Financial Awareness and Aging Money Goals

You're never too old to learn-especially when it comes to money.

In this powerful episode, we sit down with Urban Adams of Resilient Wealth to break down how financial planning has evolved far beyond just investments. Today's financial advisors are no longer just money managers-they're the hub of your entire financial life, helping guide everything from tax planning and estate strategies to retirement, risk management, and even emotional decision-making around money.

But here's the truth-most people aren't getting the level of support they think they are.

Urban shares eye-opening insights on the major gap between what clients expect from their financial advisors and what they actually receive.

From missing tax guidance to lack of coordination between professionals, this conversation uncovers why having a true "quarterback" for your finances is more important than ever.

We also dive into one of the most avoided (but critical) topics-family communication around money. Why are older generations hesitant to involve their children? What should adult children actually know? And how can you start these conversations without conflict?

This episode is a must-listen for anyone thinking about long-term planning, caring for aging parents, or simply wanting more clarity and control over their financial future.

If this conversation got you thinking, it's time to start the conversation with your family. Don't wait until it's too late-clarity today creates confidence tomorrow.

https://resilientwm.com/

Come with us as we explore what it means to navigate these years with our aging loved ones.

So grab a cup of coffee—or maybe a glass of wine—subscribe, invite your friends or family, and join us for Walks with Mom.

Special thanks to our Sponsor Amada Senior Care Mesa serving families and seniors in Phoenix, Scottsdale, Chandler, Mesa, and the surrounding East Valley area. Accredited VA Provider (NPI # 1558048199) and Trusted resource for Long-Term Care Insurance Claims

Compassionate, personalized in-home senior care starts here – contact Amada Senior Care Phoenix today by phone at (480) 418-5422 or visit us online to get started and give your loved one the support, dignity, and independence they deserve.
www.amadaseniorcare.com/mesa-senior-care

Transcript

SPEAKER_01 0:00

Aging is not for the faint of heart. I'm Kim, a Proud Generation Xer, and I'm here with my baby boomer mom Karen. Together, we'll tackle the tough but necessary conversations, share the hilarious and sometimes embarrassing moments, and open up about the stories that truly touch the heart. Come with us as we explore what it means to navigate these years with our aging loved ones. So grab a cup of coffee or maybe a glass of wine, invite your friends and family, and join us for Walks with Mom. Welcome back. Welcome back to Walks with Mom. My name is Kim. I am a Generation X. And this is my mom. And I'm Karen.

SPEAKER_02 0:48

And I'm a very proud baby boomer.

SPEAKER_01 0:50

Yes, you are. And we created this podcast to really help both generations start having conversations that are sometimes challenging with each other. So if you find the this episode or conversations that we've had in the past helpful to be a catalyst between generations, please share that. Share that with a sibling, another senior, another one aging, a coworker, anybody who is walking the journey with their aging loved ones or an aging loved one themselves.

SPEAKER_02 1:24

Right. We have a lot to learn, even though we don't want to learn anything.

SPEAKER_01 1:30

I guess there's all you can never be too old to learn, right? That's true. Well, today we are joined by Urban Adams of Resilient Wealth. Thank you.

SPEAKER_00 1:40

Thanks very much for having me, Kim.

SPEAKER_01 1:41

I appreciate it. I appreciate it. So you are a financial advisor. And so I'm super excited to have this conversation because I like talking about money, but I like talking about money and investments. So let's just kind of start off the conversation. How has the role of financial advisors, planners, um evolved over the years?

SPEAKER_00 2:07

Well, what I've seen in my 15 years in my independent practice is that the industry has evolved from simply being an investment manager to being more of a planner and covering a different uh additional topics that are related to uh their client's financial picture. So thinking about that, we're we're thinking about tax planning, we're talking about estate planning, we're talking about risk management, we're talking about attention and social security optimization, in addition to things like uh emotional decision making around money. And that's really where the the role of the financial advisor has evolved over the last call it 10 or 15 years or so. And it's even going further than that into almost a a lifestyle design type of uh outlook.

SPEAKER_01 2:59

So you're having to be uh the expert in almost everything. Well, uh or at least know where to lead your clients, right?

SPEAKER_00 3:08

At least be the hub of that information. So in other words, have that umbrella type view, uh, but leave it to the attorneys who are creating the estate planning documents or the professionals that are handling uh other aspects of you know real estate and and things of that nature. Uh but I have, or you know, I'm coordinating with CPAs for my clients. I'm still doing tax planning objectives, not giving tax advice. That's what their CPA is for. But I coordinate it from a long-term plan perspective versus a tactical, let's get this year's tax return done.

SPEAKER_01 3:47

So I'm gonna piggyback off of that long-term planning.

SPEAKER_00 3:50

Yes.

SPEAKER_02 3:51

Because that's that's kind of what we're looking at, isn't it?

SPEAKER_01 3:54

That's why mom and I are here. Um, so how has your role or what would you wish your role would be if you had when you have clients like my mom's age? What do you wish every baby boomer or the silent generation above her would know? Or would you want them to involve their adult children?

SPEAKER_00 4:18

Absolutely.

SPEAKER_01 4:19

So tell me why. Why does that help out on so many aspects?

SPEAKER_00 4:24

Well, it it ha it helps in a great deal of ways. And and I'll use the the opposite example. I have a number of clients who are single, perhaps no children or no children close by and are by themselves. And sometimes those decisions are made in a vacuum. And whether they have family close by or or not at all, I strive to be that go-to person for my clients for anything that might have an impact on their financial picture. So, in other words, if they don't know who else to call, I want them to call me.

SPEAKER_01 5:01

So you're like the quarterback, the hub. I like how you said that. And in fact, you and I met because of that scenario. You were working, you are working with a client who doesn't have children and is trying to put things into place. So he has some advocates should anything happen. Absolutely that there is a plan. And that's how you and I met. And I love, I think that's what I've just enjoyed getting to know you is that you will go, okay, let's put this plan in place. Let's figure it out together, let's problem solve together.

SPEAKER_00 5:36

Exactly.

SPEAKER_02 5:41

And I'm sure every situation is a little bit different. So there's many approaches you have to take.

SPEAKER_00 5:48

Absolutely. And it's it's something that makes the profession uh very, very rewarding because there is no standard answer.

SPEAKER_01 5:57

And I'm sure not all financial advisors take that approach.

SPEAKER_00 6:01

Right.

SPEAKER_01 6:02

Right? Like, weren't you sharing with me a little bit before about some statistics that most people think that there should be certain services that the financial advisor provides.

SPEAKER_00 6:14

Right.

SPEAKER_01 6:15

But in reality, they really don't.

SPEAKER_00 6:17

Yeah, there was a a survey done by a company called the Spectrum Group uh several years ago. And while those numbers may have changed a little bit over the last several years, what you find is that there's a there's a tremendous gap after you get past uh investment management between what our services clients are expecting and what they report actually receiving. And it's it's really stark in some cases. Granted, the vast majority of clients expect investment management and that's what they receive.

SPEAKER_01 6:48

And that's it.

SPEAKER_00 6:49

But uh a good number of clients, more than uh more than 80% in this survey expected tax planning advice. And only about 25% actually received it. Yeah, or or responded to the survey reporting to receive it. And things like health insurance, there's an even bigger gap. Fewer clients expect it, but only 4% actually reported receiving uh health insurance advice. So there's a tremendous opportunity for advisors like myself to offer uh those additional services. And if those are services you're seeking and you're working with an advisor already, make sure they do or do not. And if they're not, you know, performing the services that you expect, it might be time to so seek someone who does.

SPEAKER_01 7:39

Well, what I've discovered, and I think what mom we've discovered is even in we we live in a wonderful country, but it's still very fractured in many senses, right? Like seniors, okay, you have you have this hub of a financial advisor, then you have your insurance agent, then you have your tax person, then you have this person. It would be nice if they could all communicate because you have one goal in mind, right? Yes, yes, yes, you know, grow your attitude.

SPEAKER_02 8:11

Anyway, because things change so quickly. If we can kind of go to one place and, you know, get some legal advice if we need to, or plan or estate planning, not maybe from the same person, but the same place, the same firm, or something like that.

SPEAKER_01 8:29

Or or know that they're communicating, right? So even though you're not the CPA, the tax person, you are recommending a CPA and you're talking to each other, right?

SPEAKER_00 8:42

Right. Or or if there's an established relationship, I'm happy to work with that CPA as long as the lines of communication are open, then I I use that analogy that for our mutual clients, all oars are rolling in the same direction.

SPEAKER_01 8:56

Oh, and that way that makes sense, yes. Doesn't that make sense? Yes, totally. So, mom, from your perspective, how come your generation, and I don't want to blame your generation, it's just you're the generation that's aging, right? That is going to maybe use a lot of their investments uh and their assets in in their older years, whether whether paying for care, like with a modest senior care, having caregivers in the home, uh, moving to a senior living community or medical expenses. Yeah. Why do you think your generation is hesitant or doesn't want to share their financial with their adult children?

SPEAKER_02 9:44

Well, I I think it's several reasons. One is here again, we're just trying to main our maintain our independence. And we want to be able to handle our own business. And we don't want our kids to interfere with us handling our business. We don't want to admit maybe we need a little help. And sometimes I think they don't even want people in my generation, don't even want help from professionals like yourself. We think we want to know it all, which we don't.

SPEAKER_01 10:21

I'm sure Urban hasn't experienced that at all.

SPEAKER_00 10:23

No, not at all.

SPEAKER_01 10:25

We're saying that with all sarcasm.

SPEAKER_02 10:28

And and then I don't know that we we would have to have a lot of trust with our kids to want to share specifics about our our finances, you know. I I think um that kids need to know at least some things about about our finances. What do you think they need to know?

SPEAKER_00 10:51

I think um I think what they need to know is that if there are responsibilities that they have. So when when thinking about a uh an estate plan and the estate plan documents that make that up, you have, of course, things like maybe a trust agreement, you have uh durable power of attorney for financial purposes, you have a healthcare power attorney, you have a will, a living will. And it's important that if those children, or whether it's another relative, is that power of attorney, whether it be for healthcare or financial purposes, I always caution my clients make sure that that individual knows that you assign that role to them. If they don't be kind of important, yeah. And and not only that, but are they willing and able to perform those functions?

SPEAKER_01 11:38

And I mean, able, capable, right? Like do they have the bandwidth to do that? What's going on in their life? And that could be changing from season to season.

SPEAKER_00 11:47

Exactly.

SPEAKER_01 11:48

Um, in their life. Yeah.

SPEAKER_00 11:49

I didn't mean to cut you off, but no, but that's that's that I think that's really important because it's not about knowing, hey, this is these are the, you know, here's the balances, or here's here's how much there is. That that they don't need to know necessarily, other than to know that if if someone's in not as great a financial position, that maybe they might be somewhat financially responsible for their aging parent or parents.

SPEAKER_02 12:16

Oh, that would be kind of alarming if you didn't know that. Yeah. Right.

SPEAKER_01 12:20

And I think you are telling me that you have a client probably in my age or around that, and they wanted to have a conversation with their aging parents. What advice did you give, like somebody my generation, Generation X?

SPEAKER_00 12:36

Yeah, it it was, and it was a Generation X. Oh, was it okay? A fellow Generation X uh way to go cohort. Yeah, and and my my advice to them and and what I coached them to do was simply ask questions. Do you have an estate plan in place? Do I have any responsibilities for that estate plan? Or am I a successor trustee? Am I the power of attorney for medical or financial purposes? And that opened up the discussion. It wasn't it wasn't overnight because mom and mom and dad lived out of state, but during that holiday visit, it opened the door for additional communication about that process. And I and I think that's you know, that's that's the best place to start is asking questions from a place of care.

SPEAKER_01 13:29

I think that's a key. That's the key. And we've talked about just asking, being curious, being curious, non-judgmental. Um, and I like that being able, because I think my generation wants to know, okay, what what are we going to financially be responsible for, emotionally being responsible for, physically being responsible for?

SPEAKER_02 13:52

Like what are those unsaid expectations that your generation might think in your mind, but you haven't told what's I fear that's often a presumption of my generation that um our kids will just assume whatever needs we have. We don't even think if they might be financially capable of assuming those needs if we're not able to take care of ourselves. Yeah.

SPEAKER_01 14:25

And that's kind of really presumptuous. Really presumptuous. I think it also creates a lot of um probably negative emotions if these conversations didn't happen.

SPEAKER_00 14:38

Right. It it's the it's the lack of communication that leads to assumptions, perhaps in in both camps. And then that that just creates a tension that unfortunately it would take a major event to perhaps spur that conversation, at which point it could be very, very difficult to they might not be able to have the conversation in those crisis modes, and probably those conversations are not good in crisis mode.

SPEAKER_01 15:07

It's good when they can sit down and have some long conversations, even though it's over the miles, right? They live like in this particular situation, they don't live in the same state, but they can make intentional time to have conversations over the phone or video chat or things like that.

SPEAKER_00 15:24

Exactly.

SPEAKER_01 15:25

To move these conversations along.

SPEAKER_00 15:26

Yeah.

SPEAKER_02 15:27

And I actually think it would be a s a type of peace of mind for the senior to know that their child um is knowledgeable, is capable of understanding, and is capable of actually helping if there is an issue. You know, uh, I I know who to go to. Uh mom needs some money because this assisted living is costing a lot more, or I really want in-home care and it's a lot more than I thought. And um I think it would be a peace of mind to be sharing that.

SPEAKER_01 16:06

So you think it like if urban were to involve the adult children or the adult children were, it would give you more of a peace of mind. Yeah. That I would know who to call or who to contact. And again, you probably again, with not with um, you can't with give the information about the finances, but you can say something like, okay, mom has enough. We we have enough in finances to cover the cost of this type of care.

SPEAKER_00 16:36

What the way I'd usually convey it would be I would convey it to my client so that they could convey it to their adult children. Okay. And make sure, because I I certainly don't want to cross any lines as far as indicating what what they may have, because really it's it's not their business until it is, unless they have a role, but that role is performing a role that's not what they might receive from an inheritance standpoint, for instance.

SPEAKER_02 17:01

Exactly. Yeah, yeah.

SPEAKER_01 17:02

Do you ever advocate for your aging clients to maybe involve their adult children in conversations? I mean, I know this one was from the generation X to the baby boomer, but what about the other vice versa?

SPEAKER_00 17:15

I do, and encourage it whenever, you know, whenever it it's not apparent that and I don't I I mean the word apparent as opposed to a parent.

SPEAKER_01 17:24

A P P AR.

SPEAKER_00 17:26

Yeah. And in that uh we want to make sure that there's there are and and that's why estate planning discussions are central to the planning conversations I have with clients, because if they don't have estate plan documents or they haven't been reviewed in more than five years, I want them reviewed. I want them refreshed in case individuals need to be updated.

SPEAKER_02 17:48

Yeah. Well, I have an example because my husband was my um power of attorney, both financially and medically. And he got to the point where he mentally wasn't able to do that. And it all of a sudden dawned on me that he couldn't do that.

SPEAKER_01 18:07

And I had to hurry and get those documents updated. Yeah. Right. Because even though I think I was the second, we had to, that would have been challenging to prove that he was mentally incapacitated in order for me to be the second. Exactly to put that on. So tell me, tell us our audience about resilient wealth and and your services and what makes you just so special the way you are. I mean, I know that because of how we've worked. You are the hub. You try to find what's best for your clients.

SPEAKER_00 18:37

And I I do. I I I founded my practice, as I mentioned, just about 15 years ago. I'm uh I I work very much, it's a it's a very high-touch approach to working with my clients. Uh, I've mentioned before that I want to be that first phone call in those situations. And I I didn't want to interrupt you earlier, mom, but the the the one part that I thought about was the fact that not only am I working to make sure that clients have enough wealth to support them throughout their lifetimes, I'm there to help preserve it too. And and that also means protecting them from I I've got clients who will ask me when they receive a suspicious email, and I'll walk them through the process on how to avoid that. So my job is not only just to grow their wealth and make sure they have the resources, but to protect them from from potentially fraudulent activity. So it's uh it's very much hands-on. Most of my clients are in Arizona, but I've got clients all over the country, and uh it's a it's a very, very mu very much a relationship-based. I know that might sound a bit cliche, but the fact of the matter is I know my my clients very well. Uh, there isn't a single one that could call and I'm I'm not recognizing the number. I'm not, you know, there aren't so many clients that it takes away from that ability to know them beyond just the numbers.

SPEAKER_02 20:03

Gee, I think that would be such a peace of mind to know that somebody personally is watching out for me.

SPEAKER_01 20:09

Well, and I can attest to that. I, you know, you have met this particular mutual client that we have in his home and spent much time, you know, and it's just been a very warm, gracious hand-holding approach. And I mean that in a in a very good way.

SPEAKER_00 20:28

And and that's and that's what I strive to do for for all of my clients. They all have different needs and they're all at various stages in their lives, but as it relates to their needs. I have a business owner who was who was pitched a a business opportunity, he's done quite well in his business. And I'm not a I'm not a legal professional, but I read the the offer, the term sheet, as it was called, and my feedback was, well, this is really one-sided and not for you. And they had an attorney look at it, and version two is coming next week.

SPEAKER_01 21:01

Good, because you were looking out and saying, I think you need to have an attorney look at this as well. And yeah, yeah, very good.

SPEAKER_00 21:06

And I don't think it's a good a good deal for you at this point.

SPEAKER_01 21:10

So tell me about this book, Wealth Your Way: Building Wealth and the Life You Want Through High Touch Planning by Urban Adams. It's a book that you wrote. Tell me about it.

SPEAKER_00 21:21

Thank you. I I published it last year, and it was a bit of a passion project for me. And it was uh it was born out of a uh a conference I attended in Colorado Springs some years ago, and I'd always had a book in mind, but I didn't really know what it was I wanted to convey. And it was as my my practice matured, and as it was adding those additional services, the chapters in the book talk about investment management, tax planning, risk management, social security and pension optimization, and in particular, the emotional decision making around money. And

SPEAKER_01 22:01

Because money is emotional. It really is. Wow. And you know what? It's I need to read this, but just looking at it, everyone, it looked like an easy read.

unknown 22:11

Yeah.

SPEAKER_01 22:12

You know, that you can read this in just a couple of hours.

SPEAKER_00 22:15

Yeah, it's definitely not a textbook, nor was it designed to be.

SPEAKER_01 22:18

No.

SPEAKER_00 22:19

But really uh to to take some uh personalized, although anonymous, but personalized stories from my experiences with existing clients and convey them in a way that uh hopefully are relatable to those who read the book.

SPEAKER_01 22:33

Well, before we wrap up today, where can people find you?

SPEAKER_00 22:36

Well, they can find me on my website, uh resilientwm.com. So for resilient wealth management. Uh in fact, those who visit the website can order a free copy of the ebook and download it if they'd like.

SPEAKER_01 22:49

Woohoo! Download free ebook. I like that.

SPEAKER_00 22:52

And there are a bunch of free resources on there uh related to planning. Some of the some of the other podcast appearances I've made and uh and other content. But that would be a great place to start. Submit something there and and if you choose to reach out to me, I'm happy to respond to that.

SPEAKER_01 23:11

Well, thank you so much for being our guest. Do you have any last-minute thoughts, Mom? I guess I need to go home and re-examine my documents. It's always good to do that, right?

SPEAKER_00 23:22

Yes, indeed.

SPEAKER_01 23:23

Well, good. Well, thank you so much for joining us on this episode with Walks with Mom. And it again, we would appreciate if you share this with someone you love, maybe an aging loved one, a sibling, a coworker who's walking this journey with their parents. And maybe it just spurs on a conversation. And I think that's what we want is just start having some conversations. And until next time, we will see you on the next walk.

SPEAKER_02 23:49

This is Karen, and I just wanted to say thank you for spending some time with us today. Please come back for more laughs, more connections, and more real life moments between these two generations. See you on the next walk.