Peter Dunn: [00:00:00] You know, every once in a while you can feel yourself getting sick. It comes on, you get a little tickle in the back of the throat, your voice starts to give out, uh, like mine has today. And then you think to yourself, there's one thing that will solve all of this. a very stiff cocktail, a very stiff, hot toddy could take care of everything.
And then you realize it's dry January. And so you must suffer through your sickness on the air. Hello everyone. It's Peter Dunn, Pete, the planner, the Pete, the planner middle school podcast, where my voice is going to crack throughout the podcast. Dame. Hello. Hello? Kristen, girls voices never crack, right?
Kristen Ahlenius: I don't, not as a rule, I don't think.
Peter Dunn: Dame, when were, when were your crack phase, when were you addicted to crack? Uh, I mean, your voice cracking.
Damian Dunn: I had some time in middle school, but I mean, I, even now, if I try and yell, it'll, [00:01:00] it'll crack now. Which is embarrassing, because you try and sound authoritative, and somewhat intimidating, and all of a sudden it's just,
Peter Dunn: Uh, Peter Brady.
Quincy, uh, on YouTube Live says, Throat Coat T. I've gone to some black tea with some honey. You want to hear some bougie honey that I have that's actually not as bougie as it sounds. Um, Mrs. Planner's aunts, aunties, if you will, both are Benedictine nuns in Kansas. This is going down a crazy path and these are working nuns, meaning some of them are firefighters.
Some of them make ales. Okay. And then these are, uh, Beekeepers. So they gave us some honey over the holidays made by Benedictine nuns in Kansas. And so I've been taking the black tea and just pouring so much nun honey. What if it's just called nunny? It's really good. Does it get [00:02:00] blessed before it gets sent out?
That's a great question. I feel like a great question. Uh, Andy, we are back to the right times. You are correct. Right time, right day. Sorry for the switch up last week. Hello, Rochelle Jamison, branded Jamison. Everyone loves branded Jamison. Good day. Happy Friday to you from Jamison Schuller, fused glass artist.
That's new. The fused glass artist is new. And Jeremy made it to the show before the show started. Hello, Jeremy. Uh, alright, so, T minus a couple weeks now, until the show changes a little bit in a really fun way. Um, I think I can give you details next week. I think. Again, I'm often accused of teasing, but this is happening.
We just gotta, we gotta work out the details. It's gonna be a lot of fun. We're really excited about it. Um, should grow the audience significantly. Uh, it's with that, Dame. I have a question that came in today that I [00:03:00] think our conversation can get so spicy that it could last the entire show,
Damian Dunn: man,
Peter Dunn: yet another
Damian Dunn: tease that you just, well, you know what it's about.
I do, but it's, I don't even know all of the context. I know kind of the situation, but I don't know all of the specific questions. And I think you're right. I think this could, uh, we could dig in on this one.
Peter Dunn: We're going to be, we're being asked to evaluate a financial advisors. are they doing? And we're And we are, all three of us are very pro financial advisor, but I'm going to try to come out of this with an actually distilled take as opposed to an, it depends.
And I would encourage both of you to do the same. Okay. Hi, Cheryl. Good to be with you. All right. Uh, go ahead.
Kristen Ahlenius: Are you going to threaten to put Dame and I in one of those, like, get along shirts again?
Peter Dunn: Oh, that was good. Um, [00:04:00] Kristen, what's going on in your life? Your dog was sick overnight, so you didn't get much sleep.
Kristen Ahlenius: Yes, unfortunately. Um, we're, however many, we are 17 days into 75 hard, so I'm feeling, I'm feeling mentally tough. I feel like I'm turning a corner, so that's exciting.
Peter Dunn: How's this work? Like, Let's say you put a bunch of work in to 75 hard and you get some results that you want. I don't know if it's feeling better or looking better.
Is there, is it in that spectrum?
Kristen Ahlenius: Yeah. It's for me, it's really a mental toughness challenge is like commit to this hard thing for 75 days. Cause Kristen, you can do anything.
Peter Dunn: That is Dame. If, if I've ever heard a phrase that captures Kristen's sentiment more than you can do anything that is basically Kristen in a nutshell.
Damian Dunn: Yeah, that is just get out of the way. I mean, that would be the other one,
Peter Dunn: um, Dame. If you did 75 hard, would you do it to feel better or look better or both look better? That ship has
Damian Dunn: [00:05:00] sailed. I mean, it's just gonna be feel better at this point, which I mean, what is feeling better when you're creeping up on 50 years old?
Peter Dunn: I am. I am thickening up like a good stew. I am so, like, my neck is growing necks. I feel like if I were in medieval times, I wouldn't even need a collar. Because my neck fat is the collar. I gotta do something. I do want to, like, get after it, but I I also feel so sick. I can't do anything.
Damian Dunn: Yeah, I, I, I don't know.
I, I don't know when. I mean, you and I think we've both recognized this gradual slide into whatever it is we are becoming at this point. And, like, it just seems like it's accelerating at this point. I don't know how to stop it. Well, I, I have some good ideas, but I don't know if I want to stop doing those things to
Peter Dunn: stop it.
By the way, breaking news. Oh? Just came across the, the, uh, Pizza [00:06:00] Planner news desk. The Supreme Court has ruled and has upheld the TikTok ban.
Damian Dunn (2): Okay.
Kristen Ahlenius: Devastating.
Damian Dunn (2): Oh, Christy's upset.
Kristen Ahlenius: I am. How am I supposed to get my news?
Damian Dunn (2): Somebody will buy it. It'll be back. Mr. Beast is gonna buy it and give away feastables.
Feastables, I don't know what it is.
Peter Dunn: Um, I put out a bunch more social media clips this week.
Kristen Ahlenius: Indeed.
Peter Dunn: Guys, can we work on a formal open to this show? Let's just work this out live. So what, here's what we're going to do is. Um, I'm going to say welcome to the Pete the Planner podcast. And then Kristen, I want you to say, I'm Kristen Lanius, and then give a little bit of a bio, like a two line bio, uh, financial educator, professor, whatever you want to say, Dame, you do like a two, a father, raconteur, whatever, and I'll, and I'll say, and I'm Pete the Planner, blah, blah, blah.
And then I'll, I'll say, [00:07:00] uh, be sure to watch the show. As well as to listen to it. Okay. So one of my favorite podcasts called one song. Everyone calm down. One of my favorite podcasts called one song. They do this at the beginning of every segment or every show and I've grown to like it. All right. So here we go.
Kristen Ahlenius: I don't, I don't know anything about me. I'm, I don't like this. Kristen, if
Peter Dunn: you mess this up, like we're really evaluating talent on this show right now.
Kristen Ahlenius: That's fine. Everyone's replaced. Kristen,
Peter Dunn: you can do anything you put your mind to. Just consider this 76 hard. Okay. All right. Welcome to the Pete, the planner show.
You checked it out. I said,
Kristen Ahlenius: introduce yourself. No,
Peter Dunn: I'm third. You're not listening. I'm
Kristen Ahlenius: sorry. I wasn't listening. I was nervous. Okay.
Peter Dunn: Now, just so you know, now you're second. Dame's. This is the Pete, the planner show.
Damian Dunn: I'm Damien Dunn, certified financial planner, practitioner, and thin pillow aficionado.
Kristen Ahlenius: I'm Kristen Alenius, financial professional and golden [00:08:00] retriever lover.
Peter Dunn: And I'm Pete the planner, author, speaker, and amateur cook.
Kristen Ahlenius: We're evaluating talent on this show.
Damian Dunn: I'll let the live audience How did I do worse than everyone? Who, uh, who might, uh Choked on that one.
Damian Dunn (2): Thames was so good. Thames
Kristen Ahlenius: was good. I don't even
Damian Dunn (2): What was the last thing you said you were? Thin pillow aficionado. Oh, you're a thin pillow guy?
Damian Dunn: Thin
Damian Dunn (2): pillow.
Peter Dunn: Team Thin.
Wow. Like, man, I'm a One to ten. Ten being the, like, you're gonna have a neck ache for a week.
Peter Dunn (2): Mm hmm.
Peter Dunn: I'm probably a six, I think. So I
Damian Dunn: actually, I progress throughout the night. I have, I start kind of inclined. But then once I doze off, the big pillows come off and I'm just basically flat on the mattress.
Kristen, pillow.
Kristen Ahlenius: Your ages are showing.
Peter Dunn: Why? I mean, [00:09:00] geez. Look at all this neck fat. Go ahead.
Kristen Ahlenius: Um, the, uh, you gave like a firmness scale or like a thick scale, like an eight.
Peter Dunn: Wow.
Kristen Ahlenius: Yeah.
Peter Dunn: All right. Show starts in three seconds. Three. This week on the Pete the Planner Show, you'll notice that I'm sick. And you'll also notice that we answer your money questions.
Here's how it works. You email us at AskPete at PeteThePlanner. com. That's AskPete at PeteThePlanner. com. And we answer your questions. By we, I mean Kristen Alanius. Uh, dog mother and Damien Dunn, thin pillow aficionado who joined me. Hello, friends. Hey, Pete. Since my voice is failing today, you may have to step in, but boy, do we have a spicy amita ball to start the show.
This week we received an email, uh, and, uh, I think it could cause some pretty heated debate. [00:10:00] So let's get to that email right now. Here it is. Dear Pete, the planner.
Kristen Ahlenius: Next,
Peter Dunn: some of our retirement savings is being managed by an investment advisor. We hired four years ago. Quick timeout, Dame I saw your eyes, I'm doing the same thing.
I'm trying to think what is going on in the economy four years ago. So it takes us to 2021. The market did really well in 2020 despite the fact that we were all terrified. It did really well in 2021 and then it dumped in 2022. Okay. The advisor is trustworthy and has high integrity, but I have three concerns.
His fees are 1. 25 percent. The emailer notes, considering the 4 percent rule in retirement, which again we could debate for two more segments, fees would equate to 25 percent of our annual distributions. [00:11:00] Number two, he has underperformed the market. I would be less concerned about fees if we were at least close to market performance, but we're not.
Number three, we don't meet or get portfolio updates aside from our initial sit down and a couple of meetings where he gave advice. We don't have any quarterly annual reports or conversation about our financial future. It seems like the spectrum of expectations for advisors is pretty wide at a minimum.
I feel like we should be meeting once a year to review our portfolio, talk about goals and do some intentional planning for our future. What should I do? Sincerely fee lean overwhelmed. I asked for a follow up how many assets and it's about a half a million bucks. So you both of you are certified financial planner practitioners or certified financial planner professionals, which are the same thing.
Just the CFP board is tedious, which I can say because I'm not a subject to their discipline. Crystal, let's start with [00:12:00] you. Um, Where's your head go here?
Kristen Ahlenius: You know, I'm a little on the fence about this fee and whether I feel that it's appropriate given the level of service that they're receiving.
Peter Dunn: Uh, what has you on the fence?
Kristen Ahlenius: Well, I mean, it feels high, no?
Peter Dunn: Yeah, that, that's where I'm like, that's where I'm wondering where you're not on one side of the pasture or not, because it doesn't seem like a fence sitting fee. One percent could get me on the fence. One point two fives got me standing in cow patties.
Kristen Ahlenius: Okay. But the reason why is because, because we are so pro financial advisor on this show, I'm trying to give this professional the benefit of the doubt and say, cause really what I'm concerned about as an underlying issue here is, is this all just a by product of. Less than great communication. [00:13:00]
Peter Dunn: That's a really good point.
I had not considered that before we dig deep into that. Dame, what are your initial flags?
Damian Dunn: Um, I mean the fees I'm, um, if you hadn't thrown the asset level in there, I wouldn't know if I'd have as big of an issue with the fees as YouTube might, A buck and a quarter is becoming pretty darn normal. It seems like Pete, I don't know about you Back when you and I were doing this professionally, it seemed like the standard was
Peter Dunn: one Yep, and that's my basis of understanding.
I was 20 years ago when I used to be Useful
Damian Dunn: and the conversation was that fees were going to get eroded. I mean they were just going to go down Like one was the high point and we were going to see just a consistent drop in what you were going to be able to charge for the Average client with the advisors I talk to these days.
That's just not the case. These [00:14:00] have actually gone the other direction. So, I mean, we could argue whether or not a buck and a quarter, sorry, 1. 25 percent is reasonable for somebody with 500, 000 of assets. I think that gets back to what Kristen's point is. If the services are there to justify it potentially, but I, I don't want to chase any of these trails too far just yet.
So the fee potentially is the one thing that really jumps out at me. Is no regular meetings or reports that that is
Peter Dunn: bothersome. Well, that goes back to Kristen's point though, that, and, and it makes some sense to me. This could be a communication problem. Potentially, right? Like Chris Crick, Kristen, what's your name?
Cricket cricket. I sound like a cricket today. Cricket. Um,
when you, when you engage with a financial advisor and they say, it's going to cost you a buck 25 a year. [00:15:00] Um, And here's often, don't they tell you how often you meet or what you get for that? Or I look over it like, well, how does that work?
Kristen Ahlenius: I would think so. But also if there isn't communication happening of I'm not satisfied with the level of meetings, and maybe there is, we don't, I don't know, but if this person's not saying, Hey.
Financial planner. I don't feel like we're meeting frequently enough. They might think that this particular client is okay with not meeting because as the three of us know, there are many clients who are okay with just that. They don't need to hear from their financial professional. That's what I pay you for.
Damian Dunn: Yeah, that should have been established at the meeting where you're signing all the paperwork to have a professional relationship together. You should have a baseline understanding of, hey, let's plan on meeting at least once a year for an annual review. And then if you've got phone calls or emails that you need to need me to field in the meantime, let's do that.
And then if there are additional face to [00:16:00] faces that need to happen, we'll cross that bridge when I get when we get to it. But the fact that there are no regular meetings. Is I can't imagine signing a signing contract saying basically you're just going to manage my money and I mean, you'll get your statements from the the broker dealer at this point that just doesn't make any sense.
Kristen Ahlenius: People do that all the time.
Peter Dunn: Alright, here's how I'm thinking about this for 6200 a year. Right. 6, 250 a year. Is it a reasonable expectation of the client that they're able to sit down four times with this person? I, I actually agree, Kristen. I, I think we gotta start there. I, I don't think. For a 6, 200 fee.
And for some people hearing that, it sounds like a lot. Uh, I don't think it's a reasonable expectation to want to sit down or talk every quarter to sit down semi annually. I could be [00:17:00] convinced and by God, of course, annually. Um, but Dan, what do you, what do you think quarterly? That seems like quarterly is way too much on top of that.
Damian Dunn: Yeah. I mean, unless you've got a super involved. Situation, uh, where you, you need a little extra handholding, maybe to get things started. Uh, sure. But at that point, I mean, there's, there's just not gonna be too many moving parts with half a million dollar portfolio at this point. And so you are going to talk about, uh, investment performance, re address any goals, make sure priorities haven't changed.
And semi annually is the most that I think you would need to meet with somebody in that, that case. And annually is very, very likely appropriate.
Peter Dunn: Here's what's going to be frustrating to this emailer. Half a million dollars, I guess we could say objectively is a lot of money. But for a financial advisor, half a million dollars is not a lot of money.
No,
Damian Dunn: no, you're probably, you're probably a B [00:18:00] client at best.
Peter Dunn (2): Mm hmm.
Peter Dunn: Oh, uh, uh, depending on who the advisor is, you're, you're right. Probably C client. Probably. Yeah.
Kristen Ahlenius: Yeah. The old saying. Planner might be managing this.
Peter Dunn: Yeah. The eyes of the advisor are not going to this client. What's the old saying? If you have A clients, B clients, and C a later clients, right?
Kristen, do you like that one?
Kristen Ahlenius: All
Peter Dunn: right, let's do this. Let's take a break. Let's calm down, take a lozenge and then we're anyway, and we'll come back. We'll dig deeper into this question. Should this email or fire their financial advisor? All that's next on the advisor friendly. Pete, the planner.
You guys want to hear a very, um, on brand thing happening to me right now in the moment. Yes. I'm getting text messages from my friend who's on a flight back from Dubai
about a soccer tournament. [00:19:00] Oh, of course. Yeah, it's very, I'm, I've told you, uh, and, and Kristen, you don't know this because you don't hang out with other dog parents. You don't become friends because the dogs became friends first. But dame gets this. The people you come become friends with because of your kids activities.
It's the it's the greatest surprise of life It's It's the best. Like if you took your dogs to doggy daycare and they're doing a little extra sniffing around a special dog and then now you've got to become friends with that person, that's weird. Like that's borderline criminal. But Dave and I, our kids hang out with some other kid we don't know and all of a sudden we're having beers with Their parents.
Damian Dunn: Yeah, I mean, the swim weekends are long. I mean, you just, you gotta go find time to do something semi enjoyable and
Peter Dunn: that's it. Uh, regular of the show. Brian agrees. He knows he's always, his daughter plays basketball and gymnastics and it's just like Just part of the community, it's [00:20:00] what you do. Uh, speaking of, one of our other friends, who's Irish, was in Ireland at his homeland over the, uh, the holiday.
Comes to pick up Theodore for some soccer training this week. Brings me a bottle of Irish whiskey that he bought for me in Ireland. Like, this is what I'm talking about, and it's dry January, so I could've, I could've used it.
Kristen Ahlenius: It's dry first quarter
Peter Dunn: in it. Well,
Kristen Ahlenius: that's what you said
Peter Dunn: When have I ever listened to anything I've said You guys I've got two things.
I want to talk through Maybe we have time for both of them right now. Maybe one during the next break, but what do you all Kristen your choice? current YouTube Rabbit hole I found myself down or when I lay awake at night thinking about what do you want?
Kristen Ahlenius: The latter. Your geeky worries me.
Peter Dunn: Alright, we'll hit that one in the next segment.
I actually shared my YouTube rabbit hole with Mrs. Plainer last night. Never seen that look on her face before. We've been together for almost 30 [00:21:00] years. I've never seen that look on her face. It was disappointment plus confusion slash, like, joining an attorney. Alright, Dame, this may resonate with you.
First of all, scale of 1 being, oh my gosh. How do you feel about sandwiches, Dame?
Damian Dunn: I love sandwiches. I'm probably, uh, I'm a, I'm a seven,
Peter Dunn: eight. Kirsten? Maybe.
Peter Dunn (2): Ten.
Peter Dunn: Yeah, I'm a thirteen. Like, I've, I've got sandwich problems. So I'm laying awake these last few nights thinking about making the perfect beef on weck.
Which is a buffalo sandwich, buffalo New York sandwich. It's a German. Kaiser like roll called a Kimmelweck roll. So it's got like coarse salt and caraway seeds on top. So I'm gonna make these buns. Then I'm gonna make my own roast beef with this top eye round and then I'm getting this meat slicer so I can thinly slice it.
[00:22:00] Take a little au jus, dip the top bun in the au jus, put it over the fresh sliced medium rare or roast beef and then some prepared horseradish cream. I can't sleep the last two or three nights. I've been thinking about making this entire extravaganza and uh, And then I go to talk to my life partner about this after I also broached the topic of my YouTube habits.
She's not interested in, in entertaining that conversation. So I'm just out reaching to you all to see
Damian Dunn: what you think. First of all, this is a great opportunity to revive Pete's Eats. Uh, for that. Look at my chins. I, but then I was going to say, but second of all, this is how you grow chins in the middle of the night.
What do you think, Kristen?
Kristen Ahlenius: Did you know the name of the beef that you'll be eating?
Peter Dunn: In terms of like, the cattle?
Kristen Ahlenius: Yeah.
Peter Dunn: Okay, this is also bothersome. Friend of the [00:23:00] show.
Damian Dunn (2): Oh, oh. Oh jeez.
Peter Dunn: Wow. Shirtless cowboy, Neil Brown, says that sandwich is generally disappointing. First of all, that's not right. You're, you're wrong, chef.
I will say this, that Neil did something very nice for me, uh, two nights ago. I asked him why my pan sauces are terrible in our group chat. Kristen, what's that? This is what old men talk to each other about. I was gonna
Kristen Ahlenius: say, your group chats are just It's not relatable to me.
Peter Dunn: What do yours talk about?
Kristen Ahlenius: We're going bowling today, maybe.
Peter Dunn: So my group chat is Neil and our buddy Chip. It's a book recommendations, recipes and job stuff. Like it's like, it's, it's the weirdest thing anyway. Anyway, he made a dinner last night to show me the viscosity of the sauce and the quality of the bubbles. Within the reduction that should be, he's a James Beard nominated chef, like he's a big deal.
But that's [00:24:00] my group chat, is videos of viscosity and bubble size. Uh, but it is hurtful for him to say the sandwich is generally disappointing. I don't like it. to make it yet. Would it be a fun team building activity if we had Neil come and do a cooking class for all of us, where we learn to make like a really good iconic dish, would that be fun?
A demo. Yeah, absolutely. All right. Do that at reunion. Let's get back to the show. My voice is fading.
Damian Dunn: Three segments to go.
Damian Dunn (2): Oh my gosh.
Peter Dunn: Neil Lawson. Three, two, one. Back on the Pete the Planner show. Staying calm. Answering questions about whether an emailer should dump their financial advisor. There were three reasons they wanted to. Number one, they're paying 1. 25 percent a year on 500, 000 assets under management. [00:25:00] Number two, they're underperforming the market.
Number three, they're not meeting, uh, as much as they want to meet with the advisor. So far we have debated. But mostly agree that the fee could theoretically be too high. Although Dame has noted that fees have sort of gone up, fees have gone up in the financial advising world, which is weird because in most of the financial space, you see fee compression.
Um, so 1. 25, uh, let's just get binary here. 1. 25 on 500, 000 of assets, Dame average, high or low for you. That's not binary
I
Damian Dunn: I think it's average these days.
Peter Dunn: I think it's ternary is the three average Kristen
Kristen Ahlenius: Average,
Peter Dunn: I'm gonna be a jerk and say it's too high. [00:26:00] Okay, but I'm gonna say it's too high in relation to This doesn't seem like a young advisor building their practice where they're going to over serve you to build their book.
This seems like an established advisor where this person's a C client, so you're paying more for this established advisor who's not going to talk to you. Okay,
Damian Dunn: let's say that's all true. If the fee's the fee, I mean, then it's the service that's the issue. If the fee is what could be expected at a smattering of other opportunities or other options with financial advisors, then it becomes finding the right service fit, right?
Peter Dunn: Yes, I think that's true. But we've also just agreed before the break that four times a year, which is what the emailer kind of wants, completely unrealistic. Yes. Two times a year, maybe. Kristen, do you disagree?
Kristen Ahlenius: Well, I think that maybe we're [00:27:00] glossing over the fact that there is a distinction with the difference between Um, in practice, a financial planner and an investment advisor.
And what is this professional actually doing? Are they kind of a mix of both? Are they really one or the other? It sounds to me like the emailer really wants more of a financial planner. They're dissatisfied with the investment returns. They want someone to check in. Am I on track? To me, that's planner territory where you would.
Pay like a flat fee for that one time or multi time a year financial plan. It could be a misalignment of just like what this professional actually does.
Damian Dunn: And I'm, I'm wondering, you know, I think the complaint was no regular meetings or reports. Are we confusing face to faces of phone calls and emails with just touches like could email automated email reports on performance?
Satisfy [00:28:00] this need, uh, two to three times
Peter Dunn: a year. I think Chris and I kind of disagree with you. I think this is about investment advice. I think this is about the emailer read something and would want to talk about it, uh, in the news or in investment news or has an idea or sees a trend. And then those sort of.
Uh, outreaches are not welcomed because the advisor is like, I'm a buy and hold advisor, which is incredibly likely.
Damian Dunn: Yeah. I mean, I mean, and that turns into maintenance and time, uh, for, for that client. And if you're, if you're a financial advisor and you are welcome to feel any way you want about this, this next statement.
They can't afford if their business model is not built on that, that fee is not enough to have that many conversations throughout the year.
Peter Dunn: Do you think [00:29:00] a financial advisor should say to a client, Hey, based on the assets I manage, you're on the lower end. And so you're not going to get as much attention as you maybe want.
And maybe you should go with a client where you're on their higher or an advisor where you're on their higher end. I think it'd be a
Damian Dunn: fair disclosure up front saying, listen, my, my business is typically built with clients that have assets between this range and this range. It's going to put you solidly here, which means this is the service model you're going to get.
Here's what we do. Here's a service calendar that we have here. The things that we try and do each month or each quarter. And if, if that's not something that you're comfortable with, then this may not be the best fit for you. Obviously, you're welcome to reach out to us with any concerns or questions that you've got, but you may not be talking to me directly.
You may be talking to a pair of planners or somebody else, uh, at that point. So that's how we do businesses, how we're planning on servicing you. And if that's not up to your expectations, then this may not be the best fit.
Peter Dunn: Kristen, how do you start to get your head around [00:30:00] investment returns? Because this is where I think the rubber hits the road.
Um, the last two years, the S and P 500 has been over 25%. Um, and so should, Dame, I think you said this, or actually, Kristen, you said this of like, you gotta make sure you're measuring your performance against the right index. Like what, what, how should the average investor. What is the market? The market returned this, is it the S and B 500?
Should it be like, how do you start to think about that?
Kristen Ahlenius: Yeah. So first of all, I was still kind of taken back by Damien's explanation because I don't want to skip over the fact that I thought that response was really great, but it's when we're thinking about the appropriate benchmark, when you initially read this email, that was one of the very first things I thought was.
Just because that's what the market returned doesn't mean that that's what we should expect as investors. I'm sure that my portfolio didn't return what the market did this year and that's okay. And so that's why benchmarks are [00:31:00] so important. And last week, Pete taught us all about beta. And that's why you should look at the alpha of your portfolio as well.
Peter Dunn: Well, Dame 25 percent a year, the last two years, can a client look at their portfolio and say, I better be close to that or this isn't going well. Is that a fair expectation?
Damian Dunn: I mean they can look at it and say that I don't know that it's fair I mean depends on what your allocation composition is and your diversification.
I mean goodness You and I even had this a moment of this not that long ago when we were just Suddenly messaging each other about hey Have you looked at your returns in the 401k and we were like, yeah, it seems kind of low and then it both hit us Well, it's not because we're not invested solely in the sp500.
We've got Large cap, small cap, international, the smattering of bonds and cash in there. Of course, it's not totally fair for us to judge our returns based off of something that went up 25 percent when we've got all these other components in there [00:32:00] that are influencing the overall outcome. So, you can look at it.
That's part of a communication problem, for sure, between the advisor and the client, making sure that they understand what benchmarks are and what's reasonable. For expected return. Now, if they aren't measuring your performance versus a reasonable benchmark, there are some questions there. I would make sure that that's part of your annual review is that you are getting a reasonable return against a reasonable benchmark that is not out of line at
Peter Dunn: all.
Kristen, would you actually ask what benchmark should, are you measuring your own performance against the advisor?
Kristen Ahlenius: If I were the client, yeah, and I'd be asking about alpha.
Peter Dunn: Can you explain alpha for those that don't know?
Kristen Ahlenius: Yeah, so alpha is your risk adjusted return. So Pete talked to us about beta and how having a higher beta than one, the overall market.
Would mean that you were taking [00:33:00] in theory more risk where there could be more volatility in your portfolio So the idea is when you factor that risk or volatility into your return Are you outperforming based on the amount of risk you're taking or are you underperforming based on the amount of risk you're taking?
Peter Dunn: So I mean to that point Dame does this email or just simply go and figure out their alpha or ask the advisor for their alpha and that could solve the whole problem
Damian Dunn: I mean, to some point, but if they're really hung up on underperforming the market, I mean, they, again, you've got to establish that first and foremost of what, what is the market for you?
What does that actually look like? And then go and look at alpha and see where you're standing in software. These days should absolutely be able to have an alpha number for the aggregate portfolio. It shouldn't be difficult to pull that up at all.
Peter Dunn: All right, we're going to take a break. We're going to come back.
We're going to land on what this person should do. You have to have a or no depends. There's no depends answers. All right, that's coming up next right here on the Pete the [00:34:00] Planner show, if I still have a voice. I'm Pete the planner. Lee Eisenbarth, new father.
Damian Dunn: That's right. It's a cute kid.
Peter Dunn: He's a cute kid.
Congratulations, Lee, to you and your growing family. Glad everyone's doing all right.
Damian Dunn: Rumor has it that kid might, might receive his very first flashlight very soon.
Peter Dunn: Needless to say, the kid will have a good head of hair. Great hair, that Lee Eisenbarth. Did someone just, uh, open an old gate? What was that?
There was a squeak in my chair. I'm sorry.
Kristen Ahlenius: My chair squeaks too. Any
Peter Dunn: critters in the barn today, uh, Dame? I'm sure there are. I just haven't seen them. Jameson wants to know if, how's the prenatal chiropractor doing next door? It's doing okay. It's a, we're happy. Any business, any small business, we're, uh, supporters.
Damian Dunn (2): You
Peter Dunn: do hear quite a bit of carrying [00:35:00] on through the other end of this drywall here. But look, I'm here to, we're aligned, the chiropractor, it's an alignment joke.
Damian Dunn: I know, you're staying corrected.
Peter Dunn: Alright, so here's my YouTube rabbit hole. And this is coming off some pretty weird ones in the past. The weirdest to date is probably Indian head massages.
Which still I mean, it's the classics. I'll jump on there and watch it. I obviously love bourbon videos. I love cooking videos Here's my current obsession drunk people getting arrested at airports
It's the best it's the best
But here's what here's what's bad about it. You're kind of getting entertainment off of someone's worst now That's where you feel a little bit bad, but at the same time, [00:36:00] it's pretty fascinating.
Damian Dunn (3): You still dabble with the stolen valor videos that, uh, the dude I sent you
Peter Dunn: from time to time, what's his name?
I can't remember. I'd have to look it up, but I don't know. Yeah, I know they pop up, but I do like a good, uh, airport drunken arrest video. Cause they're like, uh, what, what's the problem here? And they're like, and then they can't, they can't talk. And then they're say that I'm not drunk. I've only been drinking for the last five hours.
And then they get, then it goes like this. The airline won't, it's, it's, it's very procedural. The airline won't board them. The second they refund the ticket, as opposed to rebooking them, that's a very dynamic moment of you're about to get banned from the airline for life. Then the cops get them outside of TSA because when they're on the other side of TSA, since they've got their money refunded, they no longer have a boarding [00:37:00] pass because it's not active.
So they are trespassing. It is, it's, it's wild. And I'll say, oftentimes these cops are the most patient people in the world. You're watching. They're like, I, I would snap at this point. They're like, Hey, like, let's just get you out here. So you can figure out, you can sober up and then the people are losing it.
Anyway, my favorite thing ever.
Damian Dunn: I think that you have a big thing where you can like walk up behind somebody like a big lasso and just put it around them and tighten it up and then just, you know, escort them out that way. They'll
Peter Dunn: never see it coming. I do feel a little bad. Like since I was a kid, I used to watch cops and then I watched on patrol live.
And then I love like body cam videos. I do feel a little bad. I gotta be honest that I'm watching someone as entertainment. In their bad days like that. I feel bad about that. I feel like the character flaw of mine. How do you feel? Kristen? You haven't said anything.
Kristen Ahlenius: Well, I feel like there's someone that you're not, um, thinking about in this scenario, which is [00:38:00] the Christians of the world who are sitting like on the edge of the camera view who are just like melting into a puddle of anxiety because like any sort of like confrontation in public among strangers makes me just like Shoot into orbit.
I cannot handle it. If someone was being arrested in the airport. I don't know if I could get on the plane
Peter Dunn: Whoa, that was an edge case. I did not expect their game Had you ever considered them the people watching the drunk person get thrown off the plane?
Peter Dunn (2): Oh,
Damian Dunn: all right I mean, so I'm focusing on Kristen here.
Like so if you see two guys square off and Are you, are you getting, are you like terrified?
Kristen Ahlenius: Gone.
Damian Dunn: You don't stick around for the free entertainment?
Kristen Ahlenius: Absolutely not. I don't trust strangers. Alright,
Peter Dunn: Kristen, I, I, I'm gonna wade into an uncomfortable territory here. Oh
Kristen Ahlenius: boy.
Peter Dunn: You live in a small town.
Kristen Ahlenius: Currently, yes.
Peter Dunn: Or when you move into, [00:39:00] where are you going, Manhattan?
Kristen Ahlenius: I haven't always, like, lived on, like, Little House on the Prairie. I've lived in cities, but go ahead.
Peter Dunn: So there's a local watering hole, right?
Kristen Ahlenius: Yeah.
Peter Dunn: I'm guessing you've been there.
Kristen Ahlenius: Once.
Peter Dunn: Only once?
Kristen Ahlenius: Or twice.
Peter Dunn: Okay. And so, uh, a disagreement, uh, a kerfuffle, uh, probably not that unusual.
Kristen Ahlenius: Relatively, actually.
Peter Dunn: But you're saying if you're sitting at the local watering hole in a small town, And, uh, and this, we're not talking Roadhouse, which again, iconic movie. Um, and two people start to fight, you just get anxiety over the fight that's happening?
Kristen Ahlenius: Absolutely.
Peter Dunn: Dame, what do you do? I think Dame goes and tries to break it up.
Gentlemen! He flashes them with his flashlight right in their pupils. Gentlemen! Rick! Rick!
Damian Dunn (2): Stop
Peter Dunn: Rick!
Peter Dunn (2): I, I
Damian Dunn: sit back, I try and get my back against the [00:40:00] wall, that way nobody can Assume that I'm participating. Nobody can sneak up on me that way. And I, I enjoy
Peter Dunn: I like back against the wall. That's a well informed perspective.
Here's my answer. I would never be there. I would never be there.
Sounds like as my dad always said, nothing good happens past 10 p. m. It's true. Nothing good happens after 10 p. m.
Damian Dunn: I've been to some concerts where a lot of really good stuff happened after 10 p. m.
Peter Dunn: Nightmares fuel. Thank you. I'm now thinking about the traffic, the parking, the crowds.
Kristen Ahlenius: Now you know how I feel about strangers being rowdy in public places.
Peter Dunn: Three, two, back on the Pete the Planner show, hanging on to my voice. It should be better next week, folks. And you're thinking, I don't care. Dame Kristen, uh, join me as always. Uh, here's what we're doing this segment. We [00:41:00] emailer should dump their financial advisor. There were three main beefs, Kristen. I'm going to list the beefs beef one.
We'll call it the fillet. I don't know why I'm doing that. 1. 25 percent management fee. On the half million dollars under management. Beef number two, we'll call this a strip. Poor communication. The emailer wants to meet four times a year, and they barely meet at all. And number three, which we will call, a top round.
Sorry everybody. Performance, underperforming the market. So Dame, there's underperforming the market. And then there's underperforming the market. So let's look 25 percent S and P 25 and a half percent average the last two years, which is monster. What is acceptable underperformance to that for an aggressive investor?
I mean, if you're getting 20, you gotta be pleased.
Damian Dunn: Yeah, I [00:42:00] mean, my next question is, okay, how are they choosing to invest? Are they making picks? I mean, are you absolutely blow a couple of the stock picks, which might be excusable, but if you're doing this through a, a portfolio of basically mutual funds, ETFs and alternatives.
Where you can really try and get closer to matching the performance of your benchmark, then I think that number creeps much closer to the benchmark. So if you are aggressive and you've got a good chunk of money in some individual equities, individual stocks, you are, I think 20 percent is a reasonable undershoot for performance.
Peter Dunn: 20 percent right now. Yeah. It's 20 percent off Kristen.
Kristen Ahlenius: Yeah. I almost think Dane, to your point in the situation where they're invested mostly in, you know, mutual funds, ETFs, that if they are underperforming [00:43:00] the market. I just feel like in the world of investments that we live in, that would just go to show me that the S and P is not the appropriate benchmark.
Because is it, do you, are you really underperforming when you're basically tracking the market?
Peter Dunn: It's so top heavy, the S and P 500. You know, all right. What, what is, what is, again, same scenario, aggressive investor, you're underperforming the market. What is the number of return where you go, okay, this actually is a problem.
10%.
Kristen Ahlenius: You know, I think that I feel when Dame's talking about 20, if I saw the 19, I think that would make me pause. And I don't know if it's just because that. Ratchet down into the next group of 10 is like more alarming. Um, but probably anything less than that is where I start to turn my head.
Damian Dunn: Um, I would go as [00:44:00] low as I would go as low as 15.
Peter Dunn: I'm kind of with you.
Damian Dunn: I mean, I, I keep coming back as we're talking through this performance, everybody wants to feel like they're keeping up when it comes to performance. Even if you're an aggressive investor. And you, you've, you feel like you've got the risk tolerance and the risk capacity to take it. I feel a lot of these questions could be mitigated.
These concerns could be mitigated with an investor policy statement, making sure that you know that this is what you have to get. This, this is our target return for you in the average year is you're going to shoot between eight and 14 percent for whatever it is, but between that, and if you're getting 17 percent when the market did 25.
You're still crushing your IPS at that point. I just don't know if. There's a different way to frame this not to justify what is perceived as under performance by the [00:45:00] advisor But to make sure that you understand you're still on track before Kristen dives in on this IPS hit it investor policy statement It's gonna be like a four or five page statement.
It's gonna lay out all sorts of stuff It's gonna talk about things that you either specifically want to invest in or want to avoid It's gonna give you a target investment rate return annually for that It'll highlight a whole bunch of other stuff that goes along with it, but it's just a way to make sure that the, uh, the advisor and the client are on the same page, knowing what the expectations are for that relationship.
Peter Dunn: Yeah. Cricket. I want to hear your, uh, reaction to the dam.
Kristen Ahlenius: Well, I just, I think the 15 in a year where the market returned 25, if this person really is an aggressive investor, I just, it, for the last, the better part of the last decade, it's been relatively easy to be a high performer. And I just don't know that.
I think that that's enough.
Peter Dunn: I think 15 in relation to 1. 2, you had to take it all together.
Damian Dunn (2): True. [00:46:00]
Peter Dunn: The fee. The, the lack of communication or the miscommunication, I think we're missing an element here though, guys, this person's been around their advisor for four years, which means they were their advisor in 2022 when the market was down 4%.
What did their portfolio return in 2022? I think that tells you as much as anything here. If they outperformed the market, then maybe calm down a little bit. If they underperformed then net fees. I'd probably be, uh, Audi 5, 000, I'd be out. Sure. I think it's reasonable. Kristen, I'm going to put it to you bluntly, and I need an actual answer.
Kristen Ahlenius: Okay.
Peter Dunn: Should they break up with their financial advisor?
Kristen Ahlenius: I do think that they should break up with their financial advisor. Now, do you want the justification, or do we all want to say? Yeah, no, go ahead. Okay. I think they should break up with their financial advisor, because I think that their view of [00:47:00] the advisor.
Fair. Whether the advisor is in the right or in the wrong is too tarnished for this to be a successful relationship moving forward and maybe no one actually did anything wrong here, but their foundation in this business relationship was, it's faulty. It wasn't built right. And I think they need to restart a relationship, knowing what they're looking for in their investment professional re examine their risk tolerance and their risk capacity and find someone that's better suited to meet their needs and their goals.
Damian Dunn: I was going to say not until they do X, Y, and Z, but as Kristen was talking. She's right. I mean, there's already an expectation that I'm in a vibe that I'm not getting what I was expecting and chances are that number of touches or meetings is not going to change even if you sit down or write a letter or email or whatever to the advisor saying this is what I expect.
They're probably going to say either, I'm sorry, or we can [00:48:00] absolutely do that if you're willing to pay us an additional X on top of the fees that we take out of your portfolio for our management. And if you already think that you're not meeting your performance standards, there's no way you're going to write a check out of your, your checking account.
Uh, the checks, Kristen, by the way, is something that we used to have in the old days. Uh, There's no way you're going to take money out of your pocket and pay them more if you think they're already not doing their job.
Peter Dunn: I agree with Kristen a hundred percent. Don't change a word. Kristen. I mean, who knew this is, this is why it's cricket and co here.
Uh, I think they need to break up their advisor. And I think more importantly when they go in to interview new advisors, they need to have a list. They need to say, let's put it together in IPS. Let's understand the impact and the role of alpha that makes in our decision making here. Like. And just, here's the reality, you enter into a client advisor [00:49:00] relationship, uh, as a client with some aptitude in terms of, are you a good client or not?
Like, you just, you are a part of that relationship, and no one judges you for being a good client or not, but you are something, and that interacts with that advisor. And if that chemistry is off, then you probably, to Kristen's point, need to move on, but you need to then be better when you get into the next relationship to enhance and improve the chances of that chemistry working.
And it's by educating yourself of how to be a better client. Um, I still think before I'd pull the trigger here, though, I'd check your returns for 2022. If you were up 10 percent and the market was down four. You might be okay because I think the market's gonna turn here in the next couple years and I'd rather you be on the upside than capturing every point that the market captures in the good years.
Is that fair? Does [00:50:00] anybody hard disagree? We good?
Damian Dunn: No, I think you're good.
Peter Dunn: Alright, let's do this. Let's take a break. I'm gonna find some throat coat tea maybe. I don't know. We got the news. We got biggest waste of money of the week. And so much more. And by so much more, I mean literally nothing else. That's all next on the Pete the Planner Show.
I'm Pete the Planner. Oh, I'm fading hard.
Damian Dunn: You can do it. I talk most of this next segment. That's true.
Kristen Ahlenius: I feel so much pressure. My last week's guest was so good.
Damian Dunn: Nobody expects you to duplicate it.
Kristen Ahlenius: You know what? That's a really good point. The bar is so low for me right now.
Damian Dunn: Uh, my phone is blowing up. A lot of people on your, uh, your thread with, uh, Chip [00:51:00] and, uh, and Chip and
Peter Dunn: Neil's blown up. My mom's texting me, Adam, whoever's texting me.
You're all on TikTok, right? And then Dubai Mitch is texting me. Dubai Mitch.
Alright, let's do it.
It hurts.
I don't even know what I'm doing. What are we doing? Okay, yeah.
I just wanna, I'm getting news as fast as I can. Kristen, I hope you have all sorts of pithy things to say about the news.
Kristen Ahlenius: Yeah, that's me.
Peter Dunn: All right. Here we go. In three, two, one. This week's biggest waste of money of the week right here on the Pete the Planner show is
Voice lessons. No. Uh, Weller Millennium Whiskey. The [00:52:00] Weller brand is known for its excellent and hard to find weeded offerings. It's now expanding into the ultra aged market with Weller Millennium. This expression is a blend of vintage, straight wheated bourbon and wheat whiskeys distilled near the turn of the millennium and matured at Buffalo Trace Distillery.
By mixing whiskeys from 2000, 2003, 2005, and 2006, it highlights the smoothing impact of the wheat on the spirit, resulting in a balanced, complex sip with flavors of sweet caramel, oak, and dried fruits. Bottled at 99 proof. And a 750 milliliter handcrafted crystal decanter with a custom crystal topper hand etched with W.
L. Weller's original W stamp. It arrives in an illuminated display box that is an immediate collection. Centerpiece. I'm gonna give you some additional context here. Okay. Cough my brains out. . . So, to buy Weller, uh, so back to, to [00:53:00] buy the Weller in 2000 or 2003 or 2005 or 2006 to buy like, whatever the age is at the time, which is like four to six years.
Mm-hmm . Would be somewhere between fifty to a hundred dollars.
Peter Dunn (2): Okay.
Peter Dunn: Okay, so if you bought whiskey in the year two thousand, it was probably in the barrel since nineteen ninety four, and you would have paid forty, maybe fifty bucks. Okay. So if I buy the Weller that comes out today, it's called Antique 107.
It would cost me between 1500 and 100 bucks. And I will, I will stop there, and then you can start to guess. Kristen, how much is this, uh, bottle of whiskey?
Kristen Ahlenius: The copy is leading me to believe that it's quite a bit more expensive than the dollar figures that you gave us. So, I'm going to go with 1300.
Damian Dunn: Dave, [00:54:00] what do you do with that? Display after the bottle's gone. Do you just
Peter Dunn: leave the empty bottle in it? I think you just annoy your partner. You just keep it on the counter and they're like we put this somewhere and you're like Yeah, yeah. Yeah, i'm getting to it nightstand. They said it's lit. It could
Damian Dunn: be a nightlight anyway uh I kristen great guest way too low.
I mean, this is a delicious five thousand dollar bottle
Peter Dunn: of whiskey ten thousand American dollars you guys I hate to say it and i'm talking longer than I want because my throat hurts here but the whiskey market Is about the burst coming down. Yeah. Uh, Damon, I don't know if you're reading a story about Brown Foreman or not, but they just laid off like 12 percent of their workforce.
Brown Foreman is Jack Daniels. They closed a Coop Ridge, which is a barrel making facility like. I can't believe it, but, uh, it's actually busting with that. I say, Dame, what's in the news this [00:55:00] week.
Damian Dunn: Yeah, I know you're not feeling very good and so I, I tried to curate some stories that I know will make you feel probably even worse at this point.
I, I know you're a very fond. of big banks. And so I actually have three stories that have to do with big banks. Oh, good.
Kristen Ahlenius: Lovely.
Damian Dunn: They, uh, big banks kicked off earning season strong with America's biggest bank, JP Morgan, posting it's and any U S banks largest ever full year profit of just 58 billion. It's quarter four profits also jumped 50 percent compared to the year before.
But meanwhile, quarter four profits over at Goldman Sachs. They were up 105 percent in the city and Wells Fargo also reported strong results for the quarter, which saw companies getting optimistic about the economy. Thanks to rising employment numbers and an expectation that Donald Trump's incoming administration will be business friendly.
Pete, is it possible? And just search your mind, search your [00:56:00] feelings. Is it possible? Big banks are okay for us.
Peter Dunn: I don't know, but I know they're going to have an unbelievable next couple of years deregulation is going to be amazing. I would also know. Of all the billionaires being talked about for the Trump administration, Jamie Dimon, not one of them. And that there's no banking execs that are part of the whole thing or right.
Damian Dunn: Yeah. I don't think so. None, none that I've recognized, but yeah, I'd think you're right. Next story. The Consumer Financial Protection Bureau may be running on potentially lethal amounts of espresso these days. The agency's been filing lawsuits and issuing rules non stop for the past month and this week it sued Capital One, claiming it cheated customers out of two billion dollars in interest.
The lawsuit alleges that Capital One intentionally confused customers with two separate account options, the [00:57:00] 360 Savings Account and the 360 Performance Savings Account. I mean, it's like car nomenclature right there. You've got the, uh, the Grand Dam and the Performance Grant and whatever. The CFPB claims that Capital One forbade employees from telling existing customers about the 360 Performance Savings Account, which had a higher interest rate than the standard 360 Savings Account.
And that it allegedly kept interest rates for the 360 savings account artificially low around 0. 3 to 0. 5 percent despite marketing the account as having a high rate. Capital One denies the claims because of course saying it marketed the account widely and was transparent about its terms.
Peter Dunn: Kristen the CFPB's toast next week isn't it?
Kristen Ahlenius: That's, that's what they tell me.
Peter Dunn: No I mean really like it's gone next week I, I think.
Kristen Ahlenius: Okay. Maybe not
Peter Dunn: next week but yeah.
Kristen Ahlenius: Maybe, but can I, can I make a confession?
Peter Dunn: [00:58:00] Sure. You don't know what the CFPB is?
Kristen Ahlenius: No, I mean, yes, I do, but no, do I, I
Peter Dunn: don't
Kristen Ahlenius: know that I think that capital one did anything wrong. I
Peter Dunn: agree with you.
Actually. I didn't want to say it. Yeah. Oh my gosh. I don't think they did. We, we have packages and branding and stuff around here. Sometimes you just add plus or core. You add a word and it's, uh, it's un, uh, uh, accidentally confusing.
Damian Dunn: But it's not meant to be. They didn't allow their people to tell, tell their clients about a better option.
Kristen Ahlenius: That sounds
Damian Dunn: They didn't allow them or they didn't encourage them? It's what the copy says. It said, uh, Boston Electrical Capital One intentionally confused customers with two separate account options and that it forbade employees from telling existing customers about the 360 Performance account.
Peter Dunn: Well, the forbade is, uh, is [00:59:00] definitely changing my opinion on what I just said.
Forbade is a strong one. How da Dame, what is Chris even talking about? Shame on you, Cricket.
Kristen Ahlenius: For shame.
Peter Dunn: They're completely in the wrong.
Damian Dunn: Goodness gracious. Anyway, CFPB is gone. Uh, I don't think so. Last big bank story. 230 million. That's the amount of penalties that American Express has agreed to pay over deceptive and strong arm tactics used to sell credit cards and wire services to small business customers.
Amex said that it had cooperated with authorities to address the issues. And then the problems had ended in 2021 or earlier. So we have banks with, uh, wonderful, wonderful returns. And we also have banks that are being accused of shenanigans.
Kristen Ahlenius: Oh, okay. But how much did they have to pay again? American Express?
Damian Dunn: Pocket change. 230 million.
Kristen Ahlenius: Exactly. And they made how many billions? Like come on,
Peter Dunn: did you see the [01:00:00] Robin Hood find this week? No,
Kristen Ahlenius: no, what?
Peter Dunn: I can't believe you didn't even have it in your stories
Kristen Ahlenius: Well, there were so many finds this week. I couldn't keep up.
Peter Dunn: Yeah, I think it was pulling it up right now 30 million dollars Robin Hood was fine.
Oh wait 70 million. Hold on.
Peter Dunn (2): Why
Peter Dunn: it's going up. All these are different stories. Oh I've seen stories over the years In 2020 they were fined, oh this is amazing, 2020 early they were fined 10 million, later in the year they were fined 65 million, uh, in 2021 they were fined 70 million, in 2022 they were fined 30, and there was another story this week, it was like 40 or something million dollars.
Robinhood be getting fined. That's who they are.
Damian Dunn: Yeah. Tax season opens January 27th, congratulations to all you who celebrate.
Peter Dunn: Uh, your household celebrates, it's how the mortgage gets paid. That's right. [01:01:00] Alright, um, I hope I have a voice next week. I mean, this is, this is not great. This is not great. Uh, if not, Cricket's got her voice and she stands with big banks.
I like Cricket a lot. Too much. Alright, everybody. Thanks for tuning in. We'll be back next week. Be sure to watch the show at YouTube, youtube. com slash Pete the Planner. Sending you good vibes. Good vibes are always in the budget. This is the Pete the Planner Show.
You know, the thing is in the coming weeks, we're going to have to explain all the little weird jokes of the show. Like when I say stay getting money at the end, we're going to have to like bring that back. Help people understand it. And then, because it happened in the moment and then became a thing, it actually gets dumber to explain.
Damian Dunn: Well,
Peter Dunn: this is what you've created. Okay, so let me get it, let me practice that explanation that I'm going to have to give in two weeks. Okay. Hey, for new listeners, [01:02:00] at the show I say, stay getting money. Stay getting money and it's because e40 one of my favorite rappers who you've never heard of In a song says the lyrics stay getting money and I think it's a funny turn of phrase So at the end of the show, I say stay getting money and that's why we say it.
Damian Dunn: Okay,
Peter Dunn: see how dead that false
Damian Dunn: Yeah,
Kristen Ahlenius: it's not great. Not
Damian Dunn: great. Not a great at all. I think you're better. Just not explaining it
Kristen Ahlenius: agreed
Damian Dunn: They'll email they'll email in
Peter Dunn: There's just like, there's 15 years worth of dumb inside jokes I'm going to have to like, get people up to speed for.
Damian Dunn: Isn't that what producers are for?
Peter Dunn: No.
Damian Dunn: Should I explain that stuff?
Peter Dunn: How could they? Well, they can make stuff up. We're not giving them a microphone.
Kristen Ahlenius: I cannot wait for, so are Damon and Pete related? Mm
Damian Dunn: hmm. I very nearly, uh, decided to dig through an old t shirt drawer and see if I could find my not related t shirt, but I think it's [01:03:00] gone by this point.
Peter Dunn: Is Kristen, their, their daughter, Uhhuh. ? Are they a same sex couple? And Kristen is their daughter.
Damian Dunn (2): Yes.
Peter Dunn: That's that's what it is. That's the dynamic.
Damian Dunn (2): Yeah. Nailed it.
Kristen Ahlenius: Oh
Damian Dunn (2): yeah. YouTube wrestle alike.
Damian Dunn: I'm the look, I mean, look, you've got the same, we're not wearing
Kristen Ahlenius: the same shirt. Just
Damian Dunn: Case Steve Jobs
Kristen Ahlenius: basically the same shirt.
Alright, I gotta go.
Peter Dunn: Okay. Okay. Um, and as we always say around here,
stay getting money.
