Rebalancing for the Future: Why Your Portfolio Needs Attention Now

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It's time for a portfolio review as we

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reach year end stick around for this episode

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of something more Welcome to something more with

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Chris Boyd Chris Boyd is a certified financial

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planner practitioner and senior vice president financial advisor

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at wealth enhancement group One of the nation's

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largest registered investment advisors We call it something

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more because we'd like to talk not only

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about those important dollar and cents issues But

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also the quality of life issues that make

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the money matters matter Here he is your

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fulfillment facilitator your partner in prosperity Advising clients

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on Cape Cod and across the country.

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Here's your host Jay Christopher Boyd.

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Thanks for being with us I'm here with

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Jeff Perry and Brian Regan with wealth enhancement

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with the AMR team and glad to have

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you joining us For our segment this time

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thinking about year-end Considerations for your portfolio

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review, you know throughout the year We meet

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with clients regularly every month doing portfolio reviews

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or annual reviews, which is not strictly limited

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to the portfolio and It seems as though

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Some people come in more regularly than once

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a year, you know, some are quarterly some

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are semi-annually Well in any case as

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we get to year-end, we really start

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thinking about well, what's what's what should we

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change?

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And that is to say the public thinks

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this way we're trying to think about it

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all the time and making adjustments throughout the

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year Brian is our senior portfolio manager and

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with each quarter Brian you give a webinar

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and a newsletter to give our Clientele a

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sense of the things going on in the

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market and how that's working into our strategies

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and things we want to address and adjust

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But at this time of year, I think

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we hear a lot more about time to

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do a portfolio review and Let's talk a

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little bit about some of the kinds of

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issues that Listeners may want to be thinking

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about if they're not doing this or if

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they're not getting this kind of assistance from

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their Firm that they work with if they

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work with an advisor if they're doing it

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themselves Maybe there's some things they can glean

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from our council here as far as some

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things that they should be thinking about and

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Incidentally, there was an interesting article in the

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Barron's magazine.

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I still get the paper version on the

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weekends Get it on online as well, but

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this one was inspired by one of the

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contents of the Magazine where they're talking about

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year-end planning and you know, Brian we

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just did an episode not long ago where

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we were talking about some of the thinking

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about next year and Some predictions and this

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kind of fits in with Some of that

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thinking to start with because when as you

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look at your portfolio You want to be

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thinking about?

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What's ahead?

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How does that impact what I might be?

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Considering as I look at my portfolio and

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changes that I should be addressing if we

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haven't a disciplined process We tend to have

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things drift and move away from where we

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might have originally wanted them to be Maybe

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talk a little bit about just that kind

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of a process that thinking about where things

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are going is really important, you know go

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where the puck is going to be right

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and That notion of having an insight to

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the thought process about what's happening as Well

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as the idea that things change over time

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and you don't want to just be complacent

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Yeah, we have a process that we call

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the active allocation and that active allocation is

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trying to make intelligent asset allocation decisions Not

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not all the time But you know quarterly

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we revisit the data and the facts and

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we try to make smart decisions and you

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know over time I'm not shy about saying

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I think it's worked out very very well

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And we I think we have added value

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through asset allocation, which you know, many people

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would say it isn't possible you know, like

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I've got the facts to back it up.

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You know, it's it's very much possible And

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I think Chris what you're saying is right,

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right?

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we do a lot of things that aren't

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intuitive I think and that's important right you

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need to have a thesis and a reason

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for what you're doing and You know, it

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did well last year is not it's not

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a good thesis right and I think you

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know you You know, we were mentioning earlier

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that you in Barron's you read that bonds

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are back.

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Well, sure it had it so far this

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year It's upset, you know, the aggregate bond

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index has done 7% But by definition

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that means it's less opportunity for 2026 as

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there was for 2025 So when people wrote

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similar articles in 2025 about how bonds are

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dead or the 6040 portfolio is dead They

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were missing the whole point.

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The bonds were getting more and more attractive

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for the future, right?

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So this is a long way of saying,

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you know past performance is an indicative of

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future results And you have to think about

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what's what could happen in the future.

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What's likely to happen in the future?

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What's what's more probable than not?

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You know one of the things That I've

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struggled with over the last 12 months has

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been the Huge performance in gold for example,

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right?

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How many people have asked us about gold

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over?

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any and my reasoning for not owning it

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has been you know, I don't understand what's

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driving the price or or or Now that

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I have I think I have a good

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understanding of what was driving the price But

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I also think that could change and if

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that changes and you get rug pulled You

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know that doesn't help you, right?

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So the fact that we weren't in it

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until the fourth quarter You know is tough,

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but I understand why we weren't in it

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And I think that's really that's a really

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important distinction and that differentiates, you know An

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investor that has a good profit versus Someone

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that got lucky on a trade right and

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we invest for decades Hopefully well, you know,

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I'll have a nice long life and I'll

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be investing for the next few decades and

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I rather have processes that will help me

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continue do well for the rest of my

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life rather than You know getting lucky with

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a price movement and you know, those things

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can be tempting I'll be yeah now that

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said I mean not of our not all

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of our clients think in terms of decades

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because of their age and thinking, you know,

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I don't know how long I have kind

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of mindset, but Some of those people do

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think longer term because they're thinking generationally, but

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many times they're thinking more About their mortality

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and their you know, they want to be

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less Aggressive and less exposed to risk but

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that enters into their allocation decisions as we

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think about it when it comes to the

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investment Decisions that you select, you know, you're

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doing this review Multiple times throughout the year

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we have sort of a schedule Of course

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markets don't always move to our our timing

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of things and I just want to be

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clear What we do is not really timing

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as much as paying attention to what's going

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on in the world We're not trying to

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jump in and out of markets we're trying

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to do is see what's happening in the

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world and where there's opportunities where there's risks

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and adjust accordingly that that means maybe we

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want to have a little more of this

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a little less of that and or perhaps

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Some sector exposure that you know, or an

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example of your your reference to gold earlier

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These are things that we have some core

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positions that we hold on to and we

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make some adjustments with some more tactical Positioning

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based on what's happening with interest rates what's

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happening with?

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stock valuations what's happening with yield spreads or

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whatever it might be There may be drivers

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that can say, okay We think there's opportunity

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or conversely we think there's risk and that

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has an impact When you're thinking about your

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portfolio and looking ahead It's important to have

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those kinds of thoughts about what the future

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may hold and how that can work into

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your strategy thematically as you said Brian And

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then not to be complacent.

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We we see this often where people have

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had investments that have done well and Enjoyed

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how well they've done but it turns into

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increasing risk in their portfolio because of outsized

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growth or and that didn't trim that position

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to Capture some of that profitability and use

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it to rebalance buy something That's a little

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out of favor to benefit from that.

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We can add risk Inadvertently if we're not

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paying attention to the portfolio composition what was

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a 60-40, you know one decade a

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decade later could be Significantly different if we're

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not doing a regular practice of making adjustments

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and rebalancing Anything to add to that before

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I hit on some other themes Well, I

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think I think one of the big things

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that you you touched on that I want

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to drive home is You know people do

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a different time residence people are different You

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know You spend a lot of time when

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you get to know people Trying to understand

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their risk profiles and Jeff does too and

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you know, that's that's super important, right?

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Ultimately we want to We want we want

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the right amount of risk, right?

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If you're a conservative investor, which we define

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as having like a target of 50%

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stock in their portfolio You know, I'm not

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gonna take 75% stop That's not gonna

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happen.

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We're gonna work within that that framework right

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but 50% stock You have a lot

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of levers to pull right you could do

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sector allocation.

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You could do more international You could do

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more growth oriented.

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You could add more beta.

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You could have less beta You can underweight

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a little bit here and there But you

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know, the target is going to be similar,

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right?

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We want we want people to be in

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this in the long term and Doing intelligent

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things around the edges to try to drive

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Performance through asset allocation is what I was

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referencing before not the strategic asset allocation and

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the target of your risk profile Which should

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be static unless you have a big, you

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know life event You know, we have people

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who are working and then become retired and

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guess what you should take a whole lot

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less risk when that situation happens, right and

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You know, that would be the type of

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life event that that I'm that I'm talking

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about It's not exactly on point for the

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episode, but this is a really super important

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If you're working with somebody who really doesn't

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know you like know Your fears your goals

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your life changes They're not talking to you

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periodically to check in, you know to see

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if anything's changed or you know all the

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things that can happen in life, it's really

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advisable to talk to somebody who knows knows

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you personally knows All those things about you

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because if somebody's giving you advice and they

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don't know you That's a kind of a

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red flag that you know, maybe that's not

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the right person for you.

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Yeah, I mean that notion of You don't

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want to get a prescription before you've had

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the it's a great analogy the the meeting

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with the doctor to Assess you right?

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Yeah Same kind of mindset you you want

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to have that kind of awareness to help

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inform What what you might?

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Be appropriate for what's a good solution to

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the kind of things you want to see

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00:12:03,290 --> 00:12:06,410
in your investment Portfolio, it's definitely not a

269
00:12:06,410 --> 00:12:07,850
one-and-done, you know You meet with

270
00:12:07,850 --> 00:12:10,970
your advisor and they get a perspective of

271
00:12:10,970 --> 00:12:13,230
where you are in any given time period

272
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But that that's why we do those reviews

273
00:12:15,210 --> 00:12:17,370
that you were talking about quarterly twice a

274
00:12:17,370 --> 00:12:19,930
year annually Whatever it is whatever right for

275
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the client and the first question that we

276
00:12:22,130 --> 00:12:24,430
I Always ask and I know you do

277
00:12:24,430 --> 00:12:26,650
too is like what's new and it's not

278
00:12:26,650 --> 00:12:29,170
just like social niceties You really want to

279
00:12:29,170 --> 00:12:31,610
know like what's new yeah, is there a

280
00:12:31,610 --> 00:12:35,270
health development is there cash flow demands is

281
00:12:35,270 --> 00:12:37,410
there a big Expenditure planned.

282
00:12:37,470 --> 00:12:38,870
Did you inherit money?

283
00:12:39,250 --> 00:12:40,730
Yeah, it can be good things, right?

284
00:12:40,870 --> 00:12:42,490
Did you get a big bonus from work?

285
00:12:42,510 --> 00:12:43,650
Did you pay off something?

286
00:12:43,750 --> 00:12:44,030
Did you?

287
00:12:45,370 --> 00:12:46,850
Whatever the case, but there's so much that

288
00:12:46,850 --> 00:12:49,310
happens in this journey of life that it's

289
00:12:49,310 --> 00:12:51,970
really important that when those things happen You

290
00:12:51,970 --> 00:12:55,430
need to communicate With an advisor who wants

291
00:12:55,430 --> 00:12:57,810
to know your situation and make those changes

292
00:12:57,810 --> 00:13:00,330
based upon those things that are happening in

293
00:13:00,330 --> 00:13:02,130
life And what are you guys saying?

294
00:13:02,170 --> 00:13:02,350
Right?

295
00:13:02,410 --> 00:13:05,130
You're saying Was there a life event that

296
00:13:05,130 --> 00:13:06,990
should change your risk profile and asset allocation,

297
00:13:07,130 --> 00:13:07,270
right?

298
00:13:07,490 --> 00:13:09,390
If I'm gonna sum it up in one

299
00:13:09,390 --> 00:13:11,630
question, you know, well, it doesn't have to

300
00:13:11,630 --> 00:13:16,150
even change your allocation though How we want

301
00:13:16,150 --> 00:13:20,630
to be Approaching that allocation, right How much

302
00:13:20,630 --> 00:13:22,550
are we gonna keep for liquidity and where

303
00:13:22,550 --> 00:13:24,070
and how are we gonna do that?

304
00:13:24,470 --> 00:13:26,190
You know just I don't know.

305
00:13:26,270 --> 00:13:26,530
You know what?

306
00:13:26,530 --> 00:13:26,730
I mean?

307
00:13:26,750 --> 00:13:30,130
Like it's not always even as dramatic as

308
00:13:30,130 --> 00:13:34,350
the overall how it all fits together allocation

309
00:13:34,350 --> 00:13:37,510
it might be how we compartmentalize that for

310
00:13:37,510 --> 00:13:41,170
people and Generate the expectation of where we're

311
00:13:41,170 --> 00:13:42,710
gonna take money from or whatever.

312
00:13:42,710 --> 00:13:44,630
It might be too, right and it might

313
00:13:44,630 --> 00:13:47,570
not be We're on portfolio reviews and but

314
00:13:47,570 --> 00:13:49,470
it might not even be portfolio related might

315
00:13:49,470 --> 00:13:51,290
be an insurance need or an insurance that

316
00:13:51,290 --> 00:13:53,950
you no longer need or Saving for an

317
00:13:53,950 --> 00:13:55,810
education, you know in a different way or

318
00:13:55,810 --> 00:13:58,970
estate planning or whatever it whatever it is,

319
00:13:59,050 --> 00:13:59,170
right?

320
00:13:59,250 --> 00:14:02,090
So it's a holistic approach, but the underlying

321
00:14:03,070 --> 00:14:07,550
messages your Advisors should be a fiduciary.

322
00:14:07,670 --> 00:14:09,070
They should act in your best interest, but

323
00:14:09,070 --> 00:14:11,890
they should definitely know What's going on in

324
00:14:11,890 --> 00:14:14,450
your life some of what this article talked

325
00:14:14,450 --> 00:14:14,670
about?

326
00:14:14,670 --> 00:14:16,330
I want to come back to and bring

327
00:14:16,330 --> 00:14:19,430
Brian around to addressing some of these types

328
00:14:19,430 --> 00:14:21,750
of issues in addition to the things we've

329
00:14:21,750 --> 00:14:25,190
talked about with asset allocation and Rebalancing and

330
00:14:25,190 --> 00:14:27,810
so forth and the idea of diversification in

331
00:14:27,810 --> 00:14:31,570
various ways One of the things they discussed

332
00:14:31,570 --> 00:14:36,110
was the idea of equal weight Investments versus

333
00:14:36,110 --> 00:14:40,850
cap weighted the idea that Perhaps in a

334
00:14:40,850 --> 00:14:43,590
lower interest rate environment It can be more

335
00:14:43,590 --> 00:14:47,090
attractive to smaller companies and we've heard so

336
00:14:47,090 --> 00:14:51,370
much about this concern about concentration at the

337
00:14:51,370 --> 00:14:55,290
top of the index I just thought that

338
00:14:55,290 --> 00:14:57,270
might be an interesting thing to just weigh

339
00:14:57,270 --> 00:14:58,990
in on for a minute or two just

340
00:14:58,990 --> 00:15:02,210
Your thoughts as it relates to things like

341
00:15:02,210 --> 00:15:06,570
equal weight Index indexes as compared to a

342
00:15:06,570 --> 00:15:09,390
cap weighted index anything you want to add

343
00:15:09,390 --> 00:15:12,130
to that talk It's interesting that you came

344
00:15:12,130 --> 00:15:13,510
around there because I was I wanted to

345
00:15:13,510 --> 00:15:16,550
jump in with something along those lines You

346
00:15:16,550 --> 00:15:18,030
know that those articles are hard to write

347
00:15:18,030 --> 00:15:18,210
right?

348
00:15:18,270 --> 00:15:20,250
They're trying to trying to do one-size

349
00:15:20,250 --> 00:15:25,030
-fits-all and it just it's Don't apply

350
00:15:25,030 --> 00:15:28,430
right every circumstance is different individually, but also

351
00:15:28,430 --> 00:15:29,830
each market is different, right?

352
00:15:29,870 --> 00:15:32,850
So I Get what they're saying with lower

353
00:15:32,850 --> 00:15:34,990
interest rates, you might think the smaller cap

354
00:15:34,990 --> 00:15:39,310
stocks might outperform But you know, are they

355
00:15:39,310 --> 00:15:40,990
indebted in ways?

356
00:15:42,270 --> 00:15:46,010
Like private equity or private credit That we've

357
00:15:46,010 --> 00:15:48,050
talked about there's shown to be lots of

358
00:15:48,050 --> 00:15:50,810
issues in are they more exposed there, right?

359
00:15:51,750 --> 00:15:54,730
You know, are they are they more exposed

360
00:15:54,730 --> 00:15:57,890
to industrial type companies like real estate for

361
00:15:57,890 --> 00:15:59,990
example Which is you know a suffering sector

362
00:15:59,990 --> 00:16:02,910
right now Those are things to consider, you

363
00:16:02,910 --> 00:16:04,530
know to look through rather than rather than

364
00:16:04,530 --> 00:16:07,510
just do rules of thumb when it comes

365
00:16:07,510 --> 00:16:09,990
to like Estalcation Chris was talking about equal

366
00:16:09,990 --> 00:16:14,110
weight versus market cap weight I'll answer the

367
00:16:14,110 --> 00:16:15,490
question, but I want to do it in

368
00:16:15,490 --> 00:16:17,290
a little bit of a different way Some

369
00:16:17,290 --> 00:16:20,350
people I have found Chris that are obsessed

370
00:16:20,350 --> 00:16:23,030
with dividends and they might have a 50

371
00:16:23,030 --> 00:16:25,850
-50 Portfolio and 50% of the portfolio

372
00:16:25,850 --> 00:16:29,550
is in dividend stocks And this is a

373
00:16:29,550 --> 00:16:31,490
huge mistake right when they look back at

374
00:16:31,490 --> 00:16:33,710
their portfolio, they're like, how come I'm blagging

375
00:16:33,710 --> 00:16:34,530
so much right?

376
00:16:34,830 --> 00:16:37,830
I'm I'm a conservative profile I have 50

377
00:16:37,830 --> 00:16:40,770
% in stocks, but you know, my performance

378
00:16:40,770 --> 00:16:42,530
is you know The S&P 500 is

379
00:16:42,530 --> 00:16:44,910
up 18% and I got 2%

380
00:16:44,910 --> 00:16:45,810
on the year, right?

381
00:16:47,510 --> 00:16:50,070
My bonds outperformed my stocks and you know,

382
00:16:50,110 --> 00:16:53,190
they're left they're left puzzled and this is

383
00:16:53,190 --> 00:16:55,590
the kind of thing that you know We

384
00:16:55,590 --> 00:16:56,590
try to teach people right?

385
00:16:56,650 --> 00:16:58,770
We don't just try to get their business

386
00:16:58,770 --> 00:17:00,370
We try to teach them why we're doing

387
00:17:00,370 --> 00:17:02,310
things and that's part of the that's part

388
00:17:02,310 --> 00:17:04,630
of the quarterly that we do quarterly webinar

389
00:17:04,630 --> 00:17:07,730
on the quarterly letter and you guys do

390
00:17:07,730 --> 00:17:09,210
an excellent job, you know meeting with people

391
00:17:09,210 --> 00:17:12,210
and trying to not just Show them their

392
00:17:12,210 --> 00:17:13,690
performance and get to know them but try

393
00:17:13,690 --> 00:17:15,430
to explain to them why they have what

394
00:17:15,430 --> 00:17:16,210
they have, right?

395
00:17:16,329 --> 00:17:18,770
And that's and that's that you know, that

396
00:17:18,770 --> 00:17:20,349
can make a huge difference, right?

397
00:17:20,390 --> 00:17:22,630
So, you know, you could have one investor

398
00:17:22,630 --> 00:17:25,390
that's 50% equity and one investor that's

399
00:17:25,390 --> 00:17:27,930
also 50% in equity and You know,

400
00:17:28,090 --> 00:17:30,590
the investor on my right hand is much

401
00:17:30,590 --> 00:17:32,610
wealthier than the investor on my left hand

402
00:17:33,170 --> 00:17:35,850
Just because of you know How they've allocated

403
00:17:35,850 --> 00:17:38,210
their portfolio one one might have gone with

404
00:17:38,210 --> 00:17:39,590
the market cap route and one might have

405
00:17:39,590 --> 00:17:42,750
gone with the equal weight route And the

406
00:17:42,750 --> 00:17:44,630
one with the equal weight, you know as

407
00:17:44,630 --> 00:17:46,750
of today is is not doing nearly as

408
00:17:46,750 --> 00:17:48,750
well as the person in the market So,

409
00:17:49,030 --> 00:17:50,970
you know there are pros and cons to

410
00:17:50,970 --> 00:17:52,730
equal weighting right if you are if you

411
00:17:52,730 --> 00:17:55,930
want to equal weight Because you're concerned about

412
00:17:55,930 --> 00:17:59,350
you know an AI bubble for example You

413
00:17:59,350 --> 00:18:01,350
know might be rational it might be good

414
00:18:01,350 --> 00:18:03,810
for you But another thing you could do

415
00:18:03,810 --> 00:18:06,570
is just take less equity risk altogether, right?

416
00:18:06,990 --> 00:18:09,230
You kind of wanted exposure to the winners,

417
00:18:09,330 --> 00:18:09,570
right?

418
00:18:10,970 --> 00:18:15,850
Chris Chris Pointed me to an email from

419
00:18:15,850 --> 00:18:18,890
a client the other day Who is very

420
00:18:18,890 --> 00:18:23,450
concerned about an AI bubble and his points

421
00:18:23,450 --> 00:18:25,610
were were reasonable, you know, they were rational

422
00:18:25,610 --> 00:18:29,830
and You know, my answer was well if

423
00:18:29,830 --> 00:18:32,350
I just own the s&p 500 I

424
00:18:32,350 --> 00:18:35,570
would have 8% Nvidia But I don't

425
00:18:35,570 --> 00:18:37,130
I own, you know, we're a little bit

426
00:18:37,130 --> 00:18:38,790
more tactical in our portfolio and I own

427
00:18:38,790 --> 00:18:42,410
5% Nvidia And that we haven't given

428
00:18:42,410 --> 00:18:44,150
up any performance being 5% right you

429
00:18:44,150 --> 00:18:46,090
make it up other places You have you

430
00:18:46,090 --> 00:18:49,870
have other ideas that work elsewhere But I

431
00:18:49,870 --> 00:18:52,170
don't think you know and I've been harping

432
00:18:52,170 --> 00:18:53,630
on this to anybody to listen it's not

433
00:18:53,630 --> 00:18:55,730
an all-in all-out approach It's it's

434
00:18:55,730 --> 00:18:58,570
all it's all you Should think of probabilities

435
00:18:58,570 --> 00:19:00,290
you think you should think of probabilities when

436
00:19:00,290 --> 00:19:02,230
it comes to your asset allocation You should

437
00:19:02,230 --> 00:19:03,810
think about how much you how much?

438
00:19:04,510 --> 00:19:06,270
Downturned you can withstand right?

439
00:19:06,270 --> 00:19:08,250
I showed a I wrote an email to

440
00:19:08,250 --> 00:19:11,630
a client yesterday comparing two portfolios his existing

441
00:19:11,630 --> 00:19:15,330
portfolio in our portfolio and you know, I

442
00:19:15,330 --> 00:19:17,470
was comparing both the return and the drawdown

443
00:19:17,470 --> 00:19:21,730
metrics and You know this these portfolios were

444
00:19:21,730 --> 00:19:23,810
100% in stock so that the drawdown

445
00:19:23,810 --> 00:19:28,650
metrics were large, right and my point was

446
00:19:29,250 --> 00:19:31,150
You know look in this portfolio.

447
00:19:31,290 --> 00:19:32,670
You're actually getting more return in a very

448
00:19:32,670 --> 00:19:35,370
similar drawdown So this is a better portfolio

449
00:19:35,370 --> 00:19:37,870
despite it being I know a very large

450
00:19:37,870 --> 00:19:39,930
drawdown So that might not be appropriate to

451
00:19:39,930 --> 00:19:42,850
be in a hundred percent stock But if

452
00:19:42,850 --> 00:19:44,830
it is this is a better portfolio and

453
00:19:44,830 --> 00:19:47,130
I can make a less risky portfolio by

454
00:19:47,130 --> 00:19:49,090
marrying this better equity portfolio with a fixed

455
00:19:49,090 --> 00:19:51,550
income portfolio, so You know, there's a lot

456
00:19:51,550 --> 00:19:54,130
that can go into this but you know

457
00:19:54,130 --> 00:19:55,490
on the face of it you can look

458
00:19:55,490 --> 00:19:58,170
like you're doing the right things and You

459
00:19:58,170 --> 00:20:00,290
know, the money just won't follow if if

460
00:20:00,290 --> 00:20:02,550
you know, you're not you're not paying attention

461
00:20:02,550 --> 00:20:06,250
to and learning What the right things are

462
00:20:06,250 --> 00:20:11,010
actually to do Very good Jeff one of

463
00:20:11,010 --> 00:20:15,150
the interesting things mentioned in this article As

464
00:20:15,150 --> 00:20:16,830
one of the things to think about at

465
00:20:16,830 --> 00:20:20,550
year-end was the idea of consolidation Because

466
00:20:20,550 --> 00:20:23,470
they said nearly a third of retirees have

467
00:20:23,470 --> 00:20:29,710
at least two or more 401ks That they've

468
00:20:29,710 --> 00:20:33,570
you know, maybe moved on from Former employers

469
00:20:33,570 --> 00:20:37,090
so You know, that's a great example of

470
00:20:37,090 --> 00:20:38,950
the idea of trying to bring a little

471
00:20:38,950 --> 00:20:42,010
simplification I spent time with a client just

472
00:20:42,010 --> 00:20:42,610
this week.

473
00:20:42,790 --> 00:20:46,270
There was a new client And you know,

474
00:20:46,270 --> 00:20:49,950
it's hard to give up What's familiar?

475
00:20:50,610 --> 00:20:52,690
Yeah, you know because we get run into

476
00:20:52,690 --> 00:20:54,930
routine of like oh, I've got ten bank

477
00:20:54,930 --> 00:20:55,370
accounts.

478
00:20:55,390 --> 00:20:59,210
I've got you know An investment over there

479
00:20:59,210 --> 00:21:02,330
a mutual fund company I've had forever I've

480
00:21:02,330 --> 00:21:04,970
got you know, maybe drip stocks somewhere else.

481
00:21:05,090 --> 00:21:08,110
I've got brokerage account a B C, you

482
00:21:08,110 --> 00:21:11,010
know and There might be reasons of how

483
00:21:11,010 --> 00:21:12,950
it all came about but at some point

484
00:21:12,950 --> 00:21:14,830
in time you find, you know I don't

485
00:21:14,830 --> 00:21:17,870
think this is being managed thematically as Brian

486
00:21:17,870 --> 00:21:19,630
was talking about, you know the way we

487
00:21:19,630 --> 00:21:23,750
think about portfolio construction Similarly, we want to

488
00:21:23,750 --> 00:21:27,010
be somewhat Thematic about why do we have?

489
00:21:27,850 --> 00:21:30,570
Different accounts and what's their role in the

490
00:21:30,570 --> 00:21:30,910
process?

491
00:21:31,310 --> 00:21:32,870
Oh, this is my liquidity money.

492
00:21:32,990 --> 00:21:36,310
This is my Next source of resources.

493
00:21:36,450 --> 00:21:37,870
This is a longer-term money.

494
00:21:37,910 --> 00:21:40,350
We want to think about things in different

495
00:21:40,350 --> 00:21:45,550
ways perhaps but ultimately when we can we

496
00:21:45,550 --> 00:21:47,570
want to try to find ways to streamline

497
00:21:47,570 --> 00:21:52,810
what we're doing and be Thematic there's a

498
00:21:52,810 --> 00:21:54,150
whole lot of ways in which it can

499
00:21:54,150 --> 00:21:56,150
make life a lot easier Yeah, right.

500
00:21:56,270 --> 00:21:58,590
I mean to keep track of rebalancing or

501
00:21:58,590 --> 00:22:01,170
other issues boy that that can really be

502
00:22:01,170 --> 00:22:04,050
a nuisance when you've got So many accounts.

503
00:22:04,510 --> 00:22:06,850
Yeah, so that's someone with a lot of

504
00:22:06,850 --> 00:22:10,950
accounts who have specific purposes for them and

505
00:22:10,950 --> 00:22:14,150
That they are going about a process of

506
00:22:14,150 --> 00:22:19,690
rebalancing and keeping their asset allocation Consistent is

507
00:22:19,690 --> 00:22:24,410
virtually no one Meaning we have a process

508
00:22:24,410 --> 00:22:26,190
we have a system we have a guy

509
00:22:26,190 --> 00:22:28,910
Brian, you know dedicated to this stuff full

510
00:22:28,910 --> 00:22:30,730
-time but you know the average person that

511
00:22:30,730 --> 00:22:33,570
we see coming in as a client and

512
00:22:33,570 --> 00:22:37,350
Very common to have multiple old accounts here

513
00:22:37,350 --> 00:22:39,970
or there, you know something Maybe they inherited

514
00:22:39,970 --> 00:22:42,610
the former employer Maybe they had this savings

515
00:22:42,610 --> 00:22:44,150
for a purpose and they didn't need it

516
00:22:44,150 --> 00:22:47,250
is that they have them They might not

517
00:22:47,250 --> 00:22:50,570
remember them all even we've had clients later

518
00:22:50,570 --> 00:22:51,070
discover.

519
00:22:51,310 --> 00:22:53,650
Oh, yeah I forgot about this one, especially

520
00:22:53,650 --> 00:22:55,530
now that we're all online, right?

521
00:22:56,170 --> 00:22:58,990
Most people have their account access online You

522
00:22:58,990 --> 00:23:00,950
don't always get the paper that you used

523
00:23:00,950 --> 00:23:02,970
to get to remind you and it would

524
00:23:02,970 --> 00:23:04,390
be the greatest surprise, right?

525
00:23:05,010 --> 00:23:06,410
Yeah, I guess that's true.

526
00:23:06,470 --> 00:23:07,430
Not a bad surprise.

527
00:23:07,530 --> 00:23:09,170
It's been compounding for 20 years.

528
00:23:09,330 --> 00:23:10,610
We got all about it, you know You

529
00:23:10,610 --> 00:23:15,750
know Declining for 20 years because it was

530
00:23:15,750 --> 00:23:22,410
all in some Properly and yeah, yeah that

531
00:23:22,410 --> 00:23:24,030
reminds me of those stories you hear that

532
00:23:24,030 --> 00:23:26,650
people have like Bitcoin They bought in 2010

533
00:23:26,650 --> 00:23:28,630
on a flash disk somewhere and there's like

534
00:23:28,630 --> 00:23:29,410
frantically looking.

535
00:23:29,550 --> 00:23:35,550
Oh, that's But to your overall point Chris

536
00:23:35,550 --> 00:23:38,690
it does make sense to consolidate You know

537
00:23:38,690 --> 00:23:40,410
if you have retirement assets here there and

538
00:23:40,410 --> 00:23:43,210
everywhere 401ks and deferred comps or whatever you

539
00:23:43,210 --> 00:23:45,730
have It does make sense to consolidate if

540
00:23:45,730 --> 00:23:48,270
for no other reason is to make sure

541
00:23:48,270 --> 00:23:51,410
that the investments in that consolidated IRA now

542
00:23:51,410 --> 00:23:55,610
for example are working with the appropriate risk

543
00:23:55,610 --> 00:23:58,930
tolerance that you have today and That it

544
00:23:58,930 --> 00:24:01,370
is invested in a way that you are

545
00:24:01,370 --> 00:24:04,010
comfortable with today Consistent with your financial plan

546
00:24:04,010 --> 00:24:06,730
your goals and your risks as we kind

547
00:24:06,730 --> 00:24:08,690
of wind down anyway This is where we

548
00:24:08,690 --> 00:24:10,510
wanted to wrap things up I just want

549
00:24:10,510 --> 00:24:13,630
to extend the invitation to our listeners as

550
00:24:13,630 --> 00:24:17,210
they think about year-end and the beginning

551
00:24:17,210 --> 00:24:20,270
of a new year It is the ideal

552
00:24:20,270 --> 00:24:23,850
time to think about consulting someone for a

553
00:24:23,850 --> 00:24:28,070
second opinion if you're doing things yourself, or

554
00:24:28,070 --> 00:24:31,110
if you've had some help, but you you

555
00:24:31,110 --> 00:24:37,690
find it's It's not proactive they they reach

556
00:24:37,690 --> 00:24:41,030
out to you when they Think they might

557
00:24:41,030 --> 00:24:43,130
want to sell you a new product or

558
00:24:43,130 --> 00:24:46,510
there's a new sales opportunity involved Not what

559
00:24:46,510 --> 00:24:47,770
you necessarily want.

560
00:24:47,830 --> 00:24:49,130
Are they a fiduciary?

561
00:24:49,310 --> 00:24:51,310
Are they looking out for your best interest?

562
00:24:51,590 --> 00:24:53,210
Are they planning things?

563
00:24:53,770 --> 00:24:57,310
thematically as we're talking about if you're not

564
00:24:57,310 --> 00:25:01,190
finding that kind of Guidance or if you're

565
00:25:01,190 --> 00:25:03,430
just doing things yourself and trying to say

566
00:25:03,430 --> 00:25:04,430
what am I missing?

567
00:25:04,710 --> 00:25:07,690
I may not be Tuned in we often

568
00:25:07,690 --> 00:25:09,250
find people say, you know, I used to

569
00:25:09,250 --> 00:25:12,810
love doing this But I find it to

570
00:25:12,810 --> 00:25:14,310
be a little bit more of a burden

571
00:25:14,310 --> 00:25:15,870
at times Yeah, I want to be out

572
00:25:15,870 --> 00:25:19,270
doing other things or if anything happens to

573
00:25:19,270 --> 00:25:20,930
me with this cuz come up I had

574
00:25:20,930 --> 00:25:21,490
a health scare.

575
00:25:21,610 --> 00:25:23,190
I want to make sure that if anything

576
00:25:23,190 --> 00:25:26,870
happens to me And my spouse will be

577
00:25:26,870 --> 00:25:29,730
okay, right and so, you know, we think

578
00:25:29,730 --> 00:25:32,010
in terms of those kind of scenarios where

579
00:25:32,510 --> 00:25:34,910
sometimes it does turn out to be a

580
00:25:34,910 --> 00:25:36,430
good time to get a little bit of

581
00:25:36,430 --> 00:25:40,130
assistance get a second opinion and If we

582
00:25:40,130 --> 00:25:43,190
can be that resource for you We're here

583
00:25:43,190 --> 00:25:46,410
to help So our information will come as

584
00:25:46,410 --> 00:25:48,930
we close out the show here if we

585
00:25:48,930 --> 00:25:50,570
can be a resource to you Don't hesitate

586
00:25:50,570 --> 00:25:53,470
to take advantage of our two-part complimentary

587
00:25:54,070 --> 00:25:59,170
portfolio review process And which involves us putting

588
00:25:59,170 --> 00:26:01,670
context of a financial plan together.

589
00:26:01,910 --> 00:26:04,650
So with that Jeff, thanks very much.

590
00:26:04,770 --> 00:26:05,370
Brian.

591
00:26:05,490 --> 00:26:07,950
We'll catch up next time until next time.

592
00:26:08,050 --> 00:26:12,030
Everybody keeps driving for something more Thank you

593
00:26:12,030 --> 00:26:14,370
for listening to something more with Chris Boyd

594
00:26:14,370 --> 00:26:16,790
call us for help whether it's for financial

595
00:26:16,790 --> 00:26:20,710
planning or portfolio management Insurance concerns or those

596
00:26:20,710 --> 00:26:22,770
quality of life issues that make the money

597
00:26:22,770 --> 00:26:25,930
matters matter Whatever's on your mind visit us

598
00:26:25,930 --> 00:26:28,710
at something more with Chris Boyd comm or

599
00:26:28,710 --> 00:26:30,910
call us toll-free at eight six six

600
00:26:30,910 --> 00:26:34,730
seven seven one eight nine zero one or

601
00:26:34,730 --> 00:26:38,230
send us your questions to AMR dash info

602
00:26:38,230 --> 00:26:41,410
at wealth enhancement comm you're listening to something

603
00:26:41,410 --> 00:26:43,410
more with Chris Boyd financial talk show wealth

604
00:26:43,410 --> 00:26:46,030
enhancement advisory services and Jay Christopher Boyd provide

605
00:26:46,030 --> 00:26:48,370
investment advice on an individual basis to clients

606
00:26:48,370 --> 00:26:50,510
only proper advice depends on a complete analysis

607
00:26:50,510 --> 00:26:52,990
of all facts and Circumstances the information given

608
00:26:52,990 --> 00:26:54,970
on this program is general financial comments and

609
00:26:54,970 --> 00:26:56,690
cannot be relied upon as pertaining to your

610
00:26:56,690 --> 00:26:59,410
specific Situation wealth enhancement group cannot guarantee that

611
00:26:59,410 --> 00:27:01,250
using the information from this show will generate

612
00:27:01,250 --> 00:27:03,630
profits or ensure freedom from loss Listeners should

613
00:27:03,630 --> 00:27:05,730
consult their own financial advisors or conduct their

614
00:27:05,730 --> 00:27:08,230
own due diligence before making any financial decisions