And then we get into these specific questions that are pertinent and are applicable to their particular situation. and also unveils where they're at and then brings up some important points about what they may have never thought of would be important to them. Yeah. You know, also I'm envisioning the conversation going where they bring up, you know, that response, what's important. And then you feel like, well, let me jump into that and answer that.

But probably your sequence of questions continues on and you're just kind of taking notes because you want to get the full picture, right? You don't dive into solving that question or that concern that they bring up. You want to continue through that process to ask some of those questions because after all, you're talking about their life savings and retirement and living to and through retirement age. So that's a really important piece to think about is not to get them sidetracked. Well, that's what we call the discovery portion of when we do an interview with someone. We're discovering what's going on in their life, what's important to them, maybe something. that keeps them up at night. What bothers them about where they're at? Are they happy where

they at? Things like things of that nature. But yeah. So one one I'd like to ask here is what type of insurance do you have for your retirement? So as we move off of the initial question, and what's important, do they realize that they can insure their retirement where they won't lose it? That's an interesting question because when I heard you ask it, my mind kind of had a disconnect and was like, wait a minute, insurance and retirement, do those even go together? And I know that, you know, we don't need to get into the details or the weeds about that, but I know that there is a very strategic way that you want to make sure that things are set up. Well, you know, a lot of people have life, health, homeowners insurance, car insurance, but they never think about ensuring their retirement because when they retire, a lot of them aren't working.

I kind of alluded to this a minute ago. Many of them don't realize they're actually in the preservation stage of their resources. And so therefore, but then the people they work with is never taught them how to preserve their wealth and how to ensure that it lasts because people are living longer and ever and living in retirement longer than ever. And, you know, we've got centenarians today. People live in 100 and above, you know, like Kirk Douglas sometime back, you know, lived 103. So people are living longer and living longer in retirement and making sure that they've got their assets and protected from just like you would, your home, your life, your car, any other type insurance.

So that people ask, well, I've never heard that before. Yeah, that's a good one. Yeah, no, yeah, that's a good one. So what's important to you about retirement and then how is your insurance set up for your retirement account? What's another one of the questions that you would make sure that you're going to cover with a prospective client? Okay. Well, here's a question, especially if I'm talking to somebody that's got money

in the stock market. And I asked them this question, how do you feel about the roller coaster riding the up and down of your life savings in the markets? And I want to elaborate a little bit on that. And then we'll go in, dive into that. But I remember seeing this cartoon where it shows to retirees or some of retired people going down a roller coaster and they're screaming out. I never thought retirement would be this way.

So, and I'd like to share a personal story. I worked with a friend of mine down in Tampa, Florida, and worked in his office at different intervals, 30-day intervals at a time. And one day we were off of work and said, let's go to Bush Gardens. And I said, yeah, let's do that. And so we went over there. We were on a ride. It wasn't a roller coaster, but it was a ride like a boat that swings back and forth. And so when I got up to the platform and got on the boat, the guy said, you want to get in the very back spot of the boat.

And I wondered why the guy told me that, well, I got in it and I realized that was the worst place for me to be because a friend of mine that was working in his office, he told me with a strong New Hampshire accent. He looked over at me, he said, Brian, are you about to lose your cookies, man? So my question to people that's in the market, does it make you sick when you see losses in the market? Yeah, because you know that that loss could really impact your day-to-day living. Exactly. So if it makes them sick, you know, then why have, you know, all these monies in this roller coaster ride. And also, another question to go along with that is, are you comfortable losing all your money, some of your money, or none of your money? I would suspect the answer to that is none, but what's the probability of that?

that. Well, you're exactly right. Yeah, people would think that. Probably 99% of the people that we talk with said, I can't afford to lose any of it. That's a response. But then if they're, you know, they love the market, then that may be a different response, you know, just according to where they're at. So all of it, some of it or none of it. And especially if you're in that stage where you're trying to hold on.

to what you got. Most people said, I can't afford to lose one dollar of my money and savings because I can't replace it now. So, but then other people will say, hey, yeah,

you know, I've been in the stock market all these years, it's been good to me. And I'm willing to roll the dice. We asked them, are you, do you like gambling and do you write like risk at this part in your life?

And it's kind of interesting. It's almost like going into, Las Vegas and with your life savings. Would you go into Las Vegas with your life savings? I had a friend that had a neighbor that we have a casino near where we live here. And they went to the casino, won $60,000 and went and bought a new van and thought they were lucky, went back to the casino, put their... deed to their property up for collateral for the for the for the for the for the for the for the

for the game and I don't know if they're playing blackjack or what it was but they put that up and guess what Mike they lost their home. Hmm. So so it's interesting how people we view things a little differently because we hear these statements. Oh, it's just a market correction or it'll come back or something of that nature. And then if it's taking you. 35, 40 years to accumulate what you have.

And let's say you're already in your 50s and 60s, you don't have those 35, 40s years to start over. Right. That's the frustration because in your 30s, you might have a little bit of runway, but as you get closer to retirement, that time frame is dwindling away. So what's another key question that's important to ask?

Since you had originally invested your money until today, do you know what rate of return you've averaged on your investment? And this is really pertinent because a lot of people, most of the time they say, I don't know. Yeah. And really, actually, I was reading a book not too long ago, showed a 20-year span of the ups and downs of the market. And over that 20 years, 4% was the average rate. of return and want to call RRROR real rate of return.

So a lot of people really need to understand that what matters is what your average rate of return has been, not the 30% one year and 15% loss the next year and things of that nature. So that's very important for them to understand their real rate of return on their money so it could be more real to them, you know. So and then how much risk does your portfolio have, is it 50, 75 or all of it at risk? And that sounds like one that catches people off guard because I would think that people would hope that none of it's at risk, but that's not the case all the time, right?

Exactly. And of course, we know the market's a great place to be. But, you know, what level of risk are you willing to assume at this stage in your life, I guess is the more pertinent question of that. If you got 50, 75, or all of us at risk, then there may be a problem there. So, and then also relative to that, do you know what fees, loads, and charges you're paying? with your investment. Now, that's getting into the cost. So in other words, let's say they got a 2% management fee that's in a prospectus. It's sent out in a prospectus. But deep inside that prospectus, if you are able to read it all the way through without, you know, nodding out, then you find out what the fees, loads, and charges that you're paying on your investment.

So you said, great, I'm doing it. and I made, you know, let's say 9% this year and you say, and then you look and you pay three for fees, loads, and charges. You paid three there back down to what, what is that, 6%. Six, yeah. So a lot of people don't realize what kind of fees. And then the people they work with, like I said, it's hidden in their perspectives,

but it's nothing that usually comes up. Oh, yeah, you got to pay a fee. You know, it's just part of it. So the thing I ask about that one, an advisor makes that statement is how do you feel about your advisor making money on your investment even when you don't. Oh, that's a big one. Yes, it is.

Yeah. Because the fees, it makes me think about when I look at my cell phone bill, cable bill, there's all these line items of, you know, 20 cents here, $1.10 there, and you just don't even know what it is, but there's nothing you can do about it. well, if you pull up your investment statements and you've got all of those, that is going to come right off the top as far as your rate of return. So knowing that, and then that last question there, boy, that kind of make you sit up and take notice, which is what if you took a loss and your financial professional is still making their fee? Is that setting well with you? That's a pretty powerful set of questions to consider for sure, Brian.

Yes, sir. So, yeah, so the main thing is that the client makes that return and they reduce their cost as much as they can, you know, but then some people are comfortable paying those, you know, but most of them don't like the fact that someone else is making money while they don't. So, you know, I think a lot of people, too, are thinking, well, hey, just tell me. some places to put my money. Let's just get right to it. But in reality, this whole series of questions and asking the appropriate questions is super important. So talk a little bit about how important it is to make sure that both sides of the equation are asking appropriate questions, both you as the advisor asking the prospective client questions and then also the client having a set of specific appropriate questions that they need to ask the advisor to make

sure that there's a good fit. Well, it's all specialized. I think these questions that we're talking are pertinent and are specialized questions that, you know, they arise out of the fact that people just don't know what to do at this point in their life because they've been taught one way. And so that's why we get into the specific questions or, as I said earlier, important questions lead to significant answers. we believe questions are good, but our questions usually are different so that they can understand that may be something they've never thought about before.

And, you know, like thinking about how long it took for them to accumulate these assets. I mean, that's a concern for a lot of people. So the answer to that is it just has to do with what I asked them and then what they're. come up with. And, you know, we believe we're kind of like a doctor. And when you go into the doctor, he asks you certain questions about your health. And as you respond, he's able to diagnose what you have and then put treatment in place. But if we don't want to ask the right, if he doesn't ask the right questions, he can't get to the right answers to help you deal with your problems,

especially if you got a specialized doctor like I had years ago, I had to have a hip replacement, and I had a sports medicine doctor. And he had even different questions because, see, I was referred to my practitioner to talk to him about his hip replacement. So he asked some other questions and had some different treatment. And we believe the same way today, our questions here are specialized. questions that that actually hits at the core of where people are at and causes them to think and say, hey, yeah, now I've never, never thought about that before, you know, so, you know, and especially the area of specialization is a key point to in medical as well as financial

because if you've got a really distinct need, you want to go to someone that's specially trained and has vast years of experience in that specific issue or opportunity. You'd in nothing wrong with a primary care general practitioner in medical or financial. But boy, when you start wanting to make sure you're maximizing retirement, wealth building, wealth preservation, making sure your, your money's safe. And you want someone that's a specialist and not just someone that sells homeowners insurance one day and retirement plans the next. Exactly.

So it needs to be specialized. I know in my scenario with a hip replacement, I actually went to the hip doctor and he actually gave me a shot initially that lasted. It would be a three months or 90 day shot that lasted, oh, probably nine months. And after that nine month period, I still needed a hip replacement. But I made a mistake, Mike, and saying, well, you know, I don't want to be cut on now. why don't I just delay this? I'll start going to the chiropractor. So instead of listening to the specialized knowledge that I was given,

you need a hip replacement, you need it now. I put it off for three years. So we find a lot of retirees that will do or semi-retire people that just keep putting things off, you know. But what happens was three years later, guess what I still needed the hip replacement? when I tried the chiropractor. I tried other doctors to give me what I need to avoid being cut on.

But when I finally come with realization, this specialist knows what he's talking about, knows what he's doing. That's how we feel like we position ourselves with clients, is that we are in this specialized knowledge area. And then, you know, knowledge is only potential power until you utilize that knowledge. So another area,

as we're asking questions here is, uh, that comes up that, and should be prevalent is that don't procrastinate. Yeah. Don't procrastinate on what's going on right now. Take action now. Well,

I wished I had done it the first time I was told that because I was on a ride one day, a motorcycle rival, some friends of mine and my hip got to hurt and so bad. I had to turn around come back home, couldn't complete the ride. And so. I went in and had the surgery. He done it in the morning time.

And guess what? By the afternoon, my wife had me back home. Home health care had me up walking. And guess what, Mike, I had a titanium hip that would never wear out. All has to do with the questions he asked and me responding and acting. It's kind of like in the Bible where it says faith without works is dead. So, you know, you know what to do, but then you got to act on what you know how to do. You know what I'm saying?

What you're advised to do. So I encourage people to act on not only here, but to do something about the situation. You know, I think taking action is such a powerful thing, but taking appropriate, timely action, like what you mentioned. is so important because you mentioned the medical example, but we can go into a lot of examples in the financial world where if you missed out on a opportunity, maybe the something had moved or changed, or maybe there's required minimum distributions. And I'll just do that later. Well, if you don't take it at a certain time, you might face some penalties and things. So making sure you're aligned with the right financial professional who knows the questions to ask,

who knows to guide you the right way. That's going to keep you from experience. some of those pain points there. So I think that is just such a huge amount of wisdom that you brought with us here, Brian, today. If someone is listening and interested in finding a little bit more about what you do and how you do it, what's the best way they can reach out and connect with you? Well, my number is 601-604-0-4-38. And also I have a website called Shield Your Retirement, S-H-I-E-L-D.

your while you are and then retirement r-et-I-R-E-M-T-T dot com. Shield your retirement.com. They can look at it out on that. So either a phone call, and this is a no cost, no obligation, we don't charge a fee for the interview. We'll just see if we can get with you and find out if we have what we're doing and what you're looking for as a match. Excellent. Well, Brian, thank you so much for coming back on today.

It's been a real pleasure talking with you. Same here, Mike. Thanks for having me on. It's been great. You've been listening to Influential Entrepreneurs with Mike Saunders. To learn more about the resources mentioned on today's show or listen to past episodes, visit www. www.com. Come.