Ashley Saunders

Episode 160: Insurance to Help Care Givers With Tom Beauregard

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Most of us will need long term care at some point in our life. What if we could purchase insurance that would help us and our caregivers navigate the process? Tom Beauregard, Founder and CEO of HCG Secure joins us today to talk about the insurance and services his new company offers retirees.
Links mentioned in the show:

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Episode Transcript

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[paul_tyler]: this is paul tyler

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[ramsey_d_smith]: oh

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[paul_tyler]: and welcome to another episode of that
annuity show ramsey how are you

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[ramsey_d_smith]: always good to be here

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[paul_tyler]: okay well

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[Tom Beauregard]: oh

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[paul_tyler]: we are we have a really interesting
episode that’s going to

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[Tom Beauregard]: yeah

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[paul_tyler]: cross a

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[Tom Beauregard]: oh

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[paul_tyler]: number

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[ramsey_d_smith]: ah

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[paul_tyler]: of interests and you know ramsey you’ve
been very well steeped in the long term

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[paul_tyler]: care environment you know another side of
our business we’ve been focused on mediccare advantage

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[paul_tyler]: mids up and today we have a
special

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[Tom Beauregard]: oh

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[paul_tyler]: co host laura dinan haber who is
runs our innovation program at nassau and we

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[paul_tyler]: really

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[ramsey_d_smith]: yeah

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[paul_tyler]: have talked much about this laura you
and i do another podcast space ifically on

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[paul_tyler]: innovation in the insurance space do you
want to just give a quick

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[Tom Beauregard]: yah

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[paul_tyler]: intruinterms of what you do and

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[Tom Beauregard]: yah

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[paul_tyler]: maybe just kind of set up the
talk about the event we held a cup

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[paul_tyler]: weeks ago in hartford connecticut

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[ramsey_d_smith]: oh

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[laura_dinan_haber]: absolutely

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[paul_tyler]: m

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[laura_dinan_haber]: thanks so much paul it’s great to
be

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[ramsey_d_smith]: ah

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[laura_dinan_haber]: back

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[Tom Beauregard]: okay

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[laura_dinan_haber]: on tas here it’s been a while
ramsey fabulous to see you as always

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[paul_tyler]: oh

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[laura_dinan_haber]: so innovation program manager for nassau re
imagined so within nassau financial group we have

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[laura_dinan_haber]: a insure tech and retire tech incubator
i am the proud program manager kind of

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[laura_dinan_haber]: working through and creating happy collisions if
you will giving people the opportunity to share

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[laura_dinan_haber]: their stories connecting them with the individual
s not only within hartford connecticut but the

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[laura_dinan_haber]: larger new england market and across the
world as well on june twenty second we

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[laura_dinan_haber]: hosted what we called the retired tech
form in our office within hartford and over

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[laura_dinan_haber]: one

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[Tom Beauregard]: oh

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[laura_dinan_haber]: and individuals paid us a visit both
virtually and in person for six panels and

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[laura_dinan_haber]: over twenty two we like to think
of thought leaders and chains makers

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[Tom Beauregard]: oh

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[laura_dinan_haber]: not only with the insurance space but
the retire ment space as well so really

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[paul_tyler]: m

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[laura_dinan_haber]: focusing in on you know retirement insurance
and how that mash up takes

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[Tom Beauregard]: yeah

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[laura_dinan_haber]: place and we called that retired tech
and tom was with us there that that

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[laura_dinan_haber]: afternoon along with his c so it
was really exciting day for us and i’m

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[laura_dinan_haber]: happy to be here today to dive
deeper into the conversation

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[paul_tyler]: yeah no it was great and large
just to kind of back up a little

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[paul_tyler]: bit i think we had a lot
of former guests of that annuity show either

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[paul_tyler]: in the audience or on panels or
leaving panels cessions i mean right i would

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[paul_tyler]: say

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[Tom Beauregard]: oh

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[paul_tyler]: i think we had maybe twenty people
have been on the show at least

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[laura_dinan_haber]: yeah at least twenty twenty people across
to and re imagine podcast actually snapped a

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[laura_dinan_haber]: picture that i’ll throw up on social
media

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[Tom Beauregard]: ah

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[laura_dinan_haber]: later on today

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[paul_tyler]: m

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[laura_dinan_haber]: but it was amazing to see the
hands raised in the crowd as we grow

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[laura_dinan_haber]: multiple unity s but that annuity show
community is definitely something that we like to

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[laura_dinan_haber]: see flourish out there

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[paul_tyler]: well well today show is the result
of one of those happy collisions

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[Tom Beauregard]: ah

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[paul_tyler]: tom borrow guard who is the founder

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[Tom Beauregard]: oh

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[paul_tyler]: and c e o of h c
g secure is on with us and you

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[paul_tyler]: know tom welcome

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[Tom Beauregard]: thank you it’s great to be here
great to see everybody again

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[paul_tyler]: well time can you just

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[Tom Beauregard]: yeah

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[paul_tyler]: before we sort of dive in can
you tell us what is h c g

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[paul_tyler]: secure what do you do

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[Tom Beauregard]: sure

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[paul_tyler]: and what problem are you trying to
solve here

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[Tom Beauregard]: yeah i would say our focus is
we are a development company creating insurance products

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[Tom Beauregard]: that are focused on a middle income
population that is retiring without long term care

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[Tom Beauregard]: i mean that’s that would be sort
of in a sentence how i would describe

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[Tom Beauregard]: the work that we’re doing the specific
kind of bride problem that we’re addressing is

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[Tom Beauregard]: that middle income retires come into retirement
without really thinking about long term care there’s

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[Tom Beauregard]: a mis perception amongst a large percentage
of people that medic care somehow cover long

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[Tom Beauregard]: term cure expenses seventy percent of us
will need long term care

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[paul_tyler]: m

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[Tom Beauregard]: before the end of our lives and
it’s it really it bankrupts people

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[paul_tyler]: yeah

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[Tom Beauregard]: late in life this issue and it
also creates kind of chaos for families as

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[Tom Beauregard]: folks and there eighties who suddenly find
themselves in a position where they don’t have

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[Tom Beauregard]: savings left they’ve gone through the spend
down process they need support with activities of

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[Tom Beauregard]: daily living um m and their adult
children have to step in and that kind

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[Tom Beauregard]: of disrupts their lives and their retirement
savings so that’s the you know very broadly

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[Tom Beauregard]: the market that we’re focused on

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[paul_tyler]: yeah yeah and and tell us maybe
tell us a little bit about your background

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[paul_tyler]: how do you how do you get
to the space

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[Tom Beauregard]: i mean kind of two parts to
this i was prior to founding h c

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[Tom Beauregard]: g i was the chief innovation officer
united health group and i held that position

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[Tom Beauregard]: for fifteen years um and basically i
ran research and development for both the insurance

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[Tom Beauregard]: side of the house united health care
but also the care services side of the

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[Tom Beauregard]: house optim um m a professional perspective
i left united with this model in mind

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[Tom Beauregard]: just because my team did get involved
with some of the long term care insurers

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[Tom Beauregard]: um m they were moving into sort
of insolvency and without getting over the detailed

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[Tom Beauregard]: we were basically trying to intervene help
the policy holder who had a an insurance

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[Tom Beauregard]: policy from a long term care insure
um with home assessments and help with home

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[Tom Beauregard]: modifications and the sort of the short
story is we are unable to engage because

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[Tom Beauregard]: what we learned through that process was
the people that have been pre funding long

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[Tom Beauregard]: term care policies were you know frankly
not willing to engage with the insure they

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[Tom Beauregard]: were worried that somehow

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[paul_tyler]: m

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[Tom Beauregard]: it had something to do with underwriting
or the stability of their policy um on

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[Tom Beauregard]: a personal level my parents both went
through a decline late in life and i

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[Tom Beauregard]: was thinking i’d be able to sort
this out as someone who really knew the

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[Tom Beauregard]: insurance markets and frankly it was chaos
you know understanding what medicure pays for what

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[Tom Beauregard]: it doesn’t try to make transition plans
for my parents

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[paul_tyler]: oh

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[Tom Beauregard]: without objective support really really difficult so
when i came out of united i started

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[Tom Beauregard]: to fix on this space and really
the problem for middle income families i mean

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[Tom Beauregard]: wealthy people can either sell fund or
they have long term care and a very

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[Tom Beauregard]: low income people medicated covers long term
care services so it’s that large population in

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[Tom Beauregard]: the middle that that need support with
new insurance solutions and frankly navigation

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[ramsey_d_smith]: so tom i had i had a
question but when is pardon me when is

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[ramsey_d_smith]: when is an appropriate time for folks
to start thinking about this

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[paul_tyler]: ah

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[ramsey_d_smith]: like at what age at what age
and somebody sort

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[Tom Beauregard]: oh

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[ramsey_d_smith]: of economically buy one of your policies

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[Tom Beauregard]: yeah

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[ramsey_d_smith]: and have something that

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[Tom Beauregard]: oh

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[ramsey_d_smith]: is sort of that will work

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[Tom Beauregard]: oh

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[ramsey_d_smith]: economically versus their retirement

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[Tom Beauregard]: you know i would say so the
obvious answer is that it’s all entry age

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[Tom Beauregard]: pricing it so both of our products
and we’ve got two products in forty eight

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[Tom Beauregard]: states

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[ramsey_d_smith]: eh

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[Tom Beauregard]: one is called home care secure what
it’s called home life secure um people can

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[Tom Beauregard]: buy as early as eighteen i have
absolutely no expectation that we’re going to see

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[Tom Beauregard]: young folks thinking about one term care
i think

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[ramsey_d_smith]: yeah

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[Tom Beauregard]: what we’re seeing is people are starting
to buy in their you know their contemplating

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[Tom Beauregard]: insurance their contemplating retirement he might have
had an experience or don’t be going through

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[Tom Beauregard]: an experience with their own parents where
they’re

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[paul_tyler]: oh

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[Tom Beauregard]: understanding how expensive this is what’s covered
what’s not covered so i think reasonably what

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[Tom Beauregard]: we can expect is that people between
the ages of fifty and seventy are kind

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[Tom Beauregard]: of the prime buyers for product for
product like this

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[paul_tyler]: yeah well

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[Tom Beauregard]: yeah

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[paul_tyler]: the demand is it’s been enormous for
long term care you know

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[Tom Beauregard]: oh

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[paul_tyler]: it has been forever

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[Tom Beauregard]: oh

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[paul_tyler]: it’s just what’s the price

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[Tom Beauregard]: yeah

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[paul_tyler]: and you know what happens that price

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[ramsey_d_smith]: kay

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[paul_tyler]: over a period of time same thing
with with you know medica everybody’s

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[Tom Beauregard]: right

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[paul_tyler]: got to get it lot of decisions
around well what do i get what’s included

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[paul_tyler]: what’s x or what’s free and how
long is it free um is this like

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[paul_tyler]: an entirely like new category product do
you have

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[Tom Beauregard]: yeah

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[paul_tyler]: a do you have any drew competitors
in the space

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[Tom Beauregard]: it is a new category

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[ramsey_d_smith]: yeah

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[Tom Beauregard]: i mean there are hybrid products that
sit above these products that they’re more expensive

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[Tom Beauregard]: they’re medically under written i mean just
to be specific we’re offering coverage up to

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[Tom Beauregard]: a thousand dollars

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[paul_tyler]: oh

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[Tom Beauregard]: he’s going to give someone

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[paul_tyler]: ah

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[Tom Beauregard]: a reasonable level of insurance

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[ramsey_d_smith]: oh

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[Tom Beauregard]: whether it’s for at home care or
even for a short time institutional

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[ramsey_d_smith]: yea

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[Tom Beauregard]: m none

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[ramsey_d_smith]: oh

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[Tom Beauregard]: of these products are medically underwritten so
we’re targeting ninety percent acceptance

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[paul_tyler]: oh

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[Tom Beauregard]: rates and that’s what scene so if
you think about sort of the long term

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[Tom Beauregard]: care market traditional

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[paul_tyler]: oh

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[Tom Beauregard]: products or hybrid products

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[paul_tyler]: oh

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[Tom Beauregard]: they’re medically underwritten they’re much more expensive
and they tend to have higher rejection rates

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[paul_tyler]: oh

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[Tom Beauregard]: thirty to thirty five per cent because
they’re medically underwritten so really what we’re targeting

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[Tom Beauregard]: are products that are adequate have

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[ramsey_d_smith]: m

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[Tom Beauregard]: very high acceptance rates and are much
lower cost

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[paul_tyler]: m

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[Tom Beauregard]: for that middle income population and then
the other sort of important element s that

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[Tom Beauregard]: we’re integrating support model for the family
so long before they might need the insurance

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[Tom Beauregard]: or offering people help with things

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[paul_tyler]: oh

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[Tom Beauregard]: like advanced care plans with wills it
it’s really the percentage of people that don’t

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[Tom Beauregard]: have wills in this middle income class
is really high that creates havoc for families

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[Tom Beauregard]: later in life or offering support in
the care co ordination councilors so we’ve you

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[Tom Beauregard]: know we’ve we’ve basically

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[laura_dinan_haber]: yeah

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[Tom Beauregard]: surrounded

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[paul_tyler]: yeah

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[Tom Beauregard]: these insurance products with support services for
the family

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[laura_dinan_haber]: so tom how do you

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[Tom Beauregard]: okay

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[laura_dinan_haber]: how do you work to engage potential
customers you talked about you know that previously

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[laura_dinan_haber]: you dealt with being unable to engage
dealing with chaos when

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[Tom Beauregard]: yeah

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[laura_dinan_haber]: finding support when going through

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[ramsey_d_smith]: yeah

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[laura_dinan_haber]: your own personal journey how are you
working to engage potential customers with the

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[Tom Beauregard]: it’s

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[laura_dinan_haber]: products

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[Tom Beauregard]: a great question and i don’t have
data lore that would suggest that we can’t

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[Tom Beauregard]: so just to be really clear

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[laura_dinan_haber]: hm

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[Tom Beauregard]: when someone buys a home life secure
policy or home care secure policy as part

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[Tom Beauregard]: of the fulfillment package you know we’re
going out and telling people what they have

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[Tom Beauregard]: access to you can do this annual
assessment with us you can take ad advantage

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[Tom Beauregard]: of our care coordinators we can help
you with a will so we’re communicating with

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[Tom Beauregard]: members were still early on so i
can’t tell you that we are engaging and

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[Tom Beauregard]: that’s one of the hardest parts of
sort of any insurance model my hope is

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[Tom Beauregard]: when we’re doing this outreach early in
someone’s retirement you know someone is sixty five

228
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[Tom Beauregard]: has just bought this policy their healthy
will stand a better chance and i will

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[Tom Beauregard]: also say just from a marketing standpoint
the sort of the surrounding service models are

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[Tom Beauregard]: are helping brokers like it consumers like
it sort of they understand the value proposition

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[paul_tyler]: so are you selling direct consumer you
selling through agents are you

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[Tom Beauregard]: oh

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[paul_tyler]: selling through you know partners like a
r p

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[Tom Beauregard]: um we are selling through a large
network of of agents so we’ve got like

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[Tom Beauregard]: am wins is the largest wholesale brooker
in the country is selling this to affinity

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[Tom Beauregard]: groups throughout they’re selling it to retire
groups

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[paul_tyler]: yeah

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[Tom Beauregard]: we have

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[paul_tyler]: oh

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[Tom Beauregard]: and to be like l t c
i partners they’re the largest seller of longtrmcare

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[Tom Beauregard]: in the country we’ve got about a
dozen national very different similar employer platforms some

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[paul_tyler]: oh

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[Tom Beauregard]: are direct to consumer primary distribution right
now is through these very large brokerage

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[paul_tyler]: oh

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[Tom Beauregard]: entities we do have the capability to
sell direct to consumer um m so it’s

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[Tom Beauregard]: it’s affinity groups its employers its individuals
but right now it’s all through these these

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[Tom Beauregard]: large broker channels

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[laura_dinan_haber]: yeah and i can see the value
here i mean

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[Tom Beauregard]: ah

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[paul_tyler]: yeah

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[laura_dinan_haber]: just a few weeks ago we went
through and my husband’s grandfather passed away and

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[laura_dinan_haber]: where the power of attorney were working
through the documents working through all of the

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[laura_dinan_haber]: things you had and earlier in the
introduction and if someone handed me this piece

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[laura_dinan_haber]: of paper or this q

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[Tom Beauregard]: yeah

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00:12:07,042 –> 00:12:10,528
[laura_dinan_haber]: r code or this website as we’re
exiting the funeral home having

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[Tom Beauregard]: yeah

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00:12:10,588 –> 00:12:14,554
[laura_dinan_haber]: to set all this stuff up it
would be like yep the value is here

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[Tom Beauregard]: yeah

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[laura_dinan_haber]: absolutely we’re going to insure everyone around
us that we don’t need to go through

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[laura_dinan_haber]: this again

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[Tom Beauregard]: it creates chaos for families you know
and

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[laura_dinan_haber]: hm

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[Tom Beauregard]: the other thing that happens

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[paul_tyler]: m

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[Tom Beauregard]: and this is much more at

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[paul_tyler]: yeah

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00:12:26,020 –> 00:12:29,506
[Tom Beauregard]: an emotional level but people don’t talk
about sort of ended life plants with the

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[Tom Beauregard]: with their adult children and and adult
children

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[paul_tyler]: m

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[Tom Beauregard]: don’t know sort of what their parents
financial circumstances are until it’s too late until

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[Tom Beauregard]: they’re

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[paul_tyler]: m

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[Tom Beauregard]: spent down

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[paul_tyler]: yeah

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[Tom Beauregard]: they need functional support and then these
kids who are in their fifties and sixties

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[Tom Beauregard]: need to step in we just just
did a survey with an outside foundation that

278
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[Tom Beauregard]: came in not for profit that’s focused
on the elder pair space and they went

279
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[Tom Beauregard]: to four hundred consumers who are in
this middle income category and the results were

280
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[Tom Beauregard]: stunning just how little people know about
sort of the risk of long term care

281
00:13:06,821 –> 00:13:09,286
[Tom Beauregard]: the expense of long term care what
medic care covers

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00:13:09,265 –> 00:13:09,285
[paul_tyler]: m

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00:13:09,366 –> 00:13:15,091
[Tom Beauregard]: what it doesn’t cover of the four
hundred people that were surveyed about a hundred

284
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[Tom Beauregard]: had had a care giver experience so
we were able to segment a little bit

285
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[Tom Beauregard]: and people that had a care giver

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00:13:19,535 –> 00:13:19,755
[ramsey_d_smith]: yeah

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00:13:19,558 –> 00:13:25,557
[Tom Beauregard]: experience m very different right they understood
that that it’s expensive that it’s not covered

288
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[Tom Beauregard]: that

289
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[ramsey_d_smith]: yeah

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[Tom Beauregard]: documentation and having plans in place are
critical so really kind of interesting

291
00:13:31,398 –> 00:13:31,563
[ramsey_d_smith]: yeah

292
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[Tom Beauregard]: results

293
00:13:36,113 –> 00:13:36,194
[Tom Beauregard]: ah

294
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[ramsey_d_smith]: oh yeah

295
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[paul_tyler]: and

296
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[Tom Beauregard]: yeah

297
00:13:40,338 –> 00:13:44,305
[paul_tyler]: a real basic question and i could
i can imagine the answer could be ending

298
00:13:44,345 –> 00:13:47,931
[paul_tyler]: with the above is this a life
insurance policy is this an annuity

299
00:13:47,828 –> 00:13:48,009
[Tom Beauregard]: yeah

300
00:13:48,091 –> 00:13:48,392
[paul_tyler]: or is it

301
00:13:48,360 –> 00:13:48,582
[Tom Beauregard]: yes

302
00:13:48,365 –> 00:13:48,606
[ramsey_d_smith]: oh

303
00:13:48,632 –> 00:13:49,774
[paul_tyler]: a health insurance policy

304
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[Tom Beauregard]: so home

305
00:13:50,095 –> 00:13:50,338
[paul_tyler]: oh

306
00:13:50,314 –> 00:13:54,833
[Tom Beauregard]: care secure an indemnity policy it’s a
you know it’s a user

307
00:13:54,695 –> 00:13:54,715
[ramsey_d_smith]: m

308
00:13:54,873 –> 00:14:03,910
[Tom Beauregard]: to lose at low cost no medical
underwriting indemnity policy home life secure is a

309
00:14:04,030 –> 00:14:09,800
[Tom Beauregard]: whole life policy it’s a hybrid with
accelerated benefits and that’s

310
00:14:09,725 –> 00:14:10,402
[ramsey_d_smith]: ye

311
00:14:09,835 –> 00:14:10,097
[paul_tyler]: yeah

312
00:14:09,960 –> 00:14:12,805
[Tom Beauregard]: you know we went through the interstate
compact on that we have coverage in forty

313
00:14:12,865 –> 00:14:18,283
[Tom Beauregard]: eight states we only launched home life
secure about a month ago so there are

314
00:14:18,323 –> 00:14:20,871
[Tom Beauregard]: two different products and the whole idea
and we have

315
00:14:21,025 –> 00:14:21,045
[paul_tyler]: m

316
00:14:21,051 –> 00:14:25,812
[Tom Beauregard]: others in development the whole ideas to
have products in a portfolio

317
00:14:25,355 –> 00:14:26,045
[ramsey_d_smith]: oh

318
00:14:26,193 –> 00:14:29,999
[Tom Beauregard]: that match this population that all have
the same set of sort of family support

319
00:14:30,080 –> 00:14:34,928
[Tom Beauregard]: services that meet different needs so if
someone wants a really low cost use it

320
00:14:34,988 –> 00:14:39,043
[Tom Beauregard]: or lose an indemnity pull c he
buy home care secure if they want a

321
00:14:39,103 –> 00:14:39,544
[Tom Beauregard]: policy

322
00:14:39,325 –> 00:14:40,090
[paul_tyler]: oh

323
00:14:39,604 –> 00:14:43,560
[Tom Beauregard]: that has a guaranteed pay out of
life insurance they buy home life secure you

324
00:14:43,620 –> 00:14:48,211
[Tom Beauregard]: could build and you guys know this
a model off an annuity with accelerated benefits

325
00:14:48,512 –> 00:14:53,585
[Tom Beauregard]: so there’s there’s a variety of different
product ideas in this space we have two

326
00:14:53,706 –> 00:14:54,408
[Tom Beauregard]: in market right now

327
00:14:58,746 –> 00:15:01,571
[ramsey_d_smith]: so you have an important services component
so there’s the financial

328
00:15:01,230 –> 00:15:01,250
[Tom Beauregard]: m

329
00:15:01,611 –> 00:15:06,599
[ramsey_d_smith]: component that services component how have you
how have you gone about building

330
00:15:06,524 –> 00:15:06,686
[Tom Beauregard]: yeah

331
00:15:06,640 –> 00:15:10,725
[ramsey_d_smith]: that out so we talk a little
bit about your distribution anne but you know

332
00:15:10,846 –> 00:15:11,306
[ramsey_d_smith]: all those

333
00:15:11,550 –> 00:15:12,075
[Tom Beauregard]: oh

334
00:15:11,886 –> 00:15:12,227
[ramsey_d_smith]: all those

335
00:15:12,265 –> 00:15:12,285
[paul_tyler]: m

336
00:15:12,327 –> 00:15:15,930
[ramsey_d_smith]: things that you’re bringing to bear that’s
a there’s there’s a lot there there’s a

337
00:15:15,950 –> 00:15:16,150
[ramsey_d_smith]: lot to

338
00:15:16,200 –> 00:15:16,482
[Tom Beauregard]: yeah

339
00:15:16,210 –> 00:15:20,554
[ramsey_d_smith]: provide how are you finding vendors or
partners to provide those services

340
00:15:20,630 –> 00:15:23,876
[Tom Beauregard]: it’s a great question i mean really
what we thought about and a lot of

341
00:15:23,896 –> 00:15:29,688
[Tom Beauregard]: this is personal experience it’s analogous to
what laura was touching on it’s if you’ve

342
00:15:29,728 –> 00:15:31,131
[Tom Beauregard]: had a personal experience in this

343
00:15:31,075 –> 00:15:31,356
[paul_tyler]: oh

344
00:15:31,251 –> 00:15:34,993
[Tom Beauregard]: area you sort of understand sort of
all the weak spots so

345
00:15:35,635 –> 00:15:35,939
[paul_tyler]: oh

346
00:15:36,030 –> 00:15:40,680
[Tom Beauregard]: we have picked categories that we think
are important things like care co ordination and

347
00:15:40,780 –> 00:15:46,121
[Tom Beauregard]: benefit advocacy helping people understand what is
medic air cover what doesn’t it cover if

348
00:15:46,161 –> 00:15:50,268
[Tom Beauregard]: you need to make a transition how
do you help a family with that transition

349
00:15:50,104 –> 00:15:50,125
[paul_tyler]: m

350
00:15:50,388 –> 00:15:54,615
[Tom Beauregard]: based on the condition of their loved
one so in that category you know we

351
00:15:54,695 –> 00:15:58,843
[Tom Beauregard]: go through a betting process by category
and we week at strategic partnership so in

352
00:15:58,883 –> 00:16:05,067
[Tom Beauregard]: that specific category we’re working with wealthy
um and wealthy has great content in this

353
00:16:05,127 –> 00:16:09,864
[Tom Beauregard]: space hey have care coordinators who are
masters in social work with a focus on

354
00:16:10,045 –> 00:16:15,472
[Tom Beauregard]: their care to help families make objective
decisions another category and i won’t i won’t

355
00:16:15,532 –> 00:16:18,838
[Tom Beauregard]: touch on all of them we’ve got
about eight strategic partners to answer your question

356
00:16:18,938 –> 00:16:24,007
[Tom Beauregard]: but in the whole area of documentation
and advanced care plans and wills working with

357
00:16:24,047 –> 00:16:29,095
[Tom Beauregard]: a company called trust and well we’ll
come in and help middle income people in

358
00:16:29,255 –> 00:16:33,242
[Tom Beauregard]: really simple ways pull a well together
pull and advance care plan together pull a

359
00:16:33,322 –> 00:16:41,533
[Tom Beauregard]: simple estate plan together if they’re at
that level work with an organization um called

360
00:16:41,674 –> 00:16:49,260
[Tom Beauregard]: liqu which is basically helping people with
social isolation with an a device and so

361
00:16:49,360 –> 00:16:52,743
[Tom Beauregard]: it’s it’s you know we have again
about half a dozen of these that

362
00:16:52,855 –> 00:16:52,875
[paul_tyler]: m

363
00:16:52,863 –> 00:16:56,247
[Tom Beauregard]: cover what we consider to be kind
of the full spectrum we’re always looking and

364
00:16:56,307 –> 00:17:01,364
[Tom Beauregard]: thinking about sort of other other problem
spots that we can fill and support families

365
00:17:01,445 –> 00:17:05,194
[Tom Beauregard]: with but right now we’ve got kind
of a suite of strategic partners that provide

366
00:17:05,234 –> 00:17:06,878
[Tom Beauregard]: these services to our insure members

367
00:17:09,805 –> 00:17:13,331
[paul_tyler]: yeah you know if you could only
two two sides to the

368
00:17:13,320 –> 00:17:14,010
[Tom Beauregard]: oh

369
00:17:13,371 –> 00:17:16,456
[paul_tyler]: question one is if you look through
the services that you’re providing and realize you

370
00:17:16,617 –> 00:17:20,824
[paul_tyler]: you’re sort of just kind of beginning
the journey and you could only offer one

371
00:17:21,044 –> 00:17:23,127
[paul_tyler]: of those services you offer which would
it be

372
00:17:23,101 –> 00:17:23,869
[Tom Beauregard]: it’s a great question

373
00:17:24,168 –> 00:17:24,749
[paul_tyler]: and also

374
00:17:24,840 –> 00:17:25,040
[Tom Beauregard]: oh

375
00:17:25,550 –> 00:17:29,185
[paul_tyler]: i think if you look through those
services what

376
00:17:29,199 –> 00:17:29,220
[Tom Beauregard]: m

377
00:17:29,225 –> 00:17:32,333
[paul_tyler]: didn’t make it on the list right
you would have thought would have made it

378
00:17:32,393 –> 00:17:35,280
[paul_tyler]: on there but you didn’t it was
too complicated too expensive

379
00:17:36,530 –> 00:17:42,292
[Tom Beauregard]: ah those are great questions i would
say that it’s the moment of crisis that’s

380
00:17:42,332 –> 00:17:47,591
[Tom Beauregard]: hardest for families so if i had
to pick a single a strategic partner it

381
00:17:47,631 –> 00:17:50,674
[Tom Beauregard]: would be wealthy right it’s that it’s
that organization

382
00:17:50,366 –> 00:17:50,407
[paul_tyler]: hm

383
00:17:50,714 –> 00:17:51,514
[Tom Beauregard]: that can come in and say

384
00:17:51,514 –> 00:17:51,535
[paul_tyler]: m

385
00:17:51,594 –> 00:17:52,275
[Tom Beauregard]: jes we don’t know what

386
00:17:52,264 –> 00:17:52,285
[paul_tyler]: m

387
00:17:52,335 –> 00:17:56,439
[Tom Beauregard]: to do you know dad seems to
be showing sort of cognitive decline

388
00:17:56,561 –> 00:17:56,602
[paul_tyler]: a

389
00:17:57,040 –> 00:18:00,967
[Tom Beauregard]: mom has pulmonary disease we’d love to
keep them in their home somebody that can

390
00:18:01,047 –> 00:18:08,398
[Tom Beauregard]: really help you in a deep way
assess what’s happening then offer really great objective

391
00:18:08,459 –> 00:18:13,387
[Tom Beauregard]: advice on how someone can continue to
age at home or can’t frankly so if

392
00:18:13,447 –> 00:18:17,094
[Tom Beauregard]: i were going to pick one partner
it’s that moment a crisis support that i

393
00:18:17,154 –> 00:18:24,750
[Tom Beauregard]: think is most important i think that
the categories that we’ve kind of avoided things

394
00:18:24,830 –> 00:18:28,656
[Tom Beauregard]: that you see in a lot of
just basic association plans that you know you

395
00:18:28,676 –> 00:18:32,913
[Tom Beauregard]: can make money on but they’re not
you know this counts on things like dental

396
00:18:33,715 –> 00:18:39,492
[Tom Beauregard]: and vision so what we’ve really been
fated on is how do you give someone

397
00:18:39,593 –> 00:18:43,645
[Tom Beauregard]: support with the elder care experience how
do you have a family support throughout the

398
00:18:43,685 –> 00:18:48,115
[Tom Beauregard]: course of their retirement um and we’ve
stayed away from sort of a lot of

399
00:18:48,375 –> 00:18:56,312
[Tom Beauregard]: what you typically see in in association
plans the basic discount programs that aren’t focused

400
00:18:56,433 –> 00:18:57,437
[Tom Beauregard]: on elder care issues

401
00:19:01,483 –> 00:19:07,083
[laura_dinan_haber]: now you mentioned liquththe a device that
helps with the social isolation when you are

402
00:19:07,163 –> 00:19:10,369
[laura_dinan_haber]: researching you know in your previous role
and then obviously as you’re working with your

403
00:19:10,389 –> 00:19:14,836
[laura_dinan_haber]: products now how much of that social
isolation do you think plays a role in

404
00:19:14,876 –> 00:19:17,080
[laura_dinan_haber]: the whole experience of aging whether it’s
for the

405
00:19:17,095 –> 00:19:17,337
[paul_tyler]: oh

406
00:19:17,160 –> 00:19:17,561
[laura_dinan_haber]: individual

407
00:19:17,281 –> 00:19:17,564
[Tom Beauregard]: huge

408
00:19:17,661 –> 00:19:19,006
[laura_dinan_haber]: or the family that surround um

409
00:19:18,951 –> 00:19:24,865
[Tom Beauregard]: it’s huge people are you know even
before covid it’s been a massive issue but

410
00:19:25,045 –> 00:19:29,833
[Tom Beauregard]: but people who are living at home
you know maybe widowed maybe not i mean

411
00:19:30,193 –> 00:19:34,287
[Tom Beauregard]: as soon as someone retires they start
to get isolated right and i’m not justin

412
00:19:34,389 –> 00:19:39,028
[Tom Beauregard]: at i was sixty five year old
who who’s really active needs an a device

413
00:19:39,168 –> 00:19:41,126
[Tom Beauregard]: but the process starts

414
00:19:41,125 –> 00:19:42,235
[paul_tyler]: oh

415
00:19:41,206 –> 00:19:48,193
[Tom Beauregard]: as soon as someone retires so the
idea of intervention in this space and it’s

416
00:19:48,253 –> 00:19:51,721
[Tom Beauregard]: it’s really amazing if you look at
loq they’ve done a lot of trial work

417
00:19:52,283 –> 00:19:57,102
[Tom Beauregard]: and again we’ve ended all these partners
very very carefully the level of engagement for

418
00:19:57,182 –> 00:19:58,925
[Tom Beauregard]: people is stunning

419
00:19:59,725 –> 00:20:00,010
[paul_tyler]: yes

420
00:19:59,887 –> 00:20:04,875
[Tom Beauregard]: know that a is amazing in that
it learns how to communicate over time with

421
00:20:04,935 –> 00:20:12,414
[Tom Beauregard]: an individual they like jokes they it’s
just hysterical to watch sort of the trial

422
00:20:12,474 –> 00:20:16,290
[Tom Beauregard]: work that they’ve done and the level
of engagement that they drive and

423
00:20:16,255 –> 00:20:17,335
[paul_tyler]: yeah

424
00:20:16,390 –> 00:20:20,966
[Tom Beauregard]: also their ability to measure sort of
how isolation declines even though it’s it’s a

425
00:20:21,027 –> 00:20:26,211
[Tom Beauregard]: robot it makes it a huge difference
but then you get into things are also

426
00:20:26,291 –> 00:20:33,020
[Tom Beauregard]: important beyond social isolation like meditation compliance
i mean the l q model will allow

427
00:20:33,100 –> 00:20:36,647
[Tom Beauregard]: a family to load it with with
data so they can remind

428
00:20:36,235 –> 00:20:36,497
[paul_tyler]: oh

429
00:20:36,867 –> 00:20:38,811
[Tom Beauregard]: mom or dad to take their pills
when they get up in

430
00:20:38,785 –> 00:20:39,745
[paul_tyler]: yeah

431
00:20:38,851 –> 00:20:44,020
[Tom Beauregard]: the morning it’s just there’s all kinds
of ways to use tools like that that

432
00:20:44,181 –> 00:20:46,148
[Tom Beauregard]: are really useful and appropriate

433
00:20:48,425 –> 00:20:51,430
[paul_tyler]: yeah i saw one company called it’s
called replica

434
00:20:51,450 –> 00:20:51,571
[Tom Beauregard]: yeah

435
00:20:52,131 –> 00:20:56,679
[paul_tyler]: where you can go in and buy
your a thing and then kind of start

436
00:20:56,759 –> 00:20:58,542
[paul_tyler]: talking to and it gets to know
you i mean how

437
00:20:59,060 –> 00:20:59,180
[Tom Beauregard]: yeah

438
00:20:59,704 –> 00:21:03,410
[paul_tyler]: and then you go sally look open
up your phone and see it like hanging

439
00:21:03,470 –> 00:21:05,794
[paul_tyler]: on the wall or something i don’t
know ramsey if that would be a

440
00:21:08,595 –> 00:21:08,676
[Tom Beauregard]: ah

441
00:21:10,201 –> 00:21:11,043
[paul_tyler]: there’s somewhere there’s a

442
00:21:11,180 –> 00:21:11,260
[Tom Beauregard]: ah

443
00:21:11,363 –> 00:21:13,687
[paul_tyler]: creep creepy line somewhere that were

444
00:21:13,769 –> 00:21:14,330
[Tom Beauregard]: ah ah

445
00:21:14,469 –> 00:21:19,116
[paul_tyler]: treading here but you what’s the fur
that i mean how much you know is

446
00:21:19,136 –> 00:21:24,686
[paul_tyler]: it going to be a real person
showing up in in place in these house

447
00:21:24,726 –> 00:21:28,692
[paul_tyler]: which i think just brings having the
same journey you did and laura went

448
00:21:28,655 –> 00:21:28,935
[ramsey_d_smith]: yah

449
00:21:28,752 –> 00:21:29,053
[paul_tyler]: through

450
00:21:29,070 –> 00:21:30,210
[Tom Beauregard]: oh

451
00:21:29,774 –> 00:21:32,098
[paul_tyler]: yiks having a real person into

452
00:21:32,010 –> 00:21:32,397
[Tom Beauregard]: oh

453
00:21:32,178 –> 00:21:33,741
[paul_tyler]: a house you don’t know you can’t

454
00:21:33,750 –> 00:21:34,032
[Tom Beauregard]: oh

455
00:21:34,094 –> 00:21:34,274
[ramsey_d_smith]: yah

456
00:21:34,702 –> 00:21:36,646
[paul_tyler]: can’t bet don’t know what they’re doing

457
00:21:37,350 –> 00:21:37,511
[Tom Beauregard]: yeah

458
00:21:38,789 –> 00:21:41,514
[paul_tyler]: yes i’d be nice but it’s hard
versus

459
00:21:41,795 –> 00:21:42,815
[ramsey_d_smith]: oh

460
00:21:42,235 –> 00:21:44,178
[paul_tyler]: in something italy i mean where

461
00:21:44,300 –> 00:21:45,222
[Tom Beauregard]: yeah i mean at the

462
00:21:45,240 –> 00:21:45,380
[paul_tyler]: where

463
00:21:45,262 –> 00:21:45,422
[Tom Beauregard]: end of

464
00:21:45,420 –> 00:21:45,520
[paul_tyler]: are

465
00:21:45,462 –> 00:21:45,543
[Tom Beauregard]: the

466
00:21:45,540 –> 00:21:45,600
[paul_tyler]: we

467
00:21:45,583 –> 00:21:45,703
[Tom Beauregard]: day

468
00:21:45,641 –> 00:21:45,841
[paul_tyler]: on that

469
00:21:45,783 –> 00:21:45,943
[Tom Beauregard]: you’re

470
00:21:45,901 –> 00:21:46,462
[paul_tyler]: continuum

471
00:21:46,023 –> 00:21:46,284
[Tom Beauregard]: never

472
00:21:46,682 –> 00:21:46,802
[paul_tyler]: like

473
00:21:46,765 –> 00:21:46,965
[Tom Beauregard]: i mean

474
00:21:46,883 –> 00:21:46,963
[paul_tyler]: how

475
00:21:47,005 –> 00:21:47,125
[Tom Beauregard]: when

476
00:21:47,063 –> 00:21:47,203
[paul_tyler]: long

477
00:21:47,185 –> 00:21:48,087
[Tom Beauregard]: people need custodio

478
00:21:48,025 –> 00:21:48,387
[paul_tyler]: yes

479
00:21:48,187 –> 00:21:51,973
[Tom Beauregard]: care they need custodio care right they
need they need aids to come in and

480
00:21:52,033 –> 00:21:58,306
[Tom Beauregard]: help them put meals together help them
with mobile the issues so there’s there’s no

481
00:21:58,426 –> 00:21:59,168
[Tom Beauregard]: replacement

482
00:21:58,994 –> 00:21:59,015
[ramsey_d_smith]: m

483
00:21:59,515 –> 00:21:59,776
[paul_tyler]: oh

484
00:21:59,890 –> 00:22:05,006
[Tom Beauregard]: opportunity i think there’s a tremendous sort
of supplemental opportunity and a lot of it

485
00:22:05,067 –> 00:22:12,264
[Tom Beauregard]: is just it’s communicating its alert its
medication compliance it’s you know most people when

486
00:22:12,284 –> 00:22:16,806
[Tom Beauregard]: they move into functional decline they don’t
need that much time initially i mean if

487
00:22:16,826 –> 00:22:18,250
[Tom Beauregard]: you look at sort of what happens

488
00:22:18,175 –> 00:22:18,395
[paul_tyler]: oh

489
00:22:18,330 –> 00:22:21,930
[Tom Beauregard]: to someone when they’re eighty and they
start to have functional decline they might just

490
00:22:21,970 –> 00:22:22,631
[Tom Beauregard]: need a couple hours

491
00:22:22,544 –> 00:22:22,684
[paul_tyler]: yeah

492
00:22:22,691 –> 00:22:23,191
[Tom Beauregard]: a day five

493
00:22:23,185 –> 00:22:23,425
[paul_tyler]: oh

494
00:22:23,231 –> 00:22:26,054
[Tom Beauregard]: days a week i mean that’s we
say that all the time as people make

495
00:22:26,095 –> 00:22:28,877
[Tom Beauregard]: their plans with wealthy it’s just mom
need somebody to come in in the morning

496
00:22:29,218 –> 00:22:35,001
[Tom Beauregard]: and summon to come in in the
evening typically when that happens it goes i

497
00:22:35,041 –> 00:22:35,141
[Tom Beauregard]: mean

498
00:22:35,044 –> 00:22:35,626
[paul_tyler]: yeah oh

499
00:22:35,201 –> 00:22:39,513
[Tom Beauregard]: the trajectories is never up so people
need more time over time but

500
00:22:39,685 –> 00:22:39,928
[paul_tyler]: oh

501
00:22:39,934 –> 00:22:40,455
[Tom Beauregard]: what models

502
00:22:40,445 –> 00:22:40,725
[ramsey_d_smith]: oh

503
00:22:40,496 –> 00:22:44,153
[Tom Beauregard]: like l q do they keep people
engaged

504
00:22:43,915 –> 00:22:44,115
[paul_tyler]: yeah

505
00:22:44,934 –> 00:22:50,071
[Tom Beauregard]: they focus on medication compliance and they’re
able to alert the family if in fact

506
00:22:50,092 –> 00:22:53,398
[Tom Beauregard]: there’s an event between those custodia care
visits and my example

507
00:22:54,145 –> 00:22:54,365
[paul_tyler]: oh

508
00:22:55,260 –> 00:22:59,226
[Tom Beauregard]: i don’t think they ultimately replace but
i think their terrific

509
00:22:59,305 –> 00:22:59,525
[paul_tyler]: yeah

510
00:22:59,326 –> 00:23:01,389
[Tom Beauregard]: supplements in many different ways

511
00:23:05,010 –> 00:23:05,270
[Tom Beauregard]: oh

512
00:23:05,105 –> 00:23:09,252
[ramsey_d_smith]: so i’ve got a question about sort
of your target audience so obviously there’s the

513
00:23:09,292 –> 00:23:10,493
[ramsey_d_smith]: people that are being cared for

514
00:23:11,305 –> 00:23:11,606
[paul_tyler]: oh

515
00:23:11,425 –> 00:23:14,750
[ramsey_d_smith]: but there’s also there the care givers

516
00:23:14,845 –> 00:23:15,125
[paul_tyler]: yeah

517
00:23:14,850 –> 00:23:18,376
[ramsey_d_smith]: so the younger folks in the family
that are that often sort of pick up

518
00:23:18,456 –> 00:23:22,243
[ramsey_d_smith]: the pick up the slack to help
out their parents like who do you think

519
00:23:22,283 –> 00:23:25,377
[ramsey_d_smith]: is your primary your primary target between
those

520
00:23:25,300 –> 00:23:25,400
[Tom Beauregard]: it’s

521
00:23:25,498 –> 00:23:25,618
[ramsey_d_smith]: two

522
00:23:25,600 –> 00:23:26,742
[Tom Beauregard]: it’s it’s the

523
00:23:26,845 –> 00:23:27,345
[paul_tyler]: yeah

524
00:23:27,363 –> 00:23:31,831
[Tom Beauregard]: it’s the care giver it’s it’s it’s
someone who’s heading into retirement it’s honestly it’s

525
00:23:31,931 –> 00:23:37,836
[Tom Beauregard]: long before you have functional decline it’s
someone who is sixty years old

526
00:23:37,874 –> 00:23:37,974
[paul_tyler]: yeah

527
00:23:38,810 –> 00:23:40,793
[Tom Beauregard]: they have you know a million dollars
in

528
00:23:40,765 –> 00:23:41,285
[paul_tyler]: yeah

529
00:23:40,913 –> 00:23:44,860
[Tom Beauregard]: total worth included in that is their
house which you know is paid for that

530
00:23:44,920 –> 00:23:48,145
[Tom Beauregard]: might be worth two hundred thousand so
in my example they have eight hundred thousand

531
00:23:48,185 –> 00:23:52,519
[Tom Beauregard]: dollars and liquid assets they’re feeling pretty
good about heading into retirement but they’ve got

532
00:23:52,559 –> 00:23:52,700
[Tom Beauregard]: this

533
00:23:52,604 –> 00:23:53,105
[paul_tyler]: yeah yeah

534
00:23:52,881 –> 00:23:58,420
[Tom Beauregard]: massive blind spot which is by the
time they’re eighty and they need support liquid

535
00:23:58,501 –> 00:24:02,710
[Tom Beauregard]: assets are gone they still have social
security they still have medic care they don’t

536
00:24:02,730 –> 00:24:04,393
[Tom Beauregard]: have any money left um

537
00:24:04,524 –> 00:24:05,046
[paul_tyler]: yeah yeah

538
00:24:04,994 –> 00:24:06,637
[Tom Beauregard]: that’s our target audience

539
00:24:06,533 –> 00:24:06,734
[paul_tyler]: yeah

540
00:24:06,697 –> 00:24:06,917
[Tom Beauregard]: is that

541
00:24:06,925 –> 00:24:07,105
[paul_tyler]: oh

542
00:24:07,057 –> 00:24:12,097
[Tom Beauregard]: sixty year old that sort of economic
condition heading towards retirement

543
00:24:18,695 –> 00:24:18,956
[ramsey_d_smith]: yeah

544
00:24:19,838 –> 00:24:21,200
[paul_tyler]: so so so you’re describing

545
00:24:21,110 –> 00:24:21,294
[Tom Beauregard]: yeah

546
00:24:21,461 –> 00:24:23,103
[paul_tyler]: a segment that is

547
00:24:23,134 –> 00:24:23,255
[ramsey_d_smith]: yeah

548
00:24:23,444 –> 00:24:27,230
[paul_tyler]: pretty much kind of who a lot
of the listeners are selling annuities or doing

549
00:24:27,310 –> 00:24:29,434
[paul_tyler]: retire plans for dat

550
00:24:29,726 –> 00:24:29,847
[ramsey_d_smith]: yeah

551
00:24:30,436 –> 00:24:36,546
[paul_tyler]: do you see this your product as
the start of the conversation that leads

552
00:24:36,360 –> 00:24:36,660
[Tom Beauregard]: yeah

553
00:24:36,646 –> 00:24:37,708
[paul_tyler]: to the

554
00:24:37,641 –> 00:24:37,782
[Tom Beauregard]: yeah

555
00:24:38,429 –> 00:24:39,090
[paul_tyler]: retirement planner

556
00:24:39,104 –> 00:24:39,204
[Tom Beauregard]: it’s

557
00:24:39,130 –> 00:24:39,310
[paul_tyler]: do you

558
00:24:39,244 –> 00:24:39,464
[Tom Beauregard]: a great

559
00:24:39,350 –> 00:24:39,611
[paul_tyler]: see that

560
00:24:39,524 –> 00:24:39,785
[Tom Beauregard]: question

561
00:24:39,651 –> 00:24:39,771
[paul_tyler]: this

562
00:24:39,665 –> 00:24:39,945
[ramsey_d_smith]: oh

563
00:24:39,825 –> 00:24:40,706
[Tom Beauregard]: pull i think it’s a

564
00:24:40,693 –> 00:24:40,833
[paul_tyler]: your

565
00:24:40,786 –> 00:24:41,207
[Tom Beauregard]: piece of

566
00:24:41,153 –> 00:24:41,354
[paul_tyler]: sort of

567
00:24:41,327 –> 00:24:41,908
[Tom Beauregard]: i don’t think it’s

568
00:24:41,955 –> 00:24:42,215
[paul_tyler]: piece

569
00:24:41,988 –> 00:24:42,349
[Tom Beauregard]: i don’t think

570
00:24:42,396 –> 00:24:43,157
[paul_tyler]: of that retirement

571
00:24:42,971 –> 00:24:43,575
[Tom Beauregard]: lead with sort

572
00:24:43,537 –> 00:24:43,638
[paul_tyler]: and

573
00:24:43,615 –> 00:24:43,675
[Tom Beauregard]: of

574
00:24:43,698 –> 00:24:43,818
[paul_tyler]: that

575
00:24:43,756 –> 00:24:43,917
[Tom Beauregard]: long

576
00:24:43,878 –> 00:24:43,978
[paul_tyler]: i’m

577
00:24:43,977 –> 00:24:46,240
[Tom Beauregard]: term care because people

578
00:24:46,462 –> 00:24:46,703
[paul_tyler]: you know

579
00:24:46,701 –> 00:24:46,942
[Tom Beauregard]: sort of

580
00:24:47,525 –> 00:24:47,807
[ramsey_d_smith]: yeah

581
00:24:47,563 –> 00:24:52,052
[Tom Beauregard]: most people don’t expect even though again
from an actuarial standpoint the vast majority of

582
00:24:52,132 –> 00:24:53,796
[Tom Beauregard]: us will need support but

583
00:24:53,755 –> 00:24:54,056
[paul_tyler]: oh

584
00:24:53,836 –> 00:24:55,118
[Tom Beauregard]: it’s i don’t think it’s i think

585
00:24:55,906 –> 00:24:55,987
[ramsey_d_smith]: ah

586
00:24:56,061 –> 00:24:59,056
[Tom Beauregard]: lead with income and you follow with
sort of long term

587
00:24:58,915 –> 00:24:59,215
[paul_tyler]: yeah

588
00:24:59,136 –> 00:24:59,337
[Tom Beauregard]: care

589
00:24:59,435 –> 00:24:59,696
[ramsey_d_smith]: yeah

590
00:24:59,999 –> 00:25:01,686
[Tom Beauregard]: and to me there’s to you to
your point

591
00:25:02,180 –> 00:25:02,400
[paul_tyler]: yeah

592
00:25:03,540 –> 00:25:09,232
[Tom Beauregard]: there’s tremendous correlation between the population that’s
buying annuities because they’re worried about running out

593
00:25:09,292 –> 00:25:10,056
[Tom Beauregard]: of income

594
00:25:10,714 –> 00:25:10,915
[paul_tyler]: yeah

595
00:25:10,831 –> 00:25:10,933
[Tom Beauregard]: they

596
00:25:10,915 –> 00:25:11,175
[paul_tyler]: oh

597
00:25:11,014 –> 00:25:15,485
[Tom Beauregard]: get old the population that would buy
a product like home life secure home care

598
00:25:15,565 –> 00:25:19,126
[Tom Beauregard]: secure and that’s that’s the exact same
demographic

599
00:25:19,675 –> 00:25:19,695
[paul_tyler]: m

600
00:25:24,935 –> 00:25:25,175
[ramsey_d_smith]: oh

601
00:25:32,610 –> 00:25:32,832
[Tom Beauregard]: oh

602
00:25:32,889 –> 00:25:32,989
[paul_tyler]: so

603
00:25:34,920 –> 00:25:35,503
[Tom Beauregard]: uh

604
00:25:35,574 –> 00:25:35,994
[paul_tyler]: it’s it’s

605
00:25:36,065 –> 00:25:36,267
[ramsey_d_smith]: oh

606
00:25:36,134 –> 00:25:36,515
[paul_tyler]: fun to make

607
00:25:36,429 –> 00:25:36,450
[Tom Beauregard]: h

608
00:25:36,615 –> 00:25:37,116
[paul_tyler]: do something

609
00:25:36,780 –> 00:25:37,740
[Tom Beauregard]: oh

610
00:25:37,316 –> 00:25:37,417
[paul_tyler]: new

611
00:25:37,383 –> 00:25:37,505
[ramsey_d_smith]: yeah

612
00:25:37,477 –> 00:25:38,999
[paul_tyler]: and original okay but you know

613
00:25:39,074 –> 00:25:39,488
[ramsey_d_smith]: m oh

614
00:25:39,200 –> 00:25:41,143
[paul_tyler]: if i use the record

615
00:25:41,015 –> 00:25:41,376
[ramsey_d_smith]: yeah

616
00:25:41,263 –> 00:25:42,826
[paul_tyler]: store analogy which it doesn’t even

617
00:25:42,731 –> 00:25:42,853
[Tom Beauregard]: yeah

618
00:25:42,906 –> 00:25:46,953
[paul_tyler]: like don’t ee really apply any more
but you walk in and say okay

619
00:25:46,972 –> 00:25:47,153
[ramsey_d_smith]: yeah

620
00:25:46,993 –> 00:25:47,293
[paul_tyler]: this is

621
00:25:48,660 –> 00:25:48,906
[Tom Beauregard]: uh

622
00:25:48,796 –> 00:25:49,457
[paul_tyler]: you know i’ll

623
00:25:49,419 –> 00:25:49,440
[Tom Beauregard]: h

624
00:25:49,477 –> 00:25:50,298
[paul_tyler]: make myself sound even

625
00:25:50,255 –> 00:25:50,536
[ramsey_d_smith]: yah

626
00:25:50,338 –> 00:25:55,127
[paul_tyler]: older than wait bob dillon was in
the the folk

627
00:25:55,214 –> 00:25:55,355
[ramsey_d_smith]: yah

628
00:25:56,290 –> 00:25:59,639
[paul_tyler]: o sic where do we put him
known starts to sing something new

629
00:26:00,090 –> 00:26:00,750
[Tom Beauregard]: oh

630
00:26:00,241 –> 00:26:04,599
[paul_tyler]: becase there’s no and i think about
the tools a lot of our agents used

631
00:26:04,640 –> 00:26:06,463
[paul_tyler]: for quotes right like well

632
00:26:07,560 –> 00:26:08,460
[Tom Beauregard]: yeah

633
00:26:07,945 –> 00:26:11,190
[paul_tyler]: go to life quotes and my life
illustration quote i’m gonna go to my annuity

634
00:26:11,760 –> 00:26:13,416
[Tom Beauregard]: yeah yeah

635
00:26:14,236 –> 00:26:14,756
[paul_tyler]: how do you break

636
00:26:14,740 –> 00:26:14,880
[Tom Beauregard]: yeah

637
00:26:14,837 –> 00:26:15,077
[paul_tyler]: into it

638
00:26:15,180 –> 00:26:15,260
[Tom Beauregard]: so

639
00:26:15,297 –> 00:26:15,758
[paul_tyler]: how do you break

640
00:26:15,640 –> 00:26:15,881
[Tom Beauregard]: i will

641
00:26:15,818 –> 00:26:15,938
[paul_tyler]: into

642
00:26:15,941 –> 00:26:16,061
[Tom Beauregard]: say

643
00:26:15,998 –> 00:26:16,339
[paul_tyler]: a space

644
00:26:16,121 –> 00:26:16,281
[Tom Beauregard]: this

645
00:26:16,379 –> 00:26:16,519
[paul_tyler]: like

646
00:26:16,381 –> 00:26:16,641
[Tom Beauregard]: i think

647
00:26:16,559 –> 00:26:16,700
[paul_tyler]: this

648
00:26:17,122 –> 00:26:17,182
[Tom Beauregard]: one

649
00:26:17,140 –> 00:26:17,241
[paul_tyler]: it’s

650
00:26:17,242 –> 00:26:17,762
[Tom Beauregard]: we are selling

651
00:26:17,581 –> 00:26:17,902
[paul_tyler]: it’s not

652
00:26:17,823 –> 00:26:18,243
[Tom Beauregard]: policies

653
00:26:17,982 –> 00:26:18,222
[paul_tyler]: quite

654
00:26:18,583 –> 00:26:19,404
[Tom Beauregard]: in forty eight states

655
00:26:19,284 –> 00:26:19,604
[paul_tyler]: there’s not

656
00:26:19,584 –> 00:26:19,644
[Tom Beauregard]: so

657
00:26:19,665 –> 00:26:19,685
[paul_tyler]: a

658
00:26:19,724 –> 00:26:19,945
[Tom Beauregard]: there’s

659
00:26:19,745 –> 00:26:20,286
[paul_tyler]: way to slap

660
00:26:20,205 –> 00:26:20,425
[Tom Beauregard]: there’s

661
00:26:20,346 –> 00:26:20,686
[paul_tyler]: this thing

662
00:26:20,565 –> 00:26:20,885
[Tom Beauregard]: evidence

663
00:26:20,786 –> 00:26:21,287
[paul_tyler]: in easily

664
00:26:20,965 –> 00:26:21,426
[Tom Beauregard]: of sales

665
00:26:21,488 –> 00:26:21,988
[paul_tyler]: into the system

666
00:26:22,127 –> 00:26:22,267
[Tom Beauregard]: were

667
00:26:22,289 –> 00:26:22,309
[paul_tyler]: a

668
00:26:22,327 –> 00:26:22,487
[Tom Beauregard]: still

669
00:26:22,369 –> 00:26:22,569
[paul_tyler]: lot of

670
00:26:22,547 –> 00:26:22,587
[Tom Beauregard]: in

671
00:26:22,609 –> 00:26:22,710
[paul_tyler]: the

672
00:26:22,667 –> 00:26:23,708
[Tom Beauregard]: start up mode but there’s

673
00:26:23,551 –> 00:26:23,972
[paul_tyler]: advisers

674
00:26:23,988 –> 00:26:24,048
[Tom Beauregard]: you

675
00:26:24,052 –> 00:26:24,152
[paul_tyler]: are

676
00:26:24,088 –> 00:26:24,369
[Tom Beauregard]: know this

677
00:26:24,252 –> 00:26:24,533
[paul_tyler]: using

678
00:26:24,429 –> 00:26:27,519
[Tom Beauregard]: isn’t um m there’s there’s evidence

679
00:26:27,385 –> 00:26:27,565
[paul_tyler]: oh

680
00:26:27,600 –> 00:26:33,273
[Tom Beauregard]: of sales i think more importantly it’s
the way these large rokerage

681
00:26:33,375 –> 00:26:33,435
[paul_tyler]: hm

682
00:26:33,414 –> 00:26:38,364
[Tom Beauregard]: chains have have reacted this space to
say there’s a need so if i look

683
00:26:38,465 –> 00:26:43,861
[Tom Beauregard]: at whether it’s a long term care
seller or a medic care seller or an

684
00:26:43,921 –> 00:26:45,305
[Tom Beauregard]: affinity group or employer

685
00:26:44,875 –> 00:26:45,175
[paul_tyler]: oh

686
00:26:45,405 –> 00:26:52,372
[Tom Beauregard]: platform all recognize this as a need
and i think the marketing of this is

687
00:26:52,432 –> 00:26:55,843
[Tom Beauregard]: to say hey this is it’s more
than insurance we’re going to provide you with

688
00:26:55,903 –> 00:26:56,704
[Tom Beauregard]: all kinds of planning

689
00:26:56,694 –> 00:26:56,875
[paul_tyler]: yeah

690
00:26:56,764 –> 00:27:01,543
[Tom Beauregard]: tools and support through the course of
your retirement if you need the insurance it’s

691
00:27:01,623 –> 00:27:06,186
[Tom Beauregard]: there for you and again it’s it’s
this this idea that seventy per cent of

692
00:27:06,266 –> 00:27:08,890
[Tom Beauregard]: us will um m and then

693
00:27:08,882 –> 00:27:09,082
[paul_tyler]: yeah

694
00:27:08,930 –> 00:27:10,094
[Tom Beauregard]: there are different flavors you know

695
00:27:10,224 –> 00:27:10,384
[paul_tyler]: yeah

696
00:27:10,255 –> 00:27:10,335
[Tom Beauregard]: go

697
00:27:10,405 –> 00:27:10,645
[paul_tyler]: yeah

698
00:27:10,415 –> 00:27:13,605
[Tom Beauregard]: back to if it’s just if you
want something that’s very inexpensive you buy the

699
00:27:13,645 –> 00:27:14,448
[Tom Beauregard]: indemnity product

700
00:27:14,893 –> 00:27:15,134
[laura_dinan_haber]: oh

701
00:27:15,070 –> 00:27:17,994
[Tom Beauregard]: if you want something people buy life
insurance all the time as they had

702
00:27:17,983 –> 00:27:18,243
[laura_dinan_haber]: oh

703
00:27:18,035 –> 00:27:19,277
[Tom Beauregard]: into retirement right they lose

704
00:27:19,225 –> 00:27:19,545
[paul_tyler]: oh

705
00:27:19,337 –> 00:27:23,984
[Tom Beauregard]: their group coverage they’re moving into retirement
so they buy some form of whole life

706
00:27:24,045 –> 00:27:24,465
[Tom Beauregard]: policy

707
00:27:24,232 –> 00:27:24,253
[laura_dinan_haber]: m

708
00:27:24,986 –> 00:27:25,126
[Tom Beauregard]: home

709
00:27:25,153 –> 00:27:25,376
[laura_dinan_haber]: oh

710
00:27:25,166 –> 00:27:29,574
[Tom Beauregard]: life secure is a whole life pot
see if you never tap the accelerated

711
00:27:29,605 –> 00:27:29,805
[paul_tyler]: oh

712
00:27:29,634 –> 00:27:34,922
[Tom Beauregard]: benefits then your estate gets a pay
up i don’t think it’s i don’t think

713
00:27:34,963 –> 00:27:40,753
[Tom Beauregard]: it’s a difficult sale given sort of
the platforms that both of these products are

714
00:27:40,874 –> 00:27:41,797
[Tom Beauregard]: on and the price points

715
00:27:41,605 –> 00:27:41,825
[paul_tyler]: yeah

716
00:27:51,964 –> 00:27:52,104
[paul_tyler]: yeah

717
00:27:53,841 –> 00:27:55,648
[Tom Beauregard]: i would say focus first on the
problem

718
00:27:55,585 –> 00:27:55,765
[paul_tyler]: oh

719
00:27:55,869 –> 00:28:05,285
[Tom Beauregard]: you really understand the population um and
that data points that exist to kind of

720
00:28:05,345 –> 00:28:06,748
[Tom Beauregard]: support your development efforts

721
00:28:06,583 –> 00:28:07,805
[paul_tyler]: ye oh

722
00:28:07,830 –> 00:28:13,607
[Tom Beauregard]: and then second yes for one but
just be terrifically careful and persistent as you

723
00:28:13,647 –> 00:28:13,968
[Tom Beauregard]: design

724
00:28:16,555 –> 00:28:16,775
[paul_tyler]: oh

725
00:28:27,065 –> 00:28:27,305
[ramsey_d_smith]: oh

726
00:28:28,474 –> 00:28:28,555
[paul_tyler]: ah

727
00:28:29,534 –> 00:28:29,675
[ramsey_d_smith]: yeah

728
00:28:32,962 –> 00:28:34,845
[paul_tyler]: ramsey what do you think i mean
we’ve had

729
00:28:34,680 –> 00:28:34,968
[Tom Beauregard]: oh

730
00:28:36,408 –> 00:28:38,211
[paul_tyler]: you actually a really interesting question

731
00:28:38,011 –> 00:28:38,173
[Tom Beauregard]: yeah

732
00:28:38,251 –> 00:28:41,436
[paul_tyler]: which is who’s this for use his
and went

733
00:28:41,416 –> 00:28:41,517
[ramsey_d_smith]: so

734
00:28:41,556 –> 00:28:41,576
[paul_tyler]: i

735
00:28:41,597 –> 00:28:41,637
[ramsey_d_smith]: i

736
00:28:41,616 –> 00:28:41,696
[paul_tyler]: mean

737
00:28:41,697 –> 00:28:41,857
[ramsey_d_smith]: think

738
00:28:41,736 –> 00:28:41,877
[paul_tyler]: you’re

739
00:28:41,917 –> 00:28:42,058
[ramsey_d_smith]: that

740
00:28:41,977 –> 00:28:43,680
[paul_tyler]: selling something far out in advance

741
00:28:43,640 –> 00:28:43,841
[ramsey_d_smith]: i think

742
00:28:43,800 –> 00:28:44,020
[paul_tyler]: i mean

743
00:28:43,901 –> 00:28:46,125
[ramsey_d_smith]: it’s i think it’s i think it’s
very important

744
00:28:45,843 –> 00:28:46,304
[paul_tyler]: how would you

745
00:28:46,285 –> 00:28:46,986
[ramsey_d_smith]: and one of the things

746
00:28:46,985 –> 00:28:47,125
[paul_tyler]: sort

747
00:28:47,066 –> 00:28:47,207
[ramsey_d_smith]: that

748
00:28:47,166 –> 00:28:47,206
[paul_tyler]: of

749
00:28:47,407 –> 00:28:47,828
[ramsey_d_smith]: that tom

750
00:28:47,726 –> 00:28:47,867
[paul_tyler]: this

751
00:28:47,968 –> 00:28:48,148
[ramsey_d_smith]: said

752
00:28:48,327 –> 00:28:48,448
[paul_tyler]: to

753
00:28:49,030 –> 00:28:50,573
[ramsey_d_smith]: early on of the discussion was that

754
00:28:50,411 –> 00:28:51,813
[paul_tyler]: landscape of retirement

755
00:28:51,765 –> 00:28:51,945
[ramsey_d_smith]: this

756
00:28:51,833 –> 00:28:52,074
[paul_tyler]: issues

757
00:28:52,025 –> 00:28:52,145
[ramsey_d_smith]: can

758
00:28:52,114 –> 00:28:52,214
[paul_tyler]: that

759
00:28:52,245 –> 00:28:52,346
[ramsey_d_smith]: be

760
00:28:52,334 –> 00:28:52,534
[paul_tyler]: envie

761
00:28:52,506 –> 00:28:52,526
[ramsey_d_smith]: a

762
00:28:52,835 –> 00:28:52,855
[paul_tyler]: i

763
00:28:52,867 –> 00:28:52,987
[ramsey_d_smith]: this

764
00:28:52,935 –> 00:28:53,095
[paul_tyler]: should

765
00:28:53,047 –> 00:28:53,287
[ramsey_d_smith]: can be

766
00:28:53,296 –> 00:28:53,456
[paul_tyler]: should

767
00:28:53,347 –> 00:28:53,808
[ramsey_d_smith]: an event

768
00:28:53,496 –> 00:28:54,297
[paul_tyler]: think through it was just

769
00:28:54,409 –> 00:28:55,731
[ramsey_d_smith]: that typically happens

770
00:28:55,680 –> 00:28:55,880
[paul_tyler]: top

771
00:28:55,811 –> 00:28:55,932
[ramsey_d_smith]: sort

772
00:28:55,960 –> 00:28:56,201
[paul_tyler]: middle

773
00:28:55,972 –> 00:28:56,933
[ramsey_d_smith]: of towards

774
00:28:57,002 –> 00:28:57,122
[paul_tyler]: and

775
00:28:57,294 –> 00:28:57,374
[ramsey_d_smith]: the

776
00:28:57,302 –> 00:28:57,523
[paul_tyler]: yeah

777
00:28:57,454 –> 00:29:03,665
[ramsey_d_smith]: end of life if things work out
as planned that can be you know meaningfully

778
00:29:03,745 –> 00:29:04,386
[ramsey_d_smith]: impactful and

779
00:29:04,555 –> 00:29:04,816
[paul_tyler]: oh

780
00:29:04,666 –> 00:29:08,312
[ramsey_d_smith]: and we talk about personal experiences so
i’ve had i’ve had relatives who

781
00:29:08,395 –> 00:29:08,655
[paul_tyler]: yeah

782
00:29:09,134 –> 00:29:16,547
[ramsey_d_smith]: saved deciduously their entire lives and then
and really through fairly linke retirement but then

783
00:29:16,608 –> 00:29:19,225
[ramsey_d_smith]: it only took a year or two
sort of

784
00:29:19,216 –> 00:29:19,376
[paul_tyler]: ah

785
00:29:19,586 –> 00:29:24,374
[ramsey_d_smith]: wipe out all their savings because they
ended up going into a

786
00:29:24,595 –> 00:29:24,835
[paul_tyler]: yeah

787
00:29:24,834 –> 00:29:29,622
[ramsey_d_smith]: into a nursing home so it’s a
it’s it’s it’s something that it’s something that’s

788
00:29:29,663 –> 00:29:34,128
[ramsey_d_smith]: not always entirely under so until you
actually you actually experience it so that’s why

789
00:29:34,168 –> 00:29:36,292
[ramsey_d_smith]: i think it is i think it’s
a topic that

790
00:29:36,374 –> 00:29:36,574
[paul_tyler]: yeah

791
00:29:36,432 –> 00:29:36,813
[ramsey_d_smith]: financial

792
00:29:36,595 –> 00:29:36,915
[paul_tyler]: yeah

793
00:29:36,873 –> 00:29:43,984
[ramsey_d_smith]: advisors should incorporate into their in their
discussion about the arc of the arc of

794
00:29:44,045 –> 00:29:47,791
[ramsey_d_smith]: retirement and then the other the other
piece i think this is important that’s why

795
00:29:47,851 –> 00:29:48,692
[ramsey_d_smith]: i asked the question earlier

796
00:29:48,474 –> 00:29:48,795
[paul_tyler]: yeah yeah

797
00:29:48,732 –> 00:29:53,060
[ramsey_d_smith]: time about who the who the targe
audience is i think it’s i think it’s

798
00:29:53,180 –> 00:29:54,622
[ramsey_d_smith]: it’s certainly it’s

799
00:29:54,524 –> 00:29:54,744
[paul_tyler]: yeah

800
00:29:54,642 –> 00:29:59,410
[ramsey_d_smith]: a combination like sometimes it’s it’s the
it’s the particular beneficiary often it’s family

801
00:29:59,724 –> 00:30:00,415
[paul_tyler]: yeah yeah

802
00:30:00,211 –> 00:30:03,898
[ramsey_d_smith]: they all play a role and it’s
it’s different from one family to the next

803
00:30:03,761 –> 00:30:03,921
[Tom Beauregard]: yeah

804
00:30:04,559 –> 00:30:05,280
[ramsey_d_smith]: we spent a lot of time

805
00:30:05,455 –> 00:30:05,755
[paul_tyler]: yeah

806
00:30:05,540 –> 00:30:07,524
[ramsey_d_smith]: on this show talking about the sandwich
generation we’ve

807
00:30:07,389 –> 00:30:07,530
[Tom Beauregard]: yeah

808
00:30:07,564 –> 00:30:10,028
[ramsey_d_smith]: had a few different guests come on
and talk about that

809
00:30:10,301 –> 00:30:11,010
[Tom Beauregard]: yeah

810
00:30:10,348 –> 00:30:11,911
[ramsey_d_smith]: and you know i think for

811
00:30:12,474 –> 00:30:12,595
[paul_tyler]: yeah

812
00:30:12,612 –> 00:30:15,597
[ramsey_d_smith]: you know for a lot of people
that are in that place where they’re

813
00:30:15,865 –> 00:30:16,165
[paul_tyler]: oh

814
00:30:16,078 –> 00:30:20,065
[ramsey_d_smith]: they’re still late in their career and
they’ve got kids and they’ve got parents that

815
00:30:20,250 –> 00:30:20,493
[Tom Beauregard]: oh

816
00:30:20,766 –> 00:30:22,288
[ramsey_d_smith]: this is an important is an important

817
00:30:22,170 –> 00:30:22,800
[Tom Beauregard]: ah

818
00:30:22,328 –> 00:30:26,215
[ramsey_d_smith]: consideration so now i think this is
i think this is a critical you

819
00:30:26,305 –> 00:30:26,565
[paul_tyler]: oh

820
00:30:26,817 –> 00:30:28,581
[ramsey_d_smith]: and and i think that

821
00:30:28,500 –> 00:30:28,683
[Tom Beauregard]: oh

822
00:30:29,845 –> 00:30:32,572
[ramsey_d_smith]: it’s worth while to focus from the
financial services industry

823
00:30:33,190 –> 00:30:35,296
[Tom Beauregard]: there’s there’s a data point out there
that says that

824
00:30:36,056 –> 00:30:36,377
[laura_dinan_haber]: tom what’s

825
00:30:36,595 –> 00:30:38,659
[paul_tyler]: oh

826
00:30:36,637 –> 00:30:36,938
[laura_dinan_haber]: one piece

827
00:30:36,815 –> 00:30:37,076
[ramsey_d_smith]: oh

828
00:30:36,978 –> 00:30:37,539
[laura_dinan_haber]: of advice you’d

829
00:30:37,511 –> 00:30:37,532
[Tom Beauregard]: a

830
00:30:37,599 –> 00:30:37,760
[laura_dinan_haber]: give

831
00:30:37,633 –> 00:30:39,880
[Tom Beauregard]: family member who’s over

832
00:30:39,785 –> 00:30:40,025
[laura_dinan_haber]: hard up

833
00:30:40,001 –> 00:30:40,161
[Tom Beauregard]: age

834
00:30:40,046 –> 00:30:40,226
[laura_dinan_haber]: where a

835
00:30:40,221 –> 00:30:40,461
[Tom Beauregard]: fifty

836
00:30:40,286 –> 00:30:40,547
[laura_dinan_haber]: founder

837
00:30:40,582 –> 00:30:41,483
[Tom Beauregard]: leaves the work force

838
00:30:41,290 –> 00:30:42,112
[laura_dinan_haber]: looking to break into a

839
00:30:42,104 –> 00:30:42,184
[Tom Beauregard]: to

840
00:30:42,152 –> 00:30:42,233
[laura_dinan_haber]: new

841
00:30:42,264 –> 00:30:42,425
[Tom Beauregard]: care

842
00:30:42,333 –> 00:30:42,614
[laura_dinan_haber]: space

843
00:30:42,505 –> 00:30:46,051
[Tom Beauregard]: for a loved one who’s now basically
in need and run out of money that

844
00:30:46,672 –> 00:30:47,173
[Tom Beauregard]: they forego

845
00:30:47,165 –> 00:30:47,267
[laura_dinan_haber]: ah

846
00:30:47,293 –> 00:30:47,453
[Tom Beauregard]: three

847
00:30:47,455 –> 00:30:47,796
[paul_tyler]: oh

848
00:30:47,473 –> 00:30:49,076
[Tom Beauregard]: hundred thousand dollars in

849
00:30:49,063 –> 00:30:49,283
[laura_dinan_haber]: oh

850
00:30:49,116 –> 00:30:53,900
[Tom Beauregard]: their own retirement so it becomes sort
of a psyche for families too and i’ll

851
00:30:53,940 –> 00:30:55,824
[Tom Beauregard]: also say right now to sort of
the

852
00:30:55,783 –> 00:30:56,165
[laura_dinan_haber]: oh

853
00:30:55,864 –> 00:30:57,266
[Tom Beauregard]: questions or

854
00:30:57,295 –> 00:30:57,675
[paul_tyler]: oh

855
00:30:57,406 –> 00:31:01,686
[Tom Beauregard]: average buyer right now is sixty i
mean that’s that’s what we’re seeing across both

856
00:31:01,786 –> 00:31:02,187
[Tom Beauregard]: products

857
00:31:01,903 –> 00:31:02,123
[laura_dinan_haber]: oh

858
00:31:02,889 –> 00:31:05,096
[Tom Beauregard]: and we’re seeing some outliers we’re seeing
folks in their

859
00:31:05,023 –> 00:31:05,043
[laura_dinan_haber]: m

860
00:31:05,156 –> 00:31:07,881
[Tom Beauregard]: early eighties by and i think our
youngest

861
00:31:07,645 –> 00:31:07,825
[paul_tyler]: yeah

862
00:31:07,921 –> 00:31:08,762
[Tom Beauregard]: bier is twenty three

863
00:31:09,523 –> 00:31:09,744
[laura_dinan_haber]: oh

864
00:31:09,823 –> 00:31:11,565
[Tom Beauregard]: but the average is sixty

865
00:31:11,653 –> 00:31:11,874
[laura_dinan_haber]: oh

866
00:31:11,765 –> 00:31:12,566
[Tom Beauregard]: that’s and that’s about

867
00:31:12,605 –> 00:31:12,825
[ramsey_d_smith]: yeah

868
00:31:12,606 –> 00:31:15,429
[Tom Beauregard]: the right time to really be moving
in on a product like this

869
00:31:16,663 –> 00:31:18,744
[laura_dinan_haber]: oh oh

870
00:31:19,004 –> 00:31:21,935
[ramsey_d_smith]: yeah oh

871
00:31:22,906 –> 00:31:24,388
[laura_dinan_haber]: yeah absolutely it’s one yeah of my
favorites

872
00:31:24,434 –> 00:31:24,455
[ramsey_d_smith]: m

873
00:31:24,909 –> 00:31:27,433
[laura_dinan_haber]: tom what oh is your why why
do you wake up every morning and do

874
00:31:27,493 –> 00:31:28,795
[laura_dinan_haber]: this where yo’re so passionate

875
00:31:29,760 –> 00:31:33,526
[Tom Beauregard]: it’s a great question i went i
had a personal experience i mean honestly what

876
00:31:33,567 –> 00:31:37,092
[Tom Beauregard]: i went through with my parents was
chaos and we had the economic means to

877
00:31:37,132 –> 00:31:37,433
[Tom Beauregard]: figure it

878
00:31:37,410 –> 00:31:37,591
[paul_tyler]: yeah

879
00:31:37,493 –> 00:31:39,196
[Tom Beauregard]: out but we made so many mistakes

880
00:31:39,014 –> 00:31:39,435
[paul_tyler]: i know you

881
00:31:39,436 –> 00:31:39,496
[Tom Beauregard]: we

882
00:31:39,455 –> 00:31:39,575
[paul_tyler]: will

883
00:31:39,597 –> 00:31:39,897
[Tom Beauregard]: probably

884
00:31:39,615 –> 00:31:40,678
[paul_tyler]: have a final question

885
00:31:40,518 –> 00:31:41,179
[Tom Beauregard]: institutional

886
00:31:40,758 –> 00:31:41,419
[paul_tyler]: here for

887
00:31:41,460 –> 00:31:41,622
[Tom Beauregard]: them

888
00:31:41,500 –> 00:31:41,740
[paul_tyler]: time

889
00:31:41,682 –> 00:31:44,115
[Tom Beauregard]: too quickly honestly and

890
00:31:44,095 –> 00:31:44,315
[paul_tyler]: oh

891
00:31:44,175 –> 00:31:48,613
[Tom Beauregard]: so i think about this all the
time i just think about families that don’t

892
00:31:48,673 –> 00:31:55,282
[Tom Beauregard]: have the resources that have to go
through this chaos without either the funding or

893
00:31:55,402 –> 00:31:56,345
[Tom Beauregard]: the objective

894
00:31:56,095 –> 00:31:56,435
[paul_tyler]: oh

895
00:31:56,425 –> 00:31:59,734
[Tom Beauregard]: support and so that’s to me it’s
just i think about the twenty six million

896
00:31:59,815 –> 00:32:05,413
[Tom Beauregard]: families that reside in the in the
middle right now a retirement that’s that’s what

897
00:32:05,453 –> 00:32:07,258
[Tom Beauregard]: drives me and i think it’s what
drives my entire team

898
00:32:08,014 –> 00:32:08,315
[paul_tyler]: ah oh

899
00:32:10,967 –> 00:32:13,371
[ramsey_d_smith]: so i just want to jump in
there really quickly and i think and i

900
00:32:13,411 –> 00:32:16,777
[ramsey_d_smith]: think something that is often under appreciated
is that even

901
00:32:17,275 –> 00:32:18,685
[paul_tyler]: yeah

902
00:32:17,598 –> 00:32:19,622
[ramsey_d_smith]: this is difficult even to the most
sophisticated

903
00:32:18,980 –> 00:32:19,710
[Tom Beauregard]: yeah

904
00:32:20,283 –> 00:32:21,525
[ramsey_d_smith]: among us right if you

905
00:32:21,565 –> 00:32:21,785
[paul_tyler]: oh

906
00:32:21,625 –> 00:32:27,455
[ramsey_d_smith]: are you are an insurance executive um
you know i would say you know financial

907
00:32:27,495 –> 00:32:30,179
[ramsey_d_smith]: advisors even people that are in this
profession it is

908
00:32:30,231 –> 00:32:30,292
[Tom Beauregard]: ah

909
00:32:30,260 –> 00:32:31,041
[ramsey_d_smith]: hard for them

910
00:32:31,184 –> 00:32:32,136
[paul_tyler]: h yeah

911
00:32:32,002 –> 00:32:32,123
[ramsey_d_smith]: so

912
00:32:32,517 –> 00:32:32,817
[paul_tyler]: all right

913
00:32:32,704 –> 00:32:33,585
[ramsey_d_smith]: i think body

914
00:32:33,559 –> 00:32:33,699
[paul_tyler]: yeah

915
00:32:33,906 –> 00:32:36,292
[ramsey_d_smith]: everybody every consumer should feel

916
00:32:36,175 –> 00:32:36,555
[paul_tyler]: yeah

917
00:32:36,673 –> 00:32:40,201
[ramsey_d_smith]: well within their rights to feel like
they need a hand on this because

918
00:32:40,220 –> 00:32:40,423
[Tom Beauregard]: hundred

919
00:32:40,241 –> 00:32:40,482
[ramsey_d_smith]: it’s hard

920
00:32:40,463 –> 00:32:40,726
[Tom Beauregard]: percent

921
00:32:40,522 –> 00:32:40,983
[ramsey_d_smith]: for everybody

922
00:32:41,252 –> 00:32:41,940
[Tom Beauregard]: yeah

923
00:32:48,014 –> 00:32:48,154
[paul_tyler]: yeah

924
00:32:59,974 –> 00:33:05,089
[paul_tyler]: yeah oh yeah

925
00:33:04,740 –> 00:33:04,760
[Tom Beauregard]: m

926
00:33:05,750 –> 00:33:08,034
[paul_tyler]: yeah and and you also

927
00:33:07,951 –> 00:33:08,133
[Tom Beauregard]: that’s

928
00:33:08,074 –> 00:33:08,314
[paul_tyler]: think it’s

929
00:33:08,254 –> 00:33:08,517
[Tom Beauregard]: that’s a

930
00:33:08,515 –> 00:33:08,535
[paul_tyler]: a

931
00:33:08,558 –> 00:33:08,720
[Tom Beauregard]: great

932
00:33:08,615 –> 00:33:08,815
[paul_tyler]: great

933
00:33:08,780 –> 00:33:09,003
[Tom Beauregard]: point

934
00:33:08,855 –> 00:33:10,779
[paul_tyler]: conversation for advisors

935
00:33:10,680 –> 00:33:11,622
[Tom Beauregard]: and the final point i’ll make

936
00:33:11,620 –> 00:33:11,720
[paul_tyler]: who

937
00:33:11,682 –> 00:33:12,162
[Tom Beauregard]: on this theme

938
00:33:12,121 –> 00:33:12,241
[paul_tyler]: are

939
00:33:12,223 –> 00:33:13,224
[Tom Beauregard]: is that nobody

940
00:33:13,162 –> 00:33:13,343
[paul_tyler]: maybe

941
00:33:13,264 –> 00:33:14,126
[Tom Beauregard]: wants to burden their kids

942
00:33:14,024 –> 00:33:14,304
[paul_tyler]: as

943
00:33:14,146 –> 00:33:14,727
[Tom Beauregard]: with this either

944
00:33:14,665 –> 00:33:15,026
[paul_tyler]: who are

945
00:33:15,067 –> 00:33:15,188
[Tom Beauregard]: it’s

946
00:33:15,106 –> 00:33:15,446
[paul_tyler]: looking

947
00:33:15,248 –> 00:33:15,388
[Tom Beauregard]: like

948
00:33:15,647 –> 00:33:15,727
[paul_tyler]: at

949
00:33:15,668 –> 00:33:15,748
[Tom Beauregard]: you

950
00:33:15,767 –> 00:33:15,887
[paul_tyler]: the

951
00:33:15,789 –> 00:33:15,889
[Tom Beauregard]: know

952
00:33:16,288 –> 00:33:16,608
[paul_tyler]: they’ve been

953
00:33:16,550 –> 00:33:16,690
[Tom Beauregard]: it’s

954
00:33:16,648 –> 00:33:17,009
[paul_tyler]: managing

955
00:33:16,770 –> 00:33:17,251
[Tom Beauregard]: but but

956
00:33:17,229 –> 00:33:17,309
[paul_tyler]: the

957
00:33:17,311 –> 00:33:17,411
[Tom Beauregard]: it’s

958
00:33:17,370 –> 00:33:17,530
[paul_tyler]: money

959
00:33:17,471 –> 00:33:18,072
[Tom Beauregard]: what happens

960
00:33:18,011 –> 00:33:18,311
[paul_tyler]: clint but

961
00:33:18,273 –> 00:33:18,353
[Tom Beauregard]: you

962
00:33:18,331 –> 00:33:18,511
[paul_tyler]: they’ve

963
00:33:18,393 –> 00:33:18,493
[Tom Beauregard]: know

964
00:33:18,551 –> 00:33:19,092
[paul_tyler]: got kids

965
00:33:19,154 –> 00:33:19,354
[Tom Beauregard]: people

966
00:33:19,333 –> 00:33:19,453
[paul_tyler]: who

967
00:33:19,435 –> 00:33:19,595
[Tom Beauregard]: don’t

968
00:33:19,553 –> 00:33:19,653
[paul_tyler]: are

969
00:33:19,635 –> 00:33:20,376
[Tom Beauregard]: communicate if

970
00:33:20,435 –> 00:33:20,655
[paul_tyler]: older

971
00:33:20,436 –> 00:33:20,797
[Tom Beauregard]: they don’t

972
00:33:20,735 –> 00:33:21,056
[paul_tyler]: kids

973
00:33:20,837 –> 00:33:21,558
[Tom Beauregard]: have their documents

974
00:33:21,597 –> 00:33:21,757
[paul_tyler]: this

975
00:33:21,638 –> 00:33:21,959
[Tom Beauregard]: together

976
00:33:21,797 –> 00:33:22,298
[paul_tyler]: may be a great

977
00:33:22,119 –> 00:33:22,239
[Tom Beauregard]: they

978
00:33:22,358 –> 00:33:22,478
[paul_tyler]: way

979
00:33:22,461 –> 00:33:22,542
[Tom Beauregard]: and

980
00:33:22,538 –> 00:33:22,598
[paul_tyler]: to

981
00:33:22,603 –> 00:33:22,745
[Tom Beauregard]: have

982
00:33:22,658 –> 00:33:22,779
[paul_tyler]: sort

983
00:33:22,826 –> 00:33:23,192
[Tom Beauregard]: funding

984
00:33:22,859 –> 00:33:23,981
[paul_tyler]: of create a relationship

985
00:33:23,990 –> 00:33:24,050
[Tom Beauregard]: and

986
00:33:24,041 –> 00:33:24,501
[paul_tyler]: with with

987
00:33:24,594 –> 00:33:24,694
[Tom Beauregard]: then

988
00:33:24,622 –> 00:33:24,702
[paul_tyler]: the

989
00:33:24,735 –> 00:33:25,016
[Tom Beauregard]: the kids

990
00:33:24,902 –> 00:33:25,082
[paul_tyler]: sort of

991
00:33:25,077 –> 00:33:25,238
[Tom Beauregard]: have

992
00:33:25,122 –> 00:33:25,383
[paul_tyler]: the next

993
00:33:25,298 –> 00:33:25,580
[Tom Beauregard]: to step

994
00:33:25,463 –> 00:33:25,984
[paul_tyler]: generation

995
00:33:25,701 –> 00:33:26,385
[Tom Beauregard]: in and that’s

996
00:33:26,725 –> 00:33:26,945
[paul_tyler]: keeps

997
00:33:27,301 –> 00:33:27,483
[Tom Beauregard]: that’s

998
00:33:27,346 –> 00:33:27,707
[paul_tyler]: assets

999
00:33:27,524 –> 00:33:28,353
[Tom Beauregard]: a that’s a tough ending

1000
00:33:28,428 –> 00:33:36,341
[paul_tyler]: under management with a with a team
so i think yeah yeah

1001
00:33:40,914 –> 00:33:40,994
[paul_tyler]: no

1002
00:33:44,070 –> 00:33:48,916
[Tom Beauregard]: i think it’s just h c g
secure dot com and vote hair from folks

1003
00:33:52,433 –> 00:34:01,066
[paul_tyler]: yeah yeah we time thanks for your
time great to have you on our show

1004
00:34:01,587 –> 00:34:05,533
[paul_tyler]: for a couple of different reasons as
we mentioned where’s he best way for people

1005
00:34:05,874 –> 00:34:09,638
[paul_tyler]: to learn or about c g or
reach out and get in touch with you

1006
00:34:11,675 –> 00:34:11,896
[ramsey_d_smith]: yeah

1007
00:34:12,380 –> 00:34:12,645
[Tom Beauregard]: thank you

1008
00:34:14,913 –> 00:34:15,095
[ramsey_d_smith]: yeah

1009
00:34:17,018 –> 00:34:23,048
[paul_tyler]: excellent all right listen ramsey thank you
laura for coming back and for all of

1010
00:34:23,108 –> 00:34:27,355
[paul_tyler]: the listeners keep the feedback coming love
the text to the messages on link and

1011
00:34:28,136 –> 00:34:32,103
[paul_tyler]: we listen and we try to get
the people on your best to us so

1012
00:34:32,704 –> 00:34:39,537
[paul_tyler]: join us again next week for another
episode that annuity show thanks everyone oh

The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.

Ashley SaundersEpisode 160: Insurance to Help Care Givers With Tom Beauregard
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Product experts: Regulators need to end ‘gamesmanship’ of IUL illustrations

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The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.

Ashley SaundersProduct experts: Regulators need to end ‘gamesmanship’ of IUL illustrations
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Next Stop: Multi-Account UMAs

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The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.

Ashley SaundersNext Stop: Multi-Account UMAs
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Ask An Advisor: Where Should I Stash Short-Term Savings?

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The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.

Ashley SaundersAsk An Advisor: Where Should I Stash Short-Term Savings?
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7 Things To Know About Social Security and Retirement for 2022

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The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.

Ashley Saunders7 Things To Know About Social Security and Retirement for 2022
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Episode 159: Making Sense of Your Clients’ 401(k) Lifetime Illustration Statements With Jack Towarnicky

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Your clients will probably receive a statement by the end of the month from their 401(k) provider that includes a Lifetime Income Illustration. What does the projection actually mean? If you aren’t certain, you are not alone. Jack Towarnicky, HR, Total Rewards, Employee Benefits Subject Matter Expert joins us to explain the assumptions and the gaps in the mandatory disclosure.

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The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.

Ashley SaundersEpisode 159: Making Sense of Your Clients’ 401(k) Lifetime Illustration Statements With Jack Towarnicky
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Episode 158: Climbing Down The Financial Mountain With David Rosell

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The proverb that it’s harder to climb down a mountain than go up is true in every sense of the word. Here’s a gruesome stat – between 1921 and 2006, 56% of deaths above 8,000 meters occurred on the return trip  and 17% died turning back. Just 15% died on the way up. The rest died of other causes. Similarly in financial planning, as hard as asset accumulation proves, planning for retirement is much more complex. Today, we talk with David Rosell who happens to be both an experienced climber and financial planner.
Links mentioned on the show:

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Episode Transcript

1
00:00:01,240 –> 00:00:06,427
[paul_tyler]: hi this is paul tyler and welcome
to another episode of that annuity show ramsey

2
00:00:06,527 –> 00:00:07,389
[paul_tyler]: how are you this morning

3
00:00:10,810 –> 00:00:16,940
[paul_tyler]: good coming to us from atlanta actually
in hartford connecticut today and listen we’ve got

4
00:00:17,161 –> 00:00:24,934
[paul_tyler]: a great guest somebody who is m
has written books has podcast show has a

5
00:00:25,054 –> 00:00:31,585
[paul_tyler]: podcast and is a has a very
successful financial planning practice out in the west

6
00:00:32,406 –> 00:00:39,066
[paul_tyler]: david rozelle david author speaker wealth manager
and world traveller welcome they ad annuity

7
00:00:38,889 –> 00:00:39,029
[david_rosell]: thank

8
00:00:39,127 –> 00:00:39,289
[paul_tyler]: show

9
00:00:39,169 –> 00:00:41,837
[david_rosell]: you paul and ramsey a pleasure to
be on your show today

10
00:00:42,231 –> 00:00:45,537
[paul_tyler]: yeah well listen i thought this was
i thought would be great to have you

11
00:00:45,637 –> 00:00:49,564
[paul_tyler]: on the show for for a number
of reasons one is you know just to

12
00:00:49,624 –> 00:00:54,472
[paul_tyler]: start out you’ve got a really interesting
practice you know from what i understand and

13
00:00:54,732 –> 00:01:01,283
[paul_tyler]: and have read and seen in oregon
maybe you can tell people about your business

14
00:01:01,584 –> 00:01:04,689
[paul_tyler]: like who are you and you know
what do you do how do you describe

15
00:01:04,749 –> 00:01:08,623
[paul_tyler]: people when they say oh and you
wrote this book and you do what else

16
00:01:08,664 –> 00:01:08,965
[paul_tyler]: do you do

17
00:01:11,300 –> 00:01:15,567
[david_rosell]: yeah well we we set up a
practice here in beautiful bendoregain in the center

18
00:01:15,627 –> 00:01:21,718
[david_rosell]: of the state big resort town twenty
two years ago and like most people in

19
00:01:21,858 –> 00:01:22,719
[david_rosell]: our line of

20
00:01:22,770 –> 00:01:23,032
[paul_tyler]: oh

21
00:01:22,839 –> 00:01:26,085
[david_rosell]: work we were all things to all
people in the beginning if you could fog

22
00:01:26,225 –> 00:01:30,011
[david_rosell]: a mirror we’d work with them and
as you gain more and more

23
00:01:29,910 –> 00:01:30,660
[paul_tyler]: oh

24
00:01:30,112 –> 00:01:35,821
[david_rosell]: expert tease you usually have an affinity
towards a certain part our business and so

25
00:01:36,021 –> 00:01:40,629
[david_rosell]: today the focus of our practice is
helping people in the second half of our

26
00:01:40,689 –> 00:01:46,218
[david_rosell]: financial journey so all of our clients
are at or near retirement they know how

27
00:01:46,299 –> 00:01:50,184
[david_rosell]: much money they have but they don’t
really have a clear idea before they meet

28
00:01:50,244 –> 00:01:52,687
[david_rosell]: us of what their money can or
can’t do for them for the rest of

29
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[david_rosell]: their lives

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[paul_tyler]: ah now i talked to a lot
of adviser and say i’m working on a

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[paul_tyler]: book i’m thinking about a podcast i’d
like to do speaking you’re doing that kind

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[paul_tyler]: of tell us how did ow did
you evolve how did your whole business evolve

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[paul_tyler]: from you know what i’m a really
good financial planner to i’m really going to

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[paul_tyler]: take my practice and clients hell up
to the next level

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[david_rosell]: yeah well regarding the book you know
my intention behind our third book is coming

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[david_rosell]: out later this month

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[paul_tyler]: oh

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[david_rosell]: but having never

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[paul_tyler]: yes

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[david_rosell]: written a book before i realized is
that financial planning retirement planning is such a

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[david_rosell]: mondaine heavy topic for so many people
and

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[paul_tyler]: yeah

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[david_rosell]: our goal was to make it actually
fun

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[paul_tyler]: yeah

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[david_rosell]: in the way that i was able
to accomplish

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[paul_tyler]: oh

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[david_rosell]: this was mixing my two unique abilities

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[paul_tyler]: yeah

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[david_rosell]: or my two two passions in life
and one is for international adventure travel ve

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[david_rosell]: had an opportunity to spend a month

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[paul_tyler]: ye

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[david_rosell]: any five different countries around the world
which is a whole nother story um and

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[david_rosell]: then every chapter would start with one
of these stories and

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[paul_tyler]: oh

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[david_rosell]: then link into a financial lesson right
when there was one or two many charts

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[david_rosell]: at the end of that chapter it
would go right into another financial story another

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[david_rosell]: travel story and so our goal is
to add some levity

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[paul_tyler]: yeah

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[david_rosell]: into financial planning interestingly enough

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[paul_tyler]: yeah

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[david_rosell]: the books went on to get

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[paul_tyler]: yeah

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[david_rosell]: endorsed by icons and are in the
world of motivation and finance and sports and

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[david_rosell]: now we get most of our new
clients are coming in from the books

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[paul_tyler]: interesting interesting um and i mean at
what point i’ve read the books and i

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[paul_tyler]: want to come back to your adventure
travel and and some of the stories and

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[paul_tyler]: and i read you know i’ve actually
listened to a couple of these podcasts talking

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[paul_tyler]: about your the use of coaches and
stuff very tempting when you’re successful okay in

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[paul_tyler]: a practice to say i know it
all okay sometimes very hard to say i

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[paul_tyler]: need a coach at what point did
you seek out coaching at what point did

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[paul_tyler]: you say you know what this is
actually really kind of changing how i’m approaching

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[paul_tyler]: life ye

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[david_rosell]: i mean i think seeking out a
coach in business or seeking out a life

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[david_rosell]: coach is coming from a plain place
of strength rather than weakness and i always

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[david_rosell]: want to a student

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[paul_tyler]: oh

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[david_rosell]: and the more that i learn the
more i realize there’s so much more to

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[david_rosell]: learn the more that i travel the
world the more i realize i haven’t seen

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[paul_tyler]: oh

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[david_rosell]: so much

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[paul_tyler]: oh

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[david_rosell]: in so you know tiger woods

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[paul_tyler]: what

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[david_rosell]: the best golfer in the world

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[paul_tyler]: oh

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[david_rosell]: and he had two coaches so for
crying out

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[paul_tyler]: oh

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[david_rosell]: loud it’s important to continue learning and
bettering ourselves i’ve had coaches in my

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[paul_tyler]: oh

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[david_rosell]: life for a long time started out

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[paul_tyler]: oh

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[david_rosell]: with people like wan dire in napoleon
hill and reading books and always you know

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[david_rosell]: nightingale cont tapes

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[paul_tyler]: yeah

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[david_rosell]: but then when i started my business
i really start out with a life coach

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[david_rosell]: because i think as much as we
have our some of us like to think

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[david_rosell]: we have our our stars are lined

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[paul_tyler]: oh

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[david_rosell]: and we know what we’re doing it
really helps just get through the stresses of

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[david_rosell]: life as having someone guide you and
then and then over the years i’ve had

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[david_rosell]: coaches like dan sullivan who still might
coach twelve years later with strategic coach which

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[david_rosell]: i’m sure a lot of the listeners
are either partaking strategic

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[paul_tyler]: m

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[david_rosell]: coach or or ware of him

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[paul_tyler]: yeah

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[paul_tyler]: yeah

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[david_rosell]: so this is from a client perspective
yeah you know i think most people most

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[david_rosell]: very successful people even out there in
the world know very little about money

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[paul_tyler]: oh

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[david_rosell]: because

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[paul_tyler]: i

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[david_rosell]: they didn’t teach us in school didn’t
teach us things like the law of seventy

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[david_rosell]: two or the power

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[paul_tyler]: oh

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[david_rosell]: of compound interest which einstein said was
the

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[paul_tyler]: yah

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[david_rosell]: eighth wonder of the world and many
of us learned about money from our parents

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[david_rosell]: and what did our parents the most
part know about money very little and their

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[david_rosell]: parents learned about

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[paul_tyler]: oh

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[david_rosell]: money lessons from their parents who live
through the great depression so there’s a lot

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[david_rosell]: of fear around money so i think
one of the most powerful important investments that

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[david_rosell]: most people out there can make is
finding a true financial coach which is what

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[david_rosell]: all of us are to our clients

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[paul_tyler]: oh

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[david_rosell]: so so important to get that guidance

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[paul_tyler]: yeah well i listen thought i thought
your stories of going to packasstan and capi

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[paul_tyler]: i love them you know part part
of this is you know i’ve seen how

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[paul_tyler]: climbing has transformed a lot of lives
one of the charity i’m involved with we

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[paul_tyler]: actually do work with disabled athletes and
climing actually has been important element of the

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[paul_tyler]: program fact you know i was i
was not part of this particular trip but

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[paul_tyler]: we took some disabled athletes challenged you
know we don’t say challenge that but it’s

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[paul_tyler]: a exceptional athletes to the top of
mount kilmanjaron back down and you know we’ve

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[paul_tyler]: kind of all heard a lot and
use the nail you know it’s much harder

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[paul_tyler]: to come down the mountain than it
is up but it’s it’s true right david

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[paul_tyler]: and i and it sounds like you’re
very been very active in the mountain climbing

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[paul_tyler]: field what are the challenges you know
coming down that that that hill today i

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[paul_tyler]: think they’re more treacherous than ever you
know what are your clients saying what’s their

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[paul_tyler]: state of mind today m

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[david_rosell]: ah well to pick you back on
that whole analogy that many

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[paul_tyler]: oh

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[david_rosell]: of us have heard with the mountains
in failure is not an option creating certainty

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[paul_tyler]: yeah

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[david_rosell]: and the uncertainty of retirement which is
that first book that you’re alluding to do

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[david_rosell]: share a twenty one day track through
the himalayas of napoule but then years later

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[paul_tyler]: oh

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[david_rosell]: i had an opportunity to meet one
of my heroes a gentleman named ed feasters

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[david_rosell]: and ed is the best mountaineer that
probably has ever walked the planet earth he

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[david_rosell]: summited mount evers seven times

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[paul_tyler]: oh

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[david_rosell]: successfully but did so each time without
supplemental oxygen it’s really possible feat for most

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[david_rosell]: of us and i’ll never forget when
ed shared with me that

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[paul_tyler]: oh

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[david_rosell]: most people think his goal is to
get to the top of evers every time

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[david_rosell]: and he said that’s the last goal
that any experience

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[paul_tyler]: oh

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[david_rosell]: mountaineer would have and i said what
do you mean and he said eighty percent

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[david_rosell]: of the accidents and eighty per cent
of the deaths happen on the descent he

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[david_rosell]: said so our goals to get to
the summit but make sure we get back

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[david_rosell]: down alive to our friends and family
and when he said it’s the second half

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[david_rosell]: of his journey that takes the most
amount of risk and needs the most amount

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[david_rosell]: of planning

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[paul_tyler]: yeah

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[david_rosell]: that was my a moment to relate
it to the work we do with our

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[david_rosell]: clients because when they reach their financial
summit which is the last day that they’re

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[david_rosell]: adding to their four o one case
and iras and now they’re

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[paul_tyler]: no

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[david_rosell]: opening up that income valve they’re going
to need that income

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[paul_tyler]: no

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[david_rosell]: for two three and sometimes four plus
decades and i believe it’s the second half

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[david_rosell]: of the distribution

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[paul_tyler]: m

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[david_rosell]: phase of their lives that also takes

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[paul_tyler]: oh

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[david_rosell]: on the most amount of risk needs
the most amount of planning

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[paul_tyler]: yeah yeah i think maybe maybe was
one of your i listen to a few

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[paul_tyler]: of your podcasts the i think you
told one story about repelling off a cliff

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[paul_tyler]: and i did that once we we
we took a bunch of athletes out to

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[paul_tyler]: the edge of right on the border
of utah and colorado and here was an

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[paul_tyler]: adventure race you didn’t really know what
you were going to do till the next

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[david_rosell]: yeah

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[paul_tyler]: day and you know i was helping
ramsey would have laughed at me i was

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[paul_tyler]: helping a guy who is who worked
in the air force worked in one of

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[paul_tyler]: these missiles silos and had lost a
lot of his vision he was bound a

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[paul_tyler]: determined david to repel off this two
under fifty foot cliff and i was just

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[paul_tyler]: pretending okay please back out of this

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[david_rosell]: m

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[paul_tyler]: please

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[david_rosell]: hm

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[paul_tyler]: please back

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[david_rosell]: m

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[paul_tyler]: out he’s like i’m i thought i
couldn’t back out ramsey so i came up

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[paul_tyler]: and dave that was scared for some
reason i have not been scared of heights

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[paul_tyler]: until for some reason later age it’s
hit me and i got up there scariest

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[paul_tyler]: thing on the planet and you talked
about repelling off that stuff and the trust

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[paul_tyler]: you know you have to trust your
gear you have to trust the people on

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[paul_tyler]: top of you um take us that
step on the planning side i mean what

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[paul_tyler]: are the emotions how do you coach
some you know ramsey ask you about coaching

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[paul_tyler]: how do you coach your clients through
that process oh my god i’m quitting my

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[paul_tyler]: job i got to are taking some
money out or i got to take my

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[paul_tyler]: arm these you know what’s that what’s

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[david_rosell]: yeah

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[paul_tyler]: the first thing they start to sweat
about

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[david_rosell]: well right now i think it’s about
getting their emotions in check and

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[paul_tyler]: yeah

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[david_rosell]: using another you know mountain analogy is
you visualize

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[paul_tyler]: a

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[david_rosell]: a boy climbing up

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[paul_tyler]: oh

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[david_rosell]: that same mountain with a yo yo
and the yo yo represents the stock market

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[david_rosell]: and when the yo yo goes down
they lose sleep it goes back up they’re

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[david_rosell]: elated it goes back down and their
stomachs turning and i think as advice there’s

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[david_rosell]: what we how we could really help
benefit our clients s by overtime teaching and

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[david_rosell]: training our clients to focus on the
boy carrying the yo yo because the boy

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[david_rosell]: in the yo yo get to the
top of the peak at exactly the same

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[david_rosell]: time and if you focus on the
boy rather than the undulating yo yo going

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[david_rosell]: up and down it’s going to be
a much

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[paul_tyler]: what

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[david_rosell]: more pleasant experience

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[paul_tyler]: m

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[david_rosell]: for everybody

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[paul_tyler]: my

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[paul_tyler]: oh oh oh

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[paul_tyler]: m

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[david_rosell]: i think it’s shifting people’s mindset who
are in the accumulation phase because if the

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[david_rosell]: markets are down say hovering around twenty
percent year to date you’re funding your four

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00:13:46,132 –> 00:13:46,152
[david_rosell]: o

228
00:13:46,210 –> 00:13:46,350
[paul_tyler]: oh

229
00:13:46,392 –> 00:13:51,570
[david_rosell]: n k each in every pay period
and alive this could be a blessing because

230
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[david_rosell]: every pay period

231
00:13:52,590 –> 00:13:53,520
[paul_tyler]: oh

232
00:13:53,819 –> 00:13:59,380
[david_rosell]: when you fund that dollar you’re getting
twenty percent more shares every time you’re contributing

233
00:13:59,441 –> 00:14:03,648
[david_rosell]: right now so rather than look at
it as a negative it is a positive

234
00:14:04,449 –> 00:14:09,878
[david_rosell]: um and people are doing the exact
opposite of what they should be for the

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00:14:09,918 –> 00:14:14,052
[david_rosell]: most at um if you’re building a
house and lumber goes on sale you stack

236
00:14:14,152 –> 00:14:18,474
[david_rosell]: up on that lumber right now when
the stock market goes on sale rather than

237
00:14:18,361 –> 00:14:18,441
[paul_tyler]: ah

238
00:14:18,574 –> 00:14:25,396
[david_rosell]: stock up we get rid of it
which is it’s counter intuitive um so fear

239
00:14:26,539 –> 00:14:28,763
[david_rosell]: f e a r false evidence appearing

240
00:14:28,839 –> 00:14:28,860
[paul_tyler]: m

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00:14:28,903 –> 00:14:34,352
[david_rosell]: real is how a lot of people
seem to make their their decisions when it

242
00:14:34,392 –> 00:14:38,740
[david_rosell]: comes to their finances and that again
comes back to where having that so that

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00:14:38,840 –> 00:14:44,581
[david_rosell]: adviser to hold their hand really educate
them inform them with the facts like there’s

244
00:14:44,721 –> 00:14:48,926
[david_rosell]: never been a down market in real
estate or the stock market that hasn’t rebound

245
00:14:48,966 –> 00:14:52,962
[david_rosell]: to hit in all time high now
where the challenge or one of the many

246
00:14:53,062 –> 00:14:59,012
[david_rosell]: challenges comes on the descent is when
you’re taking with jaws every month to live

247
00:14:59,152 –> 00:14:59,874
[david_rosell]: in retirement

248
00:15:00,039 –> 00:15:00,060
[paul_tyler]: m

249
00:15:00,535 –> 00:15:05,403
[david_rosell]: in the markets or down twenty percent
un to sell twenty percent more shares to

250
00:15:05,464 –> 00:15:10,601
[david_rosell]: get the same ten thousand dollars that
month and that’s where some real planning planning

251
00:15:10,701 –> 00:15:15,707
[david_rosell]: for these recessions which we average one
every eight point eight years really

252
00:15:15,691 –> 00:15:15,772
[paul_tyler]: ah

253
00:15:15,767 –> 00:15:16,408
[david_rosell]: comes into play

254
00:15:18,431 –> 00:15:18,572
[paul_tyler]: wow

255
00:15:39,870 –> 00:15:40,232
[paul_tyler]: yeah

256
00:15:42,632 –> 00:15:43,059
[david_rosell]: really not

257
00:15:43,483 –> 00:15:44,825
[paul_tyler]: yeah so so

258
00:15:44,819 –> 00:15:44,939
[david_rosell]: it’s

259
00:15:44,886 –> 00:15:44,986
[paul_tyler]: when

260
00:15:45,080 –> 00:15:45,200
[david_rosell]: one

261
00:15:45,086 –> 00:15:45,326
[paul_tyler]: flit

262
00:15:45,281 –> 00:15:46,124
[david_rosell]: client at a time

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00:15:46,448 –> 00:15:53,400
[paul_tyler]: yeah well ll let me ask you
so today’s today’s climate okay record inflation i

264
00:15:53,460 –> 00:15:59,670
[paul_tyler]: could i could go through the whole
scenario here uh interesting time do you get

265
00:15:59,810 –> 00:16:04,218
[paul_tyler]: different questions or are you dealing with
any different emotions today than you were say

266
00:16:04,518 –> 00:16:11,776
[paul_tyler]: you know you know four years ago
in the emotional reaction to the volatile changing

267
00:16:11,836 –> 00:16:12,438
[paul_tyler]: marketplace

268
00:16:13,539 –> 00:16:16,704
[david_rosell]: yeah i mean you’re hitting upon one
of the most important topics right now that’s

269
00:16:16,884 –> 00:16:19,509
[david_rosell]: front of mind awareness for everybody i
mean all you have to do is go

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00:16:19,689 –> 00:16:19,769
[david_rosell]: to

271
00:16:19,740 –> 00:16:20,430
[paul_tyler]: my

272
00:16:19,809 –> 00:16:22,654
[david_rosell]: the grocery store or to the gas
station

273
00:16:22,440 –> 00:16:22,688
[paul_tyler]: oh

274
00:16:22,954 –> 00:16:28,280
[david_rosell]: and it’s smack dab right in front
of our face is i think it comes

275
00:16:28,340 –> 00:16:31,786
[david_rosell]: back to education yes we’re at a
forty year high hovering

276
00:16:31,530 –> 00:16:31,711
[paul_tyler]: oh

277
00:16:31,826 –> 00:16:37,316
[david_rosell]: around nine percent a lot of people
don’t remember that inflation was eighteen per cent

278
00:16:37,416 –> 00:16:44,117
[david_rosell]: in nineteen eighty but it really comes
back to the law of averages and we

279
00:16:44,217 –> 00:16:50,207
[david_rosell]: know that inflation is always averaged between
three and four percent so if something is

280
00:16:50,728 –> 00:16:54,454
[david_rosell]: hundreds lee’s this year on average next
year it’s going to be a hundred and

281
00:16:54,554 –> 00:17:00,084
[david_rosell]: three dollars and fifty cents not a
big big deal but over time like a

282
00:17:00,164 –> 00:17:03,876
[david_rosell]: twenty year time period even at three
and a half per cent ation the cost

283
00:17:03,956 –> 00:17:09,121
[david_rosell]: of living doubles so that’s what really
needs to be playing for if for example

284
00:17:09,141 –> 00:17:10,663
[david_rosell]: you have a forty year old client

285
00:17:10,535 –> 00:17:10,556
[paul_tyler]: i

286
00:17:11,363 –> 00:17:14,386
[david_rosell]: who says i want to retire by
the time i’m sixty and live on a

287
00:17:14,486 –> 00:17:16,388
[david_rosell]: hundred thousand dollars and edit taxes

288
00:17:16,380 –> 00:17:16,400
[paul_tyler]: m

289
00:17:17,059 –> 00:17:20,969
[david_rosell]: as planners we need to make sure
that they’re putting enough money away to take

290
00:17:21,050 –> 00:17:25,721
[david_rosell]: out two hundred thousand dollars by the
time they’re sixty and by the time they’re

291
00:17:25,761 –> 00:17:30,689
[david_rosell]: eighty years young and they’re only twenty
years into retirement because graying means playing these

292
00:17:30,749 –> 00:17:38,645
[david_rosell]: days um that doubles again to four
hundred thousand dollars so i think by educating

293
00:17:38,745 –> 00:17:45,957
[david_rosell]: people it’s not focusing on this nine
percent inflation rate as much as it is

294
00:17:46,057 –> 00:17:50,285
[david_rosell]: the damaging effects of the three and
a half per cent that it will always

295
00:17:50,485 –> 00:17:51,527
[david_rosell]: average over time

296
00:17:56,731 –> 00:18:07,749
[paul_tyler]: so i guess it’s a challenge environment
ramsey i i seem to be getting raged

297
00:18:07,809 –> 00:18:14,761
[paul_tyler]: by my friends with different opinions as
to why the numbers are changing and why

298
00:18:14,861 –> 00:18:19,549
[paul_tyler]: the numbers are going the wrong direction
when they’re going to change the answer those

299
00:18:19,669 –> 00:18:27,462
[paul_tyler]: not simple one so i’m not sure
you know dave to ramsey’s question you know

300
00:18:28,363 –> 00:18:34,534
[paul_tyler]: how much can people comprehend you know
inflation it is global at the moment you

301
00:18:34,594 –> 00:18:35,215
[paul_tyler]: know i don’t think

302
00:18:35,196 –> 00:18:35,689
[david_rosell]: hm

303
00:18:35,535 –> 00:18:39,602
[paul_tyler]: when you’re looking at the gas when
you’re you’re filling your tank it feels like

304
00:18:39,682 –> 00:18:45,812
[paul_tyler]: it’s very local um m i think
we’re i think we’re headed for a very

305
00:18:46,013 –> 00:18:56,029
[paul_tyler]: interesting year or so as uh uh
any kind of emotional reaction that people may

306
00:18:56,130 –> 00:18:59,593
[paul_tyler]: want to take will manifest self david
i think there’s i think people are going

307
00:18:59,653 –> 00:19:04,598
[paul_tyler]: man a lot of coaching in the
next year to avoid making some really terrible

308
00:19:04,638 –> 00:19:05,078
[paul_tyler]: mistakes

309
00:19:17,529 –> 00:19:17,610
[paul_tyler]: yeah

310
00:19:32,550 –> 00:19:32,791
[paul_tyler]: oh

311
00:19:45,892 –> 00:19:51,402
[paul_tyler]: david you writing your book about you
know waking up and having a experience in

312
00:19:52,243 –> 00:19:56,029
[paul_tyler]: cool and paccusind i was supposed to
be going a trip to peru with my

313
00:19:56,190 –> 00:20:00,917
[paul_tyler]: wife here about two months ago she
called me up and said you won’t believe

314
00:20:00,958 –> 00:20:07,949
[paul_tyler]: this we’re quarantine because of riots over
the cost of food escalading in peru so

315
00:20:08,399 –> 00:20:08,561
[david_rosell]: yeah

316
00:20:08,530 –> 00:20:12,335
[paul_tyler]: as bad as it is here wow
we’ve got lot of global issues that are

317
00:20:12,555 –> 00:20:15,258
[paul_tyler]: going to keep this thing cooking for
a while

318
00:20:16,339 –> 00:20:20,726
[david_rosell]: yeah we should really count our blessings
for how fortunate we are because even when

319
00:20:20,786 –> 00:20:24,412
[david_rosell]: we are going through tough times like
you’re both sharing compared to the rest of

320
00:20:24,452 –> 00:20:28,900
[david_rosell]: the world when you want to put
it in perspective countries like zimbabwe is wala

321
00:20:29,380 –> 00:20:31,584
[david_rosell]: who have had over a thousand percent

322
00:20:31,740 –> 00:20:31,760
[paul_tyler]: m

323
00:20:31,744 –> 00:20:38,355
[david_rosell]: inflation on the anualized basis last several
years so in many ways you know what

324
00:20:38,395 –> 00:20:42,302
[david_rosell]: we think about expands and rather than
come from a place of fear or lack

325
00:20:42,803 –> 00:20:45,407
[david_rosell]: and i don’t mean to just kind
of say oh it’s no big deal that

326
00:20:45,447 –> 00:20:49,854
[david_rosell]: inflations nine per cent but it’s only
half of what it was in nineteen eighty

327
00:20:50,375 –> 00:20:54,642
[david_rosell]: and we’ve come back from that and
we come back from whatever in ran right

328
00:20:54,703 –> 00:20:59,771
[david_rosell]: now we’ve had a string of incredible
bowl markets and real estate in the stock

329
00:20:59,851 –> 00:21:05,801
[david_rosell]: market and non sophisticated investors who have
an experien down markets in the past think

330
00:21:05,841 –> 00:21:09,147
[david_rosell]: that this is the only way it’s
going to be and it’s like a pressure

331
00:21:09,227 –> 00:21:13,113
[david_rosell]: cooker when you’re cooking with a pressure
cooker that steam is being released on the

332
00:21:13,193 –> 00:21:17,821
[david_rosell]: top and if that steam couldn’t be
released that pressure cooker is going to blow

333
00:21:18,001 –> 00:21:18,102
[david_rosell]: up

334
00:21:18,060 –> 00:21:18,424
[paul_tyler]: oh

335
00:21:18,422 –> 00:21:22,869
[david_rosell]: and go right through your ceiling and
right now we need some steam being released

336
00:21:22,990 –> 00:21:26,756
[david_rosell]: in the hot real estate market and
the stock market this is not

337
00:21:26,760 –> 00:21:27,002
[paul_tyler]: oh

338
00:21:26,976 –> 00:21:29,220
[david_rosell]: a bad thing what’s happening now this
is

339
00:21:29,180 –> 00:21:29,360
[paul_tyler]: yeah

340
00:21:29,300 –> 00:21:34,589
[david_rosell]: a normal market it’s not even a
major market down market

341
00:21:34,603 –> 00:21:34,623
[paul_tyler]: a

342
00:21:34,649 –> 00:21:38,676
[david_rosell]: i mean twenty eight months ago the
market dropped thirty four per cent and just

343
00:21:38,796 –> 00:21:43,071
[david_rosell]: over a week when covid became reality
and we go back to o eight and

344
00:21:43,131 –> 00:21:46,057
[david_rosell]: early o nine the s and p
at one point was down to fifty seven

345
00:21:46,177 –> 00:21:47,449
[david_rosell]: per cent and

346
00:21:47,571 –> 00:21:47,754
[paul_tyler]: yeah

347
00:21:47,629 –> 00:21:52,297
[david_rosell]: dot com crash it was down forty
nine percent so it’s really important to just

348
00:21:52,373 –> 00:21:52,393
[paul_tyler]: i

349
00:21:52,397 –> 00:21:58,727
[david_rosell]: put the facts into perspective for clients
so that they realized the world is not

350
00:21:58,848 –> 00:22:02,057
[david_rosell]: caving in and although by watching the
news we might think it is

351
00:22:02,380 –> 00:22:06,066
[paul_tyler]: yeah ramsey on that note perspective to
add

352
00:22:11,919 –> 00:22:11,940
[paul_tyler]: m

353
00:22:25,983 –> 00:22:34,190
[paul_tyler]: at oh yeah oh m

354
00:22:38,379 –> 00:22:40,634
[paul_tyler]: m yeah

355
00:22:45,232 –> 00:22:48,690
[paul_tyler]: oh yeah

356
00:22:56,850 –> 00:23:01,396
[paul_tyler]: yeah oh oh oh

357
00:23:09,009 –> 00:23:09,191
[david_rosell]: yeah

358
00:23:10,964 –> 00:23:17,735
[paul_tyler]: yeah all right well david roselle author
of failure is not an option creating certainty

359
00:23:17,936 –> 00:23:22,926
[paul_tyler]: in the uncertainty of retirement david is
book one of three what’s the best way

360
00:23:23,006 –> 00:23:27,416
[paul_tyler]: for people to find more about you
follow you listen to you on your podcast

361
00:23:27,877 –> 00:23:29,366
[paul_tyler]: where should they go yeah

362
00:23:29,559 –> 00:23:32,925
[david_rosell]: yeah well if they enjoyed podcasts which
your listeners do

363
00:23:32,880 –> 00:23:33,204
[paul_tyler]: oh

364
00:23:33,646 –> 00:23:35,549
[david_rosell]: my podcast is called recession proof

365
00:23:35,610 –> 00:23:35,811
[paul_tyler]: oh

366
00:23:35,629 –> 00:23:42,280
[david_rosell]: your retirement with david roselle and we
talk about different things to do pep prepare

367
00:23:42,381 –> 00:23:46,588
[david_rosell]: for having a successful retirement in the
descent and we’re also at

368
00:23:46,659 –> 00:23:46,680
[paul_tyler]: m

369
00:23:47,088 –> 00:23:51,656
[david_rosell]: roselle wealth management dot com and that’s
r o s e l l wealth

370
00:23:51,690 –> 00:23:51,913
[paul_tyler]: oh

371
00:23:51,756 –> 00:23:52,678
[david_rosell]: management dot com

372
00:23:53,400 –> 00:23:56,565
[paul_tyler]: all right we listen thank you very
much thank you ramsey and thank all of

373
00:23:56,605 –> 00:24:01,253
[paul_tyler]: our listeners and listen give us feedback
give us suggestions for who we should have

374
00:24:01,293 –> 00:24:06,364
[paul_tyler]: on our show and join us again
next week for another episode of that annuity

375
00:24:06,424 –> 00:24:07,087
[paul_tyler]: show thanks

The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.

Ashley SaundersEpisode 158: Climbing Down The Financial Mountain With David Rosell
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Insurance Agents Are Unknowingly Breaking DOL Rules, Attorney Says

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The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.

Ashley SaundersInsurance Agents Are Unknowingly Breaking DOL Rules, Attorney Says
read more

Using a Holistic Approach to Retirement Planning by Taking Risk off the Table

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Receive Updates



Show Sponsors

The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.

Ashley SaundersUsing a Holistic Approach to Retirement Planning by Taking Risk off the Table
read more

As inflation hits 40-year high of 8.6%, experts look ahead

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Receive Updates



Show Sponsors

The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.

Ashley SaundersAs inflation hits 40-year high of 8.6%, experts look ahead
read more