Podcast Episode 277: The Tough Financial Conversations
Created: November 4, 2022
Modified: October 25, 2022

Podcast Episode 277: The Tough Financial Conversations

What You’ll Learn:
Your financial advisor should be there to provide you with the necessary information, guidance, and support to help you towards your retirement goals, and that means having tough conversations from time to time. On this episode, we’ll tell you about a few of the difficult discussions we need to have in order to build the best retirement plan for you and your family.

Talking about money isn’t easy in most cases. It’s often about hearing the honest truth and facing the reality of your financial situation. Having an advisor that not only shoots you straight but also helps you build a plan that tackles these topics that aren’t always easy to hear is vital to your retirement success.

Today we’re talking about the tough conversations that we need to have with clients during the planning process. These might be uncomfortable for you or your spouse, but it’s necessary for making sure everything and everyone is taken care of. By going through these on the podcast, it will help you know what to expect from your advisor and give you some things to be thinking about ahead of time.

The reason these can be tough for people is because of the emotion that’s involved. We can always make adjustments to a financial plan but it’s hard to change the way you feel about certain things like the plans you have in the event of your spouse passing or how you’ll pay for nursing home care.

Eric Hogarth, CFP® will talk about those topics plus a few others and explain why it’s important that these conversations take place with your advisor, whether that’s with us or someone else. You don’t need an advisor that’s a best friend. You need someone that will help you with the good and the bad.

Another tough conversation you might end up having with your family is about funding a college education. With the cost of college continuing to soar to new highs, it’s not always financially possible to attend the school you have at the top of your list. It might not even make sense to attend a traditional four-year college or university at all.

More and more people are having to decide if the debt you create for that education will actually be worth the returns. The clients we work with are usually having these discussions with the children or grandchildren because it doesn’t financially make since.

We might not hit each of these topics during the Money Map review process we offer anyone the opportunity to take us up on, but it’s the best place to begin the conversation about your financial future so reach out and take the next step towards your retirement.

Here’s everything we discuss in this episode:

1:23 – Eric’s thoughts on student loan debt forgiveness

3:58 – Discussing the death of a spouse

5:56 – What happens if nursing home care is needed

7:46 – Telling someone they need to work longer than they planned

10:52 – Getting your children involved in the estate plan

12:52 – Separating from an advisor that doesn’t fit your needs anymore

15:41 – Mailbag question on charitable giving and taxes  

17:19 – Mailbag question on how to utilize extra income

19:22 – Top Money Map review questions we get

  • Sandy and Thomas C.
    Sandy & Thomas C. are clients of Johnson Brunetti and received no compensation for their statement.

    “We always felt our financial needs were in very capable hands. Alex Angst is great to work with. Our advisor always made us feel he had our best interests at heart and explained things so we could understand them.”

  • Lisa D.
    Lisa D. is a client of Johnson Brunetti and received no compensation for her statement.

    “Working with Johnson Brunetti has had a positive impact on my life by providing me with the knowledge, confidence, and peace of mind to move forward with my retirement plans. The process of getting to this point, through their guidance, has been informative and pleasurable.”

  • Ken D.
    Ken D. is a client of Johnson Brunetti and received no compensation for his statement.

    “I view your company as one that puts my interests first. I think that is very uncommon and very refreshing. “

  • Jeanne P.
    Jeanne P. is a client of Johnson Brunetti and received no compensation for her statement.

    “Matt does an awesome job! So easy to understand and he listens to our concerns and addresses them! happy I chose your firm!”

  • Anonymous
    This testimonial was provided by a client of Johnson Brunetti and received no compensation for their statement.

    “I have been pleased with the help and service I have received from the company. I have met several team members on Eric’s team and have found all of them very well prepared to meet with me when reviewing my portfolio. I always feel that I am an important customer and appreciate that very much. I hope the firm continues to focus on the customer and maintains its great service. I think you do a great job for someone like me!!!! I’m happy I chose your firm!”

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