Ep 12: Are You Having These Tough Financial Conversations

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Ep #12: Are You Having These Tough Financial Conversations?

The Concept:

There are things no one wants to talk about with their advisor because it makes them feel uncomfortable or awkward, but some topics have to be addressed if you want to build a strong retirement portfolio. We’ll take a look at how advisors should help clients navigate various tricky situations.

The Reality of the Matter:

Sometimes being a good financial advisor means having uncomfortable conversations. None of us enjoy sitting down to discuss major life events and challenging situations, but it’s important to prepare for everything. The first step to building a retirement plan that meets all of your needs is to have these candid discussions.

Black Friday

With another Black Friday behind us, we had to check in with Mike to see if he or his family takes part in this popular shopping day. It turns out that he had a story about sitting in line overnight for a computer but it ended up backfiring.

1:19 – Mike shares a Black Friday story from a time he waited in line.  

3:38 – We’re talking about awkward conversations on today’s show.


We took another listener question this week and it’s an interesting one. Charlie is considering selling his home, which is already paid off, and moving into a rental to save on taxes, insurance, and repairs and wants to know if this is a good idea. Mike has a few things that he needs to consider before making a final decision.

4:15 – Mailbag question: It’s seems counterintuitive to move out of a house I’ve already paid off, but I’m thinking about selling my home and moving into a rental to avoid taxes and repairs. Is that a good or bad idea?

Awkward Conversations

Our main topic deals with the conversations you need to be having with your advisor, even if they make you uncomfortable. We’ll ask Mike how each of these topics – death of a spouse, nursing home care, working longer than you planned, estate planning, and leaving an advisor – can be handled and why they are important for building a comprehensive retirement plan.

In some instances, we might not think these items will ever impact us but taking that approach could destroy your portfolio if you haven’t planned correctly. Make sure you’re in a position to handle everything that comes your way in retirement.

7:20 – Starting to discuss conversations you should be having with your advisor and we begin with the death of a spouse.

9:19 – Another conversation is nursing home care and how will we afford it.

11:28 – The next topic you need to be discussing is whether you need to work longer than you expected.

13:55 – You need to sit down with your children and discuss your estate plan.

16:09 – The last conversation you need to have is with your advisor if that person doesn’t fit with your plans.

Thanks for joining us for another episode of the Retirement Reality podcast. We’ll talk to you again next week.

Related Content:

Retirement Variables That Need to Factor Into Your Plan

Why the Final Decade of Work is So Important for Retirement

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