Adam Van Wie: Safely Surfing Through Volatile Investment Waters

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welcome to fun with annuities with your

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host me stan the annuity man america's

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annuity agent can annuities be fun can

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contractual guarantees be fun

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absolutely they can find out the brutal

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facts about annuities with no sales

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pitches or high pressure nonsense just

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the brutal and factual annuity truth

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which is all you need to hear

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let's have some fun with annuities and

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let's have that fun start right now

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[Music]

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welcome to fun with annuities i'm your

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host stan the annuity man america's

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annuity agent glad you joined us today

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on all major podcast platforms

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and if you're so fortunate to be viewing

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this on the fun with annuities youtube

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channel which is growing if you want to

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see our facial expressions etc

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i am very excited to have a special

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guest on today definitely a celebrity

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guest and a rising star

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nationally in the fee only advisor space

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he has a very extensive background with

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fortune 500 companies i've known him and

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his father

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for a long long time his father was also

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a fee only advisor

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his name is adam van wee

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i'm going to have all of his information

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permanently on my site he's going to

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have a page just like all of our

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celebrity guests

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have a page on the annuityman.com and

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i'll have links to his site links to his

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um radio show which is fantastic i have

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been on that occasionally but it is one

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of the best

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radio shows you'll hear because it's

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it's factual it's non-salesy i mean they

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really get down to it you know adam i i

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was i didn't know this but he's a

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two-lane green wave person and the green

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wave is the is a mascot of tulane so he

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actually got a undergraduate degree in

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mechanical engineering of all things

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from tulane but that should tell you

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kind of who he is he's very methodical

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he's very pragmatic and from a fee-only

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advisor's standpoint you want that

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got his mba from emory university i mean

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he is a

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he's a star native of wisconsin which

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makes him a cool midwesterner but he

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lives in northeast florida with me you

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know as you know the annuity man is

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based in las vegas nevada i spend time

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there but also i have a home here in

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northeast florida so adam and i

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occasionally cross paths

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with that being said welcome adam van

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weed to fun

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with annuities

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thanks so much for having me stan i

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really appreciate it

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looking forward to your insights on

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everything let's just jump right in

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because people don't want to hear about

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annuities they want to hear about you

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and they want to hear about your take on

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a lot of things let's jump into

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inflation

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and rising interest rates you know you

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are a fee only advisor and for people

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that don't know who that what that is

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explain to them why fee only and those

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two words in combination

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make sense and what people should be

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looking for for their non-annuity assets

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great question uh fee only really is a

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way of doing business that puts both

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your advisor and you on the same side of

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the table so your goals are aligned when

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you when you sell someone a product

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there is a natural incentive to keep

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selling and it doesn't necessarily i'm

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not saying that all commissioned

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salesmen are bad people i'm sure i could

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not i'm commissioned yeah exactly

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no i totally agree and i know that there

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are tons of them out there but if

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there is an incentive there to sell more

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and that's how you grow in our business

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we grow by growing our clients assets

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which just happens to benefit them as

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well so so in a way it aligns your goals

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with your client goals and we just felt

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it was the best way that we could set up

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our practice to to help out our clients

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totally agree with it let's talk about

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inflation adam i'm dying to hear your

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take

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on what miss um yellen our friend has to

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say about transitory inflation at this

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point in time if it's transitory atom

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it's a long train

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yeah a long train and uh we just saw the

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uh the fed raise 50 basis points the the

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largest uh hike in in 22 years i believe

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and what do you know the stock market's

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up big so you just never know how these

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things are gonna go it's been dwindling

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going down every day for about four

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months now and then we finally get to

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the big announcement and what happens it

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pops you can't predict what's going to

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happen but

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i think the the transitory remarks if

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yellen and powell could go back and take

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those back

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i have to think they would because

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they're looking pretty bad in hindsight

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it's uh it's not been transitory at all

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we hit eight and a half percent last

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month and it does not look good for the

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future now those fed rate hikes should

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help that in the in the not too distant

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future we're already seeing the the

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30-year fixed mortgage went from three

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percent to almost five and a half

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percent and that didn't take very long

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it happened in less than four months

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um so i think that we're we're seeing a

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an end in sight but it's going to take a

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while to get these get inflation back

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down and it's going to be a little

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painful while we do it

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do you think the fed has the guts and

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the autonomy as they should have to not

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be bullied by this administration in the

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past one

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to continue to raise interest rates like

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they should

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uh i think that now that powell has more

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or less secured his second term

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that a little bit of that political

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pressure will ease but i think that he

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waited as long as he did

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in part because of the political

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pressure which shouldn't affect the fed

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but in these highly charged political

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days

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it's just hard to think that it didn't

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why did we wait so long clearly

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inflation was ramping up clearly to most

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people it looked like it wasn't going to

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be transitory i feel like there was a

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little bit of a hesitancy to raise rates

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prior to getting nom a second nomination

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and let's hope they continue

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the track um

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do you have a prediction of which i will

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not hold you to do you think they're

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going to hold on to this to the five or

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six or seven rate hikes that they

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initially talked about

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i think

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my guess is that it the track will look

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something like that but that is has a

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big asterisk by it that says it's

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subject to change if we start getting

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into a situation where it looks like a

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recession is imminent

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the fed doesn't want to cause a

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recession no one would benefit from that

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i i think that their goal would be to

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get a soft landing they call it but

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that's almost impossible to do so the

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first sign of real trouble that plan

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that they laid out could change

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dramatically

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obviously the markets right now at the

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time of this taping

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very volatile i think they'll be

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volatile ongoing what's your take and

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what are you telling your clients right

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now when it comes to volatility and

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their stomach starts hurting when they

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watch the nightly news

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well it depends what type of client they

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are if they're

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especially a younger client with a lot

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of time to invest i say don't worry

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about it this is your best friend you're

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buying everything 10 to 20 off where you

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were buying it a few months ago so in

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the long term you're going to be fine

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the the clients that are older

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closer to retirement or in retirement

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we've already dealt with their

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portfolios we'll have a certain percent

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of it in safe assets that aren't subject

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to market fluctuations uh or at least

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not to the degree that the stock

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market's fluctuating right now and so

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anything that they need within about

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five years for cash for to live on it's

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already it's already safe

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so our clients aren't really freaking

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out right now and that's i think that's

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why they hired us in the first place so

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if we hadn't done that be a little bit

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of a breach of our fiduciary duties uh

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but the for those of you that this is

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the first time you've experienced any

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real volatility i think that's how you

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should look at it if you have more than

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five years to invest i would double down

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buy more you know that long-term

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american companies have a they have a

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natural

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inclination to try and increase their

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profitability and that's what drives

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stocks in the long run so it's a little

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bit of a rigged game but it's rigged in

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your favor

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if you have enough time to play it

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interesting way to look at it we're

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talking with adam van wye one of the

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most well respected and young bucks out

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there in the fee only

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advisory world i get questions all the

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time hey do you know anybody young

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really really good because i want a long

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long-term relationship with my fee only

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advisor that would be adam van wye by

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the way you know he lives in northeast

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florida and i'm there occasionally he's

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a surfer so that doesn't mean he's laid

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back though one of the things i like

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about what adam does i'm very familiar

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with his practice because i've referred

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a bunch of people

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to him and not one person has said a

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word negative

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but what i like about what he does is

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he he obviously looks at each person's

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specific situation

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but he handles risk and plans for risk

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and his plans all involve de-risking the

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portfolio to the

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level that you tell him to do that can

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you cover

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de-risking portfolio and what that means

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from a 30 000 foot view and then maybe

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take the plane down from there

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sure sure i'd love to i uh

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one thing we do is we normally leave

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a good portion of the portfolio in uh

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non-non-equities so that means not

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stocks so when you talk about that

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traditionally you would think bonds

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uh maybe

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real estate reits or gold silver

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to any type of commodities so we

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diversified that way but lately you've

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had to be really careful around that

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because if you just look at last quarter

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great example you saw our commodity

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funds went up around 27 percent but

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bonds which are supposed to be sort of

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the stable portion of your portfolio

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actually dropped six percent so if

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you're in a traditional 60 40 stock bond

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portfolio and the 40 that's supposed to

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be your the anchor or the the part that

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doesn't that saves you when stocks get

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volatile

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it wasn't happening stop they'd actually

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hurt you worse than the stock side of

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the portfolio last quarter so we started

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making some changes early early last

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this year and moving around our bond

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portfolio to really really short-dated

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safe

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uh

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type of securities that that wouldn't be

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as subject to interest rate risk and the

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other thing we looked at is moving into

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floating rate type of investments that

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would benefit from rising interest rates

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so our bond portfolio did not drop with

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the market over the last four months so

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you really need to be it's it's somewhat

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a process of being both

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um

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analytical and investing for the long

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term but also being tactical and looking

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at short-term trends and saying how can

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we lose

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or how can we avoid losing money when we

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know what's going to happen in the short

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term and that's the mechanical

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engineering background that i feel makes

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you stand out amongst the rest because

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you're actually building the portfolio

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no pun intended

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but you're looking at things a little

11:26
bit differently when you talk about bond

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durations

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what are you talking about when you say

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short term can you define that in

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duration speak

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so duration is simply a measure of the

11:40
of your your risk

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your your interest rate risk on a bond

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and it usually has most most of it has

11:47
to do with the time until maturity so

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when you buy a bond it's issued for a

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specific period of time you can buy it

11:53
when it's issued or you can buy it

11:56
some at some point between issuance and

11:58
when it becomes due and the shorter time

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until it matures the less your duration

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is going to be in general so

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when you're talking about interest rate

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risk you want to look at

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how long is it until that bond matures

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so

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the closer that bond is to maturity the

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less interest rates will affect the the

12:19
overall volatility of the bond so i like

12:22
to keep my durations really low in a

12:24
rising interest rate market and that way

12:26
you're subject to way less duration risk

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than you would be otherwise

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and i think that's important because

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some sometimes people just say bonds

12:35
and it's all encompassing it's not um if

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you're if you're holding long-term bonds

12:40
here

12:41
it could be a little sketchy because of

12:43
the valuation decrease as in

12:45
interest rates rise

12:47
when you run into people

12:49
yeah when you run into people with long

12:51
bonds

12:53
are you trying to unwind those and

12:54
shorten the durations what what i know

12:56
everything's a one-off strategy and

12:59
customize but when you see that what's

13:01
your initial thought and then what's

13:03
your what's your then reaction and

13:05
action to that

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so if a client

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comes to us and they're holding

13:10
individual long-term bonds that are

13:12
paying decent interest rates we'd

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actually probably hold those because as

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long as the company is a solid company

13:18
that we don't think is in risk of

13:20
default because those

13:23
even in the well they will go down in

13:25
value on paper in the short term as they

13:28
get closer to maturity they'll actually

13:30
come back up in value and pay out their

13:31
par value once the bond matures so those

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i wouldn't worry about what i would

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worry about is if i saw someone holding

13:38
an etf that holds only long maturity

13:41
bonds if you look at the etf tlt

13:44
it holds 20 plus your treasuries and

13:47
it's down almost 20 percent in the last

13:50
year or so

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that that is just been a horrible

13:53
investment you there's no reason to be

13:55
holding that right now you probably

13:57
should have sold it six months ago and

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you still are probably better off

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selling it today and replacing it with

14:02
something else can you comment on closed

14:05
end bond funds as well because a lot of

14:07
those are leveraged and people don't

14:08
even know that can you kind of explain

14:10
the pitfalls

14:12
of a closed-in bond fund because

14:13
sometimes the yields look attract

14:15
attractive but as we all know you have

14:17
to look under that hood to see what the

14:18
engine's doing right

14:20
yeah i think with with any investment

14:22
here that's that's probably true you

14:23
should read your prospectus or at least

14:25
have your advisor do it for you and make

14:28
sure you know what you're getting into

14:29
because yeah there's a lot of things

14:31
like that that can look very attractive

14:33
in the short term but ultimately they

14:36
they may not pan out and i think we saw

14:38
this a lot with uh uh over the last 10

14:41
years it's been mlps with really high

14:43
returns it's been uh dividend portfolios

14:46
really struggled when growth was all the

14:48
rage so i think no matter what it is

14:50
you're looking at including closed down

14:52
bond funds you should you should really

14:54
look under the hood and figure out what

14:55
it is you're holding and what will be

14:58
not what you get in the short term but

14:59
what you get if you hold it until for

15:01
the longer term

15:02
with these fixed fixed investments like

15:05
you know reits and these type of things

15:07
are you very concerned when you see

15:09
something

15:10
from a from a liquidity standpoint

15:12
because a lot of times

15:14
these really attractive yields whether

15:15
it's um you know what whatever it is

15:17
reits whatever sometimes there's some

15:20
liquidity provisions that can be

15:22
prohibitive can you comment on that

15:26
we i've never run into that personally

15:28
but i know that my dad and some of his

15:30
colleagues have they

15:32
had they had a problem with this um

15:34
probably 10 or 15 years ago that's old

15:37
guys man that's old guy stuff yeah

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exactly

15:40
i i easily could have had i've been in

15:42
the business already but i've i'm only

15:44
on year eight so i just missed out on

15:46
all the fun um

15:48
the uh but yes that is a real problem so

15:51
if you have a especially with a private

15:54
reit

15:55
if um if there's a run on people trying

15:58
to get out and the company can't cover

16:00
the cash flow going out you're going to

16:02
be in serious trouble and private reits

16:05
are something that we stay away from

16:07
although i'm not saying that all of them

16:08
are bad it's just not for us the

16:10
liquidity issues are too much of a risk

16:13
for what we do but

16:16
you know if it's if it's in your

16:17
wheelhouse and you're you're a wealthy

16:19
investor and that's something that

16:20
you're interested in do your due

16:22
diligence and there are lots of good

16:23
ones out there we just don't use them

16:27
we're talking to adam van wye and he

16:29
does a lot of things and he's um feet

16:32
only but he does comprehensive financial

16:34
planning he does issue based consulting

16:37
if you have something specific for him

16:39
to look at

16:40
and you know obviously focused on asset

16:43
allocation and management services to

16:45
his clients

16:47
you know once you walk into adam's

16:48
office and his team

16:50
starts working with you

16:52
i can't imagine what his retention rate

16:54
is but it's pretty darn good because

16:57
you know that that side of the ledger is

16:59
fully taken care of for sure with that

17:02
being said adam and you know

17:04
everybody has their little political

17:06
animal and where they're

17:07
where they're leaning both left and

17:08
right and we both have clients that are

17:10
both democrat and republican libertarian

17:12
you know uh non-existent don't vote for

17:15
anybody

17:16
but talk about without getting on one

17:19
side of the table the other can you talk

17:21
about

17:22
how politics affect the markets because

17:25
you know people that are addicted to

17:27
cable news think that it moves

17:28
everything but if you look at it

17:30
you know there's only what a million or

17:32
two million or three million people in

17:34
the top rated shows out of 300 million

17:36
people watching it but let's talk about

17:38
politics how does it affect the markets

17:40
in your opinion

17:41
yeah so that's a it's so true that we

17:44
get so many clients or potential clients

17:46
coming in and asking about oh no

17:48
so-and-so got elected is my portfolio

17:50
going to go down is it going to pop and

17:52
the answer is

17:54
the market doesn't care the market has

17:56
gone up historically under both sides of

17:58
republican and democrat it really isn't

18:01
as related as people think now

18:04
there are specific policies that one

18:07
side will do that will affect certain

18:09
investments and vice versa so

18:12
when i think a great example right now

18:15
is you look at the price of oil there

18:17
are

18:17
that's definitely been affected by the

18:19
policies of the new administration

18:21
whether you agree with it or not it's it

18:23
just is and it's uh so there's a direct

18:27
correlation between those two now

18:29
i don't it doesn't matter to me which

18:31
administration is in power i want to

18:33
know what's going to happen with energy

18:35
stocks so if the price of oil goes up

18:38
energy stocks are going to do well and

18:40
that's something that you might want to

18:41
take a look at as an investor so to some

18:44
degree politics does affect your money

18:46
but

18:47
it's not nearly as much as people think

18:50
and

18:51
really

18:51
the one thing that the politicians do

18:54
have control over is your taxes so when

18:56
you see new tax policy passing through

18:59
congress that can really affect your

19:00
bottom line and that you need to pay

19:02
attention to

19:03
it doesn't look like there's going to be

19:06
any significant tax policy changes in

19:08
this year or probably in the next few

19:11
years so the current tax policy policy

19:14
should stay in place

19:16
and that makes it a lot easier to plan

19:18
for your next uh

19:20
for next april so i'm i'm very fortunate

19:23
or i feel very lucky that that is the

19:25
case because it makes my job a lot

19:28
easier when trying to do tax planning

19:29
when i know what to expect

19:32
we've talked about this before i mean

19:34
planning is personal planning is

19:36
customizable planning is about

19:39
the person specific situation i know for

19:41
you and your beautiful wife jessica and

19:43
you two lovely young children planning

19:46
is about you guys planning is about

19:48
your life same thing with me with my two

19:50
daughters and my wife christine it's

19:51
about our specific situation

19:54
is it hard to get people

19:56
to realize how customized this is from

20:00
the standpoint of how

20:02
you invest their money based upon the

20:05
risk tolerances they provide and the

20:07
answers they give you and the goals they

20:08
lay out

20:11
yeah it really is when we look at

20:13
someone's financial situation one of the

20:16
first questions we ask is always about

20:18
their family situation so they're we ask

20:21
about kids we ask about spouses we ask

20:24
how their kids are doing on a personal

20:26
level especially if they're adults

20:28
because one of the biggest problems we

20:30
run into is adult children coming back

20:33
and asking for money from parents who

20:35
are our clients and

20:37
nothing can drain you faster than trying

20:39
to be nice to your kids it's it's crazy

20:41
how many stories we've seen like that

20:43
and so the part of what we do is

20:46
incorporating the family dynamics into

20:50
our practice and it's actually worked

20:53
out for us it was an unintended

20:55
consequence but it's worked out really

20:56
well we have some multi-generational

20:59
clients now where we have kids

21:02
and or we have the the parents and then

21:05
the kids and now we even have a couple

21:07
situations where we have the adult

21:08
grandchildren as clients so it's uh

21:11
we're really taking a look at the entire

21:13
family up and down and making sure that

21:16
everyone is taken care of and playing

21:17
for

21:18
and that's the reason i wanted to have

21:20
you on

21:21
is because

21:22
i want my clients and listeners to

21:24
consider using your services

21:27
for a continuation plan of the financial

21:30
plan

21:31
so you're going to be here a while god

21:33
willing we'll both be here but you're

21:35
young

21:36
you're very very smart you have a very

21:39
very unique

21:40
and pragmatic way mechanical engineering

21:43
people on how to do this but if you're

21:45
looking for a long-term advisor that can

21:47
take your plan

21:48
and transition it to your

21:51
children

21:52
then transition it to their children

21:55
adam van wyk is a person you should at

21:57
least interview

21:59
because i think that's a missing

22:02
piece of when people choose

22:04
fee only advisors i think they should be

22:06
looking decades down the road

22:09
as what's going to happen and with that

22:11
being said and i'm kind of in your

22:13
corner and pounding the table for you

22:14
adam because i do believe in what you do

22:16
and how you approach things

22:18
tell us how you work with the cpas and

22:20
lawyers with each

22:23
um you know each complex situation

22:25
because everybody that comes to the

22:26
table if you are financial and you are

22:28
the evil rich right you're going to have

22:30
cpas that are with you and and lawyers

22:33
that are side by side i'm assuming you

22:35
enjoy working with those two

22:37
two individuals or as many as needed to

22:40
put together the team for these for

22:42
these people in retirement so that they

22:44
can go live their life and enjoy chapter

22:46
two can you talk about how that how that

22:48
works with your practice

22:51
yeah most of our clients do come to us

22:53
with cpas and lawyers and we if not we

22:56
can always recommend people we don't get

22:59
any kickbacks for that we just have

23:01
people that we trust and have worked

23:02
with over the years

23:03
and want to support their businesses

23:06
because they're really good at what they

23:07
do but the the ones who do bring them in

23:10
we we try to meet them we try to bring

23:14
them on to the team i guess and and

23:17
really your financial planner should be

23:18
somewhat your your coach

23:21
of of the team so you've got you've got

23:24
all the different pieces but the the

23:26
person sort of coordinating everything

23:28
should be your financial planner who has

23:30
that the 30 000 foot view of what it is

23:33
that you're doing and trying to

23:34
accomplish when it gets to specifics of

23:37
of drawing up a will or a trust i i

23:40
can't do that i'm not a lawyer but i

23:42
certainly know what most of my clients

23:44
want and i've done it enough times that

23:46
i can help guide them through the

23:47
process and i i think that's the service

23:49
that they that they value

23:51
and same thing with tax planning we do a

23:54
ton of tax planning during the year we

23:56
work with clients to make sure that they

23:58
are that their income planning works out

24:01
you'd be surprised how many people don't

24:03
know about the income tax uh

24:06
consequences of withdrawing from iras or

24:09
taking money out or any of that so we

24:12
work we work with them through that

24:13
process we do tax loss harvesting at the

24:15
end of the year typically we

24:18
we plan for rmds

24:20
we do all of that so it's definitely an

24:22
integral part of our practice even if we

24:25
can't file a tax return or prepare a tax

24:27
return or write a will

24:31
how do you putin proof a portfolio

24:34
how do you warp-proof this thing and

24:35
this is at the time of this taping our

24:37
friend from russia is a little

24:39
aggressive

24:40
and unpredictable

24:42
people are calling about that i'm

24:44
assuming what are you saying to them

24:47
because he could do a myriad of things

24:49
that could affect things short and long

24:51
term what are you telling people

24:54
yeah that's a tough one because it's

24:56
it's almost at the at right now a month

24:59
ago it was definitely hot everyone was

25:02
calling about that that's all we were

25:03
hearing about uh and and it really

25:06
seemed to be affecting the market today

25:09
it seems like things have i don't want

25:11
to say calm down but it's definitely

25:13
changed there's

25:14
more

25:15
the market's been reacting to way more

25:17
interest rate news than ukraine news

25:19
and uh but the threat is still out there

25:22
for sure

25:23
if

25:24
if we ever see anything go nuclear all

25:28
bets are off i mean we'd probably go to

25:30
cash immediately and if it wasn't too

25:32
late i i don't even want to speculate on

25:35
that and we'd just be in such a world of

25:36
hurt

25:37
uh

25:38
even if it didn't affect

25:40
america it would still be just a

25:41
disaster i i don't think i'm not even

25:44
sure you can plan for a scenario like

25:45
that you can't

25:47
yeah it's just too too terrible to think

25:49
about as far as the war goes we are

25:52
monitoring it closely to see what the

25:55
potential ends could be because at this

25:57
point it doesn't seem like there'll ever

25:59
be an end it seems like they're i don't

26:01
know that every day you look and their

26:03
their one side is advancing then

26:05
retreating and uh it's so hard to

26:07
predict these things because predicting

26:09
the moves of a madman

26:11
at this point are extremely difficult

26:14
thankfully

26:15
i think that because the conflict is

26:18
isolated right now

26:20
the potential is there that it won't

26:22
affect the american markets too much

26:24
more so i i'm hopeful about that as far

26:27
as planning for further moves

26:30
i don't know what putin's going to do

26:31
and it'd be really difficult to try and

26:33
plan for that but i think getting

26:36
through that initial period of

26:37
volatility without making any drastic

26:39
moves was probably the most important

26:41
step and

26:43
you see that the market's been back

26:45
reacting to the things that normally

26:47
reacts to fed rate hikes and earnings

26:49
reports and things like that so

26:51
hopefully we're through the worst part

26:53
of it

26:54
old codgers like me are all will always

26:56
say well there's always something

26:57
happening you know there's always look

26:59
back and there's always wars and there's

27:00
always

27:01
issues and there's always midterms and

27:03
there's always

27:05
conflict and there's always strife

27:07
but we are a strong company and

27:09
typically

27:11
do you agree with the the fact that

27:12
covid however horrific that was and is

27:16
it made us better and more efficient

27:18
from a business standpoint

27:20
well the fact that we're talking on zoom

27:21
right now may point to yes on that i

27:24
think that

27:25
good answer

27:26
you're right

27:28
yeah it's so different now i mean we

27:30
have we have clients that are located

27:32
all across the us and and we do this

27:34
routinely for client reviews now uh that

27:36
wasn't something that was really part of

27:38
our practice

27:40
uh until covet hit and now i think half

27:42
of our clients who live in town want to

27:44
meet over zoomer over the phone because

27:46
they find it so much more convenient so

27:48
from a

27:49
from a practicality standpoint and from

27:52
a time management standpoint it has just

27:54
changed everything and probably for the

27:56
better although

27:57
i'll be the first to tell you there's

27:59
nothing like a face-to-face meeting to

28:01
really cement a relationship so we try

28:04
and get people in the office at least

28:06
for the first couple of meetings just to

28:08
just to get to know each other learn

28:10
about each other's quirks and and make

28:13
eye contact that kind of

28:14
thing are we in a housing bubble adam

28:20
so i think that the potential for price

28:23
depreciation is there

28:26
uh specifically in areas that are not

28:29
northeast florida because right now if

28:31
you look around there are so many people

28:33
moving to florida it's it's been crazy

28:35
i'm sure you're seeing it stand in the

28:37
traffic and sure whenever you're here

28:39
uh but the and and vegas is another

28:42
location is the same

28:44
um i think that places like that as long

28:47
as people keep moving there

28:49
i don't know that we're building enough

28:50
housing units to to satisfy demand right

28:53
now but they're all leaving somewhere

28:56
and those are the places that i would

28:57
worry a little bit more about than the

29:00
than sort of the sun belt as they call

29:02
it the texas arizona uh nevada areas

29:06
so

29:07
i i think that the potential exists i

29:09
don't think that it's going to i i doubt

29:11
that we'll see another big burst we just

29:13
saw one in the last decade or so and uh

29:17
it's unlikely that it would happen

29:19
exactly like it did last time but could

29:21
prices go down heck yeah prices can go

29:24
down people think housing always goes up

29:26
and that is not right at all

29:28
it is true and and um

29:30
you know i have a place here in

29:31
northeast florida near near adam and you

29:34
know people are offering crazy amounts

29:36
of money for

29:37
houses but i told my wife i'm too lazy

29:39
to move

29:40
that means i'd have to pack everything

29:42
up um but i agree with you i think

29:45
there's an inventory issue that has to

29:47
be resolved and it's going to take a

29:48
while to resolve that

29:50
and as long as inflation and the

29:52
distribution issues are there that's

29:54
going to do nothing but compound

29:57
and get and get worse from the

29:58
standpoint of people trying to get into

30:00
new houses etc i do think there's some

30:02
challenges there

30:04
um you know going forward

30:07
dying to ask you the next next question

30:09
which is about crypto

30:11
um you know obviously i believe in the

30:13
blockchain technology because that

30:15
doesn't involve just crypto crypto rides

30:17
on top

30:18
of blockchain technology blockchain

30:20
technology is legitimate and used in all

30:22
kinds of you know car manufacturing

30:24
healthcare services etc

30:27
but what's your take on the

30:30
some people call it the tulip bulb stuff

30:31
if you don't know what i'm talking about

30:33
about tulip bulb

30:35
look it up google it

30:37
what do you think about crypto right

30:39
here forget bitcoin crypto as a category

30:42
sure i i agree i couldn't agree with you

30:44
more about the blockchain technology i

30:46
think that's i think we're just touching

30:48
the surface on that right now i think

30:49
it's going to go a lot further

30:51
and uh maybe even be the next big thing

30:54
i'm not i'm who am i to guess at that

30:56
i'm not a i'm not a tech uh genius by

30:59
any stretch but i do like the technology

31:01
it's built on and i think there's

31:03
applications for it that we haven't

31:05
begun to touch as far as crypto goes

31:08
if you want to if you're a client of

31:09
mine and you want to open a coinbase

31:11
account and trade crypto go for it and

31:14
you can afford it and you you don't you

31:16
know but i would not risk more than

31:17
you're willing to lose all of so

31:20
it's it's just something that that we

31:22
don't look at as an investable

31:25
asset class yet and the reason for that

31:28
is i just can't value it when i look at

31:30
say walmart they have cash flow they

31:33
have physical

31:34
inventory they have buildings i can put

31:37
a value on all of that when i look at

31:38
crypto the value is what the what

31:41
everyone decides that they're willing to

31:43
pay the whatever the market makes it and

31:46
but i can't value it because i there's

31:49
no process in place for me to do that so

31:51
for my clients

31:53
that's not something that we're putting

31:55
our money into i'm not saying it's a bad

31:57
investment i'm not saying it's a good

31:59
investment i just don't know because i

32:01
can't determine the value i guess the

32:03
question from that is is it an

32:04
investment

32:06
uh for some a lot of people consider it

32:08
a lot of smart people consider it i know

32:11
yeah and so peter thiels of the world

32:13
and the really smart people

32:15
and i'm sure they're right and we're

32:16
wrong and i'm sure buffett's wrong and

32:19
his you know charlie his compatriot at

32:22
uh berkshire is wrong but they came out

32:24
strongly recently about they did bitcoin

32:26
i'm not sure i'd be that strong about it

32:29
you know i've said on previous podcast

32:31
that i think that the government's

32:32
looking at it from a taxation standpoint

32:34
and trackability of the fund standpoint

32:36
and to do away with inflation standpoint

32:39
that scares me obviously that uh you

32:42
know we're talking about the united

32:43
states government handling crypto but i

32:46
think it's eventual do you do you see

32:48
the government

32:49
tiptoeing into this space and then

32:51
creeping in larger as time goes on

32:55
absolutely anytime there's a source of

32:56
potential untaxed revenue or capital

32:59
gains they're going to be all over it

33:00
and they are they're they're that's

33:03
definitely on their radar and they're

33:05
already making moves to

33:07
get it uh get it

33:08
further under their scrutiny so if you

33:11
have large gains in crypto you've never

33:13
paid taxes on

33:15
look out

33:16
i think it's coming

33:18
i do too i mean if they're talking about

33:20
taxing unrealized gains which could be

33:22
the dumbest idea i've ever heard

33:26
that's as dumb as me wearing high heels

33:29
to play basketball

33:32
maybe it's dumber i'm sure adam we got

33:34
to think about that for a second but

33:35
anyway

33:36
from a visual standpoint i just did a

33:38
visual on that man that's not pretty but

33:40
but but i just

33:43
you know it it's disturbing

33:46
kind of where this is where this is all

33:47
headed

33:48
um from the standpoint of taxation

33:50
obviously when we print money like we've

33:52
printed

33:54
they're going to have to tax somebody

33:56
and uh you know once they start talking

33:57
about billionaires tax they're looking

33:59
at you as well out of the left eye there

34:01
as they're looking to the right edge of

34:02
the billionaires

34:04
with that being said as people walk into

34:06
your office

34:08
this year um and we're we're taping this

34:10
for you people down the road we're

34:12
taping this in 2022.

34:14
um what are people asking what's a

34:16
consistent theme of

34:18
concerns or is it just the same old

34:20
thing different year

34:22
no it's a different thing different year

34:24
but it's the same themes it's

34:27
uh with our with our older clients it's

34:30
always where we headed i don't like

34:32
where we're headed and it doesn't matter

34:34
what side of the aisle you're on it's

34:36
it's both sides that ask that question

34:38
um but i always tell them that you know

34:40
your parents said the same thing i worry

34:42
about the next generation and their

34:44
parents said the same thing i worry

34:45
about the next generation and so as

34:48
unique as it feels to your

34:50
your experience

34:52
it's really not it's different because

34:54
it's it's it's

34:56
the time is now and and the issues are

34:59
slightly different and the technology is

35:01
different but every generation worries

35:03
about what's coming after them and all

35:06
the change and that type of thing and

35:09
the the fact is america has always found

35:11
a way through these difficult times

35:13
we've been in this before

35:15
we made it through the the 60s and 70s

35:17
there was some some real problems back

35:20
then especially when you got into the

35:21
70s with inflation and

35:24
good music very good music adam

35:26
excellent music no doubt about it yeah

35:28
and i'm not even gonna comment about

35:30
today's stuff but yeah so it's uh but

35:33
every every generation says that about

35:35
two that our music was better than what

35:38
it came after so

35:40
so you've got you've kind of got this

35:41
recurring theme that nobody nobody

35:44
thinks about when they're saying these

35:46
things but every generation says it and

35:48
we've always made it through it would be

35:50
a surprise if this was the first time in

35:53
history that had not been true i would

35:55
be shocked i think we're gonna be just

35:58
fine i know i'm raising my kids to to

36:00
take the torch from me and i'm sure

36:02
you're doing the same stand

36:04
and uh and and all of our all of our

36:07
peers are as well so i think we're gonna

36:09
be okay but that's the question i get

36:11
all the time and i kind of give that

36:12
same speech and people either agree with

36:15
that or think i'm crazy and

36:17
either way i i i still believe it are

36:19
there any unique hurdles for retirees at

36:22
this time

36:24
i think that being in a coming out of a

36:27
10-year zero interest rate environment

36:30
is somewhat unique i don't think that

36:32
we've ever been in that exact situation

36:34
before it was great for equities it was

36:37
not great to be an older person who

36:40
didn't want to take any risk you

36:41
couldn't buy a cd you couldn't buy a

36:43
bond that paid anything

36:44
actually getting back to that i know a

36:46
lot of my clients are looking forward to

36:48
it so rising interest rates to them

36:51
are short-term paying for longer-term

36:53
gain

36:54
but yeah i think that's a pretty unique

36:55
issue we

36:57
there wasn't anything in the playbook to

36:59
go back and look at and say how do i

37:00
treat a 75 year old's account when i

37:03
can't get any money out of fixed income

37:06
i agree and the global nature of the

37:09
markets all being attached in real time

37:11
is is kind of unique

37:13
as well because you know when i started

37:14
the business in 87 you know your dad and

37:16
i were kind of doing at that time you

37:18
know same thing by the way um adam's

37:21
father steven we is still his co-host on

37:24
his radio show and it's one of the best

37:26
and they have their

37:27
on their site which will have a link to

37:28
their recordings of their radio show but

37:30
it's great they take calls and

37:32
and it's it's one of the best shows i

37:35
think of the country but just happens to

37:36
be here in northeast florida um

37:40
for the person out there that that's

37:42
interviewing you or maybe they say you

37:43
know what i don't want to interview him

37:45
i want to stay with my brother-in-law

37:47
the advisor or my brother-in-law or my

37:49
my sister's son the advisor or this guy

37:51
that i like playing golf with as an

37:53
advisor

37:54
for those people that don't want to

37:56
interview and don't want to change

37:58
what are some of the questions that you

38:00
would have them

38:02
ask those advisors to hold their feet to

38:04
the fire

38:05
better than they are right now

38:08
i think there's a couple of key words

38:10
that you need to ask your advisor and if

38:12
if they answer correctly they'll be very

38:14
enthusiastic about giving you the right

38:16
answer and the first one is are you

38:18
fiduciary and all that means is do you

38:20
have to put your my best interest ahead

38:23
of yours if i'm asking as the as the

38:25
client and to us that just seems such

38:29
to be such a simple concept why would

38:31
you not put your client's best interest

38:33
ahead of yours how else are you going to

38:35
get referrals and grow your business if

38:36
you're consistently putting your own

38:39
your own

38:40
way to your business

38:42
i know you're you feel the same standard

38:44
we've had that talk many times but ask

38:47
if they're a fiduciary if they are they

38:49
will gladly tell you yes

38:51
the next thing is i would ask how much

38:54
they're getting paid every quarter we

38:56
send out a statement says exactly what

38:58
we got paid so if anyone ever feels like

39:00
they're getting ripped off from us they

39:02
can at least come and show us the

39:03
invoice and tell us why and we can have

39:05
that discussion but we're not hiding how

39:07
much we get paid in backdoor deals and

39:10
getting

39:11
paid to hold certain funds in their

39:13
account which none of that exists with

39:15
him so

39:16
none of that stuff

39:18
no so that's that's something that if

39:20
you're if you're fee only that's

39:22
something that should be very

39:23
transparent and why would you hide what

39:26
you make from from your own client

39:29
unless you're not proud of what the work

39:32
you've done and so i think those are the

39:35
two key things being a fiduciary being

39:37
fee in a fee only and if you're not fee

39:39
only how do you get compensated and how

39:41
much it really is that basic and with

39:44
that being said

39:46
um i came from that

39:48
model of brokerage firms with the big

39:50
marble offices and the big towers you

39:52
know dean woodrum payne weber ubs and

39:54
morgan stanley or as i like to call it

39:56
morgan stanley

39:58
do you think an offensive people out

40:00
there working there because i still have

40:01
friends in that space but do you think

40:03
that is a broken business model

40:07
in the future because it's gonna it's

40:08
hard for me to envision

40:10
younger people

40:12
adapting to that type of transactional

40:15
model do you agree with me on that or do

40:18
you have a different insight

40:20
i think that

40:22
i think that you're probably correct

40:24
about that i don't think it's going away

40:27
anytime soon but there has been a clear

40:30
trend

40:31
of firms and teams breaking away from

40:34
the large warehouses and going to rias

40:38
and it i i haven't seen it slowing down

40:41
at all recently it seems like every

40:44
other day there's an article about a

40:47
500 million dollar billion dollar team

40:49
that leaves one of the big places and

40:51
either joins a smaller firm or or breaks

40:53
off or or does something of that nature

40:56
and it doesn't seem to go the other way

40:58
very often so if that's any kind of

41:01
indication i would say you're exactly

41:02
right

41:04
yeah and i think a lot of that has to do

41:05
with and i'm not going to mention one of

41:07
the firms that was my final exit out of

41:09
the building is when they started

41:11
dictating um

41:13
kind of the ratio of things that we had

41:15
to sell whether we wanted to sell them

41:17
or not

41:18
and that wasn't the way that i entered

41:20
the business where it was completely

41:21
autonomous you could build your book of

41:22
business however you wanted to i chose

41:24
municipal bonds and

41:26
did that but i don't think you could do

41:27
that anymore number one a lot of

41:29
municipal on offerings aren't available

41:31
but um you know

41:33
uh it is what it is um i think that

41:36
people we are in a do-it-yourselfer type

41:39
mode i know my business model is a

41:41
direct-to-consumer do-it-yourselfer run

41:43
your own quotes we're the middleman to

41:44
get you that highest contractual

41:46
guarantee but obviously

41:49
annuities aren't for everybody and even

41:51
if they are you have to put them in

41:53
proportion and allocate them properly

41:56
but how does a do-it-yourselfer the

41:59
self-proclaimed a personality pound the

42:01
table person listening and viewing this

42:04
listening to the podcast or viewing it

42:05
on the phone with annuities youtube

42:06
channel

42:08
can is there and i hate to use this word

42:10
hybrid

42:12
model of do it yourself for working with

42:15
a fee only adam van wie

42:20
to some degree there is but

42:22
it's our

42:24
our business model really is not for the

42:26
do-it-yourselfer and i am 100 supportive

42:29
of the do-it-yourselfer if you if

42:32
someone comes to us and wants to meet

42:34
with us and decides that they want to do

42:36
it on their own i'll even give them some

42:38
advice and and tell them what i wouldn't

42:40
would not do in their situation that is

42:42
fine with me our business is not for

42:44
everyone and everyone does not need us

42:46
so that's okay

42:48
but

42:49
if somebody does want to work with us we

42:51
do have some smaller clients that uh pay

42:54
us a monthly fee

42:56
and they they utilize us as sort of a

42:59
sounding board and we give them advice

43:02
but we don't manage all of their assets

43:04
a lot of their money's in a 401k anyway

43:07
okay and um that's a relatively newer

43:10
concept introduced by i don't know if it

43:12
was introduced by michael kitzy's but he

43:14
made it quite famous he's a he's a big

43:16
wig in in the right face he is and we've

43:19
had our battles michael and i have had

43:21
our

43:22
had our battles on some things but

43:25
yeah i totally respect

43:27
what he says about financial planning

43:29
yeah he said some um uninformed things

43:32
about annuities which is fine because

43:34
he's he's got his own

43:35
he's got his own reason to point people

43:37
to what he's doing but anytime someone

43:39
steps out and is not factual about

43:41
annuities i'm gonna have to call them

43:42
out i did one recently on mr dave ramsey

43:45
who did a video on annuities that was so

43:47
horrific it would be like adam b like me

43:49
doing one on ballet

43:51
um and i know nothing about ballet so

43:55
that's the that's the uh

43:57
you know that's the the issue out there

43:59
there's a lot of misinformation not only

44:01
in the annuity space but the financial

44:02
planning space

44:04
there's a lot of noise

44:07
how do people

44:08
um

44:10
prevent themselves from falling for

44:13
the advice the slick advisor the the too

44:16
good to be true stuff that's out there

44:18
um i'm not saying the bad chicken dinner

44:20
seminars from the annuity standpoint but

44:22
there's a lot of

44:23
bad advice seminar type stuff

44:26
that's out there in the non-annuity

44:27
space

44:28
um there is

44:30
how are you

44:31
what's your thought on that obviously

44:33
you're you're like me you don't like it

44:34
but how do you explain it to people

44:38
and ground them into making a better

44:39
decision and not falling for those

44:41
things because as i tell people in

44:43
retirement there's no mulligans mulligan

44:45
is you get to you hit the bug in the

44:47
golf you hit the ball in the water you

44:48
say yeah i'm gonna hit another ball no

44:49
there's no other ball

44:50
how do you how do you get people from

44:52
not having to try to take a mulligan

44:55
you're out of money you're either out of

44:57
money or going back to work and that's

44:59
not what any retiree wants to hear so

45:01
you're exactly right about that no

45:02
mulligans and

45:04
if you are

45:06
sitting in in front of an advisor who is

45:09
promising you

45:10
returns that don't sound right and he

45:13
won't be specific about how he's going

45:15
to get him or she won't be specific

45:17
about she's gonna how she's gonna get

45:18
him and it just doesn't feel right

45:22
run don't walk run away from that it's

45:26
it's we see it just entirely too often

45:29
and it doesn't even matter what the

45:31
presentation is whether it's a dinner or

45:34
just a one-on-one meeting but when

45:36
whenever you hear especially in finance

45:39
something that is promising

45:41
18 returns with no risk that is it you

45:44
just know it's a scam you know it is

45:46
sure trust your gut it's it's not that

45:48
hard a a normal

45:51
uh advisor will not promise you a return

45:54
will tell you there is going to be good

45:56
years and bad years but over time they

45:58
should be more good than bad and

46:01
it just it's usually it's almost always

46:03
follows the same pattern of low risk

46:06
high reward and if you put your money

46:09
with me we'll get you x y and z and then

46:11
serve it on silver platter and it never

46:13
ends up well for the investor

46:16
and full disclosure adam and i are on a

46:18
constant search

46:20
for the um pill that we can take to to

46:23
create the six-pack abs we once had adam

46:26
has yet to find it i'm still looking

46:28
so if anyone has that out there but

46:30
that's what we're talking about you know

46:32
adam you worked for fortune 500

46:34
companies um a while back before you

46:37
made the decision to

46:39
help people

46:40
um with their finances in retirement

46:42
what was the what was the fork in the

46:44
road moment that brought you to that

46:46
point

46:48
if oddly enough it was actually 2008. if

46:52
you remember 2008 it was not a great

46:55
year in the market

46:56
and

46:57
i had was fortunate enough to have had a

47:00
very good job at that time which i

47:03
actually kept and it was surprise i was

47:05
surprised every day that i still had a

47:07
job

47:07
my 401k i just had a huge milestone in

47:10
it and then about six months later i

47:13
opened my statement and it was half and

47:15
i called my dad i was distraught

47:18
what do i do it was the most money i'd

47:20
ever had i i can't believe this happened

47:22
am i am i what mistakes did i make and

47:24
he said don't worry about it is it in

47:26
the s p 500 he said yes he said double

47:29
down max your 401k do it right now and i

47:33
did i took his advice

47:36
and before i knew it not only had i

47:38
surpassed my previous goal but or

47:41
leveled

47:42
so far beyond it because i had

47:44
accumulated so many shares at a low

47:47
price and it just really taught me the

47:49
power of of long-term investing and

47:53
buying the dip and all of the important

47:55
lessons that that people

47:58
people their natural inclination is to

48:00
sell high or to sorry to sell low and

48:03
buy high

48:04
because it because they sell out of fear

48:07
and they buy out agreed and that's the

48:08
exact wrong way to do it you need to you

48:10
need to buy when there's blood in the

48:11
streets and that is the way to do it and

48:14
that was the moment that i realized that

48:16
i wanted to go work with him and i

48:18
started studying for my cfp

48:20
and eventually passed the test and

48:22
joined him

48:23
which was a great move for everybody

48:25
involved and i'm glad you you did it

48:27
what makes you get up in the morning

48:28
what makes you passionate to know that

48:30
this is what you are put on the planet

48:31
to do and that you're going to be doing

48:33
this long term

48:34
what is that light that drives you

48:38
i think i have the best job in the world

48:40
i i really do i get to help people i get

48:43
to deal with money which has always been

48:44
a passion of mine

48:46
every day is different and i don't get

48:49
bored at work i love going to my job

48:52
it's it's just a great job i i really

48:55
really can't imagine myself doing

48:57
anything else i feel extremely fortunate

49:00
i went through a bunch of terrible jobs

49:02
even my good jobs before were terrible

49:04
you didn't know it at the time

49:07
so what you're telling me is if there is

49:08
a

49:09
um middle-aged professional surfer

49:12
circuit you're

49:13
you're still going to be a one of the

49:15
best fee only planners

49:18
on in your office schedule

49:20
unfortunately my my relative success in

49:22
this business and my relative lack of

49:24
athleticism dictate that i will be doing

49:27
this for a good long time

49:29
i hear you one last question it's been

49:31
great having you on i certainly want you

49:33
to have you on ongoing so you can give

49:35
us your insights as things change and

49:38
morph in the world that we live in but i

49:40
do this with every celebrity guest it's

49:42
my mic drop moment and i want you to

49:44
leave us with the nuggets of wisdom that

49:46
only adam van wyk can do so might drop

49:49
moment adam go

49:54
uh-oh what am i supposed to do you're

49:56
supposed to give us words of wisdom

49:57
right here

49:59
mike drop moment go yeah i think that i

50:02
think that right now we're going through

50:03
a pretty tough time in the market we've

50:05
been getting tons of questions about it

50:07
and i

50:08
i i know that it's tough and i know

50:11
especially if you're a recent retiree

50:13
it's you're probably scared of your mind

50:15
right now

50:16
the thing you have to remember is that

50:19
time is on your side even if you start

50:22
just started drawing on your portfolio

50:24
some of that money will not be used for

50:27
the next 10 20 30 years so in some ways

50:31
you are a retiree who needs the money

50:34
now but in on in the other side of the

50:36
portfolio you are a young investor with

50:39
a long time to wait so

50:41
don't look at your whole bucket of money

50:43
as one bucket you have to break it up

50:45
into separate buckets and remember that

50:48
this will pass the market will continue

50:51
to go up at some point it will recover

50:53
and then go higher and

50:56
don't panic don't do anything stupid

50:58
just stay the course and it will reward

51:01
at some point

51:03
and you know you said time is on my side

51:05
of course i have to do my mick jagger

51:07
thing right at time

51:10
is on my side yes it is

51:13
i think that's enough right there that's

51:15
that now you know why i'm the annuity

51:17
man and not uh lead singer of a very

51:18
good rock band but uh

51:20
adam thank you so much for being on i

51:22
want to thank everybody on all the major

51:24
podcast platforms and the fun with

51:26
annuities youtube channel making us one

51:28
of the fastest growing

51:30
financial podcasts on the planet if you

51:32
can believe that but the reason is we

51:33
bring on people like adam who's very

51:35
very smart and we don't talk about

51:36
annuities most the time which is the key

51:39
to podcast success and with that being

51:41
said thank you for joining fun with

51:42
annuities and i will see you next week

51:50
thanks for listening to fun with

51:52
annuities please hit the subscribe

51:54
button and make sure to go to my site at

51:56
the annuityman.com where you can run

51:59
your own spea dia and culat quotes and

52:02
see a live feed of the best mica fix

52:04
rates in the country and even get

52:06
indexed and income rider quotes as well

52:09
you can also sign up for my six annuity

52:12
owner's manual books and i'll ship them

52:14
for free and under no obligation i also

52:17
encourage you to schedule a one-on-one

52:19
call with me stan the annuity man so we

52:22
can have a full discussion of your

52:24
specific situation it will be the best

52:27
brutally factual and truthful advice

52:30
you will ever get and that's one

52:31
guarantee you should definitely take

52:33
advantage of so join me next time for

52:35
the number one annuity podcast on the

52:38
planet fun

52:40
with annuities

52:44
[Music]

52:55
you