Episode 48: Our Discovery Process Never Ends

Welcome to this episode of Wisdom and Wealth. We are focusing in this year on our financial planning calendar and our process for clients. This all begins and is maintained by what we call "Discovery". Please listen in for how we seek to fufill our calling by enabling our clients to fulfill their own unique calling. 

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JOSH KLOOZ, CFP®, MBA
SENIOR WEALTH PLANNER

Phone 281.719.0036
Text 281.699.8691
Fax 281.719.0156
 jklooz@carsonwealth.com

1780 Hughes Landing | Suite 570
The Woodlands, TX 77380

Music by bensound.com

Please check out and subscribe to my Youtube Channel and Newsletter!

JOSH KLOOZ, CFP®, MBA
WEALTH ADVISOR

Phone 281.719.0036
Text 281.699.8691
Fax 281.719.0156
jklooz@carsonwealth.com

1780 Hughes Landing | Suite 570
The Woodlands, TX 77380

Music by bensound.com

Transcript

Joshua Klooz  0:01  
Welcome to the wisdom and wealth podcast, a series of conversations designed to equip our listeners with helpful insights necessary to simplify the critical decision points of life. We believe true wealth is the thing Money cannot buy, and death cannot take away. Furthermore, we also believe our calling is to enable others to fulfill their own. And to that end, we endeavor investment advisory services offered through CWM LLC, an SEC registered investment advisor. 

Welcome to this week's wisdom and wealth podcast. In the coming year, we're going to be honing in on a list of monthly financial planning topics that follow our service calendar here locally. Some of these episodes will be straightforward and pretty short. While others might be a little bit more in depth. Today, maybe one of those more in depth and heavy podcasts as today, we want to focus on what we call our discovery process. Some people I think can fall into the trap of thinking that discovery is one and done, they can think that it is something that happens upfront, the financial plan is then made, the portfolio is constructed. And then you know, the element of discovery is no longer needed. I beg to differ and politely again pushed back on this. And I believe that it's important to remember, Discovery never stops. And what I mean by discovery is finding out what the essence of the client's wishes and needs are. We want to ensure that your well serves your purposes in life. And that the advice that we give you dovetails with that the changes that we make in your plan or in your portfolio, or the advice that we give you the counsel that we give you. We want to make sure that that serves your intent that serves your purpose in life as you see it. 

And that purpose in life is going to come clearer. The further down life's path we become. The further we go down life's path rather, is a mentor of mine once said with the name Ron blue, he said most of financial planning is helping people answer a series of questions and it comes down to you know, three really, who owns it? Do I have enough? And how much is enough? And if you want to tack in maybe even a fourth or tag on to that is will it continue to be enough? From there, you know, you want to make sure that your heirs are prepared. There's all sorts of different things that different questions that come up as well. But in discovery, we want to ensure that we get as great an idea as possible of what is important to you. What makes you tick, what makes you your family come alive? Why is that important to you? What are the stories that are behind those beliefs behind those those principles? You know, sometimes to get an idea that I may be have asked, you know, to find out what a person's first memory of money is? What are those stories about their memories of money as they grew up? And as they started out in their career and have gone along life's path that influenced their psychology? You know, what, what memories have they attached to money. If I understand those experiences better, I believe fully that helps me serve and guide you in a more helpful manner. 

And another thing that I want to point out and I hope this goes without saying if you know me, but this goes for both spouses, it is very easy for me, especially in a financial planning setting for one spouse to nod because they are interested in the topic but they're not as finely attuned to the market or to the details of what goes into financial planning. And I never want a situation to be where one spouse makes the plan and the other basically gives, you know assent to the to whatever comes out the other end. It's important that we're all on the same page. You know, and even in some cases, the family is in the same page. We never want to be in a situation where only one person is heard or understood. 

One of the ways that I have found that is very helpful to get to the essence of what is important to someone is to go through an exercise of asking and answering three questions that were originated from a gentleman by the name of George kinder. And so the first question I want you to imagine that your financial resources are unlimited. How would you live your life? Don't focus on the big purchases so much are the experiences, because we know that those eventually fade. But imagine what do you want your day to day to look like? What is your everyday routine look like? How are you going to find meaning with your days now that your resources aren't limited? That's going to be and it never ceases to amaze me how quickly it just comes out of someone's almost their gut or their soul what they want to do, it's intuitive in a way for some people, for others, you know, it may take some reflection. 

The second question has a different constraint. And so I need you to imagine that you are at a doctor's office, and you've been told by your physician that you have 10 years left to live. And given that constraint, I want you to no matter how morbid this exercise may sound I want you to imagine, what are you going to do with your remaining days? Given that you have limited time left? Who do you want to invest in? What do you want to do with your remaining days? And what what is it that is most important to you, given that information? 

The last question is a variation of the second and it's comes in the form of you know, imagine that your doctor rather than telling you you have 10 years to live, imagine that he said you have mere days to live? What do you look back on in your life? And realize that it's just not that important? What do you look back on or think back on and regret not doing? Not trying not investing in? What dreams or desires? Have you left unfulfilled? What regrets Do you have? And then I my variation to this question is, given that you have a few days left, who do you want to be with you and your final hours on this earth? 

Those questions are sobering. For me, they're very humbling. But I think they need to be answered in periodically annually, really, because they have a way of bringing into focus, what what we value, what's important to us. And also, they hone in on the fact that the money isn't the focus. It's its fuel, it's it's helpful. It's a tool, but it's not the focus. And again, these questions to some people may seem heavy or morbid, but they're incredibly effective. Like I said, they get to the essence of who we are and what we hope to become what we hope to leave behind. As tempting as it may be to, you know, jump straight into strategies and action and in planning. This makes about as much sense as trying to put a puzzle together without first looking at the picture on the front of the box. The discovery process in our planning process, is that picture on the front of the box. And no, I'm not insinuating that the picture has to be perfectly clear and fully developed, because it never is. But the more you talk about it, the more that you plan and dream and think through what that picture looks like the clearer it becomes a truly believe that. And frankly, that process is probably one of the most rewarding things that we get to be involved in. It never gets old.

Another one of the things that you may have picked up on it earlier was you know, I ask who owns your resources. I'm one of the crazy people in this world that believes my Creator owns everything in that I'm merely a steward of what he's entrusted me with. I get the joy of using those resources for the good of others, my family, so on and so forth. But because of that, I also believe that investing money is a very spiritual endeavor. It's an act of faith and trust, really, you know, when we invest starts what economists from a certain school call a virtuous cycle. It begins with, you know, the resources that we have helping other businesses maybe expand better serve their customers. Those folks on that payroll of those companies that were a part of are now better equipped to accomplish their goals and meet their own personal needs, maybe even get the skills that they need to go on and fulfill their dreams in some other way, shape or form in life. But this virtuous cycle eventually ends with us pocketing a reward in the form of a risk premium that comes in the form of dividends or interest or growth on our original investment. But it all begins because we invest. I take this very seriously. But you know, what we do every day is to help other people start that virtuous economic cycle, and keep that that cycle alive. Each and every day. It's it's one of the most meaningful things that that we get to be a part of. 

So to summarize, again, I want to make sure and stress that the discovery process of finding out what's most important to you, and how you desire to spend your time and invest your time as is most important to us. And that that never ends. Your your resources we want we want them to be your financial resources, we want to be in service of those, those purposes that you have. And again, to summarize the exercise that we went through earlier, you know, how would you change your current life situation if you had unlimited money? But also what what would you change about your current life situation? If you had limited time? What changes would you make, because it's very, has a shaping effect and it's it's very clarifying. So hopefully this has been helpful as a introductory kickoff to our financial planning process. Thank you for your time and your attention today. If you have any questions, please reach out to us at info Houston at Carson wealth.com. Thank you and have a great day. 

Well, that's all for today. Thank you again for joining us. We trust that you are better equipped to steward both your wealth and your financial resources. If you have questions or suggestions for future topics, please direct those to info Houston, Carson wealth.com. But you and your family uncover truth, beauty and goodness. The opinions voice in wisdom and wealth with Josh Coons are for general information and are not intended to provide specific advice or recommendations for an individual as performance is no guarantee of future results. investing involves risk, including possible loss of principal. No strategy assures success or protects against loss to determine what may be appropriate for you. Consult with your attorney, accountant, financial or tax advisor prior to investing. Investment Advisory services offered through CWM LLC, an SEC registered investment advisor. Our address is 17 at Hughes landing, suite five, seven or Woodlands, Texas

Transcribed by https://otter.ai