Retirement You TV: Episode 24

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Video transcript

Cynthia De Fazio – 00:20

Welcome to retirement, you TV. My name is Cynthia de Fazio. I’m joined today by Brian Quaranta. He is president and founder of secure money advisors. Brian, it’s great to see you. Good to see you. Good to see you today. Great. It was a great week. It was a great week, I know cuz you’ve been so busy. Obviously, you still have the radio show going on. And then you added in television as well. So you have been just booking one consultation after the next. How are you managing it all? And does your wife ever get a chance to see you?

Brian Quaranta – 00:50

Well, you know, I have a really great team of people that that’s really what it comes down to. I mean, secure money advisors is just, you know, packed to the gills with really smart, talented people. And so I feel very blessed to have that support, because they do make me look really good. So you know, I give a lot of credit to my team.

Cynthia De Fazio – 01:08

Absolutely. Let’s talk a little bit about your passion for helping others just in case someone is watching for the very first time today, Brian, they haven’t met you before. Where does that passion that drive come from?

Brian Quaranta – 01:20

Well, it really came, you know, at an early age. I mean, I didn’t grow up with a silver spoon in my mouth. I mean, my mom and dad worked really hard for their money. I remember my dad always talking about a stockbroker, I grew up in New Jersey. So we were close to New York City. Okay, I remember him always talking about a stockbroker. And every time I think we talked about money, my dad was losing. This whole investing thing doesn’t sound real good, dad, that sounds scary. So what I actually graduated college, I was down here at Robert Morris University. And when I graduated, I got right into the stock business at the end of 1999. Right when the tech bubble burst, and I went to work for a big firm right away and got licensed, I was so excited about it to start helping people. But when you work at a big firm, they kind of want you to take baby steps, right? So they call you a junior advisor, which is really just kind of a fancy name for Hey, kid, can you go make some copies? Hey, could you get me a cup of coffee? Can you come in this meeting and take notes? Yeah. But you know, I would hear conversations in the conference room with advisors and their clients. And they would be talking about, you know, how to minimize their risk and how to allocate their portfolio, how to prevent big losses and things along these lines. And then I saw 2000 2001 2002 rolled around. And all these people that were promised to have these portfolios that were allocated against risk actually wound up losing a lot of money. And I thought to myself, well, how does that even happen? And Matter of fact, I hear the story still to this day, because you know, you take march of February, March of 2020. And, you know, people were calling offices said, Look, I’ve got my money with this person, I lost a ton of money. We weren’t supposed to, we’re supposed to be in a safe account. And so I remember, you know, taking phone calls back in 2000, when I was working at the firm, and you know, of course, people were not happy with the amount of money they lost, and they were scared, and they wanted to get out. Sure. And I remember going into I was taking phone calls, because what happens when the markets get really bad at the big firms, that Junior advisors take the phone calls, and the financial advisors hide under their desk right away. So I actually took a phone call from a guy that was pretty upset that he had lost some money. I didn’t know what the tone Yeah, you know, you know, I’m, you know, one two years in the business at this point. I don’t know what to tell the guy. I thought we were going to make changes, but I find out, you know, I go to the financial advisors office, I said, Listen, you got a guy on the phone, he wants to get out of the market. He says, Listen, you need to get back on the phone and let them know that it’s just a paper loss. How many of you heard that before? It’s just a paper loss? Or he said, also remind him to not worry about anything to just hang in there that you’re in it for the long haul? How many of you heard that cookie cutter phrase before? Don’t worry about it hang in there. You’re in it for the long haul. And so being one to two years in the business, I decided to be a good employee and go back to that individual and tell him exactly what the financial advisor told me to tell him. And that was, Sam, don’t worry about it. Hang in there. You’re in it for the long haul. And what he said to me Next, Cynthia, is the reason why I’m so passionate about what I do today. He said, Brian, I’m 70 years old, how much darn long haul Do you think I got left? And he was 100%. Right? Absolutely was 100%. Right? Because the reality is we know if the markets go down, that they should recover. So the question is, how long is it going to take the markets to recover? And is it going to recover in the time period? You need it to recover it? Absolutely. And so we should be thinking about how do we build a bulletproof retirement? How do we build a bulletproof retirement that can mitigate that risk? That puts us in a position that if the markets are volatile, that we’re not in a position to where we could run out of money in retirement, and so I was just not seeing things done the right way at the big firms. And I didn’t want to be part of a culture that was talking about things like don’t worry about it hang in there. It’s just a paper loss. So secure money advisors really came out of that passion of, let’s give people really good advice, let’s turn them on to products and systems and ideas that can generate good cash flow that can maximize the returns, minimize their losses that can save them on taxation. And not only now but later on down the road. And I’m talking about tax planning, not tax preparation. Right? So which is completely different? Absolutely. How do we how do we take care of their health care needs? You know, if they want to retire before the age of 65? How would we do that? And then how do we keep Uncle Sam from becoming their largest beneficiary at death? Absolutely. And so those five key areas are what make up a really great retirement plan. And that really determines whether or not you’re on the right track.

Cynthia De Fazio – 05:53

Absolutely. So Brian, you basically took the ball and you ran with it. And you developed a process to help people by being an independent, licensed fiduciary, if you will, yeah. So you’re not locked into let’s just say a big box firm, because a lot of times we’ve talked about this before that people in the big box firms, they can be trying to sell products that they are perhaps gaining a commission on, if you will, I don’t know how else to say that. But by being a licensed fiduciary, you’re able to look at that person’s individual plan for retirement, and actually pick and choose the best products for them.

Brian Quaranta – 06:25

Absolutely. And we’re not beholden to any company, which is, which is great, because our job is to provide a plan and you know, in the way that we get paid is we’re a fee based firm. So if our clients do well, we do well. So our clients don’t do well, we don’t do well. So we all have a vested interest in these things going in the right direction, where if you’re working at a big box firm, and you’re not working with a fiduciary, working with a broker, when you buy an investment product, you might pay a commission, and that individual gets paid one time commission, they never get paid again. So this is why a lot of times we hear from people, they’ll say why, you know, we went in, we talked to this person, we had a really good conversation, but we’ve heard from the years and that’s because there’s no vested interest, they made all their money up front, there’s no vested interest in making sure that that plan continues to work, whereas secure money advisors, if I onboard, somebody as a client, we have to earn our money over time. And so it’s very important for us to do a good job, because we want you staying with us for a long time, we don’t want you going anywhere. As a matter of fact, ideal situation is not only do we take care of you, but we take care of kids, we take care of grandkids, right? So that’s very, very important. And working with a fiduciary, I’m glad you brought that up. Because it’s so important that you work with somebody that is required by law to do what’s in your best interest that’s required by law, to provide you advice based around a plan, not a financial product.

Cynthia De Fazio – 07:43

Absolutely. And I love the fact that you’re giving the same advice that you would give to your loved ones, you have that level of care and compassion for your clients.

Brian Quaranta – 07:51

My father is a client, my mother is a client, my in laws are clients, I am a client. Nothing, you know, I mean, I do I you know, I preach what I practice, you know, I mean, you know, and, and, and I own what I preach, you know, because it works. It works. And you know, you’re talking about 21 years, I’ve been in the business now, I’ve seen the good, bad and the ugly apps, I know what works. I know what doesn’t work, you know, I want the best of the best for my family. But I want the best of the best for my clients. I mean, look, when you onboard a client, you’re taking on a lot of responsibility, right, the last thing I want to do is sit down with a client and have an uncomfortable conversation of why things are not working. Right. So we’re going to I’m going to do my very best based around what what we have available to us in this country to put our money into, right, I’m going to look for the very best for myself, I want the very best for my money. But what I want for my money is the same thing you want for your money, you want good returns, and you don’t want to lose a ton of money when the market goes down. You want things to be tax efficient. You want to be able to generate income without the worry of running out of money. These are all needs that we all have apps, right. And I don’t have a box firm telling me that you have to sell XYZ product. Yeah, right. I am sitting down with the client and saying, Tell me what your concerns are. And let’s see how we can address them based on all of the strategies and tools that are available in financial planning today.

Cynthia De Fazio – 09:13

Absolutely. Well, Brian, we’re about ready to open up the phone lines for the very first time to the viewers at home this week. You want to tell them what they can expect to receive.

Brian Quaranta – 09:20

Yes, folks, matter of fact, we’re gonna be talking about the right track Retirement System, right. We’re talking about that today. We talked about it on every show right now. Are you on the right track? The number one question I get day after day, week after week, month after month is we just want to know if we’re on the right track. Do you know if you’re on the right track? What if you’re not when would you want to know now would be a better time than later. So the right track Retirement System is going to help you determine these five key areas and make sure that you’ve got every I dotted every t crossed and for the next 10 callers who call in right now we are going to give you a complimentary review of your current situation. It’s not very often that you get to sit down with a licensed fiduciary at no cost, we’re going to do that for you. Now you have to do your part because you can’t kick the can down the road procrastination and not taking action. That’s not going to solve your problem. And remember, you can’t get a second opinion from the person that gave you the first opinion. Wouldn’t it be nice to know that if you are working with somebody that you are in the best place you could be? And if you’re not, wouldn’t it be nice to know how much better you could be doing? So if you call 1-888-382-1298. That’s a complimentary view of your current situation, again for the next 10 callers who call 18883821298.

Cynthia De Fazio -10:38

Brian, thank you so much to the viewers at home. as Brian mentioned, the phone lines are now open, they’re already lining up, the number to call is 888-382-1298. You deserve to know if you’re on the right track for your retirement, Brian can make sure you are again, we have to take a very short commercial break. But when we come back, I’m going to have some more questions for Brian, please stay tuned.

Commercial Break – 10:59

How confident are you in your current financial plan? Do you know with certainty how the recent market volatility will affect your future hopes and dreams? How much are you paying in taxes? And how much are you losing to unnecessary high fees? You didn’t work to save this money so that you could spend your time worried in retirement. Now it’s the time to take charge of your finances so you can feel confident about your future call in during the next 30 minutes of today’s show only to set up an absolutely complimentary no obligation, full blown Financial Review that will result in your own customized written plan. This is a $999 value that we’re giving away complimentary to the first 10 people who respond. We’ll start with a full blown analysis of what you already have, by running a report to untangle how much you are currently paying in fees, how you’re allocated for risk, and what it’s costing to work with your current advisor. Next, we’ll identify your goals. Where do you see yourself in the next five years? Where do you want to go? And who do you help to go there with is your current financial plan set up to get you there without mishap? Let’s design a roadmap to create a financial plan you can follow with confidence. Get the piece that so many people are missing from their retirement. Find out how having a written plan can make a difference to your retirement dreams. Call now to schedule your complimentary no obligation full blown Financial Review today.

Cynthia De Fazio – 12:34

Welcome back to retirement You TV My name is Cynthia de Fazio. I’m joined today by Brian Quaranta. He is president and founder of secure money advisors. Bryan, a great show we’re having today. And obviously talking about the importance of planning properly for retirement, making sure that you’re on the right track, if you will. On that same vein, let me ask you a question. If someone in the viewing audience today is thinking about retiring, how does someone know that they’re ready to retire? What kinds of questions should they be asking themselves? Well, first off,

Brian Quaranta – 13:03

you know, what I’ve learned in 21 years of planning is that, you know, if you’re ready to retire, okay. And I think what it comes down to is, is, you know, people are, you know, just get to a point to where they can no longer do their work, they don’t want to do their work anymore. And it could be either a physical job, you know, I’ve got contractors and iron workers and welders that physically can’t do the work anymore, just physically can’t sure. But for those corporate individuals, they get to a point to where they’re just burnt out on what they’re doing. And I think the first question you have to ask yourself, so if you do retire, what are you going to do with your time? Yeah, what are you going to do with your time, because that plays a very important role, that the people that I see are the happiest in retirement, know what they’re going to be doing with their time? It could be something as simple as just taking care of the grandkids. Sure, I can’t tell you how many corporate executives I have, you know, or, you know, even you know, welders and you know, you know, big strong guys that just melt over the fact that they get the washer grandkids that is so they can’t wait, you know, yeah, you know, here they are, you know, managing a, you know, a business of 1000 people, you know, and everybody looks to them for for answers. You know, the next day they’re babysitting their kids and their grandkids and their heads happy as can be. So, you know, what are you going to do with your time I think that’s very, very important how you’re going to fill that time because, believe me, the the honey do list that’s only going to last so long. And I’ve seen some guys struggle in retirement. I’ve seen some people struggle, retire. My dad struggled in retirement. You know, he, he’s retired three times. You know, he retires, he gets bored, he goes back, he retires, he gets bored. He goes back, but my dad loves work. I mean, he’s kind of workaholic. I mean to me too. I mean, I enjoy my work. You know, it’s not work to me, is it? You know, I do have a lot of fun doing it. Believe me, no matter what you do. You There’s days you wake up and you know, you don’t want to do it that day. But that’s because you do something every day. I mean, I always say, Ben Roethlisberger can’t wake up and say, I can’t wait to, you know, throw the football today. I’m sure there’s days because, you know, I just wish I could be home my kids, right? Yeah, absolutely. Sure. Tiger Woods says sometimes you just don’t feel like hitting the golf ball. But knowing what you’re going to do with that time is very important.

Cynthia De Fazio – 15:20

Absolutely. So again, retire with a purpose in mind. So Brian, with that being said, what happens when one spouse retires? But the other one is still working? How does that change the dynamic in the home?

Brian Quaranta – 15:32

Good question. It depends who retires first. Okay, eventually retires for as we’ve seen all kinds of different dynamics, you know. So, you know, a lot of times that that that works well, like if I, you know, I just retired, a spouse, a wife, right, and the husband is going to continue to work, right. And it works really well, because they have some side businesses that they’ve started and she’s focusing on those a little bit. And she’s also watching the grandkids, so it works out well. But you know, a lot of times it can play the role of have a nice slow transition to retirement because you still have one income coming in, while we transition to this new retirement income of social security and income from investments. And so it’s not happening all at once, right. Although, you know, you know, I’ve also seen situations where you know, that the wife has been a homemaker all her life, and all of a sudden the husband retires. And I remember, one year, we had a couple come in, they’re still great clients of ours. And I said, You know, I thought maybe they had only been married for a year or two, because I mean, they were just so loving in the conference room. And I asked him, I said, how many years you guys been married? They said, 40 years, Oh, my gosh, it’s amazing. He wouldn’t, he would have thought they’d only been married for a year. And every time they would come in, they were really loving and very flirty with each other. And I always would think about 40 years, it’s, it’s incredible. Tell me what the secret is. And then he we retired them. And six months later, they come in and they didn’t even talk to each other. So and I knew something was wrong right away. And you know what it was, she had a routine every day, oh, my God, all of a sudden, worse, he was in that routine. And that was, you know, so. But they’ve managed to work it out, obviously. So, you know, you see all kinds of different dynamics with with things, you know, on a personal end like that, sure. Financially, it can you know, if one spouse decides to keep working, and one spouse retires, it’s a nice way to kind of bridge that gap until the next one does retire.

Cynthia De Fazio – 17:31

Absolutely. And then do you also recommend having a new spending plan in place if one spouse retires and the other is still working? Do they have to reevaluate their finances?

Brian Quaranta – 17:41

It’s important to know budgets a dirty word in our office spending? Yeah. I know, budget is a dirty word spending plans a dirty word to us. Because, look, I don’t think you work 34 years of your life to all of a sudden be on a plan, write a spending plan, right? Most people that retire want to do what they want, when they want to do it and do the things they want to do, right. And we want to build a plan, that’s going to give you the flexibility to go in and buy what you want to buy when you want to buy it or take the trip when you want to take the trip. And that’s the importance of building a good solid retirement plan. You know, you’ve worked all this time to finally get your freedom, you know, and then all of a sudden, you know, you have this budget in place, and you really don’t have the freedom because you go, Well, I’ve got all the time in the world. I can’t do anything because I gotta stick to this budget. Yeah, so we want to build a plan that maximizes the cash flow. So you can go do all the things that you promised yourself you were going to do when you retired, like travel the world and all those kinds of things, right?

Cynthia De Fazio – 18:35

Absolutely. Well, Brian, this is the perfect time for us to reopen up the phone lines to the viewers at home, do you want to tell them what they can expect to receive?

Brian Quaranta – 18:42

Folks, we’re talking about being on the right track today, right, the right track Retirement System is going to help you determine that and that’s what you’re going to get when you come in, we’re going to walk you through a five step process that’s going to hit on five key areas income, investments, taxes, health care, and of course, legacy planning. And when we go through these five key areas with you, you are going to have a tremendous amount of clarity. And I think that’s the most important thing that you’re going to get when you walk through this process with us is clarity. Remember, a clear mind is a certain mind, it’s a peaceful mind. So for the next 10 callers who call in right now, if you call 18883821298. Again, that’s 1-888-382-1298 you got to do your part, call and schedule an appointment, you’re going to come in sit down with us for 45 minutes to an hour and we’re going to go through the right track retirement system with you. And so, during that period of time, when that hour is up, you’re gonna have a clear understanding of where you are and where you need to go and what things look like and most importantly, if you are in the right place, you’re going to get confirmation that you are Remember, you can’t get a second opinion from the person that gave you the first opinion. So take advantage of this. It’s not very often that you get to sit down with a licensed fiduciary at no cost. Take advantage vantage of the offer today. Again, you got to do Your part for the next 10 callers that’s 1-888-382-1298.

Cynthia De Fazio – 20:06

Brian, thank you so much to the viewers at home. Once again, the phone lines are now open that number to call is 888-382-1298. You deserve the right to know if you’re on the right track of retirement. So please give us a call, Brian will help decide if you are or if you’re not. And if you’re not, he can put you on the right track again 888-382-1298. We’ll be right back after this very short commercial break.

Commercial Break – 8:29:00 PM

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Cynthia De Fazio – 21:56

Welcome back to retirement you TV. My name is Cynthia de Fazio. I’m joined today by Brian Quaranta. He is president and founder of secure money advisors. Brian, a great show that we’re having today obviously talking about the importance of planning properly for retirement. And are you on the right track? Are you on the right track? That’s the most important the most important thing and the fact that I’m getting your name right today?

Brian Quaranta – 22:17

That’s the other thing. Yeah, but I you know, I sometimes wonder, you know, if you’re not on the right track, when would you want to know that immediately? Yes, absolutely. And so it’s just a great opportunity for you to come in and sit down with our team and really find out and and what how company would be free to find out if you are on the right track? Sure.

Cynthia De Fazio – 22:34

Absolutely. And that brings up a very good question, Brian, if someone is in the viewing audience today, and they’re currently working with an advisor, how do they know that’s the right advisor for them? What questions should they be asking that person?

Brian Quaranta – 22:48

Yeah, well, I think, you know, a lot of people know if they’re with the right person, you know, they I think there’s a there’s a, there’s an emotional sense that people get when they know they’re what the right person. Now, what I find a lot of times is people have that gut feeling every time they talk to that person to hang up the phone or like, something just doesn’t line up or feel right. Like I don’t really get the answers that I need. Every time I ask a question, I feel that they’re talking over my head. You know, and I can’t tell you how many times people have said that to me before. But I think you also have to look at the process that’s been laid out to get you to where you need to go. So for example, what does that individual’s communication plan look like with you each year? How are they communicating with you? Are you getting enough touch points throughout the course of the year? for your service that you’re paying for? Do you actually have a real written plan? Yeah, right. Do we have a written plan that’s been typed out that’s in a binder that you can touch that you can feel that you can put on a shelf? Yeah, that if something happens, all your loved one has to do is grab that plan. And everything’s in there. Yeah. Right. Do you have a way to organize that has been given to you so? And do you feel that they’re helping solve the problems together? Or do you feel like you’re always being sold something? Right, do you and you know, and I think those things, if you can, honestly, assess that situation, based on what I shared, I think you can really determine whether or not you got the right people working for you.

Cynthia De Fazio – 24:25

Okay. In your opinion, Brian, we mentioned this obviously, in the other segment that we run together, but how important is it to get a second opinion from a fresh set of eyes?

Brian Quaranta – 24:35

Well, you can’t get a second opinion from the person that gave you the first opinion, but that’d be kind of pointless. Okay, what do you think today? Right, exactly, exactly. So, I think it’s always important, you know, to get a second opinion, I mean, I would do it many times in my life. I’ve done it many times. As the business has grown with accountants, I’ve you know, I’ve outgrown accounting firms, many times You know, attorneys that I’ve worked with, you know, from my own personal dealings and you know, I’ve outgrown, because one, I get better at asking questions, right that I need. So yeah, it’s very, very important.

Cynthia De Fazio – 25:13

Okay. Is it ever too late to get started on a retirement plan Brian?

Brian Quaranta – 25:17

never too late. Okay, never ever too late. I mean, it’s amazing what you can do in a very, very short period of time. I mean, we’ve taken people from literally having very little in savings, and putting together a plan, and within six to seven years, having them in a place to where they’re very confident about retirement. And you can even do that in your later years. I mean, there’s many people that, you know, might have been taken care of kids and grandkids and had lots of expenses going out the door, maybe they went through a divorce, whatever it might be. And they’re very behind and they’re in their 60s. And they’re going, you know, am I ever going to be able to retire? There’s some really neat things you can do to accelerate your, your accumulation of your wealth, especially when you start to reach this whole security age. Sure. So it’s never too late to start planning ever.

Cynthia De Fazio – 26:10

Okay. And Brian, we only have about a minute and 45 seconds left, somewhere around there. Yeah. What piece of advice can you give the viewing audience today as they’re entering into 2021?

Brian Quaranta – 26:20

Well, most importantly, is evaluate your current investments, because what we’re seeing right now, is that there is a huge shift on consumer behavior and how this world is going to start to operate. Because a lot of our giants are industry giants, like energy sectors, financials, airlines, the way we communicate as a country has changed. And I think it’s probably permanently changed. We’re already seen businesses do business differently. The work from home movement that has slowly been moving in this direction, has all of a sudden just got there because of COVID. So evaluate where you are, because a lot of the companies that we used to buy, you know, that were big companies that we knew we could rely on, that’s changing the tech world is is where things are at right now. So evaluating where you currently are. And that’s what the right track Retirement System is going to do for you. We’re going to do that deep dive with you. We’re going to do that analysis, we’re going to be able to determine where you are, and where you need to go. And we’re going to be able to identify those red flags, but you’ve got to do your, your, your side, you got to call 1883821298. And that’s a complimentary, no cost consultation with us to determine if you’re on the right track.

Cynthia De Fazio – 27:37

Brian, thank you so much for another amazing show this week. I can’t wait to see you again next week. to the viewers at home. Thank you so much for spending time with us this week. We know you have a lot of questions about how to retire with confidence. Brian has the answers for you. Thank you again for watching. Be safe, be happy, be blessed and we will see you soon.