And good evening.

You've got more than money.

You've got Gene Dickerson, your host, your personal financial advisor at your service.

And when I say at your service, I really mean that.

There are so many situations that you bump into on a daily basis where you expect service.

And it really doesn't appear.

And there are so many situations where you deserve service and sadly, it doesn't appear.

So it's always refreshing.

I think you'll find our next half an hour together refreshing in the sense that we are here to serve you.

That sounds very altruistic.

Altruistic, altruistic, he tried to say of us.

And indeed it is.

We're very nice people.

But that's not the point.

The point is, it has, oddly enough, become a significant differentiator.

I got that one out.

Nice.

It's a significant difference between what most people expect, what most people receive from their professionals, from their services, from their products on a day by day basis, and what they deserve as a result.

It's one of the most selfish things I can do is to give you most outstanding service.

And as a result, as a corollary, not coronary.

As a corollary, we receive the added benefit of being with no question, the most relevant financial show on television today.

It doesn't matter what station you're listening to watching it doesn't matter.

Coast to coast.

Border to border doesn't matter.

The size of the studio.

Doesn't matter who is at the helm.

We are the most relevant.

Not because of my skill set, which is considerable, but it's because of you.

You ask the most interesting questions, and that's what we do.

We answer your questions live on air.

So if you are so inclined and maybe would like to join that parade of folks who have had service over the past six years, now into our seventh season here on PBS 39, all you need to do is send us your question.

You send it directly to me, Gene, Jenny, and ask mtm.com.

Works out very, very well.

I have an entire team of financial advisers who are absolutely at the ready to answer your questions back to you.

No cost, no obligation.

It's simply an opportunity to serve you.

And it's an opportunity, as we find interesting questions that we can share with our PBS audience.

So very, very kind of you for just a peek behind the curtain of how we produce our show.

Every couple of weeks I come into the studio, we produce two shows back to back, and then they are aired subsequently.

So as I am speaking to you, we are coming through as a country, a very difficult time, a sad time.

I'm coming out of violence in our country, and there are folks who would, there are folks who would, in some way, shape or form, feel, self-conscious about offering up prayers for those who are affected.

Please don't.

Please don't feel that way.

Understand?

I'm an amateur at this whole spiritual thing, and and certainly an absolute amateur at the Bible, but it's my understanding that prayers are considered to be quite powerful.

And, my spiritual advisor, a gentleman I respect tremendously, says that, it is not the least we can do.

It's the most we can do.

So if you are feeling that that that anxiety, that sadness, that fear, any of those negative feelings, please, please respond in whatever way, shape or form you feel most comfortable.

But if you can include prayer, I think you're going to find that to be, to be quite useful, both for you and for the greater good.

Let's turn our attention to being of service.

And let's go to our first question.

Indeed.

Nontraditional couple with very traditional questions.

The, young lady writes, my wife and I are thinking of switching away from our.

She names the company that her current advisor is with.

It's a very large national firm.

My personal cash account makes more than they have made for us.

We don't have a lot compared to many here in the San Francisco Bay area.

As you have just heard, we have viewers, coast to coast, lots of viewers in California.

This young lady from the San Francisco Bay area.

But we, we make more money than many in the neighborhood that we currently live in.

So we are very grateful.

I am a 100% service connected disabled veteran.

Goodness.

My wife is a preschool teacher.

She has a life insurance policy that she pays into in her school.

IRA.

I have an IRA under her spousal IRA.

We try really hard to save, and we don't live above our means.

All these things are wonderful.

Here are my questions for you.

Number one, are you a fiduciary?

Number two, do you have issues with same sex couples?

Number three, is it possible to invest in companies that are not supporting the destruction of our democracy?

That is, tech brothers, anti LGBTQ, etc.?

If it's okay, it's okay if we're not a good fit.

I just want to know upfront.

Well, first of all, thank you.

Thank you for having the confidence in what you have seen on More Than Money and the seasons that you have watched that you would send us your your questions.

Start simply.

Are we fiduciary?

Is the answer.

Sure.

Absolutely.

And I say that sure.

Absolutely with some pride because so many of our competitors are not so many of the largest firms.

The names that you would have recognized for decades and decades are not fiduciary.

Fiduciary is are both legally and ethically bound to act in the best interest of their clients.

That is very different than being a salesman who is not legally or ethically bound to do anything other than try to sell you something.

And if you are fully gullible, if you are willing to buy what they are selling, they earn a commission as opposed to a fiduciary who must, who must, who has, legal and ethical obligations to act on your behalf.

So are we fiduciary as we are absolutely fiduciary.

And a very important question to ask for anyone out there looking to either acquire a financial advisor or replace their current advisor, as this couple is looking to do.

Number two, do we have issues with same sex couples?

Yeah, we love them.

We love them like we love all of our clients.

We love them like we love any couple or any single.

The goodness, the issues that we have with clients, really come into the, and under, under the very broad heading of chemistry.

Of chemistry.

Same sex, couples have the same, challenge in terms of, of being quote unquote good clients, for any, registered investment advisor as any other potential client.

There has to be a good fit.

There has to be a good chemistry.

Chemistry is typically measured by communication and trust.

Those are the two things that that we as financial advisors in the more than money world, measure our chemistry with a potential client, and we encourage potential clients to use that same litmus test, that same measurement test in determining whether a financial advisor is a good fit for them.

Is there good communication?

Is there good, clear, respectful, informative communication, giving, the type of information that that helps make, decisions easier as opposed to I heard a lot of stuff, and I'm maybe more confused now than when I started.

That's not useful in any way, shape or form.

That's not good chemistry.

The trust factor, that's very personal.

And it's something that you, women are much better at this generally than men.

Your intuition says, gosh, I really appreciate what they're saying.

I appreciate how they're saying, they're respectful.

I trust these folks.

That's a fantastic place to start.

Of course we have, a bit of an advantage, for many folks who are in interviewing financial advisors, they are trying to determine in a very short period of time, perhaps less than an hour.

Do I trust this person enough to entrust them with our financial future in our world?

Goodness between our PBS's archives are more than money online.com archives.

There are literally hundreds of hours, that you can view, that you can review, that you can, take, into consideration.

See the questions that we've asked and answered, see how we've answered this question, and kind of the attitude that we've brought to answering those questions.

So building trust for us, we have a huge advantage for folks who have seen our shows and say, wow, that's, that's that's our kind of person.

The trust has already largely been established.

And for folks who have seen our show and said, understandably, God bless, we're not for everybody.

They they don't call.

We understand that very, very well.

So, fiduciary.

Yes.

Issues with same sex couples?

Yes.

When I say one of my closest friends in the world is part of the same sex couple.

It's only been 20 years.

So, all right, the jury's still out.

Not, the the last question is much more challenging, and it's and it's and it doesn't just apply to a same sex couple.

You're asking, is it possible to invest in companies that have a particular set of, either value systems or a particular set of, investment approaches, the type of companies that invest in or provide, products or services that that align with your values.

That is a very challenging, question for this reason.

It doesn't matter if you're trying to avoid well, in this case, anti LGBTQ, etc., issues or whether you're trying to avoid, green issues, you're trying to avoid fossil fuel issues, you're trying to avoid fill in the blanks.

You may be a strong Christian.

Hey, I want, Christian values to guide my investments on the surface.

Fantastic.

In in practice.

Very, very challenging.

Here's why.

I'll give you a simple example.

If you are very much into the environment, however you did, you what?

You define that, and, you wish to invest in a company that has done the most to develop alternative energy sources?

Wind, solar, etc.. That would be ExxonMobil.

ExxonMobil has spent more money in, in research and development on alternative energy sources than any other company on the planet.

And yet it's fossil fuels.

So there's the issue or the opportunity is a better word, the opportunity to identify, a pure and pure being, by your definition, a pure, investment, a company that does everything exactly as you wish.

Very challenging.

Very, very difficult.

It is far more common that particularly the larger companies, the Dow companies, the Dow 30, the S&P 500 companies, even the Nasdaq 2000.

We're talking about very, very large companies that often do very different things throughout their divisions.

And so identifying a pure a company, very challenging.

To be blunt, I've yet to see, an investment advisory group that has successfully they've made claims, but have they successfully, been able to create a pure portfolio?

And the answer is, to my knowledge now.

So the from the Bay area, we welcome your questions.

You're asking exactly the right questions.

We thank you for your service.

And, goodness, if we may be of any service to you at all in the future, just let us know.

Shall we go to the next question, please, from an advisor who is not the best communicator?

If you were listening carefully in the first question, the answer to the first question.

You already know this is going to be a problem.

I enjoy your show every week.

Particularly enjoyed all of the episodes that have talked about finding advisors.

I always walk away with a bit of information that applies to me.

You're very kind.

I have a question about RMDs.

I'm 72.

I will turn 73.

In January of next year.

That's 2026.

My financial advisor has me a bit confused about the timing.

He is not the best communicator, and as much as I don't want to, I am inclined.

I am locked into staying with him for now.

I'm going to circle back to that.

Can you please advise when I am required to take the first two withdrawals?

Based on my research, I think the first is by April 1st of next year, the second by December 31st of next year, and then annually by the end of each subsequent year.

Is this correct?

Can you please spell it out to me?

Because at this point I think I must be dense.

Oh my goodness.

I don't need this money unless something happens to Social Security and therefore want to keep the money growing as long as I can.

Your help is very much appreciated.

What?

Your questions are very much appreciated.

And let's start with the elephant in the room.

Why are you locked in to your advisor?

I I've not run into that in the past.

I'm, I'm at least concerned that you may be under the impression that you're locked in in some way, shape or form.

I would be very surprised to find, a legal reason why you could not leave your current financial advisor and work with another one.

I please follow up and give me some rationale as to why you're locked in.

It is particularly, concerning because, he's not a good communicator, and this is one of the most straight forward questions that we could possibly receive to answer on air.

So typically, I would have skipped over this question because it's too simple.

And yet your advisor can't communicate in a way that makes it simple and makes you, feel tense.

Any financial advisor, any professional, I don't care who they are.

Doctor, lawyer, financial advisor, accountant that makes you feel dense.

They're not very good at their job.

That's a pretty bold statement, but it's absolutely true.

They're not very good at their job.

Your job.

My job is to be a good lawyer.

Your job is to be able to not only practice the law, but share your knowledge in a way that your clients can benefit.

That's your job as a doctor.

I don't need bedside manner.

Yeah, you do.

Yeah you do.

Because it's the communication piece that builds trust.

This individual has no trust in their advisor.

They are turning to their host of More Than Money on PBS to get the clarification, the confirmation that they need because their current advisor isn't a good communicator.

But yet somehow has locked them up.

Now I will tell anyone out there who is watching.

If you are in a position with a financial advisor where you are locked up, quote unquote, whatever that means, whatever that means to you, you're with the wrong advisor.

If your advisor feels that they must lock you up in some way, shape or form, legally or otherwise, in order to keep you in order to retain you as a client.

They're not very good advisors.

They're very insecure.

They know they're not doing a great job, and they are desperately trying to hang on to clients any way, shape or form that they can.

That's an embarrassment flat out in our world, that more than one world, we are very cautious about how we accept clients.

We are very, studious and thoughtful about the clients that we accept.

But as a result, our client retention is nearly 100%.

We do occasionally, unfortunately, lose folks who pass away.

Mortality still running right at that 100% mark.

That happens.

But the reality is that people stay because either they're getting good service, good returns, or both.

And if they're not, they could leave tomorrow.

And yet, retention at near 100%.

They don't because they're getting good service and good returns.

In this case, you're not getting either.

You're not getting it.

Now let's turn our attention to the question.

If you are 72 and are turning 73 next year, as this person is, you must, begin planning for your required minimum distributions from your IRAs.

If you have 4 in 1 case from those as well.

We'll talk about that momentarily.

But the rule is very simple.

If you decide that you wish to delay taking your first RMD.

So this person turns 73 next year, if she decides or he decides that they will not be taking their R&D in 2026, they can push that off until April 1st of 2027, the subsequent year.

And that will count as their first R&D for 2026.

But if they decide to do that, they will need to take two RMDs in 2027.

The second one by the end of this at any time during the year.

But by by at the extreme limit, December 31st of 2027.

So if you are 73 next year, your first must come out by April 1st of 2027, your second by December 31st.

Now, having said that, should you wait next year, take no R&D and then take your first, take your first two RMDs in 2027?

The answer is not likely.

Not likely.

I have been doing this as many of you are aware of yours now for 780 years.

Sounds a little delusional, but it's reasonably true.

Bottom line is, 99% plus of the retirees that we counsel will take their first arm.

D she turns 73 next year.

She'll take it next year and take another one the following year.

And every year thereafter.

There are very few, very few, situations where taking none next year and two the following year makes sense.

The first that would come to mind, the only one I'll use as an example, tonight, is if you are still employed, if you're still employed and making a really significant sum of money, but expect to retire at the end of 2026 so that your income will drop dramatically, that may very well lead you to take two RMDs the following year, just because your tax bracket may very well drop.

But other than that, rarely a good reason to.

So next year you turn 73.

Next year take your first arm D by the end of the year and your second one thereafter.

Hopefully that helps.

Hopefully it helps you, fire your financial advisor.

I'd be fascinated to see that.

Next question please.

Good things happening to good people.

I like that.

The question, due to a recent remarkable promotion and, raise at work is I have an additional $10,000 a year to invest.

Spectacular.

Would it be better choice to park this in a Roth IRA or use the cash to pay the taxes on a conversion from a regular IRA to a Roth IRA?

This young lady is very, very smart.

I'm 62 now.

I do not plan to retire for at least ten years.

I'm in the 22% marginal tax bracket.

My retirement savings include 400,000 in a Roth account.

900,000 in a regular IRA.

$20,000 is in my current employer's Roth 401 K, all invested in various mutual funds.

We're not talking about investments here.

I'm already funding the 41K to the full extent of the employer match.

They match four.

She puts in four.

She's putting away 8%.

Thank you.

Your show as much is must see TV for me.

That's all like a poem.

I've recommended it to many others.

Thank you very much.

That's very, very kind of you.

All right.

This is a first of all.

Congratulations.

Wonderful.

Isn't it wonderful to be appreciated?

Isn't it wonderful to be employed somewhere where you're appreciated?

A wonderful promotion.

Substantial amount of cash that that says attaboy in a really, really positive way.

Good for you.

You must have earned that.

That.

That's spectacular.

The bottom line for us is we've got to figure out if we can, based on what you've told us, where you gain the largest advantage, by what use of this $10,000 gives you the greatest advantage.

You're already getting the maximum match from your employer for one k, so putting it into your employer for one K at the moment, it doesn't seem to be a very enticing alternative.

It's not dreadful.

You won't get any match.

You won't get any tax deduction, but you'll get there after everything.

Tax free.

And that's not dreadful.

Is there a better way?

Oh.

Perhaps so.

Could you use the same $10,000, to fund your own Roth IRA contribution?

Yes.

Yes you can.

Does that get you further down the financial path?

The answer is, it doesn't seem so.

It doesn't seem so.

If we're making the same contribution, your contribution limits are less than 10,000.

You won't be able to use the full amount.

You could use the full man in the 41K, so that might give it a slight advantage.

But from the standpoint of, additional traction, does that get you substantially further?

I think not.

Third alternative has nothing to do with, IRAs at all.

It simply says you've got $10,000 roughly to invest.

Could you invest in something that is not tax free but will gain, will be taxed as capital gains so that in 10 or 15 years, as you retire and you, you decide to liquidate some of those assets, if you're investing directly in ETFs, directly in, in individual stocks, etc., they would be taxes, capital gains.

Would that be more advantageous?

The answer is likely no.

You're giving up the taxation or tax benefit today to increase your tax liability in the future.

Your ten is not going to be ten with any like at all.

Your ten is going to be 30 and you're going to have to pay tax on 30 grand.

Again, not my favorite choice.

Conversion.

Roth conversion.

Very different than Roth contribution.

They sound similar enough that a lot of folks are confused, or a lot of folks feel confused when they talk about the difference between Roth conversion and Roth contribution.

Roth contributions have very serious limits.

7 or 8000 bucks a year.

That's it.

Roth's for one K is a little different, but that's not the question at the moment.

Roth conversion.

This young lady has $900,000 in her current regular IRA.

She could convert the entire $900,000 in one block, should she?

Oh, goodness.

No adding $900,000 to her income now.

Not a great idea.

High tax bracket.

Lose a ton of capital off the top of her.

No, not a good idea.

But in her email, she even suggests.

What if I use this $10,000 to convert some piece of that?

Regular IRAs that I currently have $900,000 into a Roth?

How would that look?

We calculate the approximate tax on going from the IRA, which is once you take the money out, you have to pay tax on it into the Roth and about a 5 to 1 ratio.

You need a dollar of tax for every $5 you pull out.

She has 10,000.

She could, at least in theory, convert $50,000 a year.

And over the next ten years or so, that's converting roughly $500,000.

She'll use her increased income to pay the tax.

So there's no amount of capital, cost to do that.

Her IRA, decreases, hopefully significantly.

And her Roth IRA increases again, hopefully significantly.

And as a result, she's going to have far more money in retirement that is income tax free than she has that subject to RMDs and taxation and yada yada, yada.

I think that's the way to go.

Not a bad idea to sit with a financial advisor you trust and just go over all the numbers to make sure I got it right.

But that's what I think you should do.

Folks, we've covered a lot of ground in a short period of time.

If you're just joining us, you missed a lot, but it'll be, posted on our website.

So you still have a shot if you would like to have a shot at joining us in the future, having your question asked and answered on air.

All you have to do is send us your email.

Jean, at ask MTM, dot com and E and ask him tm.com.

We answer every single question back to you.

If you don't see your answer.

Check your spam filter because we answer every single question back to you.

There's no cost, no obligation, but you're accessing an entire team of financial advisors that are there to serve you.

And, maybe, just maybe, you'll see yours on a future show.

Speaking of future shows, thank you.

Thank you for spending part of your evening with us.

Without you, this is pointless.

But with you means the world.

So hopefully you picked up enough ideas.

You're gonna want to be back when we're here next week again.

On another edition of more than one.