And good evening.

You've got more than money.

You've got Gene Dickison, your host, your personal financial advisor.

Welcome to More than Money.

If you are a loyal viewer, you know exactly how this works.

We take the most interesting of the emails that we've received directly from you.

We answer them right on air.

No nets, no rehearsals, no scripts.

You get what you get.

And sometimes, I confess, it's a little snarky.

My apologies.

Bottom line is, you are the reason we are the most relevant financial show on television today.

Without a doubt.

Not because of my 780 years of experience.

Not because we go on and on and on about the academic side of investing or estate planning or the law.

No, we don't do that.

What we do is focus on you.

What we do is address those things that are of most concern to you, those types of questions that are not tax questions, they're not estate questions.

They're not investment questions.

They are life questions.

And because they're life questions, they're really, really interesting.

If you are just joining us for the very first time, welcome, we think that you'll find the next half hour to be at the very least interesting, potentially very profitable on rare occasion, very rare occasion entertaining, but most importantly, I think what you'll find is that there are so many commonalities with these folks who are just like you.

They're asking questions that are of interest to you.

They're asking questions that you've been asking and maybe, maybe a good idea pad and pens that you can take some notes and maybe pick up some ideas that you can immediately use to improve your own financial picture.

And of course, if the answer is, gosh, it was interesting, but I didn't get to where I need to be, then all you need do is send us your emails Gene G-E-N-E Gene at ask MTM dot com.

We answer every single email back to you.

We have a complete team that does that for us.

With us, our entire more than money team is at your service.

We have lots of advisors, lots of partners, lots of subject experts that we can draw on to give you the best opportunity to get from wherever you are to where you wish to be in the least amount of fuss and muss.

Speaking of us, in much worse Segway ever.

Let's go to our financial correspondent.

Let's find out what Megan has to start tonight's show with.

Hi, Gene.

Thanks for the intro.

Our first question says, after retiring in 2009, I ruled everything over to a large financial services firm.

Fast forward to 2023.

I get a yearly call from my advisor about my accounts.

I was never really satisfied with my earnings, but after requesting $35,000 to purchase a pristine 2014 Jaguar, he just wasn't as cordial anymore.

I asked my advisor to provide me with documentation that shows my earnings as well as any fees.

I have been charged for services since I opened the account.

I never had anything in writing about fees.

He told me he wouldn't provide me with or he would provide me with it.

But a few months have gone by and I still have not gotten anything from him.

I don't feel good about this anymore.

What should I do, Jean?

Yeah, the.

The answer is staring you in the face.

You already know what you need to do.

Exactly.

Next, you need to have this advisor step aside.

You need to provide yourself with the type of advisory relationship that is not based on.

I'll give you a call once a year.

Maybe I'll get snarky if you take money out of your account for something that's important to you, I won't respond to you with a normal request for weeks or weeks, months and months.

Clearly, this advisor has a significant disconnect with you personally.

And let's see, 2009 2023.

That's a long time.

You have been remarkably tolerant, remarkably patient, I would suggest.

I'm just making this assumption that that part of that tolerance, part of that that patience was a function of you didn't necessarily know that the service you were getting was so lackluster, so poor.

You may have noted that your investment performance did not seem to be a lot impressive or even adequate, but you may not have known.

You may not have had the context of knowing that quality financial advisors don't give their clients a phone call once a year.

Quality financial advisors offer their clients quarterly sit down meetings to review their entire financial picture.

Not just did I make money or lose money.

You can see that on your monthly statements from your custodian.

But what's happening in my life?

What has changed?

What adjustments need to be made either for investment purposes as over the last, what, 14 years, things, the cycles of the markets have been pretty dramatic.

Pretty significant.

Lots of things have changed.

Lots of things have evolved, but also tax questions.

If that advisor is even legally able to answer tax questions, estate questions, if that advisor even has any value to be added in the estate planning discussion, Social Security questions.

If that advisor has access to any resources whatsoever that can assist you in making your Social Security decisions the best they can be.

I have no use for this advisor.

I have no use for this company that would support someone that is so disinterested in serving his or her client.

So next is the only appropriate term.

You must seek out a financial advisor that you acknowledge has has the right approach, the right chemistry, the right interest in serving you and providing you with the the holistic advice that that you deserve, that you absolutely deserve.

If I have not already made my point rather boldly, rather clearly, I will make it in in as as stark a terms as I possibly can.

Your request for an analysis of what profit have I made since I've been here and what fees have I been charged has taken this individual weeks or months for a very simple reason.

He does not or she does not want to give it to you.

It's that simple.

If the numbers were good, that would have been quick response.

Look how good.

Look how well you've done.

Look how good your investments are.

Look at how well I've done.

You clearly want to stay with me.

That's not the case.

I can assure you that if you ever get those numbers, I don't believe you will.

But if you ever get those numbers, it's going to be very disappointing.

I would not surprise me if your financial advisor has charged you more than he's actually made for you.

Wouldn't surprise me at all.

And a qualified financial adviser.

A quality financial adviser, A trustworthy financial adviser who operates as financial advisers should in this the 21st century would have been able to give you those numbers in less than 30 seconds if they had access to any degree of technology, if they had any commitment to serving you in any way, shape or form.

It would have literally been, as it is in the more than money world press of a button.

And those numbers appear literally within 30 seconds.

And because quarterly meetings are appropriate in our world, those numbers are provided to you every 90 days.

Every 90 days you get as part of your review report.

A.

Where did you start back in 2009?

What have you added?

What have you taken out?

What dividends have you received?

What capital gains have you seen?

What capital gains are still to be seen?

Here's your overall return and here's your here's the fees that you paid.

That's a deduction, obviously.

Here's your current account balances and a calculation of your compound rate of return.

That's what a quality financial adviser does.

Sadly, you don't have one of those.

So you're going to have to put some effort in.

You're going to have to do some interviews.

You're going to have to get some referrals.

You're going to have to send out some emails and collect some information.

Talk to as many as you need to until you feel comfortable.

Until you feel like you've be you have joined a team that's there to serve you.

By the way, in case you haven't kind of thought through it.

The movement of your accounts from one adviser to another is often in in the minds of folks who do not understand or do not know are very scary, very intimidating.

It's got to be very hard.

It's got to be very confrontational.

That's not true.

For, gosh, on a weekly basis, we have five, six, seven, eight, ten of these kinds of scenarios where folks are coming to us from other advisors and we are moving their accounts for you, for the client.

It's a set of signatures.

Paperwork is done by your new financial advisor.

It's a set of signatures.

You don't have to call.

You don't have to meet with you don't have to interact with your former financial advisor in any way, shape or form.

It's all done through the system, through the transfer system.

Those accounts show up at your new custodian, your new financial advisors office, and you have put that person behind you, which you should have done ten years ago, 12 years ago.

But better late than never.

So hopefully all that helped.

Hopefully all that gives you the kind of guidance, the kind of direction that you need so that you make that move that's best for you.

Next, we want what's best for the folks who email us, for folks who are part of our our audience.

How do we serve our next client?

Well, I'm definitely wishing the best for this next e-mailer.

I think you may be equally unimpressed with the issue in this in this message here.

It says, I have been in a relationship with this man for five years.

I moved into his home a year ago.

The plan was for me to pay all the utilities, dog expenses and groceries.

I cook and clean and take care of things around the house.

And now he's asking me to pay half his mortgage.

He does not want to marry me, nor put me on the deed to his home.

I don't think it is right that I pay, that I help pay half of his mortgage.

What do I get out of this?

Really?

We are both 51 years of age.

I have nothing to my name, no security.

And I'm not sure if this is a smart thing to do.

Can you please help me?

I'm very confused on how to handle this.

Some people say pay half and others say move out.

What should I do?

Move out.

This isn't even close.

This is not a GS.

Let's weigh the pros and cons.

There are no pros.

There are only cons.

My guess he's an ex-con.

But that's just a guess.

Just say it.

This is not a healthy relationship in any way, shape or form.

Putting aside the financial question, it is not a financial question.

There isn't a respectable man on the planet that would make this request.

You can draw your own conclusion.

Well, it's fairly clear.

I have no respect for this individual.

What?

What he's done already is, is.

Is unworthy of of your commitment to him.

What he's done already is unworthy of what a respectable man would do in a relationship with any woman he cared about.

What he has done already is simply taken advantage and just kept pushing the envelope of What more can I get from this woman versus what am I willing to give?

And it's quite clear what he's willing to give his zero.

So I get.

bless you.

Prayers are really, really prayers go out to you.

The specter of leaving this home, your home, leaving this relationship and in essence, doing that without much, if any, financial support system.

Very, very unsettling.

What you, in my opinion, would benefit from good counseling, without a doubt.

And if you can't afford it, there are lots of agencies that can assist you.

This is my opinion, a form of domestic abuse.

Is it physical abuse?

Doesn't that sound like it?

It's certainly is emotional abuse.

He is putting you in a box, putting you in a corner, taking advantage.

And there are a number, some very, very good organizations that will stand with you against this type of emotional and personal abuse.

And there are tremendous resources available that can help you bridge from where you're currently living to where you need to live, which is independent of this person.

And give yourself the opportunity to to start fresh, to start fresh.

I noted in the opening part of that email that you're both 51.

You are 51 years old.

There was a time, perhaps two or three generations back where at 51 you only have a few years left anyway, just kind of put up with it would have been a fairly reasonable piece of advice in today's world.

You've got an entire lifetime ahead of you.

An entire lifetime.

As one of my good friends has coined the phrase happy, healthy hundred.

Shoot for 100.

You've got an entire lifetime ahead of you at this moment.

Without a doubt.

You are not happy, You're not healthy.

But you could be.

But you've got to have the courage.

You've got to have the willingness to ask for help.

Make that transition and start fresh.

Add some fresh air to your personal situation.

And I think the financial side will well come along rather nicely.

Again, prayers to you.

Courage.

It's going to take courage.

I think you can do it.

Megs, something a little more uplifting.

Yes, I can do that.

This one's different.

This question says I came across your show that aired on PBS.

There were a lot of questions related to annuity and slick salespeople wondering, are these large companies such as and, well, Mass Mutual, etc.

fooling us on annuities?

Why are annuities so badly looked upon and don't they have any use at all?

Thank you.

Well, goodness.

Interesting set of questions.

As soon as you mentioned, MassMutual, New York, life nationwide brighthouse some of the major companies we we tread lightly because these are major companies with been around for decades and we would make the assumption that they are operating in the best interest of their clients.

I think that's a fair assumption for the vast majority of the folks who are affiliated with those kinds of companies.

Prudential, Jackson, etc., etc..

I think that's a fair assumption that they are trained, well-trained, and that they are looking to serve you in the best way.

They know how are they fiduciary?

The answer is not always.

Actually, in many cases, not at all.

Fiduciary is a legal term that says that the advisor that you're dealing with must, must by law, by ethics, by moral code, act in your best interest.

So even though you may come to that person asking for an annuity, believing you need an annuity willing to write a check for $100,000 for an annuity, a check that, by the way, if it clears for that salesperson, might very well earn them eight or ten or $15,000 of commissions in a blink.

So even in that scenario, a fiduciary must analyze your situation.

Much must go deeply behind this down below the surface of your financial situation to confirm that this is what you should do.

This is the appropriate action for you and have the courage to say no thank you to a $10,000 commission that's saying this is not right for you.

This is not what you should be doing.

That's what a fiduciary does.

On the other hand, you had the the phrase quite correct, slick salespeople.

There are, sadly, lots of annuity companies that are sold through independent salespeople.

They are licensed either in life insurance or annuities, but are not fiduciaries.

Have no legal responsibility to act in your best interest.

They have a legal responsibility not to be fraudulent, whatever that may be.

But bottom line is, can they sell you a a an annuity?

Can they present it as annuities are great for every human being.

Everybody should have one.

They can do that.

And they do.

And they do.

Sadly, there are a number of radio shows, a number of television shows where the hosts are doing exactly that, preying typically on the fears of their audience in order to get them to act, in some cases inappropriately, in some cases in ways that are hurtful to them.

Now, is does that all that mean that annuities are a dreadful thing that should be avoided?

Not even a little bit.

Not even a little bit any more than a chainsaw.

One of my favorite analogies, a chainsaw is a dreadful thing to be avoided.

For many people, that's true.

If you are not well trained, if you are not comfortable, if you have not had the experience and supervision, well supervise exposure to the use of a chainsaw.

It can be deadly, absolutely deadly as the case of annuities.

If you are not well trained and you're being sold by a slick salesperson, could it be financially deadly to you?

The answer is yes.

We recently had a young woman come to us.

She had an annuity.

It was not great, but it was okay.

But by asking the right questions, our advisor found out that this is brand new, that her former annuity, which gave her a great benefit, had been turned in for the new one that had much less benefit because a salesman needed a commission.

So from our standpoint, was that the annuities fault?

The answer is no.

Annuities can do great things, provide guaranteed lifetime income, provide guaranteed lifetime in time.

Income for a husband and a wife provide goodness, growing income, inflation proofed income tax deferral.

There are tons of good reasons to have an annuity.

A good reason is not.

So the salesman makes a big commission.

That's not a good reason.

And as a result, if you're interested in the pros and cons of the product, a chainsaw can do a fantastic job cutting down the tree.

Chainsaw is a dreadful thing if you're trying to do a painting your house.

It's a dreadfully wrong tool.

So bottom line is make sure whomever you're dealing with, they are familiar with all the tools and they know how to pull the right tools off the shelf so that they're working on a project that's most important to you.

Wow, this might be Snark City or what?

Snark Week on on More than Money.

I don't know.

We'll see if can get snarky on this next one.

Next.

Where to next?

I think there'll be minimal snark for this one.

Hopefully this one says My 25 year old daughter was recently gifted $17,000 from her grandmother.

This amount may be an annual gift, and if so, a trust will be set up.

My daughter is a university graduate, works full time, but her employer does not offer benefits or a savings plan.

She does reside at a second home that I own and does pay rent and utilities, owns her own vehicle, has zero debt, and a healthy amount of savings of over $60,000.

Wondering should she invest this current gift in a CD, a mutual fund, an IRA, or a combination of investments?

Thank you for your help on that.

Thank you.

Thank you for saving this show from being a complete snark meister.

Congratulations to your daughter.

Fantastic.

She's doing so many things correctly.

And at her age, it's very easy to do so many things incorrectly.

So she's doing a great job.

Please congratulate her from us.

A strong out of boy, strong pat on the back.

Strong whenever big hugs.

Well done.

Well done, indeed.

Fantastic.

What a what a lovely thing for grandma to do.

Give her a gift.

The fact that her employer does not provide benefits is a head scratcher.

There are lots of great companies out there that do, and there's lots of great companies out there that would love to employ a young person that's got good judgment and has made so many correct decisions already in her life.

So one of the pieces of advice I would give has nothing to do with the 17,000.

It would be maybe look around, maybe look around.

It would not be unusual to find a good job that has full benefits, full medical for a1k plan where she can put money in and often the company will match.

That's the kind of package that she should be looking for.

And if her job is so good that she really, really loves it, maybe ask her employer to start looking at those things, to start exploring this things so that she and all the employees can benefit.

It would be a valuable addition to the employers ability to retain good employees and to to attract good employees.

So it may be a huge favor to the employer who maybe just didn't have the right background or the right knowledge.

Now, you say she already has savings.

Fantastic.

She has no debt.

Fantastic.

So we don't have to worry about paying off credit cards, student loans.

That is a huge leg up.

She should absolutely take a chunk of this and put it into an IRA because of the time of the year that we're answering this question.

At the end of this year, she can actually use the bulk of this because at her age, I believe this year's contribution limits about 60 $500.

It goes up next year, I think, to about seven.

So if those numbers are roughly correct, correct, Yeah, I said it correctly and it threw me a curve.

If they're if they're roughly correct, then collectively of that 17,000, she can move 13,500 into an IRA.

I would recommend a Roth IRA, one that many years from now when she retires, will give her all of her profits tax free.

I think that's fabulous opportunity.

So the bulk of that money should absolutely go into an IRA.

And if this is an annual gift, a chunk of every annual gift should go into that Roth IRA.

Grandma will end up making her granddaughter, a multimillionaire many years after her grandmother has graduated to a far, far better place.

Her granddaughter will look back 50 years from now, 60 years.

And I'll go, what she did for me was breathtaking because compounding over that many years, spectacular.

The balance she should add to her savings and renting is a nice thing even from dad, but owning is a better thing.

She should start feathering her nest, putting that money away so that she can at least have a vision, an eye on owning her own home.

She's doing great, Dad.

Make sure you know she knows that.

We know she's doing great speaking of great, you guys are great.

The questions are fantastic.

You make us the most relevant financial show on television today, not because of my dapper good looks or my 780 years of experience, but because you ask really, really interesting questions.

If you have a question you like us to explore at a future show, send it to me.

Gene at ask MTM dot com works very, very well indeed.

We try to bring you the very best each and every week.

I hope that during this show that you've picked up a couple ideas, maybe made a couple notes and maybe even thought about how you might make some progress towards your financial goals and if so, maybe you've appreciated it enough that next week you're going to want to be back here right at this desk.

With me on our next edition of More Than Money.

Good night.