Active Insights

Wealth Management in the Context of a Fluid Situation in Washington with Bill Cass, CFP®, CPWA®

October 07, 2021 Putnam Investments
Active Insights
Wealth Management in the Context of a Fluid Situation in Washington with Bill Cass, CFP®, CPWA®
Show Notes Transcript

In this episode, Chris speaks with Bill Cass, CFP®, CPWA®.  Bill is the Director of Wealth Management Programs for Putnam Retail Management. He is responsible for developing and delivering wealth management-related content, educational programs, and marketing initiatives.  In addition, he speaks regularly throughout the country to groups of financial advisors and investors on a wide range of financial planning topics, focusing on areas such as sustainable retirement income strategies, tax legislation, personal risk management, and efficient wealth transfer.    

During the conversation, they touch on many topics, including: 

  • The current situation in Washington
  • Potential changes to tax law and capital gains
  • The spending package
  • SALT deductions
  • How to approach tax code changes
  • The importance of diversification in taxes
  • Estate planning
  • Traditional vs Roth IRAs

 This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.

 Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.

 Putnam Retail Management                                                                                       AD1867025 10/21

Active Insights

Putnam Investments


Episode 9

 

 

Patrick Laffin: Welcome to Putnam Investments Active Insights, a podcast series hosted by Chris Galipeau. Chris is the Senior Market Strategist in the Capital Market Strategies Group at Putnam Investments. Each episode, Chris has an in-depth conversation with a different Putnam portfolio manager to share timely insights on the markets and global economy.

 

Chris Galipeau: Hi folks, thanks for joining us on the Putnam Active Insights Podcast. This is Chris Galipeau, Senior Market Strategist and I’ll be your host today. This is podcast number nine in the series and today our focus is centered on wealth planning, and to help us with that our guest today is Bill Cass. Bill runs the Wealth Management function for Putnam. He’s responsible for creating all of our content to help advisors engage with clients on taxes, retirement and income strategies, intergenerational wealth transfer and college funding among others. He also works closely with our key contacts in Washington on policy issues impacting the industry. And when we’re not dealing with a global pandemic, Bill travels and speaks regularly throughout the country, industry conferences and client meetings and I know many of you have had the chance to meet Bill in person. Bill’s been in the investment industry since he joined Putnam in 1990. He’s a Certified Financial Planner as well as a Certified Private Wealth Advisor. Bill’s a graduate of Tufts University and he’s absolutely one of my favorite people in the organization. So welcome to the podcast, Bill. Happy to have you.

 

Bill Cass: Happy to be here Chris. Looking forward to the conversation.

 

Chris Galipeau: Yeah.  For sure. What we’d like to start with here with our guest is just get a sense of your journey from Tufts to here. You’ve got me by one year in the business here, so 32 years for you and 31 for me and I think it’d be great to listen to how you got here.

 

Bill Cass: Yeah, the 30 plus years at Putnam, Chris, it’s always great to travel with some of our younger colleagues who introduce me as “He’s been at Putnam longer that I’ve been alive.” So, I don’t know if you’ve gotten that one yet.

 

Chris Galipeau: I haven’t.

 

Bill Cass: But, I’ve gotten that one a few times. That’s always a crowd-pleaser, but yeah, Tufts University class of 1989 and I was a type of kid that in college was an Econ Political Science double major, but really didn’t know what I really wanted to do when I grew up and I got out of Tufts just looking for a job. Thought about going to law school but figured that wasn’t the path for me and just back in the day circling the one ads, the Boston Globe, there’s no internet and you get out your red Sharpie and circle and start sending out cover letters and landed at Putnam. Didn’t know what a mutual fund was, barely knew what a stock or bond was but, I think, the nice thing that we do here at Putnam is take people out of college or from wherever they are and we do a really nice job of training them and providing all that support.

 

Chris Galipeau: Yes. No question about that, no question about that. Alright. So, out of Tufts, Boston Globe help wanted, end up at Putnam.

 

Bill Cass: That’s Sunday Globe.

 

Chris Galipeau: Yeah. And so, what did you do when you first got here?

 

Bill Cass: Well, I started off on the phones like a lot of folks did. I actually was talking to shareholders for the first six to 12 months or so on our investor services line and back then the phone was the way we communicated with folks. We didn’t have the website, obviously, so we took 100 plus calls a day. Learned very quickly how to describe the inverse relationship between interest rates rising and certain bond funds decreasing in value and trying to explain that to let’s say, shareholders who are maybe a little bit older. That was certainly a challenge. Certainly.

 

Chris Galipeau: I tell the younger folks that we hire out of college, every time I interact with them that’s the way I started to. Same thing, on the inbound phone lines and you run an awful lot by fielding those calls and talking about it. To your point, the folks that we hire now gets significantly better training that you and I ever got, right?

 

Bill Cass: Right.

 

Chris Galipeau: Significantly better. Alright. So, you go through that and then you get interested in the investment business for sure, but the planning side for you more than anything else.

 

Bill Cass: Right. I think it was a number of different factors. You’re working at a world class asset management firm and obviously you’re interested in investments but my interest at some point really drew me to planning. I think a couple things, I won’t bore you with all the details, but one of my grandmothers, she had with some bad planning, resulted in her running out of money years before she died when she should never have run out of money but she got some bad advise. I wouldn’t say nefarious per se but from her attorney and made some decisions on titling some assets a certain way and long story short, a woman that was fairly well-off at the last few years of her life basically ran out of money. And so, that’s sort of—I looked at that, I was in my mid-20s and sort of living through that I thought jeez! Just it was something simple that was done 30 years ago. They could have done something that made a heck of a lot more sense using a simple trust and she would never have faced the situation. So, just one little misstep had huge repercussions for her down the road. And that got me interested in planning and I’ve started to look into taking a CFP and going through that program, it’s the best thing I ever did.

 

Chris Galipeau: Yup. That makes sense. For folks who are listening, if you haven’t met Bill, hopefully you get a chance to meet Bill but certainly you and I both spend a tremendous amount of time on the road with our FA clients around the country and one of the things that’s very obvious to me is knowing to what I’ve learned from you consistently. But how much you enjoy it, right, and like it being a passion. Like for me it’s the investing side, for you on the planning side.

 

Bill Cass: Right.

Chris Galipeau: Okay. Alright. What we want to do here is talk about the questions that you get regularly with our clients that I may get as well and we’re going to start it here and this is great timing to sit down and do this podcast.

 

Bill Cass: There’s nothing going on. There’s nothing to talk about.

 

Chris Galipeau: So, a lot going on in Washington. As best you can, maybe sum up what you think the critical components are here now. I know there’s a lot of moving pieces.

 

Bill Cass: It’s fluid to say the least. So, it’s changing on a daily basis, hourly at some point but I think overall right now as we turn the page into October, I think what’s happening is we’re having a little bit of a pause and for a few different reason. One is just that there’s other priorities, frankly, other than this big tax and spending package that we’re going to get into but the debt ceiling and there’s a date out there, I believe, of October 18. So, that’s sort of priority, priority is one to five in Washington right now. And I also think democratic leadership from the administration to the leadership in Congress sort of has taken this pause to sort of release some of the pressure. There’s a lot of in-fighting within the Democratic Party in terms of what the progressives want to see on the tax and spending bill and what moderates are willing to sort of stomach on this on some of these provisions. So, I think they’re taking this pause, take some of the pressure off and I think right now,  is around October, now the real negotiations begin.

 

Chris Galipeau: Interesting. So the posturing we’ve already seen that and maybe the little [cooling-off on rhetoric].  

 

Bill Cass: It’s the rhetoric.

 

Chris Galipeau: Yeah. Right, right. It would be interesting just to see how it gets resolved. Of course, I don’t want to put words in your mouth but the debt ceiling will get addressed and rectified. There’s no way they’re going to let that pass.

 

Bill Cass: Right. Do we have Wood here?

 

Chris Galipeau: I don’t know. Knock on something. That would be an issue, but...

 

Bill Cass: Yeah. I mean, the biggest issue, Chris, is that they’re split on the top line spending number. So, you have a moderate like Joe Manchin in the Senate and his number is $1.5 trillion on the spending side. You have the progressive caucus, they’re at $3.5 trillion. So, there’s a pretty big cast and they’re going to work towards the [unintelligible]. That’s what happens. That’s the point of negotiating in Congress. But there’s a couple of different ways to do that. Now, you can look at the package and say “Okay, you can pick winners and losers.” Right? “Who are your favorite children, keep those and discard the rest.” Right? That’s pretty difficult for politicians, right? So, you could just say okay where there’s 10 provisions that cost x amount of dollars and we’re going to take these five and we’re going to discard the other five. I think where they’re leaning towards is keeping those provisions in place because no one wants to sort of pick their favorite children. Right? But scaling back the cost, so for example instead of extending the tax credit for five years, maybe as extension for two or three years instead of providing a some type of benefit next year, maybe phasing it in like they’re thinking about doing with Medicare, dental benefits for example, maybe phasing it in down the road to defray the cost of these things. So, those are some of the conversations that I’m watching.

 

Chris Galipeau: Okay. So, maybe we can shift and just talk about what you think the key provisions are that are being proposed right now and these are probably the areas and the topics you’re spending time on the phone with our clients.

 

Bill Cass: Absolutely. So, advisors want to know how their individual clients are going to be impacted by this potential tax bill, right? First of all on the income tax side, we’re going to return to a top marginal tax rate and ordinary income to 39.6% from 37%. That will happen. I think that’s going to be in the final packet. That’s pretty straightforward. We’ll probably see a 25% rate or somewhere along the lines on long-term capital gains. So, that’s up from the 20% maximum rate. Actually, the house proposal that came out, the one that we’re dealing with now and of course it’ll change or get modified, but I wasn’t so sure it was going to go up to 28% maybe. So, maybe 25% maybe a little bit better than we thought. However, on both of those items, one thing I’m watching is that we’re okay, we’re just at a ply. So, the ply is that income for an individual, $400,000, married couple joint return, $450,000. That’s quite a bit lower than maybe I envisioned.

 

Chris Galipeau: Me too. That almost doesn’t make sense.

 

Bill Cass: So, there is maybe a silver lining that the House Ways and Means package that was introduced, that’s the blueprint we’re working off today, right? I think they took an approach of saying, okay, we’re going to start off with the worst, maybe close to worst case scenario meaning generating as much revenue as we think we can stomach, right, soI think they might scale that back. I think they probably will scale that back so maybe those—for example, I don’t think the capital gains rate is probably going to go down from 25% on the proposal but maybe they relax those thresholds so it’s not at $400,000 and $450,000. I think that’s a little bit fungible, they could sort of modify those. And then, estate and wealth transfer that’s a big conversation I’m having with advisors who are serving higher-net-worth clients and families and looking at reducing the amount that you can apply during your lifetime, what we call the lifetime exclusion amount, towards gifting to state taxes. How much wealth can you shelter from lifetime gifting to state taxes and that number is slated to go down at the end of the year from roughly $12 million a person to $6 million. Now, it’s not going to—on the grand scheme of things, that doesn’t affect a lot of people but the small percentage of people does affect, it’s a big deal for them.

 

Chris Galipeau: Sort of 50% hair cut.

 

Bill Cass: It is a 50% hair cut and when you’re talking about a 40% rate in terms of the estate and gift tax, that gets people’s attention.

 

Chris Galipeau: Alright, so those are the key things that you’re focused on. Can you talk about maybe the timeline for how long you think this is going to take before it gets resolved and put in stone?

 

Bill Cass: Yeah, that’s a million-dollar question, Chris. Thanks for giving me a soft ball on that. I don’t think anyone really knows for sure and if anyone does, if they’re super confident, I would question that. That piece of it.

 

Chris Galipeau: Okay. Got it.

 

Bill Cass: One good marker out there, I wouldn’t say good maybe, but a marker out there is—okay, you have this infrastructure bill and these things are still tied together, right, you have it separate. You have the infrastructure bill on one side, you have the tax and spending bill on the other side. Speaker Pelosi has announced that she’s putting a timeline of the end of October for a house vote on the infrastructure bill. Remember the infrastructure bill already passed bipartisan support in the Senate, but there was supposed to be a vote at the end of September that didn’t happen. Speaker Pelosi knew she didn’t have the votes and so I would look at that as a marker because these things are tied together. Now, will there be something done before October 31? I’m more inclined to say it’ll probably push past the end of October and drift into November, but there’s still a chance. I mean this thing could drag until December.

 

Chris Galipeau: Okay. Alright.

 

Bill Cass: There’s a lot of moving parts and there’s a lot of work and compromise that has to be done.

 

Chris Galipeau: Alright. So, we know what’s in there. We know the important issues for the advisors dealing with their clients. What has been left out or what’s not on the current draft? You know you talk a lot about this and as things move around I feel for you. It’s like putting a puzzle together and taking a couple pieces out of the puzzle, but what’s been left out?

 

Bill Cass: A couple big ones that come to mind: one, is the state and local tax deduction. We use the acronym SALT right, the SALT deduction. So, it depends on where you live and I spent time last week in New Jersey. I was actually traveling last week and it’s a big deal in New Jersey. New Jersey by the way, for the folks listening, if you’re from New Jersey, you have the distinction of having the highest per capita property taxes in the country. So state and local taxes, so we’re talking—the two big ones are property taxes, state income taxes, okay? Those are the two of the biggest ones right? You’re capped at deducting only $10,000 on your tax return and there’s clamoring amongst not only folks that live on those areas but the lawmakers that represent them to say, “Okay, let’s look at some relief from this $10,000 cap.” It’s not in the house proposal now. I think it will be in the house proposal when the dust settles. I think it will be something temporary. They could repeal the $10,000 cap for a year maybe or two years. They could say, “Okay, we’re going to go from $10,000 to $20,000.” I do think something is going to be in there because I think if you just look at the politics of this, especially in the house, you have a lot of representatives. Obviously, all representatives are up for reelection in 2022, they want to be able to go back to their districts and say—okay—New Jersey, California, Connecticut, New York, they want to be able to go back to their constituents say, “Look what I did. I know that you’re clamoring about this $10,000 SALT deduction cap, I worked hard for you to get some relief on your taxes.” So, I think they’re going to want to be able to do that ahead of the 2022 midterm. So, I think that’s going to be in there. And then the other provision or one of the major provisions that’s been talked about has been dealing with step up and cost basis, okay, or limiting that, taxing capital gains at death. So it’s a beautiful part of our tax code, right, if you ever appreciated assets. So you’re a stock guy, right? So, I buy a stock at $1 per share, I hold onto it, now it’s $100 a share when I passed away, I leave it to my son. All that appreciation from $1 a share to $100 a share escapes taxation, my son picks up my cost basis. Assuming it’s outside of a retirement plan of course, but he picks up my cost basis at the day of my death basically at $100 a share and there’s some lawmakers look at that as a way to shelter wealth from taxation. So, that’s not in there. I think that the senate, especially within the Senate Finance Committee, there will be conversations to do something around step up and cost basis or taxing gains at death. If you had to ask me, is it going to be in the final package or not? My guess would be probably not but I think there’s going to be some conversations.

 

Chris Galipeau: Okay. That would be something.

 

Bill Cass: There’s a lot to digest.

 

Chris Galipeau: Yeah, yeah. Since we’re on taxes, you know this is a question that we get all the time. What are the impacts or what do you think the impacts are from higher marginal rates personally or corporate or higher cap gains rate so I want to spend some time on this. So, how should investors think about our approach, potential changes to our tax code and are there steps that can be taken to potentially mitigate the impact even though we don’t know exactly how it’s going to unfold?

 

Bill Cass: And I guess you could say it’s always a moving target because the notion of permanent tax code is an oxymoron, right? It doesn’t exist because it’s always changing, it’s always fluid. Now with that being said, I do think we’ll see higher tax rates going into 2022, right?

 

Chris Galipeau: Yeah.

 

Bill Cass: And by the way, the capital gain rate—the line in the sand is transactions occurring after September 13. So, most of this is going to be phased in January 1, 2022.

 

Chris Galipeau: Okay. So, not retroactive.

 

Bill Cass: Not retroactive per se but they tied it to the date that the legislation was introduced by the House Ways and Means Committee. Now, that could change too. That may drift out as process change out but that’s the line in the sand for capital gains. But regardless, I do think we’ll see higher taxes as we go into 2022. But I think also, I get this question. Well, some clients are not going to be impacted by these higher tax rates, right, because they might be lower under those income thresholds, right? But I would caution them to think about what’s going to happen down the road. I think we’re in for a decade of more pressure to raise revenue with another $3 trillion deficit book this year. So, I think there’s some things that can be done. If I was talking to shareholder clients today, I’d say, “Okay, we’re going to follow this closely. We’re going to see what happens, what does the final deal look like and then we have to be prepared at year end to do some planning around that.” So for some people, maybe I’m a business owner, I’m successful, maybe my taxes are going to go up next year based on what’s happening in the code, maybe I want to accelerate income before the end of the year. Maybe people with a loss, I guess, in this market environment is tough find a capital loss but for people with losses, maybe you want to realize the loss next year at a higher capital gain rate because the losses, technically, it’s hard to think about it this way but the losses worth more if the capital gain rate is higher.

 

Chris Galipeau: That makes sense.

 

Bill Cass: And it goes with deductions too. You might want to be shifting deductions into next year if tax rates are going to be higher for you personally. I want to maybe give more way to a charity in excess. So, I think there’s going to be a lot of conversations for advisors to have with their clients at year end, there always is. I just think this year, it’s going to be even more so.

 

Chris Galipeau: Alright. So the message there almost stay tuned, you’ll help interpreting the changes of what’s in the final package. I know you probably put on a lot of information about it on the Wealth Management center, Putnam site.

 

Bill Cass: Right, Right. If I may, Chris. One last thing too is on the estate planning side, there’s changes and scale backs to what we call ‘grantor trust’ and in the interest of time, I’m not going to get into that today. So, there’s other things happening in the estate tax side. If I have some significant wealth and I have existing trust, I’d probably want to have maybe a preliminary conversation with estate planning professional to say, “Okay, how could this impact me? Now, it’s hard to act today based on what may or may not happen in the future but am I going to be impacted? Do I have a grantor trust set up and how is that trust affected by a provision that potentially really limits the use of grantor trust going forward?”

 

Chris Galipeau: Okay. So, you’re talking about scenario analysis and just planning for contingencies.

 

Bill Cass: Correct.

 

Chris Galipeau: Okay. Alright, so that’s a lot of info right there in 20 minutes. Is there anything that’s coming up in your conversations with clients that we didn’t hit on, that maybe you want to hit on or you think we covered it for the most part?

 

Bill Cass: We covered most of it. I just would say—there’s a theme I like to share, this notion of diversification when it comes to taxes, right? So, you can draw some parallels here to what you’re talking about in a daily basis. How do you mitigate or deal with risk and uncertainty, right? You diversify your portfolio, for example, because we don’t know where the markets are headed and I know you always provide great insight and you’re my go-to guy okay? And you’re going to continue to be my go-to guy. But when it comes to taxes, it’s the same thing right? We don’t know. And I think it in two ways, in an individual basis, do I know what my personal tax rate is going to be when I retire? I think it’s going to be lower maybe.

 

Chris Galipeau: Hopefully.

 

Bill Cass: Hopefully, it’s going to be because maybe my income is going to be lower in retirement and I’m going to be in the lower bracket but maybe not. And then I don’t know what’s going to happen in Capitol Hill, I can’t control that and no one knows that, right? So, I just want to think about diversification from a tax perspective and thinking about using strategies like Roth accounts to maybe create a source of tax-free income and retirement. So if I get to retirement and I have a mix of my retirement money in a traditional retirement account, which I take $1 out, I pay taxes on it before there’s income but I also have a Roth bucket where I take $1 out, I don’t pay any taxes. At least it allows me to read and react based on what’s going on in my personal life and in terms of taxation and what the heck is going on in Capitol Hill. And I’m not saying for clients being 50%  traditional and 50% in Roth, I think that’s very difficult to do. But can you do Roth conversions overtime incrementally and as tax-friendly manner as possible to at least create some exposure. It’s almost like a position in some type of asset class, right? Can you create at least a small position in Roth that might help you mitigate the risk of higher taxes in the future.

 

Chris Galipeau: Yeah, now that makes sense. Alright, let me see if I can sum a lot of this up. So right away, there’s a ton going on, you said it’s fluid. It probably gets more fluid, right, in the next couple of months, who the heck knows in the timeline but it seems could push into Thanksgiving before a lot of this is rectified, then we get to the end of the year and it makes sense, in your view, to get together with your team, your CPA, your planner, your attorney revisit and do some scenario walkthrough about this could happen, this could happen, this could happen, maybe offset some of the traditional qualified money with the Roth bucket, by the way, which makes sense because you’re effectively lowering your taxable income at that point, right? Okay, that’s all, great. You know, sometimes I laugh with you, not on microphone here. My job, as tough as the strategist with stock market, bond market and all that, I would never want to do your job.

 

Bill Cass: No. I don’t know. You couldn’t pay me enough to navigate interest rate environment or any of that currencies and no, thank you. I’ll stick to the planning.

 

Chris Galipeau: Okay. Alright, well then we’ll stay on our respective buckets here. Alright, Bill, it also strikes me too that we’re sitting here, it’s October, middle part of October, first part of October we’d probably out to reconvene and do this again maybe in January or something when you feel like...

 

Bill Cass: Sure.

 

Chris Galipeau: You know what’s set in stone.

 

Bill Cass: Sure.

 

Chris Galipeau: Okay.

 

Bill Cass: Absolutely, that makes sense.

 

Chris Galipeau: Alright, let’s get to know Mr. Cass a little bit here. So, we’re walking out, it’s December 31 and we know what congress has decided on and you say, “Chris, I’m tired. We got to go get some food.” So, what’s Bill Cass’ go-to food?

 

Bill Cass: Ah jeez, I do love food. I don’t discriminate really but anything that involves—if you can mix Italian food with seafood, then I’m all in, I’m all in on that.

 

Chris Galipeau: Okay. Alright, I like that, a little Frutti di Mare perhaps?

 

Bill Cass: Yes!

 

Chris Galipeau: That sounds good.

 

 Bill Cass: That’s not a bad choice.

 

Chris Galipeau: What is your favorite type of music? It can be more than one too, it could be more than one.

 

Bill Cass: I’m sort of a straightforward classic rock guy: Zeppelin, Allman Brothers, Pink Floyd. With four older brothers and having to listen to all that music growing up in the 70s, that’s sort of where I gravitate.

 

Chris Galipeau: Right now, for the younger FAs that are listening, they’re asking themselves, “Who’s Led Zeppelin?”.

 

Bill Cass: Yeah. They can use their Google machine to figure that out.

 

Chris Galipeau: I’ve been really looking forward to asking you this last question. So, I’m going to ask you what’s you favorite investment book is and there may be multiple books but when I ask you this, try and think about things that you’ve read along your journey here to now running the entire Wealth Management practice here for us as a global organization, what have you read that has impacted you, that maybe shaped the way you think?

 

Bill Cass: I’ll tell you one thing, I don’t spend a lot of time reading investment books.

 

Chris Galipeau: That’s in my wheelhouse.

 

Bill Cass: Because why would I read an investment book if I can just come to you to get the answer  anyways.

 

Chris Galipeau: You’re making assumptions there.

 

Bill Cass: Yeah. So I don’t know, Chris. I can’t say there’s been one book that shapes the way as far as reading. I’m a big fan of non-fiction historical novels. I’ll give you a couple good ones recently, Empire of the Summer Moon, thought that was pretty good.

 

Chris Galipeau: What’s that about?

 

Bill Cass: It’s about the Comanche Indian tribe and they were really the last ones to hold out before as what happened in the second part of the 18th and 19th century. They really fought right to the end. It was pretty interesting stories there. And then, I’m reading right now a book called The First American, so biography of Benjamin Franklin. So I’m about a quarter of the way through it so, so far so good on that. I try to mix—I go non-fiction/fiction,  non-fiction/fiction but I’m sort of stuck in a non-fiction phase right now.

 

Chris Galipeau: Alright. That’s great. I’d like to ask the question because our listeners get some books to read but every time a guest mentions the books that they like, I get all the books and now I have a huge backlog of books that I have to read whether it’s investment-centric or like you, which I think it’s great.

 

Bill Cass: Right. I guess you can include anything on the New England Patriots in there too as well.

 

Chris Galipeau: I mean, why not right? We’re in New England. Alright. We’re up against the clock, Bill. We’ll end it there. Folks, thanks for listening. Our next podcast will be in a couple of weeks and we’re going to have Joanne Driscoll on with us. Joanne is the head of the money market team at Putnam, she’s the lead portfolio manager for the Putnam Short Duration Income Fund, so that’s a very popular product and holding amongst our client base so look forward to that and always a pleasure, we’ll talk to you soon.

 

 

Patrick Laffin:

Thank you for listening to Active Insights. For more information on Putnam Investments, please visit Putnam.com. All opinions expressed by the podcast host or podcast guests are solely their own opinions and do not represent the opinions or views and Putnam Investments or any affiliates. This podcast is not investment advice and is not intended as a recommendation to buy or sell any type of securities. This production is for informational purposes only.

 

 

Online Title and Description:

Wealth Management in the Context of a Fluid Situation in Washington with Bill Cass, CFP®, CPWA®

 

In this episode, Chris speaks with Bill Cass, CFP®, CPWA®.  Bill is the Director of Wealth Management Programs for Putnam Retail Management. He is responsible for developing and delivering wealth management-related content, educational programs, and marketing initiatives. In addition, he speaks regularly throughout the country to groups of financial advisors and investors on a wide range of financial planning topics, focusing on areas such as sustainable retirement income strategies, tax legislation, personal risk management, and efficient wealth transfer.    

During the conversation, they touch on many topics, including: 

·       The current situation in Washington

·       Potential changes to tax law and capital gains

·       The spending package

·       SALT deductions

·       How to approach tax code changes

·       The importance of diversification in taxes

·       Estate planning

·       Traditional vs Roth IRAs

 

This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.

 

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund

before investing. For a prospectus, or a summary prospectus if available, containing this and other

information for any Putnam fund or product, call your financial representative or call Putnam at 1-

800-225-1581. Please read the prospectus carefully before investing.

 

Putnam Retail Management                                                                                       AD1867025 10/21