Financial Advisor Roleplay ASMR

hello thank you for coming in I will be right with you here in just a second you're here for financial consultation correct okay perfect perfect yeah I have you down for 4:30 and it's a little bit before them but well we'll get started here in just a second I'll be able to finish this up all right okay well thank you for being patient there with me I appreciate it it's been crazy a couple weeks a couple months really with coronavirus and things like that so my name is Chris I'm a chartered retirement planning counselor I help people achieve their retirement goals and so tell me what what what brought you in today okay yes you heard about me through my my client Alex you're friends with him great great yeah alex is a great guy he's been a good client for a long time so are you currently working with the financial planner no okay what specifically is going on that makes you think you need to work with someone like myself okay you get in close to retirement and you're just unsure about about how to go about things and how to structure okay what do you what do you do for work okay you're an engineer great that's probably a very difficult job well what we'll do today it's it's really all about finding out really two things one can I help you and two do you want that help and today I'll ask you some financial questions take some notes maybe show you a couple strategies and if everything looks good I'll go over the fee structure what you can expect from me as your financial advisor and just what the next steps would be to to get started so does that sound okay does that sound fair okay wonderful well the company I work for has been in business for over a hundred years and I won't bore you with with all of that data but I have my series 7 license my series 66 license my 215 insurance license and I also have like I told you earlier my CR PC which stands for chartered retirement planning counselor and that just means that I specialize in building retirement plans social security benefits Medicare and all of that boring stuff so but let's go ahead and let's start with with some information about you if that's okay when I move my keyboard here and I would just like to get a sense of where you're at financially to see if I can help you so you said your name is John okay and John how old do you know okay 56 and are you married do you have kids no okay and when would you like to retire you're 56 now do you have a date picked out okay somewhere between 60 and 65 okay you're wondering what I'm going to tell you if you can retire okay I understand all right and how much is your annual income right now 125,000 okay all right so John what I'm gonna do is I'm gonna go through your assets on this side and I'm going to go through any liabilities that you have on this side to get an accurate picture of your financial situation from there I can make a few recommendations to you and it'll give me a better idea about if I can actually help you or not so that sound okay great great thank you so John what is the value of your home right now 300,000 okay and do you still owe anything on the home you do okay so you owe 80,000 and you said a 30-year fixed mortgage okay what is the current interest rate on the mortgage five percent okay now have you ever thought about refinancing your mortgage okay I'll put that down as a point you want to talk about okay do you own your on a car or do you lease okay you own your car do you owe anything on it no okay okay John wonder why do you typically keep and roughly and your checking and savings account okay Wow so you you have a hundred thousand in savings from a proper years old okay what what type of interest is the bank paying you on that savings account yeah probably nothing right okay so I'm gonna put one person do you have any money markets or CDs okay alright what about a 401k at work okay perfect and who currently manages the 401k like fidelity Charles Schwab Transamerica okay mass mutual and what is the balance in the 401k five hundred thousand okay and our how much a percentage of your income are you saving into the 401 K and do you know how the 401 K is performed recently okay so not not good why do you think that is okay and in the 401 K have you been picking all of the investments inside of there okay okay perfect okay so John any IRAs or Roth IRAs okay so one one Roth IRA a Charles Schwab okay any rental properties no okay all right John any credit card debt okay you do have some credit card debt okay how much and how many cards is it excuse me sorry about that turn off my audio there okay so there's a 15,000 and on five different credit cards is there a reason you have five different credit cards okay so you're trying to get the points gotcha how long have you been carrying this credit card debt okay seven months Wow John do you get a tax refund at the end of the year okay about four thousand and at the end of the month when you once you've paid all of your bills do you feel like you have money left over to save if you wanted to okay how much a month do you think okay John do you have any life insurance or long-term care insurance okay no life insurance because you're not married you don't have kids okay I know there but no long-term care insurance either and is that a concern of yours okay definitely something we can we can talk about John looking at your situation here I would say that you've done a pretty good job I mean you make a good income one hundred and twenty five thousand a year you've got a significant amount in savings a hundred thousand and you've saved up a nice amount in your 401k at five hundred thousand so those are all very positive very positive signs what concerns me is obviously this one hundred thousand that you have in savings is not really earning you any interest and then your 401k which is a majority of your assets is severely underperforming right now so that is something that jumps out at me and then the credit card debt over here you know fifteen thousand there's really no reason for you to be carrying that debt with the amount of money that you have currently in savings I'm off our credit card points but it doesn't make sense to be paying interest on on this card here so overall not bad but I definitely think there's there's room for improvement so would you agree with me yeah yeah for sure so let me show you a couple strategies that I think I might be able to help you so John the IRS allows you to save money really in three different buckets and this book it over here to the left this is your pre-tax tax deferred bucket so these are things like your 401k when you go to retire you can enroll your 401k to an IRA tax-free and without penalty if you have a pension that also goes in this bucket here now John when you get to retirement and you take money out of this out of this bucket the IRS is gonna tax you one hundred percent at your ordinary income tax rate so if you get to retirement and you take out let's say one hundred thousand from your 401k the government's gonna tax you as if you made one hundred thousand dollars and that's what the pre-tax tax deferred means you never pay taxes on this money it grew over the last twenty thirty years what you've been working and now when you get to retirement the government is gonna make sure that they get their cut so that's that that's the first bucket the second bucket after tax money it's taxed each year and this would be things like your checking and your savings account and at the end of the year the bank should send you a 1099 saying hey John you made you know five hundred dollars in interest on your savings account you need to pay taxes on that interest income the bottom half of this bucket is really what we call in the industry a non qualified brokerage account and this could be stocks bonds mutual funds really any other investment it's just not technically considered a retirement account by the IRS and the taxes you pay on this are capital gains and you can either have a short-term or a long-term capital gain depending on how long you've held the asset so as you can see my handwriting upside down is a little bit childish but pre-tax tax deferred bucket retirement assets this is more of your cash savings so the top bucket up here is where I like to try and get my clients to save some of their money it's really a hybrid above the bottom two buckets its after-tax money it grows tax-deferred and when you take it out of retirement this bucket is 100 percent tax-free which is good so John do you have any idea what might go in this bucket here no that's okay have you heard of a Roth IRA Yeah right so the Roth IRA is a big one that goes in here sometimes there are forms of cash value life insurance that could go in this bucket also have some alternative investments muni bonds can go in here there's a lot that goes in this bucket it just depends on if it's appropriate for you so when I think about retirement I think that retirement is like a three-legged stool you want to have each leg of the stool to be able to have a stable retirement so when you get to retirement we got to figure out how much money do we need to pull from each of these buckets to get you the retirement assets you want along with what you're gonna get from Social Security does that make sense okay do you feel like this is a strategy that could potentially help you sure yeah I think so you know I know you're 56 but maybe if we focus some of the next couple years on getting some some assets into this top bucket it could make a big difference over the course of your retirement it's just something we're gonna have to look at as we go through this process okay perfect well that's what I wanted to show you John at this point do you have any other questions for me okay yeah that's a great question so the the fee for my services really depends on if we're managing any assets here normally for the amount of money that we were we're talking about the fee would be one point two five percent annually and that gets broken up over a 12-month period so your annual management fee is about a tenth of a percent per month and that comes directly out of the accounts that we're managing here for you that account does come with unlimited trades so if we buy and sell Amazon stock ten times in a day you're not charged anything extra for that it also includes all of the retirement strategies the meetings that we'll have together but you know organizing this and putting it in place so that's something that you you'd like to get started with okay great great yeah I definitely I think you've done a good job but I definitely know I can help your situation so what we just need to do now is just get some basic information from you we'll put it in the the system here and then won't be able to wrap up for today okay and are you still doing okay on time okay yeah we're probably just another 5-10 minutes I'm gonna keep this for my notes because it's got all of your assets and liabilities on here [Applause] okay you're legal first name Jonathan address that's Tampa best cell phone number for you John email address let's see here what is your social security number and I we don't do anything with this information except we have to put you through database to make sure that there isn't any red flags that pop up for federal laws and things like that just like opening up a bank account so okay for your date of birth who is your current employer and you said 125,000 annual income all right any dependents that you claim on your taxes okay and John do you have any investment experience other than your 401k and things like that okay and John who would you like the beneficiaries of your account to be if something were to happen to you if you were to pass away or anything like that okay your sisters okay what are their what are their names that's elbow you ISE Louise all right perfect John when it comes to investing would you say that you are conservative aggressive moderate or somewhere in between there so moderate aggressive okay and do you want your dividends to be paid in cash or would you like them to buy more shares of the stock sir or funds that we invest in okay you want them to reinvest yeah I think that that's a good choice especially when the market drops it's good to reinvest dividends so you're buying more shares at a lower at a lower share price when the market gets really high you can switch the dividends to cash wait for a pullback and then you can reinvest some of that cash yeah good okay so let's see here we've got your risk tolerance dividends beneficiaries investment experience job income details employer address date of birth social got your contact info address okay all we need you to do now is just sign the account opening form and that will open up your account you'll be able to log in and see everything and then I will send you an email with follow-up information for next steps and very excited to be working with you definitely know I'm gonna be able to help you and I really appreciate you coming in today I'll talk to you soon okay perfect thanks John