Phil Francois (00:00)
Okay, welcome back. are we're here again Phil Francois Financial planner with foundation wealth planning back again with Darin DeLozier join us today. How we doing Darin?
Darin DeLozier (00:10)
doing great. How you doing, Phil?
Phil Francois (00:12)
I'm doing great. Darin also, course, here on the team at Foundation Wealth Planning, another planner, we're going to talk about, we kind of throw the term around financial planner, financial advisor, what is it that we even do? So Darin, I thought it'd be a good discussion point today to talk about what is financial planning? Maybe what are some of the words of financial planner, financial advisor? What do those mean? What's the process? Can we integrate?
right? Since we talk a lot about our faith on this channel too, can we integrate our faith into the planning process and maybe even just a little bit of a distinction on what some of the different business models are out there. There's a number of different advisors, a lot of ones doing great work, but there are differences and distinctions in terms of how an advisor may work. And so that's kind of the overview today. And I think it would be really educational. It'd be really helpful. And if you have any questions about it, we'd love to hear from you. So.
What do you think Darin? We're ready to hop in and get rolling.
Darin DeLozier (01:14)
Yeah, sounds great. This is the episode I wish I would have heard about 10 years ago.
Phil Francois (01:19)
Yeah. ⁓ I had a, an experience, you know, when I was just a, just a young lad, let's see, just out of school, right? had, I had student loan debts and everything. And I, and I got wrapped up with what I thought was a financial advisor. ⁓ a lot of people have stories similar to this, right? But, you know, kind of told, talked to me about how I could make a bunch of money growing my wealth by putting money into this.
investment. Well, investment turned out to be a whole life life insurance policy. And I held onto that thing for a couple of years when I really didn't have any money and had no business being in this policy. ⁓ and the worst part about it was all the premiums that I put in when I finally canceled it gone, ⁓ thousands of dollars might as well just lit on fire on the table. It would have been more fun than, ⁓ then, then losing it, ⁓ without getting any money back, after kind of learning my lesson there. So
So the idea of someone can call themselves an advisor is ⁓ unfortunate, that's kind of, there's different ways that people approach it. And life insurance, of course, is a needed piece of a financial plan in someone's financial life, but it was not approached in a plan and process way that really made sense. The product didn't make a lot of sense for a lot of reasons, but anyway, how do we kind of distinguish
Maybe the different types, you know, what is there a difference between an advisor and a planner? What would we got these like fee fee based commission? What's going on here? Darin, let's let's start to make sense of some of these different business models out there. What's going on and give the people a little bit of ⁓ guidance on what to look for out there with an advisor. Let's start there.
Darin DeLozier (03:05)
Sure, these are great questions. ⁓ they're something I didn't know until I dug into it. And it took a long time for me to wrap my hand around it. So ⁓ these are the questions people should be asking if they're kind of thinking, OK, do I need a financial planner? What's a financial advisor? All that. ⁓ I think it's helpful to start with how all this kind of started. It used to be people had their stockbroker. They'd call somebody up and say, hey,
buy me however many shares of whatever. And then that guy would go do it. And as the years went on, this kind of stockbroker relationship or maybe an insurance agent relationship, these guys would start offering financial planning. ⁓ Okay, great, yeah, planning is great. ⁓ But then there would start to be kind of conflicts of interest. Somebody...
thinks they're getting, they're paying somebody for one thing, but the person is actually getting paid for another thing. And it just kind of got messy. Am I characterizing that correctly? Maybe you can explain that better.
Phil Francois (04:21)
⁓ Yeah, I think that's would be how I would probably phrase it. Yeah, we went from the typical stockbroker model. Then of course we moved into just the mutual fund sales model, right? Mutual funds were then invented. ⁓ But there was both a commission-based operation, right? You bought and sold mutual funds on commission, you bought and sold stocks on commission. And that created, as you're alluding to, a conflict where if an advisor's...
or stockbroker or mutual fund salesman really in those cases were if their compensation was dependent upon you buying a certain product, well, it might be in your best interest to sell this stock and buy this stock or sell out of this mutual fund to buy this other mutual fund. That might make sense based on where we're going in your financial life, but there are unfortunately countless examples of egregious.
churning, right? That's the technical term of selling ⁓ for the sole purpose of commission in an overabundant way, right? mean, buying and selling something for more diversification or to reduce risk or just because, you know, there are certain reasons why you may make a change and that would come with a commission and that could make sense. But there was always a, ⁓ you were kind of on the other side with your advisor, right? You didn't know for sure.
Are we making this move because you need another paycheck to take a vacation or do I really need this for my financial life? And it kind of put you on different sides versus being on the same team. You know, that's a challenge.
Darin DeLozier (05:55)
Yep.
Yeah. And so I have a very similar story that you mentioned at the beginning about, ⁓ you know, buying a whole life insurance policy, ⁓ which when it wasn't a good fit for you and a very similar story for me. And that kind of is what got me started down this track of becoming a financial planner. And, ⁓ but one thing I discovered through that education was that there is a movement
to go away from this kind of ⁓ And I discovered this kind of language on financial advisor websites. Some said fee-based, some said fee-only. And I was like, kind of sounds like the same thing to me. ⁓ But what's going on there? Why is there this language? ⁓ basically, how I summarized that in my head was if
If their website says fee only, that means they cannot get paid by commission. If it says fee based, it means they can be paid by commission. wait, am I, is that a fair summary?
Phil Francois (07:10)
Yeah, yeah, correct. to be fair, so the term commission isn't necessarily a bad word, but a commission is simply you get a piece of whatever product someone is buying. If someone buys a house, you get a commission, but you're getting a percentage of that house purchase. Or you're in another sales job, you sell $100,000 worth of a product, you might get a 2 % commission or whatever.
Darin DeLozier (07:17)
Right, right.
Phil Francois (07:39)
You're getting a commission based on the product. Same thing. It's just not very transparent is I think the biggest problem in our industry and just maybe industries at large, but specifically here, if someone's getting a 2 % commission to buy a stock or a 5 % commission to buy a mutual fund, it's wrapped up in the product and the client often doesn't know that they're even paying that or how much they're paying, but it is reducing their, you know, what's being invested and what their overall overall return is. ⁓
Darin DeLozier (07:44)
Yes. Yes.
Phil Francois (08:05)
in a non-transparent way. the fee, the fee only, we do charge fees, but we don't charge commission. And the fee is supposed to be a transparent way to say, you know, we charge this outside of whatever trades we're making. either charge a flat fee or a percentage of the account, ⁓ which is, which falls in line with the only, it's it, it's, it's kind of outside of any sort of investment structure that you can clearly see. This is the fee that I'm paying, which I think is really the big distinction with.
with how we're structuring things so that we can be, we can disclose it better with what we're actually charging and what, and then we can kind of get a better idea of value being exchanged.
Darin DeLozier (08:47)
Yeah, exactly. ⁓ No, just that I'd say if you see somebody that or a firm website that says fee based, I mean, I don't think that means, ⁓ they're they're after they're just digging in my pockets. You know, I know fee based planners that are doing fantastic work for people. ⁓ And it's just a matter of knowing it. You just need to know this is how somebody gets paid. I think I think everybody should know that when you're doing business with somebody.
Phil Francois (08:48)
Anything you'd add to that?
Correct, yeah.
Yeah
Yeah, and if someone says they're fee based the best fee based planners that i've seen because there are some tremendous planners advisors that work at fee based firms That this thing that i've seen that makes it I can understand why someone would be fee based that you can be a really great planner. You can charge transparent fees It just allows them to help implement if the plan dictates that they need a certain amount of life insurance They then can help you be the insurance broker on that
Insurance agent on that policy so they can wear the same hat they can be the advisor and the planner and Then if you need life insurance, they can also be the insurance agent and get a commission for that which again can make it a little bit ⁓ Muddied sometimes with what the role is however, it does without incident center the send in to a third party where they could End up selling them a product they didn't need or whatever you basically were able to take care of that transaction in-house and so
That argument does make sense to me, but again, it does kind of muddy the water a little bit. So it's just as long as you're understanding the distinction there. You can have a really great fee based planner. They can do great planning. They can manage your investments. And then they also might recommend you get insurance and then can also sell you that insurance, which can be a positive in some cases, maybe it could be a negative, but I think overwhelmingly, if they're a good advisor, they're going to use that in a positive way to help the experience and not as a negative, but that is maybe the distinction and maybe how someone could use it as a fee based advisor that would be beneficial.
in some instances.
Darin DeLozier (10:44)
Yeah, I 100 % agree. Now, full disclosure, I ⁓ kind of have a personal bias toward fee only. We are a fee only firm. Foundation Wealth Planning is a fee only firm. So that's my kind of bias, my preference. But 100 % agree with what you said. There are some benefits the other way as well.
Phil Francois (10:51)
Sure, yeah.
Yeah. Yeah. You know, one less person to talk to and whatnot, but we, the way we handle it here is we've, know, we've got some trusted, uh, people that we work with that we don't get any sort of kickback. There's no commission based, no commission sharing. They're just people. know that we'll you take, take you care of you and get you the insurance policy you need. Or if you have an insurance person that you work with for other things, we'll just say, Hey, go get XYZ policy from them. And that's great. Uh, we want to be in the position where we can help recommend the insurance that you need.
but then facilitate professionals that are competent that can help you get that done.
Darin DeLozier (11:41)
Absolutely.
Phil Francois (11:42)
Well, I think that was a really good overview on what the different types of business models are. There's obviously more we could say, probably more in-depth topic, but we did want get to a few other things. if anybody that's watching this wants to learn more about that or wants another in-depth video on more distinctions, we'd be to do that. But what I want to do now is maybe flip this into say, okay, so now we're a financial planner or a financial advisor and we want to
do this thing called financial planning. What is that, right? ⁓ How would you talk about what financial planning is, Darin?
Darin DeLozier (12:21)
There's so many areas of your life that involve finance and a financial planner ⁓ can be kind of like kind of like the quarterback of the team for your financial life ⁓ and kind of has a someone who has an objective clear view of the field and can direct you
advise you on the best steps forward to where you need to go. ⁓ And ⁓ it's like somebody, it's like going to a doctor, but for your finances. what would you say?
Phil Francois (13:07)
Yeah, well, I think the one thing that I like to look at for planning is you can do a one-time financial plan, but I think ultimately the thing that makes planning a more productive endeavor is that thinking of it more of a process. Life evolves and it can evolve pretty quickly just with how your finances might change and what topics might come up.
And so, yeah, having someone in your corner that can help kind of be that coach and that guide, but also have specific knowledge on a lot of different topic areas. So, as financial planners, if you've gone through and obtained various certifications, there's a number of ones out there. Of course, the one that we ⁓ strive to hold at our firm is the certified financial planner ⁓ designation. And that has a lot of different topic areas. And so,
Again, this is just like what the book says, what planning is. And then there's of course, kind of how you apply it in life. But there's, there's a lot of different topic areas from investments, which like we said, our industry is born out of just purely doing investment advice and investment management. That's, and so most people, when they think of us, we're the investment guys, which is of course very important, but that doesn't, that doesn't take into account the various.
other aspects we're doing, most importantly, kind of helping align towards your goals, right? So the investments are going to get you to the goals, ideally, if we're, if we're doing the right things, but, but we have to be able to lay out what are reasonable goals and where are the milestones we're going to hit. And then, you know, obviously we've talked through in our last video about addressing your balance sheet and cashflow, right? So this would kind of be an applicable part to your, your,
planning process and then of course other things in state insurance makes your taxes are reasonable. So there's a lot of different topic areas that we can kind of dive into but the key is you know having someone that maybe knows some of those different things maybe they're not always relevant to you but knowing kind of what things might be helpful because ultimately you can do some of this on your own but sometimes you always don't know what to ask what to look for around the corner that might be coming in that maybe you don't see as someone if you're trying to do your own plan.
And when you start to see that, maybe there are some blind spots here and I'm getting a little more complicated, that's really a good time to engage a financial advisor about these topics because they and being able have that knowledge and willingness to say like, Hey, there's, probably are some things here that I'm not thinking of fully, or maybe I can't project down the road a year or two that maybe someone that's done this before maybe have some, viewpoints on.
Darin DeLozier (15:56)
Yeah, yeah, exactly. There's the investment piece that I've heard a lot of advisors say, you know, people come to us a lot of times for investments and that ends up being about 10 % of what we talk about with our clients. ⁓ yeah, it goes into ⁓ many more areas of your life. And if you have somebody who knows you,
knows what you want, they can kind of hold you accountable to that and be that objective third party that is ⁓ guiding you along that way.
Phil Francois (16:36)
Yeah, yeah, a lot of times it is the people think that they are, they often have a pain point that typically leads them to work with an advisor to get a financial plan done. A lot of times it is investment related, whether they, the market's been scary or they have come to the realization that they've made some mistakes or their other advisor they don't think is really doing what they should be or what have you. It's a lot of times investor related, but there's other pain points too, whether it's you're getting ready to buy a house and you want
some help kind of analyzing that, or you think you might need some insurance. And again, you want an objective opinion on how much you should have without getting sold a policy that you don't need. Various tax planning opportunities that might be out there. Obviously retirement planning is another very popular reason to engage an advisor. I like to try to get people that are years away from even possibly retiring, right? Because if
There are things you can certainly do. Leverage you can pull. If someone's getting ready to retire in six months, you can help them plan that piece out. But ideally, years in advance, you're making preps for what retirement looks like and how we're going to address certain topics. so ideally, you get someone that's still in the preparation phase and not just getting ready to pull the trigger on that. But that's another common reason that we would be finding a new person that would reach out would be, hey, I'm thinking about retiring.
And that's fantastic. That's probably number one and two, investments and retirement. But there's other topics that really blend in that you have to address to get a full view of someone's life.
And as I'm thinking through these different topic points, Darin, so when we look at the CFP board, they've got, you can look at their different topic points that have to do with just kind of the general stuff of financial planning, kind of the debt management, cash flow, balance sheet, things like that. There's insurance, tax, estate planning, retirement, and investments, obviously.
So those are the kind of like the main, the main pieces, but we here at Foundation Wealth Planning believe that, you know, your faith can highly be integrated into these topic points. So you've got, you've got what the board says, but that is not very specific to most people. Most people want to have alignment towards things that are important to them, right? And obviously we're both Catholic guys, so that's where we lean towards. We work with lot of Catholics, but this applies to...
really all other Christians a lot we're going to say and of course if you have other faith beliefs that you want to have important things this could be applicable we're going to take it from a Christian and Catholic perspective but how would you think through where the faith would be integrated into these different topic points because if we're if we're leaving that out which sadly a lot of advisors do and it just doesn't make it very customized to what's most important to someone that should be the most important thing right our relationship with God but how would you talk through somebody with
integrating the faith in these different areas of the planning process. What do think about that?
Darin DeLozier (19:40)
Yeah, ⁓ several key, I mean, there's probably countless different ways, ⁓ but a few key ones come to mind. ⁓ One is obviously ⁓ moral screenings on your investments. ⁓ You know, ⁓ if you buy the S &P 500 or a total stock market index fund, ⁓ there's gonna be some stuff in there that you wish you...
that you wish wasn't in there. so, and there's this term in index fund or mutual fund investing, ESG. What does it stand for? Environment, social and governance. It basically is kind of industry language for values screened investments. And ⁓ those values are not always what ⁓ a very
Phil Francois (20:23)
Yep.
Darin DeLozier (20:36)
practicing Catholic would say are their values. So ⁓ having access and knowledge of really thoroughly and well-screened investment funds for Catholic values, that's a huge benefit for a lot of people.
Phil Francois (20:59)
Yeah, absolutely. Yeah. The again, a back to what would lead most people to reach out. If, you have investments and your faith is important to you, make it make sense to get them screened. And that is absolutely something we would be able to help you with. But oftentimes there's going to be, you know, your investment things that would be against, you know, the Catholic faith. And then again, it's up to you to determine if that's how you, if you want to make changes for that. Uh, there are certainly a lot of guidance from the church that would suggest that you should.
consider making changes to align with the church, but that's something we can help you work through, kind of the pros and cons of some of that stuff. And ultimately, how do we ingrate the faith into our investments while still being able to achieve our certain goals? Can we do both? And I think there's a lot of instances that says that we can, but there certainly could be some trade-offs here and there, which of course we would address in a personalized meeting with you.
Darin DeLozier (21:46)
Yes.
Yeah. Yeah, absolutely.
Phil Francois (22:00)
So yeah, investments,
absolutely. That's key one. that's an easy one that everybody understands. ⁓ What do you think about the concept of insurance? We've got the Knights of Columbus. So obviously that seems as though that would align. We need to have insurance because the Knights have been doing that for a long time. Seems like that would align with the faith. What would you say about making sure we've got our family taken care of from an insurance perspective?
Darin DeLozier (22:17)
Mm-hmm.
Phil Francois (22:29)
Is that a faith-based ⁓ principle?
Darin DeLozier (22:32)
Absolutely. You're, yeah, you have to make sure your family is going to be taken care of if something happens to you or to your spouse and whatever your situation. ⁓ there's different, different ways you can structure that insurance. ⁓ for, yeah, for a lot of people, not everybody, but a lot of people, ⁓ a term policy will.
will work and it's I think one of the best deals in finance honestly. You can for a lot of peace of mind for a very reasonable price you can ⁓ rest assured that your family will be taken care of if something happens to you and you know you have to it just it brings so much peace to have a plan for that. It's not something you hope that's money that never gets used. You hope you're just totally wasting this money.
⁓ But it brings a lot of peace of mind.
Phil Francois (23:35)
Yeah, absolutely. Yeah. And really just, you know, would fall under, you know, it's, it's, it would be a duty to your family to make sure you've got that in place, right? At least something, uh, you know, maybe your finances dictate that you can't, you know, a certain policy here or there, but I, I would, like you said, term policies are so inexpensive. You can get a lot of coverage and make sure your family's taking care of for not a ton of money. So definitely want to look into that.
Okay, so yeah, I definitely thinks the insurance of course, obviously the other piece is just how we're managing our cash flow, right day to day. ⁓ Because that's that's the baseline of the plan like we talked about last time, we think we're behind for retirement or saving for the future. That was our last meeting. If you haven't seen the last video, check it out. The the idea that we have
There's obviously a lot of proverbs about how we manage our money and it revolves around cash flow and things But I you know because there's debt is talked a lot about but I just think Holistically if you look at Well the two things you would say if you look at how someone spends their time and how they spend their money, right you would see What their values are right like that's You can say one thing but how were the where the money is going is like these are obviously things that are of high priority
And, um, and so maybe that's not a fun thing to look at, but diving into your budget, you know, are we, are we taking care of our family as we should? Are we, are we giving to the church? Like we should things like that. What do you, what did you think about that? That you said that cashflow, any principles we should, we should be looking at from on that, on that perspective.
Darin DeLozier (25:11)
Yeah, I think.
Yeah, I think on a deep, kind of fundamental level, a Catholic views this as, this money isn't really mine. You know, I'm a steward of this money. This is a gift to me. I mean, I've earned it, but I am taking care of this money for now. I'm the steward of this money. Wow, and I have to make the best use of it. It's really a duty.
Phil Francois (25:27)
Hmm.
Yeah, stewardship.
Darin DeLozier (25:47)
and kind of like ⁓ a pressure there to do the best you can with this and not squander it.
Phil Francois (25:56)
Mm-hmm. Yeah. Absolutely. ⁓ Yeah. And that kind of brings me, I was just thinking in my pause there about our video we did a few times ago with Rerum Navaram, know, talking about how we, know, the labor we, you know, is basically just transitioned under a different form where we get compensated in terms of money for that. So we've earned the money, like you said, but that doesn't always mean that we just can spend it.
willy-nilly, right? There are still things that we have an obligation to take care of our family, save for the future, support the church, right? There's things that we have to do. And then, you know, as the additional funds allow, of course, we can have some fun and do some different things. There's not... the church doesn't say we can't have any fun, but we also have to take care of our obligations and duties, right?
Darin DeLozier (26:47)
Yeah, I mean, yeah, and the church isn't gonna kind of lay out like ⁓ a dollar amount of, okay, this is what you can do, this is what you can't do, this is where you crossed the line. But you just have to use your ⁓ prudence and judgment and think, okay, should I, I've been blessed with this much income or this much net worth, should I buy a third cyber truck or should I?
you know, donate to X charity.
Phil Francois (27:20)
Yeah, for sure. ⁓ Okay, that's great. I like that. So yeah, we've kind of talked through some of the first baseline principles and how that applies to our faith. think the next thing is just, man, taxes. So we are obviously, we don't prepare taxes. ⁓ There are certain tax things we can talk about. Sometimes we need to coordinate with the CPA, but there are certain tax planning things that have to do with which ⁓ type of account we should use.
How are we withdrawing from our account? Are we managing the investments in a tax-supporting race? There certainly are things that fall in line with how we work, even though we're not doing taxes or a CPA. ⁓ But we do have a lot of tax discussions based on things like that. So if we're thinking about how we're optimizing our accounts and things like that, to me, seems as though obviously, know, rendering to Caesar what he sees is right. What we have to own taxes, we got to pay our taxes and we need to legally
pay that, but we also need to find ways that if we don't have to pay more than we need to pay, how can we legally, ethically, morally reduce that over the long term? Right? So the thing we're looking at is kind of our lifetime tax bill using various accounts and various Roth accounts and things as needed versus your other tax deferred accounts. In certain situations, one might be more optimal than the other one. And that I think kind of relays to...
You know, if we have less than we send in taxes, but we can donate more to the church or we can take care of our family more because we pay less to the government, which sadly doesn't really use it very efficiently. There seems to be some sort of moral piece there on both sides and we need to pay taxes, but we also shouldn't have to pay more than we need to. What do think about that, Darin?
Darin DeLozier (29:04)
Yeah, I think I've actually talked to people who kind of struggle with this. They think it's kind of ⁓ like sketchy or something to plan to pay less taxes. And ⁓ I actually think it's a good thing to do. It's not tax evasion, it's tax avoidance. And ⁓ yes, yes, of course. It's just here are the rules.
Phil Francois (29:16)
Mm-hmm.
In a legal way, right? Make sure everyone's clear on that. Legally, yes.
Darin DeLozier (29:34)
And here is the most efficient and prudent way to play by these rules that we've been given. And this is what makes sense for this particular person's family.
Phil Francois (29:50)
Yeah, absolutely. And as advisors, again, because we don't, we're not the full tax experts, but we do, you know, we have to have some knowledge of the tax pieces. We do want to coordinate. as our job in the planning process, we try to be the quarterback. So we would coordinate with the CPA on things that we need to discuss with them to make sure that we're in line tax wise for your situation. And then also moving on to the next piece of estate planning, right? We don't do estate. We don't prepare, prepare estate documents, but we do have to some knowledge of.
of what vehicles could be available and how we're passing these assets on to your family in an efficient way. And we'll coordinate with your lawyer on some of that stuff. But the estate piece is one, you know, if we've got any estate tax issues, we've got to kind of work through that. That's not relevant for most people, but we do want make sure we get the estate documents done and encouraging them to go to a lawyer to get that done. And how do we also make sure that maybe the church is getting some of that or that we're getting a proper burial?
Right, do you have any thoughts on making sure that that's laid out with what our end of life looks like? Maybe from a Catholic perspective or things like that.
Darin DeLozier (30:52)
Yeah,
I think this is actually an area where there's a lot of ⁓ Catholic particulars in this piece. ⁓ I know somebody who has in their estate planning documents, you know, this is what I want if I'm on my deathbed. I want a priest to come and minister the sacraments, and I want my family there praying the Chaplet of Divine Mercy.
Phil Francois (31:11)
Yeah.
Darin DeLozier (31:21)
And you can spell all this out, at least your desires. And then it's another important way to take care of your family. Just like the insurance planning, estate planning can be such, if a well executed estate plan is such a blessing to your family, it is a great act of love for you to make the effort to get that done before you need it. ⁓ Your family is going to thank you. ⁓ That's one piece.
⁓ another thing that is really a Catholic particular in estate planning is if, should, should something happen, who's going to take care of the kids? And this, ⁓ you know, either that's not an easy decision to make, but either you can decide or a judge in your state can decide. ⁓ and I think everybody knows the answer to that. So, ⁓
Phil Francois (32:00)
Hmm.
That's not a fun thought.
Darin DeLozier (32:18)
⁓ And there's a lot of Catholic families who have lots of kids. Well, that can be, that's kind of a state planning challenge because, okay, who do I know that can take all five or six of my kids? You know?
Phil Francois (32:34)
Yes. Yes.
A big, big challenge actually. You that takes a lot of thought and discernment to figure out where to send them if something happens. Yeah.
Darin DeLozier (32:41)
Yeah, yeah. So, but it's really crucial stuff to talk about, think about with somebody and make the best decision you can at the moment and execute those documents and review them every year or two.
Phil Francois (33:03)
Yep. Couldn't couldn't have said it better myself. I think the guardianship piece for the kids, if someone is delaying getting their documents done, that that I think is is maybe the driver to get it all done, right? Because no one wants to think about death and what we do. But thinking the fact that if if you and your wife were out on a date and something happened and you didn't come home and you don't have a plan for the kids, that is.
That's dev. So I, so I don't say that to make people sad, but that's a motivator. And I think that resonates with a lot of people. And so if you're hearing this, you don't have your state documents done. That might be the reason to go do it is to make sure you've got a plan for the guardian. And then of course the other pieces that go along with that, the lawyer helped walk you through what other pieces you need to have done, um, while you're there, but the guardianship piece can be the motivating factor to get you in to their office.
Darin DeLozier (33:46)
Yes.
Phil Francois (33:53)
And yeah, I think all the stuff about the priest and the other key too is if you lay it out in your will and your estate documents this is what I want at end of my life. Make sure that you're telling ⁓ your wife and maybe whoever you are, your executor that's maybe not your wife, if I get you're both gone, what your wishes are so that they can help, they know how to actually execute upon your wishes, right? You can put it in there.
But it's only going to be executed as best as the person that's in charge of it can can do it and just if they know explicitly this is what I want and this is very important to me You're in charge of help make sure this happens. It's good to make sure that's known before you die versus them figuring it out after you die So make sure you're sharing those pieces with with relevant parties for sure
Darin DeLozier (34:37)
Yeah, absolutely, super important.
Phil Francois (34:40)
Man, well, I think we're kind of up against ⁓ the clock of where we want to be today. This was great. think we have a lot more we could talk about this, about planning and maybe how we integrate the faith in these different pieces. We had some talk stuff we were even going to get to more so. ⁓ but this was, I think this was relevant. ⁓ any, anything that we missed or anything we should address in future meetings, Darin.
Darin DeLozier (35:02)
No, mean, maybe just one final thought is, you know, a lot of financial planners will have kind of like their specialty. You know, you can either kind of take the approach of, I work with, you know, anybody who wants to work with me. ⁓ But a lot of planners have kind of this specialty and it often ends up being something related to what they do.
you know, maybe they used to be an airline pilot and now they're a financial planner for airline pilots because they understand that particular situation. I know a group who their specialty is being ⁓ being financial planners for Chick-fil-A franchise owners and ⁓ corporate employees because they know those employee benefits really well. ⁓ But then there's also kind of values or religious based
Phil Francois (35:46)
Yeah.
Darin DeLozier (35:58)
⁓ specialties, you know, you can talk to a financial planner who understands why you don't want to have a meeting on Good Friday or dozens and dozens of other kind of Catholic particulars that can come up in a relationship like that.
Phil Francois (36:17)
Absolutely. Yeah. And again, the talk about the estate, how we handle that, right? It's a different language. ⁓ What your charitable wishes are is a different language depending on how different your face are with your advisor. So I think it's an important thing in making sure it's integrated. And so if you have any questions on any of this, right, ⁓ reach out foundationwealthplaning.com. can hit the contact us button. And if you want a review of your situation, talk through any of these pieces on how to
Integrate faith and finance Darin or I would be happy to help you if you want to screen your portfolio again to see What where you may be? Having some moral ⁓ You know moral dilemmas with kind of what you're investing in you may or may not be but We can help screen those and kind of show you know how you can maybe improve that ⁓ Any of that so reach out to us? We'd love to help you schedule a consult and see what we can do from there And otherwise we will
Darin DeLozier (37:13)
Absolutely, foundationwealthplanning.com.
Phil Francois (37:16)
That's right. Hey, don't forget it foundationwealthplanning.com and we look forward to hearing from you and we'll see you in the next video
