Overview of Podcast Episode 1 – The value of a team in retirement
Jesse Cunningham IV and his son, Jesse Cunningham V, discuss the importance of creating a financial team in retirement. There is tons of value when dealing with a team of specialists – each optimizing their craft to what they are passionate about.
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This is a big topic if you are considering retirement, or if you are in retirement. Oftentimes we experience teamwork in medicine, sports, and family, and we feel like that a team approach in financial services is appropriate as well.
If you meet with one financial services professional who claims they can do everything – RUN! The value of a team of specialists outweighs a generalist any day of the week. Everyone has a different perspective, background, skill set, etc. With a true team approach, you can seek out a second opinion within your team – leveraging everyone’s specialty.
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When you have a team you play to each others strengths. For instance, Jesse Cunningham V specializes in protecting wealth while Jesse IV focuses on preservation and growth of assets. Two different camps, both important, with two different people specializing in their area.
Another great point is that a good team leader will bring you into the fold of the group. The client can then benefit from the magnified network of the vetted team. Oftentimes it starts with a leader to connect the right people together.
Transcript
Welcome everyone to it’s time to retire, a podcast, giving you insights and examples to help you strategize your retirement. My name’s Jesse Cunningham, the fifth and call me little Jesse. And in the studio we have my father Jesse Cunningham, the fourth thanks for being here dad. You’re welcome.
Thanks for the invite.
Absolutely. So if you find value in this podcast, please share like, and comment and that would be awesome. Thank you so much for that. So that, what do you have for us today?
Yeah, we do talk about the value of teams.
Teams. Love it. Let’s go. All right. All right. Oh, by the way, if you’re in retirement or are you considering retirement? This is a big topic, I feel.Um, Jesse, well, let me ask you this. Do you consider a physician having a team or the need to have a team?
That’s a good question. So physician is generalized in nature. They know a lot, huge knowledge base, but hopefully if there’s a need, a specialty, if they can call upon someone they trust. Right?
Like when you were playing baseball yet a surgery, but you need physical therapy positions. Have a team. What about, what about a families? Families, it should be a team. Everyone should work together and the different specialties.
Yeah, I agree. Absolutely. You know, teamwork. It could be going on vacation, helping other, helping with siblings or doing a project that your work or or house cleaning even. But I really don’t remember you really keying in on the house cleaning program. Too much.
Still not good at it. I’m blessed to have a wife who, uh, loves organization.
Okay, well think about your financial life guys. Cause it’s what we’re here to talk to. Um, and you know, the old cliche, there is no I in team. Um, if you meet with one financial services professional and that person said they can do everything, think about how that would make you feel in my own life. I don’t know about you. You come in on, but whatever I’m doing with professionals, I want a team. Absolutely. A specialist. A team. Yeah. A team of specialists. Absolutely. You know, absolutely. Um, different skillset.
Let me go over some of the benefits. I was just thinking about, you know, team members, what’s advantage to us? Well, everyone has a different skillset, you know? Okay. They do. You make a different perspective, different backgrounds, different perspective. Um, what about a physician? They give you a diagnosis and maybe you questioned that you get a second opinion all the time. All the time. All the time. That I tell you a lot of our clients, you know, we give second opinions and it’s important if someone’s that doc, all their physician says, oh, that other analysis from that position is correct. Then you feel good about it. Just be honest with people.
Right. You know, and another benefit is you get to leverage time. Um, we work with a client in your professional, hopefully when they work with a client, one team member can be focused on one topic. Like you could be helping someone with quotes for car insurance, homeowner’s, whatever it, it may be with boat and I could be focused on another, but we’re pulling them all together and we’re leveraging or time. Absolutely. Yeah. So it’s multiplying our time, the client’s time. Everything’s, so when you have a team, we play to each other’s strengths.
So we have a client and like you said, we’re going to help with the car insurance, home insurance, we’re going to protect their assets. That way you’re gonna, you know, focus on preserving and growing their assets through strategies. So we both have specialties and then when we need to pull in a different, you know, especially taxes, that’s not our, that’s not our expertise at all. That, that’s right. And, and you know, then when all the topics are wrapped up in the, the, the basics are done, the clients are free to contact through us to the team member or directly to them. And when I say team member, of course we’re talking about people who are independent, but they have a specialty in this field.
And we have salt and l they don’t work for us. We don’t work for them. But they’re a, or a trusted advisor or some other term out terminology. Someone they use strategic, a strategic partner. There you go. So wherever you are in the country, um, you should seek out a generalist, a physician. I’m a financial advisor who has a solid team behind them. Right? And that team doesn’t necessarily have to be on their payroll. A team can be relationships they’ve built in the community in a good, absolutely right. A good coach or team leader will bring you into the fold of, of their group. That’s very, that’s a very good point.
For instance, I’ve worked, I’ve been the field quite a while working with families and individuals and business owners and I work hard and now we work hard to find someone that’s right. For that person. Absolutely. And someone who’s proven right because everyone’s different. That’s right. There’s different personalities. You know, maybe this person fits with that person. Absolutely. And in that, that’s something I might touch on. I can tell you, most successful financial services professionals use teams. Oh yeah. Most of them. Oh yeah. Years ago. Used to be a lot of people thought they were wanting to stop shop. But let me give you a couple of examples. Um, teams, they need to assist you in different areas of retirement. But like we said, for a financial services professional, what about a CPA, Jesse? Oh yeah. CPAS, huge.
I think they are pound for pound the most trusted advisor. Yes they are. Yeah. There’s statistics on that. Um, the CPA, it’s kind of interesting. If you work with a CPA, you have to show them everything. You have to show them all your finances, all your mistakes, all your successes, they note all right, so Cpas, I love working with CPAs because their clients are just open to suggestions and they know if you’ve been vetted by a CPA, their CPA, you’re probably a good guy. That’s a good point. And I’ll tell ya, um, we could tell so many stories and you know, success stories and people have situations. We’ve, we love fixing things and most professionals do. You know, physician is fixing things. Hope, hope, hopefully making things better. But I ran into a couple situations lately. There’s been a lot of tax laws changes lately and we work a lot with business owners, right? And very often people will say, well, I got this tax information from, you know, x, y, z. And I’ll say, are they a tax preparer or a CPA? What would you say about that big difference? You know, a CPA is a master of their craft, whereas a tax preparer is, I don’t want to degrade anyone, but that’s a generalist generalist data entry and there could be different varying degrees of a tax preparer. Trust me, I understand that.
Um, but a CPA is the top of the line. Absolutely. Yeah. And in this case versus a tax preparer, the CPA was able to uncover the items within the tax code. This person could take advantage of, right? The huge deal. Huge deal for our business owners. Real big, real big. And, and I’m not a proponent, I always like seeing a professional when someone says, well, I’ll do my taxes online. If it’s very simple tax term, that could be one thing. Sure. An attorney, you know, someone will come in and we need to do some complex estate planning or maybe it’s not complex. You had a situation recently where one of our clients, um, passed away and we had the, the, the spouse had questions. Can you go into that? Yes, yes. And, and you have to think windows, right? Time to pull. And what type of attorney? Right. Well, this was a situation that sure you can pull in the estate planning attorney or a basic attorney who deals with the wills or power of attorneys.
Um, but in this case it was a land issue and we had to pull in a attorney who was a very, very familiar with local zoning laws in this particular state and things of that nature. And that’s not our, a wheelhouse, not having them available was just a godsend up for, for this
