The Retirement Success in Maine Podcast

How Should Retirees Be Using A Financial Advisor? with Michael DiJoseph, CFA of Vanguard

EP 012: On this episode of The Retirement Success in Maine Podcast, we are thrilled to be joined by Michael DiJoseph, CFA. Mike is a Senior Advice Strategist in Vanguard’s Financial Advisor Services department. More specifically, Mike is also a thought leader behind the Advisor’s Alpha research. We really were interested to hear Vanguard’s thoughts on “how should retirees be using a financial advisor?” What are the other activities that Mike’s study says does NOT add value to clients? How long does Mike think it will take for Financial Advisors to abandon tasks that don't add value to their clients? In a way, we're talking about a financial advisor being a "retirement coach" or "behavioral coach" to help someone find their retirement success. Mike’s paper identifies the three P's of behavioral coaching - planning, proactivity, and positivity - does Mike find that these three elements are equally important to retirees? In his studies, is one element more impactful than others and why? Be sure to listen in to hear some great first-hand stories about the importance and impact of behavioral coaching. 
Chapters
Introduction to Mike DiJoseph and his background [2:20]
Discussion about Mike’s first job in the financial industry and how he learned what he wanted, or didn’t want, in a career in financial services [8:10]
What makes Vanguard different? What does it mean to be client-owned? [14:15]
What is Advisor’s Alpha? What has Mike found in his research? [18:25]
There are seven key components to Advisors Alpha, what are they? [29:38]
How can someone in Maine use Advisor’s Alpha to find the right financial advisor for them? [55:12]
What do the next 30 years of financial advice look like? [60:13]
What is Retirement Success for Mike? [66:32]
Ben and Curtis wrap up the episode. [71:14]

I'm Not Going to Retire with Bonnie-Jean Brooks

EP 011: In this episode of The Retirement Success in Maine Podcast, we are joined by Bonnie-Jean Brooks. Bonnie is the President and CEO of OHI. OHI is a local nonprofit organization that provides support and services to people with intellectual disabilities, autism, and mental illness. We wanted to have Bonnie on the show with us because Bonnie has adamantly stated that she is NOT going to retire!
Bonnie begins by telling us about her upbringing, including her journey of becoming a first-generation college graduate, to how she lived all across the country and how along the way she was always willing to accept a challenge.
Ultimately, after some time away, Bonnie found herself back in Maine continuing her education career, until one day she received a phone call asking her to come through on a favor that she owed. That favor led to the 40-year career that Bonnie is still working to this day. Bonnie shares with us some insight into OHI and the great work that the organization is responsible for.
In a previous show, we talked to a family business owner where we discussed balancing the success of the organization with your own personal success. Sometimes they can be intertwined and sometimes exclusive. There may be a time when Bonnie has to involuntarily retire. How has she positioned OHI and herself for that inevitable change?
We discuss the natural gravity for someone to retire after working for 40 years and how Bonnie attributes having a career in a field she is so passionate about to be able to combat that gravity and still work every day. Bonnie also shares what aspects of the aging process scare her as she looks ahead into the next stage of her life.
Closing out the conversation, we ask Bonnie one final question, what advice would she give someone who, much like her, wants to work as long as they possibly can in a job that they love so much? Be sure to stick around to hear what she has to say!
What You’ll Learn in This Podcast Episode:
Welcome, Bonnie! [2:08]
Bonnie becomes a first-generation college graduate and travels around the country [11:25]
What drove Bonnie ultimately back to Maine? [16:51]
How did Bonnie get involved at OHI? What is OHI and what does the organization do? [21:24]  
After 40 years, there’s a gravity to retire, how does Bonnie handle that? [32:55]
Discussion about doing a job for a career compared to having a career that is a passion. [36:13]
What scares Bonnie about the aging process? [46:37]
What advice would Bonnie give someone who wants to work as long as possible in a job that they love? [50:04]
Ben and Curtis wrap up the episode. [52:49]

Sharing Your Core Values with Your Financial Advisor To Improve Retirement Success with Charlie Dibner

EP 010: On this episode of The Retirement Success in Maine Podcast we travel to our Portland office to have a really great conversation with Charlie Dibner. Charlie is the President and Founder of Aurora Financial Group in Portland, Maine. Charlie has been in the Financial Services Industry for over four decades and we discuss with Charlie how the Financial Advice industry has evolved over time. Specifically, we wanted to discuss the following: With retirees living longer in retirement than we've seen, what types of challenges have come about that we haven't thought of? Have financial advisors adapted their practices to meet these challenges? What could the industry do better to solve these challenges? What have we figured out? Specifically in the State of Maine, do you think that those needing financial advice have different goals/attitudes/needs than those you encounter in other states? (I.e. we're a rural state, do things like geography come into play? or does our work attitudes play into how we think about retirement?)
What You'll Learn In This Podcast Episode:
Introduce Charlie and learn about his upbringing and background [1:45]
A conversation about Charlie’s family summer camp business, specifically the level of care needed to run the camp. [8:12]
How Charlie went from running a summer camp to a career in financial advice. [15:29]
How did Charlie actually get into the financial advice industry? [21:42]
What was the industry like when Charlie entered in the late 1970s? How did Financial Planning become a part of the industry? [27:13]
How should a Financial Advisor maximize the experience for the clients and how it all circles back to core values. [35:54]
The evolution of the financial advice industry as Charlie has seen it throughout his career. [45:01]
Forecasting the future, how does Charlie think the industry will continue to evolve? [54:35]
Ben and Curtis reflect on the conversation with Charlie. [57:48]

Finding Your Purpose Through Volunteerism with Mary Marin Taylor

EP 009: On this episode of The Retirement Success in Maine Podcast, we are joined by Mary Marin Taylor. Mary Mary is the Executive Director of Literacy Volunteers of Bangor which is a local nonprofit organization that provides free English language tutoring services to Bangor area adults.  Why are we talking about volunteerism in regards to Retirement Success? It seems many of the clients we work with have found that by donating their time in retirement to local nonprofits, they have become more fulfilled and find a purpose by seeing their time directly impacting a local cause.  But is it that easy? What are some things to know about volunteering in different parts of the State?  How does someone identify a good volunteering opportunity for them versus one that won't be a fit?
What You'll Learn In This Podcast Episode:
Introduction of Mary and her background [2:16]
Discussion about Literacy Volunteers of Bangor, the organization and the services they provide. [10:30]
A conversation about the volunteer experience. How do Literacy Volunteers support its volunteers? What resources are available to the volunteers? [23:14]
Volunteer success stories that Mary has seen in her time at Literacy Volunteers. [35:35]
How can someone, without experience, get involved in committees or boards? [42:02]
What is Mary’s personal idea of Retirement Success? [47:33]
Closing thoughts [49:55]

Facing & Fighting Mental Illness in Retirement with Dr. Clifford Singer

EP 008: On today’s episode of the Retirement Success in Maine Podcast, we are thrilled to be joined by Clifford Milo Singer, MD, DFAPA, AGSF, Chief, Geriatric Mental Health and Neuropsychiatry at Northern Light Acadia Hospital to have an in-depth conversation about mood/emotional and cognitive disorders that aging individuals may face. Some of the questions we ask Dr. Singer in this episode include:
*With many of our client conversations, our clients seem to have a lot of concern of developing mental illnesses as they age. How founded is that concern with the general population in aging? Are there higher risks based on certain factors?
*Are there certain behaviors or concerns that are more unique living in the Northeast, or specifically Maine?
*Can you describe each of the conditions, how they’re developed, and how the symptoms become apparent to yourself or your loved ones? If someone is noticing those symptoms, what’s the best way to address it with your loved one? It seems like that would be a hard topic for a family member to address. How early can some of these aging diseases be detected? How does early detection change how someone lives with the disease? 
What You'll Learn In This Podcast Episode:
Introduction of Dr. Cliff Singer and his background. [2:20]
A conversation about the program that Dr. Singer launched at Acadia Hospital [8:54]
Discussion about the overall concern(s) about developing mood/emotional and cognitive disorders and how founded those concerns are. [18:40]
How do I know if I’m developing mood/emotional or cognitive disorders? If so, what's next? [23:16]
Is it tough for people to admit vulnerabilities like facing their own mortality? [27:44]
When developing cognitive (decline) disorders, like dementia, are there warning signs? How does it progress? Can anything be done to delay the decline? [37:30]
What does the Geriatric Mental Health and Neuropsychiatry field look like over the next 30 years? [54:03]
What is Dr. Singer’s idea of Retirement Success?[57:57]

Exiting Your Business Ownership & Allowing Yourself to Retire with David Jean CPA

EP 007: In this episode of The Retirement Success in Maine Podcast we are joined by David Jean, CPA, Director at Altus Exit Strategies.   In a previous episode, we discussed how hard it can be for owners and executives of businesses to exit to retirement with Susan Ware Page. We wanted to explore that conversation from another angle with David as his business is focused around helping those in this position - emotionally and financially. Some of the questions we discuss in this episode include: What is exit planning and who should be thinking about it? When should one start to engage with an exit planner and what steps are necessary to make an exit from an organization go smoothly? Are there certain characteristics of the state, both economically and demographically, that present challenges to this population? What are some themes around exit planning in Maine? Give the show a listen to find the answers to these and more!
What You'll Learn In This Podcast Episode:
Welcome David to the show and a conversation about him and his background. [1:30]
Introduction to Albin, Randall,& Bennett and the relationship with Altus Exit Strategies. [8:30]
A conversation about retirement success, and the elements of success needed as an owner transitions out of a business [12:20]
Discussion about succession plans. What are the barriers to people? [18:30]
Specific to Maine, what are the trends with businesses and succession plans? [29:30]
Switching to retirement success, how does David see business owners approach that success? [36:29]
Are business owners sacrificing their own personal retirement success in favor of the business’s success? [41:42]
How does David see his own retirement success?[47:10]

Augmenting Your Retirement Income With Investment Properties with Abigail Doody, CFP

EP 006: On this episode of The Retirement Success in Maine Podcast , we are joined by our teammate, Abby Doody. Abby is an Investment Consultant and Certified Financial Planner (CFP) at Guidance Point. Abby also has a personal interest in income-producing real estate. Why are we talking about real estate in regards to Retirement Success? It seems many of the clients we work with have an affinity towards buying properties with the idea of providing sustainable income over the remainder of their lives.  But is it that easy? What are some things to know about buying properties in different parts of the State?  How does this work to sustain her version of success in retirement?
What You'll Learn In This Podcast Episode:
Introduction of Abby and her origin story. [2:03]
Discussion about Abby and her husband’s interest in real estate. [10:46]
What should one think about when finding the right tenant and location for the property? [15:12]
Abby talks about property #2. What led Abby and Casey to purchase another property? [24:50]
Will Airbnb affect/play a role in their properties? [28:35]
Discussion about Abby and Casey’s a-typical situation when it comes to their property locations. [35:19]
Abby discusses their third property and the “master plan”.[37:11]
What happens when the math just doesn’t add up?[42:25]
Moving to retirement success, how does the selling of rental properties work? [46:38]
Abby’s personal idea of Retirement Success in Maine. [53:55]

Defending Your Retirement Success with an Estate Plan with Joy Trueworthy & Rachel Trafton

EP 005: In this episode of The Retirement Success in Maine Podcast we are joined by Joy Trueworthy and Rachel Trafton, Estate Planning Attorneys at Rudman Winchell.   In regards to our priorities at Guidance Point, we want to highlight the importance of this episode for our clients and the public. Many people that we meet with do not have an up to date and structured estate plan in place. It was important to our team that this podcast highlight some of the reasons why people do not spend time on estate planning and mistakes they make as they think about what estate planning means.  Some of the questions we receive from our client conversations include: how should an estate plan change for me during my life? What happens when a loved one passes away ~ what do I do?  How is estate planning going to change in the future and how should I be thinking about it? What are some themes around estate planning in Maine? Give the show a listen to find the answers to these and more!
What You'll Learn In This Podcast Episode:
Introduction of Joy Trueworthy and Rachel Trafton [1:40]
Why is an  estate plan so important [10:00]
How does the estate planning process change as people age through their lives? [18:44]
Discussion about the structure at Rudman Winchell/Maine Elder Law and the services they offer. [25:52]
What are the 3 biggest mistakes made in regards to estate planning? [30:32]
What to expect when a loved one or spouse has passed away in regards to their estate? [44:03]
Discussion about the future of estate planning and how it may change. [49:30]
What does retirement success look like for Rachel and Joy? [58:45]