S1: If you think the best thing you can do with
S1: your investments is achieve a high return, you're missing an
S1: important piece of the puzzle. The great power our money
S1: has for good. Hi, I'm Rob West. As investors, we're
S1: entrusted with resources to allocate and steward according to God's
S1: will and principles. It's easy to have a narrow and
S1: earthly view of investing. Yet God calls us toward a
S1: much bigger plan. Rob and John joins us today to
S1: talk about that plan. And then it's on to your
S1: calls at 800 525 7000. This is faith and finance.
S1: Live biblical wisdom for your financial journey. Well, our guest,
S1: Rob and John, is co-founder and CEO of Eventide Asset Management,
S1: a Boston based investment advisor practicing investing that makes the
S1: world rejoice. Eventide is an underwriter of this program as well.
S1: Robin is a good friend and it is a delight.
S1: Robin to have you on the program today.
S2: Thank you Rob. It's great to be here.
S1: Robin. You founded Eventide back in 2008, in the midst
S1: of the housing crash and the bear market that ensued.
S1: And I know you did it with a vision, along
S1: with a few others, of creating an investment firm that
S1: would honor God and invest in companies that create value
S1: for the world. I love Eventide's tagline investing that makes
S1: the world rejoice. So let's start there. Robin. How can
S1: our investments bring rejoicing to the world?
S2: Yes, our tagline, investing that makes the world rejoice is
S2: inspired by two verses in Proverbs. The first says that
S2: when the righteous prosper, the city rejoices, and when the
S2: wicked prosper, the people groan. The second proverb says, when
S2: the righteous prosper, the city rejoices. And when the wicked
S2: are defeated, there are shouts of joy. The righteous are
S2: people that prosper by looking out for the people in
S2: the city. The wicked often prosper through exploitation, especially exploiting
S2: the poor and the poor groan under that oppression. So
S2: our work, our businesses, our investments can bring about rejoicing
S2: in the world. When we are serving the real needs
S2: of the world. So business could either serve the needs
S2: of the world through their products and their practices, or
S2: businesses could seek to exploit others through their products and practices.
S2: We seek to invest in companies with good products and
S2: good practices.
S1: Yeah, well, and I love the idea that the whole
S1: foundation to investing is really supplying capital to business that
S1: should be creating goods and services that are a blessing
S1: to their neighbors and stakeholders. And I love that. That's
S1: the type of company that you seek out. But, Robin,
S1: what would you say to investors who are worried or
S1: concerned that they can't do both, do good and invest
S1: with excellence?
S2: Yeah, I would tell them, first of all, not to worry.
S2: A lot of people do have the worry that pursuing
S2: integrity comes with a cost. But but before I address
S2: that worry, let me make clear that I do believe
S2: that we should be willing to make sacrifices for the
S2: sake of honoring God and loving our neighbor. In Romans
S2: chapter 12, we see the Bible telling us not to
S2: conform to the patterns of the world, but to be
S2: transformed by the renewing of our minds so that we
S2: may test and approve the good, pleasing, and perfect will
S2: of God. It later says in the same chapter, to
S2: hate what is evil and cling to what is good.
S2: Over short periods of time, I time. I do believe
S2: that there will be periods of both underperformance and outperformance. However,
S2: there is a group called the Biblically Responsible Investing Institute
S2: and they've assessed performance and the impact of screening. And
S2: so they created a benchmark against the S&P 500. And
S2: this benchmark that they created screened out things like abortion pornography,
S2: tobacco and other problem areas. And what they found is
S2: that over long periods of time over that 19 year period,
S2: that the performance result was exactly the same. So we
S2: don't necessarily have to give up good performance to invest
S2: in line with our values. And at Eventide, we don't
S2: just avoid ill gotten gain. We seek to embrace the
S2: companies whose products and practices are good for the world.
S2: There's a great book called The Ultimate Question that was
S2: written by a Bain Consultant Fred Reichheld, and he found
S2: that the most powerful indicator of a company's future success
S2: is the degree to which the company is serving its customers.
S2: The book explores similar research that shows that companies that
S2: create compelling value for employees can also outperform their peers
S2: over the long term.
S1: That's incredible. You would hope that would be the case.
S1: And the research says it absolutely was. More with Rob
S1: and John on faith based investing right around the corner.
S1: Stay with us. Great to have you with us today
S1: on Faith and Finance Live. We're talking about good investing,
S1: not just investing to achieve a high return, although there's
S1: nothing wrong with that, but also including the power of
S1: our investments to do good. I'm joined today by my
S1: friend Robin John. He's co-founder and CEO of Eventide Asset
S1: Management and underwriter of this program. And before the break, Robin,
S1: I know you were talking about how we don't necessarily
S1: have to sacrifice return when we're investing in a way
S1: that aligns with our values. You know, being a good
S1: company is not necessarily a stumbling block to good performance,
S1: but it actually, based on the research, should be advantageous
S1: to us over time, which is just incredible. But what
S1: do you say to those who might say, well, Robin,
S1: it's better to invest quote like the world so we
S1: have more money to give away to ministry. What would
S1: you say to that?
S2: Yeah, the first thing I would say to that is
S2: that when we think about generosity, it should not just
S2: be about how much money we give away a person
S2: who chooses to become a teacher. For example, instead of
S2: becoming an investment banker in order to love the children
S2: in their community is already making a generous decision even
S2: before giving away any money. We have to live generously, holistically.
S2: It matters how we make our money. And that's why
S2: the old English preacher, Pastor John Wesley, said, make all
S2: you can to give all you can, but make all
S2: you can without hurting yourself or your neighbor in body
S2: or in soul. Proverbs one talks about ill gotten gain
S2: and how we are not to share a purse with
S2: people that pursue plunder. Yeah. So we have to think
S2: about both how we make our money and what we
S2: do when we make the money. So giving money away
S2: that was not earned in a way that was honoring
S2: to God is ultimately not what the Bible desires. If
S2: anybody wants to see more scripture regarding this, you know
S2: what the Bible says about ill gotten gain, please feel
S2: free to reach out to me. The question asked also
S2: assumes that pursuing integrity and the love of neighbor should
S2: lead to a lower return. While this could be true
S2: at times, I think it's inaccurate to make this blanket statement.
S2: And I mentioned this earlier about the Biblically Responsible Investing
S2: Institute's research.
S1: Yes, you sure did. And you make a great point
S1: on that. Robin, I know your heart is that everyone
S1: would have access to this type of investing in a
S1: way that honors God and makes the world rejoice. And
S1: I'm so excited about your new book that's coming out
S1: in July. I had a chance to preview it. It's
S1: called The Good Investor. And I'd love for you to
S1: draw from that for a moment and talk about how
S1: even beginning investors, really anyone who's in our listening audience
S1: today can invest in a way that aligns with God's design.
S2: Yeah. My advice would be to connect with a financial
S2: advisor that could really help you. There's an entire industry
S2: of financial based, faith based financial advisors, Kingdom Advisors, and
S2: you could find them by going to the Kingdom Advisors website.
S2: You know these advisors are well equipped to apply biblical
S2: principles to the way that they invest and build their
S2: clients portfolios. My book, The Good Investor, is available for
S2: pre-order online at most bookstores, and I believe that it's
S2: going to be a great tool for helping investors not
S2: just think about their investing, but also about their calling,
S2: their purpose, and their work.
S1: Yeah, I couldn't agree more. Let me just pile on
S1: to that, folks. This is a must read if you
S1: want to think about how your faith intersects with your
S1: investing as you hear Robin's story, but also his vision
S1: for this type of investing. And you can get it
S1: wherever you buy books or at least preorder it. Robin.
S1: You'll also be encouraged to know that, you know, we
S1: at Faith comm folks can connect with the Certified Kingdom Advisor,
S1: and they can indicate that they only want a CEO
S1: or a listing of S that offer faith based investing.
S1: And in just the six months that that's been available,
S1: now 40% of Percent of people that are searching or saying,
S1: show me only the list of CS that do faith
S1: based investing. So clearly there is a lot of demand
S1: for this topic. But Robin, let's talk about the good
S1: investor for a moment. It'll be a great read for
S1: so many Christians. Tell us why you wrote it.
S2: Yeah, I'm really excited about this book because I want
S2: to encourage every Christian to consider their calling. I was
S2: praying about my calling back in 2007 and 2008 before
S2: founding co-founding Eventide. All of us have a great opportunity
S2: to work in alignment with God's heart in our everyday work.
S2: This is also true about how and where we invest
S2: our money. A lot of the faith and work books
S2: provide a rich theology, but I believe that this book
S2: does that. But it's also from the perspective of a
S2: practitioner who took that theology and put it into everyday practice.
S1: Yeah, no doubt about it. Talking about calling Robin, you
S1: address what's called the sacred secular disconnect in the church
S1: that most Christians are longing for a calling without realizing
S1: that they are already pursuing their calling. Talk about that
S1: for a moment.
S2: Yeah, I think a lot of Christians feel like they
S2: are second class citizens in God's economy, because what we
S2: often hear is that the pastor or the missionary are called,
S2: and we are longing for a calling. So I think
S2: most Christians are like me, longing for a calling. And
S2: we want to know that our work matters to God.
S2: And so what this book does is really tries to
S2: address that. And we try to challenge what I consider
S2: to be more of an impoverished way to live our lives,
S2: believing that we are just second class citizens in God's kingdom.
S2: I explain in the book that God cares deeply about
S2: our everyday work, that we should reflect the goodness of
S2: God in our work. If God does work that he
S2: calls good And he creates us in his image in
S2: Genesis 126. Yes. Then we should do work that God
S2: could call. Good.
S1: Mhm. That's so good. So what would you say then
S1: to listeners, Robyn, who want to live out their calling
S1: but don't know where to start. What does that look
S1: like for you.
S2: Yeah. Pray. Cry out and ask God for wisdom. And
S2: I explain in this book the process I went through.
S2: I used to spend late nights in my parent's basement
S2: by the washing machine and dryer and just pray and
S2: ask God to show me his calling for me. And
S2: I ultimately ended up praying and fasting with Finney at
S2: his house. And Finney became the co-founder, along with me,
S2: of Eventide. And one of the early passages that we
S2: would pray through together was Psalm one. And it says
S2: that blessed is a man who does not walk in
S2: the counsel of the wicked, or stands in the way
S2: of sinners, or sits in the seat of scoffers. But
S2: his delight is on the law of the Lord, and
S2: on his law he meditates day and night. That person
S2: will be like a tree planted by streams of water,
S2: which yields its fruit in season, whose leaves do not wither.
S2: Whatever he does prospers. So that was our prayer. Is
S2: that God, just show us what you want us to do. Uh,
S2: I don't care whether I'm successful by worldly standards. I
S2: want to be successful in the eyes of God. Yes.
S2: And so I trusted that God would direct me and
S2: sustain me, and that I simply wanted to delight in
S2: God and meditate on His word. Um, I also do
S2: want to encourage listeners, um, because I don't want everybody
S2: to think that you have to go and do something
S2: like start a new company in order to have a calling. Uh,
S2: I think the reality is that many Christians listening to
S2: us today are exactly where God needs them to be. Yeah.
S2: What I don't want you to think is that you
S2: have to go and start something new or leave your job.
S2: I think many of us just need to be encouraged
S2: to continue to do the good work that we're already doing.
S1: Boy, that is so well said. And I know that
S1: really underscores the big takeaway from your book, folks. Go
S1: out and pre-order The Good Investor. It's available right now
S1: for pre-order, and it will be released on July 22nd. Again,
S1: it's called The Good Investor. Robin, I'm so thankful for
S1: your leadership in this space and your friendship. Grateful for
S1: your time today.
S2: Thank you so much, Rob. It's always so good to
S2: be with you.
S1: That's Robin John, co-founder and CEO of Eventide Asset Management.
S1: His book, The Good Investor is available for pre-order and
S1: will be released on July 22nd. Your calls are next
S1: 800 525 7000. We'll be right back.
S3: The opinions offered during this program represent the personal or
S3: professional opinions of the participants are given for informational purposes only.
S3: Any information provided is not intended to replace advice from
S3: a financial, medical, legal or other professional who understands your
S3: specific situation.
S1: Great to have you with us today on Faith and finance. Live,
S1: I'm Rob West. Looking forward to taking your calls and
S1: questions today. The number 800 525 7000. Again that's 800
S1: 525 7000. Well the Federal Reserve met today. They're holding
S1: rates steady as they note the rising uncertainty and what's
S1: called stagflation risk. That's where we've got inflation on top
S1: of declining growth or slow growth. That's not a good situation.
S1: We don't want that. We want low inflation and growing economy.
S1: And that's what President Trump is working toward. A lot
S1: of that remains to be seen. How much will these
S1: tariffs affect us and where are we headed from here
S1: with the tariffs, the trade deals, and really the three
S1: legged stool that the Trump administration is working on Reprioritizing
S1: global trade, bringing that back domestically, lowering taxes is another part.
S1: And deregulation is a big part, creating a pro-growth country
S1: and economy. If all that works together, that should bode
S1: well for the US economy in the future. But the
S1: Federal Reserve is clearly taking a wait and see approach
S1: as they hold rates steady. That was widely expected from
S1: the three largest investment banks JP Morgan, Goldman Sachs and
S1: Bank of America, among others. So we'll certainly keep an
S1: eye on it. I know the fed chairman's comments are
S1: always much sought after. Um, I have not read the transcript,
S1: but likely he just is noting the concerns that at
S1: least exist today. We'll see how they materialize the market.
S1: Well responded pretty well. The Dow Jones up nearly three
S1: quarters of a point, about 300 points higher. Nasdaq up
S1: about one quarter of 1%, S&P 500 up close to
S1: one half of 1%. So, uh, a lot to come
S1: in the days ahead for sure. But at least, uh,
S1: some pretty good news on the market front. All right.
S1: We want to know what's on your mind today. So
S1: if you have financial questions, this is the program for you.
S1: We want to help you process those through the lens
S1: of biblical wisdom. You can reach us at 800 525 7000.
S1: We've got some lines open. Our team is ready. The
S1: calls will fill up, so don't wait. Now is the
S1: time to call with your financial questions again. 800 525 7000.
S1: You can call right now. Let's dive in. We're going
S1: to begin in Harrison, Georgia today. Hi Thomas. Go ahead.
S4: Hey Rob. Yes I currently have an active four one
S4: with a major financial institution. Um, we're approaching probably about
S4: $1 million in value, but I would like to know
S4: if I can move the current funds into another custodian
S4: where I can get guaranteed interest rates and resume contributing
S4: to my current employer for one where I can take
S4: a much higher risk with my ongoing investments.
S1: Yeah, it's a good question. Generally speaking, Thomas, you do
S1: have to wait until you retire or separate from service
S1: in order to roll that out to an IRA. Um, now,
S1: you may have some options within that 401 K where
S1: you could at the very least, you could take the
S1: portion that represents what you've already put into this point
S1: and get a lot more conservative with it, if that's
S1: your goal, and then continue contributing. And for that portion
S1: that is considered new money, you could certainly begin to
S1: direct that toward the more aggressive investment options. But you
S1: likely and you would confirm this with your plan administrator
S1: or HR department, you would likely find that until you
S1: separate from service, you are not able to move that
S1: 401 K out.
S4: Gotcha. I thought that was probably going to be the answer,
S4: but I figured, let me talk to an expert. Absolutely.
S1: All right. I appreciate it. You know, what is your age? Uh, Thomas,
S1: if you don't mind me asking. And. And how far
S1: are you from separating from this employer?
S4: No. So I'm about five years from retirement. Uh, so,
S4: you know, looking at 55, 56. So five years, maybe
S4: a little bit sooner. I'm out, I'm out. Great company.
S4: Time to move on.
S1: Okay. Yeah. I mean, so typically, we would say it
S1: used to be the rule of 100. Now it's 110
S1: because people are living longer. Uh, so if you take
S1: 110 minus your age, that's at least a starting point
S1: for what you might want to keep in stocks and
S1: then the rest in bonds. So in your case, that
S1: would be 55%. So 110 -55 is 55. 55% in stocks, 45%
S1: in bonds or fixed income. That would be at least
S1: a good starting point for what does it look like
S1: to begin to get more conservative and increase that fixed
S1: income portion over time? Maybe add a little bit of
S1: precious metals, but keep in mind, I mean, even at 60,
S1: you still have a decades long need for this money
S1: to last. I mean, you need a plan for this
S1: money to last well into your 90s. And I think
S1: I think for that reason, you know, we want to
S1: outpace inflation. If inflation is running 2 to 3%, you know,
S1: we're going to need to do better than you can
S1: do in, you know, CDs, at least based on the
S1: long term historical trends. And so I think that's why,
S1: you know, you could make the case that you still
S1: want perhaps half or more. You know, still in stocks,
S1: even though yes, there's a prospect of recession. And, you know,
S1: could we have some bumps in the road. Absolutely. We
S1: likely will, we typically do. But the long term trend,
S1: despite all the problems, you know, the Great Depression and
S1: the market crash of 29 and Black Friday and the
S1: tech bubble burst and the 2007 2008 financial crisis, despite
S1: all of that 100 year pandemic, the market has always
S1: moved to new highs. And so I think, you know,
S1: that does make a case for okay, let me keep
S1: a reasonable amount in stocks inside the investments available in
S1: my 401 K, perhaps as much as, you know, 50
S1: to 55%, and then start getting more conservative with the balance.
S1: Does that make sense though?
S4: It certainly does. And, you know, one of the reasons
S4: of moving it to an outside with a little bit
S4: of safeguards is I wasn't fortunate enough that I do
S4: have a pension. Also, I'm probably one of the last
S4: few or the youngest has still got a pension, but
S4: I do.
S1: Have.
S4: A pension out of that. So it's kind of like
S4: I do have a little leverage there.
S1: Well that's great. Yeah. And I think that's even all
S1: the more reason not to get ultra conservative, because between
S1: Social Security, whenever you decide to take that and your
S1: guaranteed pension. If you can establish a base of income
S1: that covers your lifestyle. And this is really money that
S1: you know can continue to grow, that would be there
S1: for an inheritance or maybe long term care down the road,
S1: something like that. Well, then you have the ability to
S1: take a little more risk because your bills are covered. Um,
S1: so something certainly to consider. We appreciate your call. Thanks
S1: for being on the program, my friend. God bless you.
S1: 800 525 7000. Call right now. We'll be right back.
S1: Thanks for joining us today on Faith in Finance live.
S1: I'm Rob West. We're taking your calls and questions today.
S1: The number to call 800 525 7000. Again we've got
S1: lines open for you that won't last long. So if
S1: you'd like to get in on the conversation, uh, you're
S1: welcome to do that right now. 800 525 7000 with, uh,
S1: any financial questions today? Um. Let's see. Uh, we were
S1: going to take a call from Kent. I don't think
S1: he could hold, but he was going to talk about.
S1: And I won't get into his specific question in case
S1: we can get him back on. Um, he was going
S1: to talk about choosing a financial advisor. And specifically, do
S1: I need an advisor? But let let me talk about
S1: kind of the three big categories here for a moment
S1: of finding a financial advisor, because we get this question
S1: a lot, and I think a lot of you would
S1: benefit by it. You know, first of all, Proverbs 1522
S1: plans fail for the lack of counsel, but with many
S1: advisers they succeed. And so when it comes to managing
S1: money wisely, we need to have, I think, some wise
S1: counsel walking alongside us. The key is, and this is
S1: the question we get a lot. How do I know
S1: it's the right financial advisor for me? And you hear
S1: me talking a lot about the Certified Kingdom Advisor designation,
S1: and that we've got 1800 s across the country and that,
S1: you know, you can have someone who shares your values
S1: walking alongside you. And the reason that we think that's
S1: so important. You know, when I think about really the
S1: three big categories, among others, that you'll want to talk
S1: about with your advisor as you're interviewing that person right
S1: there at the top of the list is this category
S1: around values alignment. I want to know my advisor shares
S1: my worldview and can integrate it into his or her counsel,
S1: so that I can be more confident in the advice
S1: that they give. And so that key question you would
S1: ask is what role does faith play in your financial advice?
S1: And I think their answer can help determine if the
S1: advisor truly integrates biblical truth. The goal is to find
S1: someone who doesn't just respect your values, but shares them,
S1: because there's a big difference between an advisor who is
S1: a Christian and one who actively discusses financial decision making
S1: through the lens of Scripture. Here's the reality the Bible
S1: has a lot to say on money. The key is,
S1: does your advisor understand the counsel of Scripture that money
S1: is a good gift from God, but it has a seduction.
S1: There's a seduction to wealth that we need to be
S1: on our guard against. Does he or she understand that
S1: everything belongs to God and therefore I am a steward
S1: with ownership or not ownership rights, but stewardship responsibilities? Does
S1: he or she understand that giving breaks the grip of
S1: money over our lives? And it has an implication for
S1: my heart, because when I give, it aligns my heart
S1: with God's heart. And that's a really big deal, because
S1: that can change everything about the way I handle money.
S1: Does he or she understand that? You know what, I
S1: can get concerned in times of economic uncertainty or economic loss,
S1: but ultimately, God is my provider and so therefore I
S1: can trust him. And guess what? I can continue to
S1: hold what God has entrusted to me with an open hand.
S1: I mean, these are big Ideas that really are the
S1: bedrock for financial decision making. And you need to understand
S1: these things. And that's why we do this show every day.
S1: But your advisor does too, because he or she is
S1: walking alongside you, helping you make wise decisions that are
S1: informed ultimately by your values. It's not even about your
S1: financial goals. It starts with who you are in Christ
S1: and your role as a Christ follower and your role
S1: as a steward. And then how money becomes a tool,
S1: a good gift from God. That's a tool to accomplish
S1: God's purposes. Well, you're not going to be able to
S1: do that fully without an advisor who understands that and
S1: can really counsel you in that way. And so I
S1: really consider that, again, that question is what role does
S1: faith play in your financial advice? I'll share the other
S1: two kind of big buckets, uh, around, uh, interviewing a
S1: financial advisor, uh, throughout the rest of the broadcast. So
S1: stay tuned for that. In the meantime, let's go to
S1: Winter Haven. Hi, Debbie. Go ahead.
S5: Hi. I'll try to try to explain this clearly. I
S5: want to know where to, um, invest Roth IRA funds.
S5: It's a large account, and I have it with a
S5: private custodian. It's a checkbook, LLC, so I'm the one
S5: that determines where it gets invested. And right now, it's
S5: just sitting in a bank account for that LLC make,
S5: you know, shrinking because of inflation. I just want to
S5: keep up with inflation.
S1: Yes. Okay. So talk to me about so this is
S1: your money and it's put aside for your retirement. What's
S1: the time horizon on this. Give me a little bit
S1: more on that.
S5: Um, what do you mean, time horizon? I'm 71 years old.
S1: Okay.
S5: And how much for the rest of my life?
S1: Okay. Got it. And how much is in this account?
S5: At least a half million.
S1: Okay. And are you pulling anything out of it right now, Debbie?
S1: Or is it just growing?
S5: Just. well, it's just shrinking because of inflation. But no,
S5: I'm not pulling any money out.
S1: Okay. So it's in the money market account or something
S1: equivalent to that.
S5: No, it's just in a bank account. It's just shrinking.
S5: I just need to do something that's not shrinking. I've
S5: been to financial advisors, but they haven't been any help.
S1: Yeah, well, then you may not like my counsel because,
S1: you know, ultimately, I think you need to get. You've
S1: got two options here. Number one is I agree with you.
S1: You know, this is money you're not having to live
S1: on right now. You've got a sizable nest egg. That's great.
S1: What a gift from the Lord. Clearly you've, you know,
S1: lived modestly and saved, uh, appropriately. And so now you've
S1: got this nest egg. And I think part of your
S1: stewardship responsibility, the same for me is to manage it wisely.
S1: And that includes to grow it. Uh, and when we
S1: do that, by investing it, it provides capital to business
S1: for human flourishing. So that's a good thing. Um, now,
S1: how do we do that? And that comes down to
S1: how much risk do we want to take for how
S1: much reward or return. Right now, you're sitting in what
S1: you're calling a checking account or a bank account inside
S1: a Roth IRA. And to your point, because of the
S1: effects of inflation, it's losing purchasing power every day. And
S1: so we need to get it out of that. So
S1: the question is how much risk do you want to
S1: take for what expected return. So you could begin to
S1: move up the the risk spectrum by using CDs, brokered
S1: CDs where, you know, instead of getting whatever you're getting
S1: right now, maybe you're earning 4%, and then we could
S1: move up a little bit from there and you get
S1: US treasuries, we could go up a little bit more
S1: on the risk spectrum. And, you know, look at bonds
S1: a mix of corporate and government bonds. We could even
S1: move a little more and add, uh, you know, some
S1: stock exposure to that. But then you have to decide
S1: not only what is my time horizon, risk tolerance and
S1: how much you know, what investments, but I've got to decide,
S1: do I want to do that myself, or do I
S1: want to delegate that responsibility? Someone else who perhaps has
S1: expertise and shares my values and has a good track record,
S1: who keeps me informed and manages this based on my
S1: age and goals and objectives, but is going to give
S1: oversight to it and make sure that it's positioned properly.
S1: And that's an ongoing thing that may change, or it
S1: should change with time. Uh, so that's where I would
S1: say with a half million dollars at 71, my typical
S1: response would be, let's find an advisor who you have
S1: a good rapport with, who has a good track record.
S1: You understand how he or she gets paid, they share
S1: your values. You move this money over to an account
S1: with their management, but with your oversight, of course. And
S1: then they're kind of off to the races. But if
S1: you're not comfortable with that, you've had a bad experience
S1: or you just want to do it yourself, then I
S1: think we're back to, okay. If we're not using a
S1: a bank account, what about CDs? What about bonds? What
S1: about stocks? What about precious metals? And then you build
S1: it yourself. Does that make sense, though?
S5: Um, yeah, I think I need to go back to
S5: a financial adviser. I have a different financial situation than
S5: last time.
S1: Okay. Yeah. So I would recommend and I mentioned this
S1: a moment ago before you and I got on the phone,
S1: the Certified Kingdom Advisor designation. So these are men and
S1: women who have met an experience requirement, passed a reference
S1: client reference. They've been trained to bring a biblical worldview,
S1: character and integrity requirements. And there's 1800 of them across
S1: the country. So go to faith.com and click Find a Professional.
S1: Stand the line. If you'd prefer not to do that.
S1: We can get somebody in touch to make that connection
S1: over the phone. We'll be right back. Great to have
S1: you with us today on Faith in finance live I'm
S1: Rob West. Hey, we've got room for you today. If
S1: you have a financial question, now's the time to call
S1: here in our final segment, 800 525 7000. Again, you
S1: can call right now 800 525 7000. We've got room
S1: for a few more calls, and we'll try to get
S1: to as many as we can. In this segment, let
S1: me come back for a moment, though, to what I
S1: was talking about earlier. And that is a lot of
S1: the questions we get are around, how do I find
S1: the right financial advisor for me? And I think there's
S1: kind of three big buckets of what you're looking for,
S1: among others, as you interview this prospective advisor. The first
S1: bucket is around values alignment. I was sharing that. I
S1: think your advisor, sharing your worldview, understanding the heart of
S1: God and the counsel of Scripture as it relates to
S1: money is not just a nice to have. I think
S1: it's critical to in particular, money and financial decision making.
S1: It's different than a plumber. You know, I'd love to
S1: have a Christian plumber. Uh, he, you know, would or
S1: she could act with integrity and, you know, be honest
S1: in their dealings. Those are good things. But there's not
S1: really a whole lot in plumbing that you find in
S1: God's Word that you might be different from a secular plumber.
S1: That's just not the case with financial decision making, because
S1: it's so closely connected to our hearts. Because God's Word
S1: has so much to say on this topic, I think
S1: it's really essential. So that key question is what role
S1: does faith play in your financial advice? A second one
S1: might be what's your definition of financial success? You want
S1: to listen for whether they're looking only for returns, or
S1: considering how they might encourage your stewardship or generosity, or
S1: your faithfulness. They understand money is a tool, not a goal,
S1: that can bring and bring biblical alignment, and that brings
S1: clarity and peace of mind. So that's the first one.
S1: The second category is really around their technical proficiency. Um,
S1: and so, you know, this is do they have the
S1: industry designations and the experience, uh, serving clients you like?
S1: I would ask them about certification and years of experience.
S1: So the question might be something like, tell me about
S1: clients you serve who are similar to me and how
S1: you've served served them. So without naming names, they should
S1: be able to share some stories of impact. That third
S1: category is, of course, and this is a big one
S1: about process and compensation. So the advisor should clearly explain
S1: the ways they are compensated. So I would confidently ask,
S1: I want to be sure I'm clear on the ways
S1: you make money. Could you walk me through your fees
S1: and commissions, uh, on the ways you make money? Can
S1: you walk me through your your fees and commissions for
S1: a client like me? Not only are advisors required to
S1: disclose this, I would say excellent. Advisors want to make
S1: sure that you understand. And you also want to be
S1: clear on their process. So the key question there is
S1: what's your process for creating a financial plan. They should
S1: be able to clearly outline a step by step approach
S1: to the timeline, the information required, any additional fees if
S1: there are any. And so you would want to understand
S1: that I think a fourth would be really around communication.
S1: How do you typically communicate with your clients? And do
S1: you have flexibility to communicate in a way that is
S1: most desirable for me? So do you want to have
S1: zoom meetings or do you want to meet face to face?
S1: Are you good with a quarterly rhythm or a semi-annual enough?
S1: You know, those are the kinds of things that I
S1: think getting, you know, expectations on the table from the
S1: very beginning are going to really help to address any
S1: potential for missed expectations down the road. And so I
S1: think that's why it's really so key that that you
S1: address that upfront. Hopefully that helps you maybe gives you
S1: a roadmap for how you can explore and interview a
S1: financial advisor. Again, if you'd like to find a certified
S1: Kingdom advisor in your city who's been vetted for integrity,
S1: technical excellence, a biblical worldview, just go to faith. Philly.com.
S1: Click find a professional. That's faith. Philly.com. All right, back
S1: to the phones we go. Charlotte, North Carolina. Hi, Russell.
S1: Go ahead.
S6: Hello, sir. Thank you so much. Um, my Social Security
S6: question is regarding my wife receiving a reduced amount on
S6: my benefit. I will start Social Security at my full
S6: retirement age in two more months. If my wife begins
S6: Social Security at an early age. She's not 62 yet.
S6: But if she chooses to, at 62, she'll get a
S6: reduced amount. I understand that, but should I pass before
S6: her that maybe she's two years older after she started
S6: her reduced amount? Will she then get 100% of my
S6: benefit at a new reduced amount? Or would she be
S6: stuck with that same reduced amount percentage based on my 100% benefit?
S1: Yes, I see, so you're wondering specifically about, uh, the
S1: survivor's benefit at an age less than full retirement age,
S1: is that right?
S6: Yes. for my spouse should be for the surviving spouse.
S6: But but it's a transition that I can't I can't
S6: find anything online about this. The transition is she takes
S6: a reduced amount while we're both still alive. I understand
S6: all of that, but when I pass, if it's before her, um,
S6: she'll get 100% of my benefit at her full retirement age.
S6: So can she effectively pause her her early benefit and
S6: then wait till she's full retirement age and get my
S6: full amount? That's the transition I don't I can't get
S6: an understanding of.
S1: Yeah. Very good. Uh, you know, the key there is
S1: and I can totally understand it because, you know, it
S1: is confusing. Um, you know, in terms of the, the
S1: survivor benefit, if, if she is before full retirement age.
S1: So if she claims the survivor's benefit before her full
S1: retirement age, the benefit will be reduced um, by it
S1: ends up being about four and a quarter, three quarters
S1: percent per year for every year prior to full retirement age.
S1: There are some exceptions, but it's only disability, so she
S1: would really need to wait to full retirement age to
S1: be able to get that full benefit.
S6: I understand that, but what if she's getting for both
S6: the life she's getting? Maybe an 80% benefit of my 50%
S6: because they're both still alive? Um, but when I if
S6: I pass before her, then she would be entitled to 100%
S6: of my benefit at her full retirement age. Right? But
S6: she's been she's been receiving benefits, say, for two years
S6: at a reduced amount of my 50%. Uh, so now
S6: I'm gone. Um, and she would now qualify for 100%
S6: of my benefit. So how does that transition, uh, work?
S6: Would she now reset? And now she's 64 years old,
S6: and she would get a reduced benefit based on my 100% benefit?
S6: Or would she be stuck with that earlier? Maybe a
S6: lesser percentage, but now 100% rather than 50%. I'm sorry
S6: if that sounds confusing.
S1: Yeah. No, no, I mean, there's a lot, a lot
S1: of moving parts in that, so I totally get it. Uh,
S1: so basically, you know, when you talk about the transition
S1: from spousal to survivor, it does involve some pretty specific rules.
S1: So essentially, if your wife was receiving spousal benefits before
S1: her full retirement age, it's reduced for claiming early. You've
S1: already acknowledged that, uh, after your death, she is responsible
S1: for survivor's benefits. Um, up to 100% of your benefit. Um,
S1: if your benefit was 2500 a month, she could receive
S1: the 2500 a month at her full retirement age. Uh,
S1: in terms of the transition, you know, there's an automatic notification.
S1: So when you pass away, Social Security is typically notified
S1: via the, you know, funeral home or death certificate or
S1: so forth, or she can report that. And then the
S1: Social Security Administration will replace her spousal benefit with the
S1: survivor benefit if it's higher effective the month after your death,
S1: she can't receive both. Um, so that's you know, I think, uh,
S1: you know, the, the way that that goes down and
S1: then again, the reduction for claiming survivor's benefits before full
S1: retirement age locks in for life. Uh, unlike the spousal benefits, which,
S1: you know, can increase if she switches to her own
S1: benefit later, if that makes sense.
S6: Yeah, but I think I'm going to have to rest
S6: in assuming that Social Security may recalculate at my death,
S6: whatever her benefit is. Uh, as a survivor, um, which
S6: I'm thinking would reset everything. And if she's less than
S6: full retirement age, she'll get a reduced amount of my 100%,
S6: I understand that.
S1: Yes, exactly. So what she could do, uh, you know,
S1: would be if she's under the full retirement age, she
S1: could delay claiming survivor's benefits until the full retirement age.
S1: Or she could take, you know, it earlier if needed.
S1: So that's the only one that does allow you to delay. Um,
S1: whereas you can't do that with her own benefit versus
S1: the spousal. But on the survivor's benefit, she can. So
S1: if she wanted to get that full amount, she could
S1: either delay and then get the full amount at full
S1: retirement age based on your full benefit that you waited for.
S1: Or she could switch immediately and take the reduced portion
S1: of your benefit as a survivor's benefit and, you know,
S1: get that higher amount starting right away. She would be
S1: able to make that choice.
S6: Okay, that makes sense. Um. It does. Thank you. I
S6: really appreciate.
S1: This. You're welcome. Russell, we appreciate you calling today. I
S1: know that can get confusing. And if you guys want
S1: to get numbers based on your own record, uh, I
S1: would think, you know, scheduling a meeting with the Social
S1: Security Administration may not be a bad idea just to
S1: go down and and actually pull out the numbers and
S1: kind of walk through it with them. And rather than
S1: talking in generalities, you can talk about exactly what's going on.
S1: But we appreciate you being on the program today. Well, folks,
S1: we are about out of time today. And boy, I
S1: so appreciate you being a part of the program and
S1: listening and calling and interacting with us. It's such a
S1: privilege to walk alongside you and this really high calling
S1: that you have of managing God's money as a wise
S1: and faithful steward. You know, we hear from so many
S1: of you that call in and say, man, I love
S1: the program or I was able to apply something. Or
S1: guess what I started listening to a couple of years ago,
S1: and I want to celebrate with you because my my
S1: house was just paid off or I, I gave out
S1: of my balance sheet. I never thought I could do that.
S1: I've given more than I ever thought possible. We love
S1: to hear those stories, so please call us with those
S1: stories and share those with us along the way, because
S1: that's an encouragement to our team. I would also say,
S1: if you love the program and listen regularly, one of
S1: the ways you can help is by becoming a faithful partner.
S1: Those are the men and women that support this ministry,
S1: so we can reach more people and continue to do
S1: the work God has called us to. But in addition
S1: to that, when you become a partner, we're able to
S1: send you some of the resources that we create specifically
S1: to encourage you in your stewardship journey, namely, our magazine
S1: Faithful Steward, which I'm holding issue two in my hand.
S1: It just came in, uh, in the last week. It's beautiful.
S1: It's full of incredible articles, and I'd love for you
S1: to get it each quarter. On top of any new
S1: studies or devotionals. And you also get as a partner, uh,
S1: pro subscription to the Faith by app, where you can
S1: connect to all your institutions. To become a partner. Just
S1: go to our website and click give thanks to Amy, Jim,
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