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The Retirement Power Hour
The Retirement Power Hour
30 Years of Financial Advice: Scott Carson's Tips and Lessons
Welcome to Retirement Power Hour! In Episode 32, host Joe Allaria, CFP®, interviews Scott Carson, a seasoned wealth advisor with over 30 years of experience. Scott, a senior wealth advisor at CarsonAllaria Wealth Management, shares valuable insights from his extensive career in financial planning.
If you enjoyed this episode, make sure to check out our latest podcast Can I Retire with $1M at age 60?
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Disclaimer:
All material discussed on this podcast is for educational purposes only and should not be construed as individual tax, legal, or investment advice. Investing involves risk of loss and investors should be prepared to bear potential losses. Past performance may not be indicative of future results. Joe Allaria is an Investment Adviser Representative of CarsonAllaria Wealth Management, Ltd., a Registered Investment Advisory firm. Information discussed on this podcast may be derived from third parties that are believed to be reliable, but CarsonAllaria Wealth Management does not control or guarantee the accuracy or timeliness of such information and disclaims all liability for damages resulting from such sources. Any references to third parties are provided as a convenience and do not constitute an endorsement.
Learn more about CarsonAllaria Wealth Management at https://carsonallaria.com/
Invest Wiser & Retire Better!
Welcome everyone to the Retirement Power Hour. My name is Joe Allaria, and this is episode 32. I'm excited for today's episode as I'm going to be interviewing fellow wealth advisor and senior wealth advisor here at Carson Allaria Wealth Management, Scott Carson, about lessons he has learned over his 30 plus year career. So stay tuned for that because I'm sure we're going to have a lot of very, very good, important lessons to come. But first, again, don't forget to go to retirementpowerhour podcast.com. We have all of our past shows on there. That's where you can submit your questions. You can type your question in. We may read it on a future show, or you can click the button that says work with me and schedule an introductory call with us to see if we can help you or answer your specific questions. And with that, I want to read the bio of our guest, Scott Carson. Scott and I have worked together for nearly 10 years, but his industry experience goes back further, much further beyond that. Scott began his financial planning career with IDS in 1989. That's an American Express company. And he was doing financial planning at IDS. And that was after spending five years as a commercial banker with Mid-America Banks and Citigroup. Scott was then a partner at Pines Financial Group before founding Meridian Financial Group in 1999, where he began to build his own client base for over 15 years. And then in 2017, he and I and Mark Alaria co-founded Carson Alaria Wealth Management, where Scott continues to serve his clients to this day. Scott, welcome to the show.
Scott Carson:Glad to be here, Joe.
Joe Allaria:I always enjoy having you on, Scott. And today we're going to be serving a little bit of a dual purpose. We've been uh uncovering some of our employees' backgrounds and diving deeper and spotlighting, I should say. And you are one of the first. And I thought if we're going to do that, we might as well make this part of our podcast and just talk about as we as we go through your experience and what you're doing today, talk about all the lessons that you've learned along the way. So again, appreciate you being here. I always look at when I read your bio. Of course, I I've heard it before, but it seems like different things stick out to me every every time. And and we were just talking about this. So you're more than a 30-plus year veteran because you actually started as a commercial banker. And if I'm doing my math right, it would have been something like 1984, sometime in that range.
Scott Carson:Around then, yep.
Joe Allaria:Which makes sense based on our conversations uh around banking and and the emphasis and the focus that you have. But then moving over to IDS in 1989, and that's I believe where you started your financial planning work. Tell us a little bit about that.
Scott Carson:That's correct. It was an interesting time, and probably we were one of the pioneers in the area of financial planning. You know, there were a lot of commission-based stockbrokers, insurance agents, etc. But IEDS had a foundation on doing financial planning for clients. So it was, I'll say, maybe even revolutionary at the time. We had to complete a financial plan for a client before we could ever actually enter into any product discussions.
Joe Allaria:You know, now we have all of this technology. You know, when we do a financial plan, it's not necessarily even paper anymore. I sometimes will print out an actual booklet that's not too terribly long because a lot of what we're looking at is on a computer screen. What did your financial plans look like when you were building those out in 1989 or the early 90s?
Scott Carson:Well, it's interesting, Joe. They were probably two inches thick with a lot of information. And unfortunately, they were static, which means they were really only valid and good for the day that you presented it to the client. So very cumbersome and not nearly as effective as the plans that were able to produce today for clients.
Joe Allaria:What sticks out to you about your experience there at IDS? Like you said, you were doing revolutionary work. Was it hard for your clients to grasp the type of work you were doing? I figure today it's much easier to get the point across about what financial planning is. But at the time, with not very many people doing it, what was that like?
Scott Carson:Things are pretty much the same. Clients wanted to know the same information. How much money do I need to achieve specific goals? The problem was we just couldn't deliver an answer or a response in a quicker time frame or in a suitable time frame to make it real meaningful. So things just took longer. And uh, like I said, with a two or three-inch plan and a lot of boilerplate information, not nearly as effective as the information we have to deliver today.
Joe Allaria:But it seemed like from the start, I don't know if this was what came first here, the chicken or the egg, but were you always convicted that having a plan was important, or was it just that you happened to be introduced to IDS and you saw it and you thought, this makes a lot of sense. People should have a financial plan. What came first in that sequence?
Scott Carson:Well, the IDS way was you did a plan first. So they were convinced that that was the right way to build a foundation with a client in the relationship. And it's what resonated with me throughout my entire career.
Joe Allaria:Well, that makes sense. I was fortunate too, early on, to a couple years in start to be exposed to financial planning and wanted to take that road myself, not to just be an investment advisor, but to look at someone's entire picture to help better answer all the questions that people have. And then so spending a few years at IDS, but after that, fast forwarding over to Pines Financial Group and then founding Meridian Financial Group, where you, I guess you would say you crossed over into the independent landscape. If you could just talk a little bit about the difference from where you were to then going independent and what you noticed about that.
Scott Carson:Well, back then there were a variety of what will we know as broker dealers, right? Who would seek out people like me to affiliate with them to offer, unfortunately, commission-based products. That was pretty much all that was available. Not all, but uh, it was the predominant way to go about doing business. And I just spent a lot of time talking to people in the industry and realized that I wanted to be on the same side of the table as the client, as a fiduciary, and that led me down the path of setting up an independent fee-based advisory practice. Thus started my affiliation with the Pines Financial Group and then migrated over to Meridian Financial Group.
Joe Allaria:In my early days in the industry, which 2012, 2013, back in those days, I still remember that narrative of people coming over, advisors switching over from this broker dealer, this product mindset, the RIA concept, still not really widespread. And in my view, this is just my personal view at the time. It seemed like the RIA path was still this kind of newer, up and coming type of platform, not as much this what it is today, I think. Still maybe not as big as the broker dealer side of the industry, but much more established today. So I can't imagine back in 1999. And you know, what how did your clients receive that? When you made that switch, was it a switch that you basically started building from there? Did you have clients that came over with you?
Scott Carson:Well, thankfully, just about all my clients followed with me. And I took a huge leap of faith telling people that, you know, we were going to be a purely fee-based firm and we were gonna surround that with financial planning and that we would always be doing what's in their best interest. Not that we didn't before, but now when you migrate from a registered representative under a broker dealer to a registered investment advisory and fiduciary in an investment advisor relationship, we were legally bound to do the right things all the time. And I think clients could see that we were doing that for them day in, day out, regardless of their situation.
Joe Allaria:At that point, you're able to go into the industry to seek out the best investments then in your view and offer those and advise clients to put their money in those certain investments or strategies. As a product salesman, really in the broker dealer world, if I'm a registered representative, that's a good term for it because I'm representing who? The company, not the client. I'm representing a certain list of products where I get paid a commission just like any type of salesman would. And I'm not saying there's not a time and a place for that. I just like you have seen my clients prefer the other route. They'd prefer for you to be on the same side of the table, not to just look at this small selection of investments or product and say, well, I don't really care which one you buy because they're all gonna pay me a commission, you know, or here, I'm only allowed to sell these. And so just as long as you purchase it, and once you're purchased it, my work's done. I got paid, I'm good for a while, I don't have to do any more work. It's much different in our landscape where there's not that commission when you recommend an investment. So we have the same interest uh oftentimes as clients do nowadays. So, Scott, I've heard you talk about your first day when you're you're at Meridian Financial Group, been there for several years. You moved buildings into actually the current building that our office sits today on a different floor. The first day was kind of a unique time in the market. Maybe you can tell us a little bit about that.
Scott Carson:The first day that I moved in was September 11th.
Joe Allaria:2001, correct?
Scott Carson:2001. We can all remember back that there were planes running into buildings in New York and crashing in fields in Pennsylvania and heading towards the Pentagon. And obviously the market was reacting in a negative fashion. So we took this huge leap of face to move into this fantastic building, enhanced our office space. We were trying to grow staff, and then all of a sudden, disaster struck. So it took a little bit of time and composure to kind of step back and reflect on what was happening that day and add on the phone, started calling clients, just reassuring them that everything was going to be okay. Markets typically will react in a whipsaw fashion or knee-jerk fashion when geopolitical things like that happen. It was rather trying, without a doubt.
Joe Allaria:Not too different from retirees that take that leap of faith. Maybe the market takes a dip for whatever reason. You obviously have that going on with people's individual lives. You dealt with it from a business perspective. You're still here, obviously. You made it through, continuing the same type of work, working with clients day in, day out. Obviously, as a founder of Meridian Financial Group and the founder of Carcinel Area Wealth Management and a partner at both places, there were a lot of managerial responsibilities that you had. I mean, basically everything, just running the business, taking care of everything from investments to payroll. But the last few years, the final, I guess, phase of your evolution has been to just basically focus on dealing with clients, taking a step back in that managerial role and being able to have more of those conversations about investing. And if we could just segue into that, maybe what are some of the most important lessons not only in the last few years, but in the last 30 years, conversations, stories, pitfalls around investing that you remember that stick out to you, things that you try to impart to your clients today?
Scott Carson:Well, I think if you have the ability to look back over time and understand how things were then, what they look like today, and the experience that you can draw from that is investing. I don't want it to sound unimportant, but quite honestly, investing becomes a byproduct of a client's financial plan. The financial plan is what actually memorializes what a client wants to achieve in life and when they want to achieve it. From there, thankfully, what I've seen over my career is the focus has been removed from the product, meaning the investment itself, whether it's a stock, bond, mutual fund, what have you. And it's now more focused on okay, this is how much money I need to accumulate. These are the resources I have to do that. Clients now come to us and trust us to say, build me an investment plan that will allow me to accomplish that. And in simple terms, the very best plan that we or any financial advisor can put together for a client is the one that that client will stick with through thick and thin. It's one that they can live with when markets are going up or when they're going down. That's the bottom line that I think is most important over my entire career is make sure we understand the client's ability to handle volatility and build a plan that matches that.
Joe Allaria:So I agree. I think I've explained this to clients that how can you even put together an investment strategy without doing a plan first? That's like trying to give a prescription without seeing any blood work. I could try based on your age or you know, anyone's age, Scott. I could say, well, uh, you're in your 60s, probably high blood pressure, cholesterol medication. I might be right, just based on percentages and averages, but it's not going to be customized without really digging it in and developing that plan and looking at that data first. I guess retirement planning is a pretty complex topic, but what are some of the you know lessons you've learned or things that again, you you want listeners to watch this video who haven't taken that step yet as far as retirement planning?
Scott Carson:Yeah, I'd I'd say there's three key things that I dwell upon when helping clients as they're nearing retirement. Number one, and most importantly, the biggest variable of all is how much money do you need andor want to live the lifestyle that you've either become accustomed to or that you aspire to when you're done working? That's number one. Number two is then knowing and fully understanding where that money is gonna come from to fulfill that need. And then number three, and I can't stress this one enough, and this is what I would call from the psychological side of me is what are you gonna do every day? And you'd be surprised. I had this discussion just yesterday with a client. I was talking to the spouse, and her comment was, I'm really worried what my husband's gonna do in retirement. People have to stop and think that up to that point, they may be committing 40, 50 plus hours a week away from the home at a job that might be fairly intense, could be stressful. And if that's the case, a lot of those people maybe haven't had the time or opportunity to develop hobbies outside of work. And while they think about things they like to do, they're not really mental mentally prepared to do them. So that's a huge aspect of planning is what are you going to do to occupy yourself for those 40 to 50 hours a week that you were spending in your employment prior to that?
Joe Allaria:Yeah, absolutely. And that's a not really a financial question. You're a financial advisor, you're you're coming up with investment strategies, retirement planning, but you're talking to clients about something completely non-financial, which is simply how they're going to spend their time.
Scott Carson:Well, quite honestly, Joe, I've been blessed to work with people that almost all of them have won the financial game, which means they've accumulated enough resources, or they'll have other sources of income that will provide them an ample income to do whatever it is they want. But I coax them time and time again on what you will physically do with yourself each and every day to make sure that you're mentally and emotionally engaged and stimulated.
Joe Allaria:Yeah, it's not all about the financial side. People work very hard, they save a lot of money. And I agree. Many of our clients come to us, they've done that heavy lifting, they've done a great job saving. The only thing we can do now is screw it up. You know, we just have to maintain what we've done, but as well as the emotional, the psychological side, and have some reason to get up and something that gives you a feeling of purpose and accomplishment. When you're counseling people about retirement planning, how do you understand or how do you know when it's okay to take more risk or for them to retire sooner or spend more or gift more? These are a lot of different decisions that happen during someone's retirement when you're counseling them. How do you go about doing that?
Scott Carson:Well, actually, it's pretty straightforward, Joe. And I've said this time and time again. Math is the only thing in the world that doesn't lie. So math drives a lot of what we do for clients. And when we illustrate a financial plan, as you know, I've maintained a philosophy of underpromising and over-delivering my entire career. What does that mean? It means utilizing some very conservative assumptions in their planning, but then using maybe some very aggressive assumptions on what they might spend or do. So it is interesting these days that I spend the majority of my time counseling people on spending or gifting their money. And it's because they've been very successful on the accumulation side, and we can show them, again, under very conservative assumptions, that it's likely they will leave this earth with an excess accumulation of assets. So, what happens at that point in time? Who gets them? Where does it go? Well, typically it's going to be left to their heirs, but through a lot of what I'll call um more interpersonal counseling, I try to encourage people to maybe begin gifting strategies sooner, being able to watch their kids enjoy some of the fruits of their labor while they need money. It might be to take a step up into a bigger home, it might be helping their grandkids out with secondary education. It could be a whole host of things. You know, I'm constantly telling people look, if you don't fly first class when you travel, your kids will. So many of them are taking that to heart and they're starting to do those things.
Joe Allaria:So you spend most of your conversations counseling people to spend more. I think people assume we as advisors are telling people invest more, invest more, invest more. You're saying, hey, you need to spend more, you need to do more, you need to give more.
Scott Carson:I spent an inordinate amount of time on that very subject. And it's probably been the most gratifying thing in my career is having people call me up and tell me about a wonderful vacation they just took. And oh, by the way, we flew first class. We stayed in a phenomenal hotel that we probably would not have had it not been for you telling us that we could truly afford it. I've got clients doing all sorts of things like that. And again, that's pretty fulfilling personally to know that we helped them through the accumulation phase, and now we're helping them equally as much, if not more, through the decumulation phase.
Joe Allaria:And that word fulfilling is a key word because it's fulfilling for us to help them find and do things that are fulfilling for them. And it is different for different people. Some people want to travel more, some people would like to gift more, but it brings to mind a client conversation that I had one time when my client said, we really don't want to die with a bunch of money in our portfolios. They had two sons, and you know, we had a number, something like 3 million or something like that, that they were projected to have at the end of life. And again, that was under conservative assumptions, as you said. And I just made that point to them. If you don't do something different, that's exactly what's going to happen. And of course, I've taken all those cues from you and learning your process over the years. So I've got to have those same fun conversations of what things could you do that would add more fulfillment to your retirement or just to your life in general? But you also brought up estate planning a bit. You know, if the money doesn't get used by our clients, it's going to eventually end up with the kids, but it's not always just a simple, easy process. If things aren't set up properly, if they don't have an estate plan, there could be tax implications. Have there been any stories or specific situations or things that you've noticed over the years where things haven't been done properly? Or I guess what are you what would you leave to our listeners, our clients around that estate planning topic?
Scott Carson:What's interesting, you bring that up. I would have, I would say that over my career, I've made estate planning a primary emphasis almost above all else. Why? Because I encountered a few situations where clients' parents either passed or were forced to go into nursing homes. And it took us an inordinate amount of time to figure out where all those assets were at, how they were titled, how they were going to get passed on. One specific client, I think I documented over a hundred hours worth of my time helping them to get his father's affairs in order after he was put in a nursing home. So I go back a long way, and there was a commercial many, many, many, many years ago from the MCO transmission group. And basically said, look, you can pay us now by putting good oil in your car on a regular interval, or you can pay us later to replace the transmission. So I compare that to estate planning, and it's not so much paying us, but helping us get you engaged with an attorney to develop a good estate plan, properly title all the assets, earmark them to go where you want them to go, so that when that time comes, and it will come, the estate is settled smoothly. Assets go to the intended beneficiaries with the least amount of friction. When I say friction, I mean cost, right? And that's primarily expenses, which if we do it right, we can forego probate expenses, attorney time, and if we do it right, we can often avoid estate taxes, whether it be at the federal level or the state level. Estate planning is probably one of the most misunderstood concepts to the consumers or clients that we work with. They just don't understand what a will actually does, how a trust fits into their situation, making sure they have powers of attorney in place for people to manage property items or health care should those situations come up. So there's probably been the most satisfaction of people coming to us and saying, I can't thank you enough for stepping kind of out of the box away from just the investments in retirement planning and helping us get this in order for our own peace of mind and for our kids' peace of mind.
Joe Allaria:Absolutely. And you've started that model of including that as part of our services, helping not to give legal advice, but to assist, to facilitate. Because as you said, it's about reducing expenses and also taxes and to simply have the money go where it is intended to go. It's really not the fault of clients. If I had to fault someone, when attorneys draft documents, a lot of times, like you've pointed out, they may give a letter and say, here's all the things you have to go do. They don't always follow through on even funding a trust, for example. They they draft this beautiful document and then they don't change the titling on assets so that the trust actually owns it, so that the trust is actually, in that case, not doing anything. And but as misunderstood as estate planning is, I think tax planning is maybe equally as misunderstood for many clients. I think clients understand it's important, but the miss opportunities, and that that kind of leads to my next question about that area where whether it's missed opportunities, mistakes, pitfalls, coordination, or lack thereof, what are the biggest things in tax planning that you've seen that uh you'd like to share with our listeners?
Scott Carson:When we help people with investments, there's basically those investments that we consider as taxable today, which means clients pay taxes as they go on dividends, interests, capital gains, et cetera. There are tax deferred, which can be qualified plans, 401ks, 403Bs, simple IRAs, all those things. Taxes deferred today, going to get paid in the future. And then there are those assets that are truly or strategies that are truly tax free. Looking at those three categories and explaining them to clients as to how they fit in their situation is critically important. Because at the end of the day, it's not about what we earn, it's about what we get to keep after taxes.
Joe Allaria:Well, as I hear you talk about all those strategies, it just continues to remind me what I've always taken from you is it's not always, it's not one area that we're looking at. It's it's always the big picture.
Scott Carson:The one word that best describes the way we manage a client relationship is holistic. Taking a look at the big picture and understanding all the components that exist within their personal lives and knowing how to make sure the right hand knows what the left hand is doing if we're working with other advisors, or just to make sure we're incorporating tax planning, estate planning, investment planning, retirement planning, possibly gifting all within the scope of that plan.
Joe Allaria:And of course, you're you're still doing that on a day-to-day basis for your clients. What have you enjoyed most over the years about working with families, with individuals, and counseling them and giving them that sort of advice?
Scott Carson:Well, Joe, again, probably the greatest fulfillment has been able to watch things go full circle. And what I mean is I can look back on countless relationships when they began. And they might have begun with uh modest amounts of resources, but over the years, helping and counseling them through the accumulation phase of their life, watching them transition to retirement, watching them enjoy the fruits of their labor, watching them get their own personal satisfaction out of either making gifts to their kids or to charity, and to watch them know that they've developed a plan, a family plan to where assets are protected from unwanted sources, such as the federal or state governments, and knowing that their kids and our grandkids are going to be the benefactors of their life's work.
Joe Allaria:And it's that type of work that makes us think that we could probably do this for a long time, as I'm sure you've thought. You certainly haven't slowed down very much over the last few years. Is it more enjoyable now to just focus in on your client relationships?
Scott Carson:Joe, in all honesty, when you're wearing all the hats as the managing partner, whatever of the firm, you know firsthand that there are a lot of distractions. And there are things that you have to do operationally to make a business work. In all honesty, I don't miss any of that. I enjoy probably the ability to focus more intently on client relationships. Having eliminated all those distractions has probably made my day-to-day activity more fulfilling in a one-on-one situation with the clients that I still help.
Joe Allaria:I can definitely sense that. Of course, you paid your dues and put many more years in that role, but I can relate to a degree, having been in that for the past few years. It's always more fun to be working with clients face to face and doing the planning and helping them, helping someone to achieve something. It's maybe the coach in me a little bit, being a former athlete. I love coaching people, helping people get better, helping them accomplish a goal. That's that's of course really, really fun. But as you've been more remote in terms of working with clients or, you know, even communicating with us, again, you've been doing that and still serving clients. And I just wanted to mention you are a completely integral role for us as you've always been, just setting the example. And I know I owe a lot to you and the rest of us here just for following the model. I mean, you you set the model, it was very easy for us. We just learned it, followed it, and it's gone very, very well. Clients uh obviously get a lot of value out of it. And I know we we have you to thank for that.
Scott Carson:So well, thank you for the kind words. It's never uh always easy passing the torch, but in this particular case, I would say it's been about as seamless as it could have been. And it's been very rewarding to watch the uh younger people in the firm grow and get better. And if I was able to play a part in that, well then uh that makes me feel great as well.
Joe Allaria:And we're happy to have you for years and years and years and years to come, correct?
Scott Carson:You know what? As of right now, I have no plans on stopping doing what I'm doing. As long as I continue to get enjoyment out of it, and clients still feel as though I bring value to their personal situation. Uh, I could see doing this for a while longer.
Joe Allaria:Yeah, absolutely. We're of course very involved in our clients' personal lives, their families. I didn't ask you, but how many years ago now you became grandpa Scott? How many years was it? And how many grandkids are we up to at this point?
Scott Carson:So uh our oldest granddaughter is uh 10. So they are 10, six, and around 22 months and 10 months. So four granddaughters right now.
Joe Allaria:Do you enjoy being a grandparent more than a parent?
Scott Carson:Like I hear it's certainly different and certainly easier because we always get to give them back at the end of the day, and then it's their challenge to deal with them from that point forward. So Kenner and I are actually flying to Atlanta tonight to watch two of our granddaughters for the next week while our kids take a little vacation. So uh we're looking forward to it. It's like a tag team match when you've got two little ones, and uh, we've gotten quite good at it.
Joe Allaria:As someone who was just up uh from about three 3 a.m. to 7 a.m. this morning with a young baby, yes, it can be a challenge at times. So we appreciate our grandparents, yeah, or my our parents and grandma and grandpa's helping out. Well, again, uh Scott, thanks for the time and allowing me to uh to cover a broad range of topics as well, uh, business and and personal too. We'll hope to, of course, have you back um for another episode in the future.
Scott Carson:All right.
Joe Allaria:So I hope you enjoyed that interview with Scott Carson. Again, Scott has been an integral part in everything that we've built here at Carson Alera Wealth Management. So many good lessons. If you heard something that Scott said or something that we talked about from a financial perspective, and you have more questions, and you're wondering if you're taking full advantage of everything you can from a tax perspective or if you're invested properly, if you can retire on time, go to retirementpowerhourpodcast.com, click work with me, schedule that introductory call, get on the phone with us, we'll have a conversation, and we will see if we can help you, see if we're a good fit to help, and possibly give you a complimentary retirement analysis where we can answer a lot of those questions. You can also leave us a review at Google, at Spotify, at on Apple, on YouTube. If you found this video to be helpful, we would certainly appreciate that. Don't forget to join us next time on the Retirement Power Hour, where we help listeners invest wiser and retire better. Take care.
Speaker:Thank you for listening to the Retirement Power Hour Podcast. All material discussed on this podcast is for educational purposes only and should not be construed as individual tax, legal, or investment advice. Investing involves risk of loss, and investors should be prepared to bear potential losses. Past performance may not be indicative of future results. Joe Allaria is an investment advisor representative of Carson Allaria Wealth Management, a registered investment advisory firm. Information discussed on this podcast may be derived from third parties that are believed to be reliable, but Carson Allaria Wealth Management does not control or guarantee the accuracy or timeliness of such information and disclaims all liability for damages resulting from such sources. Any references to third parties are provided as a convenience and do not constitute an endorsement.
