Episode Details

The Paul Truesdell Podcast 

Principal Storyteller and Analyst:

Paul Grant Truesdell, J.D., AIF, CLU, ChFC, RFC
Founder & CEO of The Truesdell Companies
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The Truesdell Companies was a proud sponsor of the Eirinn Abu benefit concert for Tunnel to Towers, on February 28th at the Circle Square arena in Ocala, Florida. For more information, visit: https://eirinnabu.com or https://eirinnabu.com/event/5760795/695871447/eirinn-abu-and-tunnel-to-towers-foundation-concert

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Disclaimer

You are listening to the Paul Truesdell Podcast, sponsored by Truesdell Wealth and the other Truesdell Companies. Note. Due to our extensive holdings and our clients, always assume that we have a position in all companies discussed and that a conflict of interest exists. The information presented is provided for entertainment and informational purposes only. Truesdell Wealth is a Registered Investment Advisor.

Rough Outline

The Retirement Planning Wake-Up Call That Should Have Happened Decades Ago
I spend considerable time reading, reviewing, researching, and analyzing business documents and forecasts. When I'm not immersed in financial analysis, I enjoy reading well-crafted legal thrillers and biographies. I also consume a substantial amount of content from financial services professionals, and frankly, about 50% of the time I finish shaking my head, rolling my eyes, and muttering "really?" or "dumbbell."
Recently, I encountered an article that perfectly exemplifies this frustration. The author presents what they consider groundbreaking insight: that one-size-fits-all retirement planning approaches don't work for today's new retirees or soon-to-be retirees, unlike what sufficed for the World War II and senior boomer generations. Their revolutionary discovery? People differ in longevity.
Well, no kidding, Gomer. Wow, what insight. I can't help but think of Gomer Pyle saying "Shazam!" to Sergeant Carter.
This person has the brilliant realization that people with higher income and greater net worth—erroneously equating these two as identical, which they're not—live longer, and therefore require different planning approaches than those with lower income and net worth. Here's my question: if you're legitimately performing your job as a holistic advisor, planner, and manager, shouldn't this have been fundamental to your practice from day one? To have this insight decades into your career is ludicrous.
The Questions That Should Always Be Asked
I've spoken with numerous people who recently became clients of our firm. They consistently tell me that no previous advisor ever inquired about their health, mortality, or morbidity factors like we do. They don't find our approach invasive because we understand how to ask and engage without being intrusive. We state upfront that we have no crystal ball regarding longevity. Historical mortality within families, combined with morbidity factors and life experiences—injuries, physical fitness, diet—all contribute to the core fundamental issue of wealth management.
I discuss this frequently, and sometimes I feel like I'm repeating myself. But I realize that while this is my daily reality, other