Wealth With No Regrets Co-Creator Barry Spencer
He is one of the CO creators of the wealth with no regrets planning process that allows a process that shows financially successful professionals, executives, business owners, and independent women how to live more confidently by having a custom-tailored financial plan, income plan, tax plan, legacy plan, and legal plan.
He is a registered investment advisor of a boom fish wealth Group LLC, where he’s been a co-founder since 2010. They act in the best interest of their clients. He acts as one of the best inches of the clients as a fiduciary for there for his clients.
Watch the episode here
Brett:
I’m excited about our next guest. He is one of the CO creators of the wealth with no regrets planning process that allows a process that shows financially successful professionals, executives, business owners, and independent women how to live more confidently by having a custom-tailored financial plan, income plan, tax plan, legacy plan, and legal plan. He is a registered investment advisor of a boom fish wealth Group LLC, where he’s been a co-founder since 2010. They act in the best interest of their clients. He acts as one of the best inches of the clients as a fiduciary for there for his clients. Please welcome the show with me, Barry Spencer. Barry, how are you doing today?
Barry:
Great Brett, good to be with you. Thanks for having me on.
Brett:
Absolutely. And for listeners getting to know you for the first time. Would you give us a little bit more about your story and your current focus?
Barry:
So the story of how I got into the business and why I’m doing what I do. Is that what you want Brett?
Brett:
That sounds great.
Barry:
Yeah. So I don’t know, maybe other people can relate to me in this way. Brett, I was entering middle school. And if I go way back, I was entering middle school, I was the new kid on the block, I had gone to a different school. So I didn’t know anyone going into sixth grade. And my parents thought that was a really good idea in hindsight, not really. And I was also smaller than the other kids, I now stand six foot one inch tall. But back then I was really small. I was what you call a late bloomer. And so as a result of that I got picked on and pushed around a lot was not a great experience. So when I, what I didn’t realize until later in my life, what was growing in my heart was a desire to help people who are getting picked on and pushed around, people who didn’t have options, and no one helped them with them. So fast forward into my adult life. And my dad was losing his battle with cancer. He’s losing his battle with cancer. He’s done all he is supposed to do financially. He’s been an entrepreneur, business owner, very successful, financially great family. And then, did what most people do, reach out to friends of his that were broke in the brokerage firm brokerage business and turn over, their money to these different brokerage folks. And then he was supposed to be all set. Well, no one helped him with a plan a financial plan for him, my mom, should they have a long life together or if she was on her own, and no one helped him with a tax plan, either. And my dad was also really generous, and no one helped him with a charitable plan. And after my dad passed away, I woke up executor and trustee of his estate. And I thought, Oh, this is why and I was thinking back to a conversation he and my dad had with my dad, and he said, Barry, you’re going to take care of mom. I thought, why would he say that? Why would he feel the need to say that? I thought he had done everything right. He had a will. He had his, friends that were in the brokerage business. And I thought, why would he say that? Well come to find out very quickly, that there are a lot of things that weren’t handled, that wasn’t considered, from taxes to charitable planning to income planning to exit strategies in you know, his real estate, his business and the like, it was, it was a convoluted mess because the only thing that brokers people really care about is assets under management. If I can just assets under management and make you feel good about the return I’m giving you each year, then that’s fine, but for those that have, more than half a million dollars, there’s a lot more you can usually do and a lot more you really need to do. And that took me a few years to figure out share that story with some folks and people wanted to start hiring myself and my partner is the CPA, he’s the numbers guy and he’s a former auditor so we have audited plans and then act in the best interest of our clients doing a lot of planning tax planning and the like so you know that’s what really drove us in because we other people had the same experience we do and they didn’t have many options and they know who to look to.
Brett:
Beautiful Barry amazing love that desire to help others who perhaps either don’t know or might be taken advantage of and not having a tax plan or charitable plan or financial legacy passing basically passing plan. So, yes, we’re gonna have fun talking about all of that. by the way, Wealth With No Regrets with CO creator Barry Spencer. So you can find Barry Spencer at wealthwithnoregrets.com, bear before we dive into some of these secrets and some of these things that are that you help your clients with. I want to take one other step back, I want to go back to your high school days, and even your college days. I believe we’ve all been given certain gifts in this life. And these gifts have been given to us to be a blessing and help to others. Some people call them superpowers, I think their God-given abilities and gifts. So I’m curious, what are those one or two gifts that you believe you were given? it? Has that helped how you help and bless people today?
Barry:
Yeah, I love how you say that, by the way, because we’ve all been given talents or gifts, the Bible talks about talents, and we talk about gifts all the time. And, and it is right. It’s not for us, it’s for the benefit of others. So for me, I think what grew in my heart was to look out for people. And I way that I do that, I think that was unique gifted is from two points. perspective, number one is just leadership, because I believe what’s really missing in the industry is helping people get clear about what they want, and where they are now. And that’s really a leadership thing, whether you’re in the financial industry, whether you’re running a business, or what have you, vision drives everything. And so that vision and getting clarity, about vision about the future, and what you want, I think is number one, and then secondly, is to think strategically. So those are the second gift, really, I feel like God’s given me. And that is to think strategically, about how these things work, how they fit together, why they matter for you, and how they kind of interact and really interrelate and how it puts you in a better spot, whatever that is. And so those two things, I think are where I spend most of my time and also where it ends up being beneficial for, for clients. And I think also being smart enough to know, I don’t know everything, and I can’t be an expert in everything. And so that’s where my business partner, Scott Noble comes in because he’s super smart, super savvy, auditor, CPA, CFO. So when it comes to running the numbers and making sure they work, he’s just really super fantastic at that. So I just let him handle all of that stuff. And we work really well together. So I guess if you have superpowers, no, the ones you don’t have. And partner with those that have the other ones.
Brett:
Very well said. Absolutely. Let us know. Let’s dive right into it. We’ll focus on tax this time a tax plan, right. So capital gains tax solutions are the podcast is the company. So what’s the number one best secret that you found for helping your clients create a rock-solid tax plan?
Barry:
Well, I wish there was only one thing, but we can focus on one thing here. And I think the first thing is to recognize that you have a tax problem potentially. And so the first would be to focus on the fact that there might be some tax opportunities and solutions and look at your assets. So one of the things that we come in contact with all the time is precisely for your show, in particular, is people with a low basis in a highly appreciated asset, whether it’s real estate or some type of stock or equity, we find it’s often a concentrated position in a large publicly traded stock or real estate that people have worked for a really long time. So either way, there’s a low-cost low, a low base that has high gain. And where we find the sweet spot really, is someone who has also charitably inclined, because whether people realize it or not, you’re charitably inclined, that’s what taxes heart, it’s your social good back, you get to either choose how you get to do that, or you don’t. And so for us, that sweet spot is you find that high gain, and then you find the charitable intent. And you put those two together. And so we use, essentially capital gains, which we call the capital gains avoidance strategy. And essentially, you avoid the capital gain on the sale upfront. But you also fulfill some visionary ideas at the same time from a giving standpoint. And it can be a real lever, it can be a real leverage a leverage point, if you will, for people to be able to accomplish the tax saving, as well as, income as well as the charitable giving piece. So it’s a multi-tier ability for them to do that. Of course, you can make them work, people aren’t very charitably inclined. I mean, there are many different ways to do that. But that’s where we’ve seen a magical connection and a big lever for folks.
READ AND LISTEN TO OUR FULL EPISODE
Comments