Divorce: The Effect on Finances & Family, Pt. 2
The Confident Wealth Podcast
During this episode of The Confident Wealth Practice Podcast with Bill Bush and Pete Bush, they interview Sean McAllister, Associate at Loeb Law Firm. Sean McAllister discusses how married couples can protect themselves from potential divorce issues, prenuptial agreements and post-prenuptial agreements, budgeting, and domestic cohabitation contracts.
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Divorce: The Effect on Finances & Family, Pt. 1
The Confident Wealth Podcast
During this episode of The Confident Wealth Practice Podcast with Bill Bush and Pete Bush, they interview Sean McAllister, Associate at Loeb Law Firm. Sean McAllister talks about Louisiana Revised Statute 9:315, understanding divorce and finance, and what to expect when children, pensions, property, and tax returns are involved.
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Confidence in the Face of Fear
The Confident Wealth Podcast
In this episode of The Confident Wealth Podcast, Pete and Bill Bush of Horizon Financial Group discuss the market downturn due to the outbreak of the coronavirus, and the declared global pandemic. Pete and Bill talk about strategies can you use to stay positive in times where your account value is declining. How can you build, gain, or maintain confidence during trying times?
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Defending Cybersecurity Threats in Your Financial Life
The Confident Wealth Podcast
This episode of The Confident Wealth Practice Podcast with Bill Bush and Pete Bush address the problems and issues associated with cybersecurity and how to protect yourself. Learn more about the financial scams that are targeting your credit cards and digital banking accounts. The cybersecurity defenses discussed in this episode can help you build up a stronger wall of protection from becoming a victim.
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Lessons from a National Title
The Confident Wealth Podcast
This episode of The Confident Wealth Practice Podcast with Bill Bush and Pete Bush take a look at the recent college football championship victory of the Louisiana State University Tigers and how the valuable lessons from that win can be applied to achieving your own financial success.
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The Value of a Financial Advisor: Leaving a Legacy, Life Transitions, and Caring for Others
The Confident Wealth Podcast
During this final installment of the series, Bill and Pete talk about the problems associated with not having a will, the value of having an advisor to walk clients through the process of estate planning, organizing and maximizing value, getting help with gift money to causes, how to handle life transitions, and how to prepare for taking care of your parents or other family members in the future.
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The Value of a Financial Advisor: Preparing for Retirement
The Confident Wealth Podcast
his episode of The Confident Wealth Podcast with Bill Bush and Pete Bush is the 8th installment in their series, The Value of Working with an Advisor. During this installment, Bill and Pete address the subject of preparing for retirement in a manner that you can feel confident about. What type of retirement goals do you have for you and your spouse? How will your financial needs change during different phases of retirement?
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The Value of a Financial Advisor: Organizing, Monitoring & Guiding
The Confident Wealth Podcast
This episode of The Confident Wealth Podcast with Bill Bush and Pete Bush is the 7th installment in their series, The Value of Working with an Advisor. Listen and learn all about how financial advisors can assist you with preparing, analyzing, and guiding your ever-changing financial situation. Bill and Pete point you in the right direction for budgeting, reviewing recurring fees, and overcoming disorganization.
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The Value of Financial Advisor: Budgeting & Cash Flow
The Confident Wealth Podcast
This episode of The Confident Wealth Podcast with Bill Bush and Pete Bush is the 6th installment in their series, The Value of Working with an Advisor. Gain some useful insight on budgeting and cash flow. Find out how financial advisors can help clients get a handle on their budgets, find out where their problematic areas are, and how to go about building healthier spending and savings habits.
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The Value of a Financial Advisor: Managing Inherent Risks
The Confident Wealth Podcast
This episode of The Confident Wealth Podcast with Bill Bush and Pete Bush continues on as the 5th installment in their series, The Value of Working with an Advisor. Learn more about the inherent risks we have, and how we can manage them from a financial advisement standpoint.
info_outlineAll About Retirement Plans with Andy Bush
Summary:
The hosts of The Confident Wealth podcast Bill Bush and Peter Bush open up this episode to the topic of retirement plans with Andy Bush – the head of the retirement plan division of Horizon Financial Group. The three Bush brothers discuss the important retirement plan designations that advisors should equip themselves with. They also talk about the six steps of “The 401k Confidence System” and the eight steps of “The 401(k)onfidence Scorecard” that were both created internally at Horizon Financial Group.
Time Stamped Show Notes:
● 00:25 – Bill Bush and Pete Bush introduce the episode’s topic of retirement planning.
● 01:07 – Their retirement plans, although based in Baton Rouge, spread through Louisiana and beyond the state into places like Texas and Alabama.
● 02:00 – The bulk of the plans are 401k but they also service 457, 403b, and smaller IRA plans.
● 02:29 – There is a push to make sure that the advisor on a plan is a specialist and knows what the fiduciary responsibilities are.
● 05:00 – What makes an advisor a specialist begins with training and earning designations to learn what it means to be a fiduciary, what the processes are, and what the requirements are for documentation.
● 05:42 – Both Bill Bush and Andy Bush are Chartered Retirement Plan Specialists (CRPS). Other designations that are available include: Accredited Investment Fiduciary (AIF) that covers the fiduciary roles and tasks, Professional Plan Consultant (PPC) is sort of a bridge between CRPS and PPC.
● 06:45 – The 401(k)onfidence System, created by Horizon Financial Group, is provider agnostic and can be layered on top of whatever record keeper you want to use. 401K Confidence System as 6 Steps:
● 07:47 – Step 1: “The Clarity Conversation” is the “get to know you” phase where they gather the information, have a conversation with the client, find out what is important to them, and what their vision is.
● 08:04 – Step 2: “The Confident Plan Evaluation” is created for the client to benchmark their retirement plan against industry standards, and gives them analysis and feedback about what is working and not working.
● 09:10 – Step 3: “The Plan Improvement Report” is where areas have been identified as to where they can improve their plan.
● 10:18 – Step 4: “The Guided Transition walks the client through changes that can improve their plan – such as a vendor replacement.
● 10:57 – Step 5: “The Participant Engagement Experience” is an ongoing conversation and offers education opportunities along the way.
● 12:32 – Step 6: “Your Fiduciary Check-Up” is a proactive way of making sure that plan sponsors are taken care of and have peace of mind.
● 14:15 – There has been a myriad of problems that Andy has run into with clients including: plan sponsors that never met their advisors and plans that are thick with
fees that aren’t transparent.
● 17:40 – The 401(k)onfidence Scorecard looks at eight critical areas that a plan sponsor should be concerned about with their 401k plan. Each area has four statements for plan sponsors to grade themselves and see which category they fall
into.
● 25:40 – Closing credits.
3 Key Points:
1. The main retirement plan designations are: Chartered Retirement Plan Specialists (CRPS), Accredited Investment Fiduciary (AIF), and Professional Plan Consultant(PPC).
2. The 401(k)onfidence System, is a six-step plan that is provider agnostic and can be layered on top of whatever record keeper you choose to use.
3. The 401(k)onfidence Scorecard has at eight areas that a plan sponsor should be concerned about with their 401k plan and each area has four statements for plan sponsors to grade themselves.
Tweetable Quotes:
- “90% of Americans save probably 90% of their money in their retirement plan at work and or in their IRAs.” – Pete Bush.
- “We have about 60 plans and about $340 million in assets covering well 5,000 employees.” – Andy Bush.
- “As you age, you certainly want to have a dialogue and an engagement with somebody who is a professional advisor and knows what they are talking about.” –Andy Bush.
Resources Mentioned:
● Confident Wealth – Website for Confident Wealth
● The Confident Wealth Experience – Horizon Financial Group’s planning system
● The 401(k)onfidence System – Horizon Financial Group’s retirement plan planning system