How to Preserve Your Lifestyle During Retirement with Kathleen Adams, Co-Founder of Second 50 Financial

Transcript:

Alan Olsen

Hi, this is Alan Olsen and welcome to American Dreams. I’m visiting here today with Kathleen Adams. Kathleen, welcome to do a show.

Kathleen Adams

Thank you, Alan. And thank you so much for having me on.

Alan Olsen

So Kathleen, you’re a financial planner, and also the founder of second 50? What correct how’d you come up with the name?

Kathleen Adams

Second 50 is really all about reframing how people think about being in their second 50 years, meaning I don’t want them to think about it as their second half. And I don’t want people to have a clock in their heads based on their parents and their grandparents because it’s not who we are. So, second, 50 is about helping boomers think plan and invest differently by changing the mindset.

Alan Olsen

So you, how long have you been into this? The second 50, what, what led you into starting this company?

Kathleen Adams

We actually work with a great many people in their second 50 years, and they seem to be naturally attracted to us now. But it really did all start with my dad. He had a really amazing career, a great lifestyle as a dentist, and he gave us a great lifestyle as his daughters. And he it didn’t it didn’t go well, when he tried to get out. It wasn’t successful. And, you know, I just got really couldn’t believe that because he had a longtime advisors of tax and insurance and banking. But no one looked at that big picture for him. And he’s just such a great lover of life, it just didn’t seem right, that he couldn’t have a lifestyle he wanted.

Alan Olsen

Let’s walk through the process or how you serve a client, a new client comes into second 50. What is your process then?

Kathleen Adams

Even so the process sort of revolves around three questions that we talked to them about. And the first one is, you know, how are you set up? Or do you have concerns about financially managing this timeframe? So for many, many people, they know that work will probably be ending soon, or it has ended. It’s very scary time. The second question is, what do you really want now? So that involves the lifestyle? Is it just going to be golf and grandchildren and travel? Or is there something more that they want to do so? So what do you really want now? And then third is, you know, do you? Do you feel comfortable that you’re going to show up with the energy and vitality to enjoy it? How do you feel about yourself and your health right now? So that’s what it started,

Alan Olsen

that we live in these volatile times? I’ll say with the stock market coming in, up and then dropping back down and how do you reassure clients with a sound financial plan?

Kathleen Adams

So planning is become a game plan, first of all, so it’s very flexible, and it’s changeable. And it has to be because of today’s world, right? The volatility and complexity is unbelievable. So I think what really helps people gain financial confidence, which is the first phase of planning is to think about your personal economy, not the world’s economy, and certainly not the world’s geopolitical situation. So if you think about your own personal economy, that means know your numbers, know your numbers, you know, get a lot of clarity. And that tends to bring confidence. So when the worst things hit, there are things that we can control and things we cannot control. And we’ll know the difference. And what we’re going to be able to do.

Alan Olsen

Is there any main area of concern that your clients expressed to you when looking at the planning phase,

Kathleen Adams

two areas, the one area is just, I don’t want to run out of money. And even the wealthiest clients think about it, because you’ve spent all this time creating and developing wealth. And typically during this time, you have to think about using it. Right? So you’re taking it back out. And majority of my families have done really well and they want to help their children, they love doing things with their children and maybe want to take advantage some opportunities. So they worry about running out of money and they want to know what the strategy is for that. And that’s a big one. That’s a big one if we’re going to be living longer, but you know what? The second thing is, people are very concerned about getting dementia or Alzheimer’s. So that comes up in relation to not only planning and dollars but how am I going to get through that time and and make sure that I’m taking care of. So when,

Alan Olsen

when looking at a financial plan, then do you feel it’s a good thing for clients, not only to, you know, when they’re planning about getting dementia, or this health care to carry some type of insurance coverage.

Kathleen Adams

You know, it’s different for every client, what they need to do, I think the main thing is getting complete clarity. So if you can sit down and look at your numbers and look at strategic ideas of how to set things up, and look at tax, look at all the things that people worry about, look at your estate plan, which will help you see how you might manage if something’s wrong with you, but you’re still alive. So you know, there’s a lot of different pieces. And sometimes insurance plays a portion in there, it just really depends on the client, but the clarity, and the numbers and strategy with a plan B is really it’s what comforts people and helps them feel like they have control

Alan Olsen

is a certain qualifying dollar amount that you would like clients have before they walk into your door.

Kathleen Adams

You know, it’s more about complexity. And net worth, because some people don’t need the degree of planning that we offer. You know, there are people that just have a pension are just going to have pension and Social Security, and they have a very simple life. They don’t need our degree of planning. However, I will say that we really enjoy seeing if we can provide value. So if anyone does want to have a conversation, we really don’t say no to that. That’s probably the qualifier,

Alan Olsen

Kathleen knows the person find you.

Kathleen Adams

So to find me, it’s just my website is usually the easiest way or LinkedIn. Because you can email any of us directly. And I have a business partner, David Swift, I work very closely with him. And one or both of us are typically available. And as I said, just to have a conversation. Very good.

Alan Olsen

Well, Kathleen, thanks for being on today’s show. And we’ll we’ll include the link to your websites inside of our app inside of our show today.

Kathleen Adams

That’s phenomenal. And Ellen, can I add one more thing? Would it be okay, I am so anxious to talk to people that are interested in living a different kind of second 50. So even people that aren’t interested in planning, I would love for the Boomers to come together. And perhaps think about doing something bigger and better with their life. And I’m hoping to start a second 50 movement. So love it. Yeah. If anyone thinks they have an interest in that that’s a great reason to contact me as well. I’d love to talk.

Alan Olsen

You’d like to connect through LinkedIn or just phone or what?

Kathleen Adams

Both any any of that is fine email on my website or LinkedIn. LinkedIn is great, too. Yep.

Alan Olsen

Very good. All right, Kathy, thanks for being with us today.

Kathleen Adams

Thank you so much, Alan, appreciate it.

Kathleen Adams on Alan Olsen's American Dreams Radio
Kathleen Adams

Kathleen Adams, CFP® CPWA® is the co-founder of Second 50 Financial, empowering successful entrepreneurs and executives to plan for and envision a second 50 years filled with financial confidence, opportunity, and vitality. As a financial planner for over 20 years, she is in the lifestyle preservation business.

She and her team have developed a unique process to address the expanded needs of successful business owners and entrepreneurs who are enjoying a wonderful lifestyle and require a different kind of financial plan for the second 50 years: Lifestyle Preservation Planning™ (LPP). LPP™ starts with developing current and future income streams to support the owner’s cashflow needs by strategically customizing wealth distributions with passive income sources. Planning to finance new opportunities, increase longevity through access to health and wellness breakthroughs, and enhance family relationships are all a part of preserving lifestyle. Appropriate investment management remains an essential component and when combined with LPPTM, the full potential of the second 50 years will be maximized.

Kathleen is a member of the Investments and Wealth Institute, the Los Angeles Chapter of the Financial Planning Association, The Purposeful Planning Institute, the South Bay Estate Planning Council, The Napoleon Hill Foundation, The Lifetime Extender Affinity Group of Strategic Coach and Bruins Professionals.

Kathleen has a Bachelor of Science degree from Loyola University in Chicago, graduating Magna Cum Laude. She earned her CERTIFIED FINANCIAL PLANNER™ certification and completed the Personal Financial Planning (PFP) designation program at UCLA Extension in 2003. In 2015, Kathleen earned the Certified Private Wealth Advisor ® designation, in advanced wealth management strategies and applied concepts through IWI in conjunction with The University of Chicago Booth School of Business as well as the Applied Behavioral Finance Certificate enhancing her industry knowledge.

Kathleen is originally from Chicago, IL, but has lived in Manhattan Beach for the last 30 years with her husband, 2 daughters and most recently, 3 grandsons.

Alan Olsen on Alan Olsen's American Dreams Radio
Alan Olsen

Alan is managing partner at Greenstein, Rogoff, Olsen & Co., LLP, (GROCO) and is a respected leader in his field. He is also the radio show host to American Dreams. Alan’s CPA firm resides in the San Francisco Bay Area and serves some of the most influential Venture Capitalist in the world. GROCO’s affluent CPA core competency is advising High Net Worth individual clients in tax and financial strategies. Alan is a current member of the Stanford Institute for Economic Policy Research (S.I.E.P.R.) SIEPR’s goal is to improve long-term economic policy. Alan has more than 25 years of experience in public accounting and develops innovative financial strategies for business enterprises. Alan also serves on President Kim Clark’s BYU-Idaho Advancement council. (President Clark lead the Harvard Business School programs for 30 years prior to joining BYU-idaho. As a specialist in income tax, Alan frequently lectures and writes articles about tax issues for professional organizations and community groups. He also teaches accounting as a member of the adjunct faculty at Ohlone College.

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