An interview from November 2024.

 

How did you become a Financial Advisor?

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“From an early age I knew that I was good at numbers; like scoring in the 98th percentile on the SAT test good. I grew up thinking I was going to be a CPA, like my dad, but a twist of fate occurred.

 

It was 1981, I was fresh out of college and newly married, when I accidentally dialed a childhood friend. A misdialed phone number. 

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My friend had recently graduated and had gone to work for Savage and Associates. He suggested that I meet with them and with the new MassMutual agency.

 

I took his advice and found my home at MassMutual for the next 15 years - developing the knowledge & skills to be a comprehensive financial planner.

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Many of the client relationships started then, continue to this day. And I’m now working with these clients’ children and grandchildren.”

 

 

What led you to form your company, Serious Money Ohio?

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“It was not a direct path from leaving MassMutual. First, I went to a local bank to create a Life Insurance Planning department. We worked with the bank’s Business, Farming and Trust clients to meet their advanced needs. For five years my primary focus was on the most unique of assets, life insurance, and we were quite successful.

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Then I was recruited by another large local bank who knew that I was an early adopter of annuities and their unique role in providing retirement income. We developed a plan that led to over 100 branch managers being trained and licensed. We far exceeded the bank’s expectations, and we spread the benefits of protected income to thousands and thousands of families across Northwestern Ohio.

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But now after 10 years away from one-on-one, comprehensive Retirement Income Planning, I was ready to get back to what I always liked best- namely helping good people to have the best retirement possible.

 

 

It’s kind of a unique name, Serious Money Ohio?

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“For me the name precisely conveys that often I am helping my clients with that part of their nest egg that they do not want to lose - their serious money. Most of our clients live in Ohio, though we do have clients across the country.”

 

 

The stock market has been up big. Any advice in this environment?

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“Sure – first thing is to be thankful. There is a good chance your retirement accounts may be ahead of the goals you had for them. So now is a great time to make a detailed inventory of the investments you own and how they fit together. Dig a little deeper and lay out a clear picture of your winners and any losers.

 

A large part of the gains in the stock market has been concentrated on a few outsized winners. How would your accounts hold up if things got rough, like a “dot.com bubble” or “great recession”? Giving back gains really stinks.”

 

 

What do you think your clients would say about you, if asked?

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“That I don’t go away. That when I mean we are in this for the long-haul, I mean it. They would say that I talk with them and meet with them often. It embarrasses me the number of advisors who promise to stay in touch but never do. That’s not me.

 

They would also probably say that I do a nice job of explaining difficult concepts clearly. After 40 years I guess I should be good at explaining things in a way that allows a good decision to be made.

Finally, I hope they say that we have developed a relationship that only gets better and stronger with time.”

 

 

Millions of Americans are panicked about retirement….do you have any good news for them?

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“Yes, I do! You should be optimistic because we live in a time where every day people can accumulate wealth that used to be reserved for only a businessowner or landowner. Today we can grow our money alongside the greatest minds in business.

 

Time and compound interest are your friends.

 

We also now have access to financial tools like sophisticated planning and income modeling software. Take advantage of these resources.

 

The cost to own investments is at an all-time low. Make sure any fees you are paying are competitive in today’s environment. Keep more of what your accounts earn.

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I am confident that you can have all your “needs” covered in retirement, and most of your “wants”, if you just take a little effort to have a plan that maximize your resources.”

 

 

After 42-years, what keeps you excited about coming to work each day?

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“Recently there have been two new things that have made me excited. One is brand new planning

software and the other is meaningful improvements in providing predictable retirement income.

 

When I first started there were no computers- just charts and books filled with numbers- like how much $1,000 a year invested for 25 years at 6% would grow to. Then we had computers where we needed to swap out floppy disks- one after another. All very rudimentary.

 

While the computers themselves are now 1000 times more powerful, the concepts behind the actual planning software made only small improvements, until recently. Today I use the most sophisticated planning software available. It is all based on the latest academic thoughts

from PHDs like David Blanchett and Moshe Milevsky. I am like a kid in a candy store!

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With a toggle and a click, we can look 20 or 30 years into the future to see how a decision made today affects your desired outcome. We can truly maximize your income, minimize your tax bill and improve your financial legacy.

 

We can easily compare different scenarios that we have created.

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Would you like to see what happens if Social Security benefits really get cut in 2034? Want to see how 4-years and $240,000 of long-term care expenses would affect your plans? What if your spouse dies, how will the survivor be impacted financially? Should I do a Roth Conversion to fill the 12% or 22% bracket? Will I be able to afford to keep our home? Should I? And how much will there be left for the kids?

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My clients can even review and model their retirement income plan online 24/7, if desired.

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The second exciting thing is an improvement for clients who want an additional source of guaranteed lifetime income, like a pension or Social Security. Today’s interest rates allow for more income every month from these “personal pension plans” than ever before.

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Recent studies show that having more guaranteed lifetime income improves your chances for financial success, and it even has been shown to improve life expectancy.

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It is not for everyone, but it is a nice tool to have in the “toolbox” for retirees seeking more income. When I can do my job even better, things are very exciting!”

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What is a complimentary Retirement Income Checkup?

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It is a personal conversation with me. It is totally free. You can call us 419-495-8700 to schedule a time to talk or schedule easily online.

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Our goal for this first meeting is not to do a detailed financial analysis. This time to hear someone’s story and get a feel for their concerns and challenges and see if we are a good fit.

 

 

What else would you like to tell us?

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“In 1969 my family moved to Toledo, and I remember our first night in town. We ate a “home cooked meal” at Schmucker’s Restaurant on Reynolds. Fifty-five years later my wife and I continue to eat breakfast and dinner there. I love Toledo and it’s mix of the old and the new. It is a great place to live.

 

I am most proud of my wife, Jeanne, and our family. We like to play golf, enjoy pickleball and play a mean game of cornhole. There are several local restaurants that we love to dine at. Our four-year-old Aussiedoodle, Tucker, is more of a handful than we ever imagined but is too cute and adorable for his own good.

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We have two great sons who live nearby with their spouses and are lucky to see them often.