Check out my interview with Norman Wasserman on the Business Power Hour with Lisa and the Music Man.
We spoke about a number of things that I feel are important – taking care of aging parents, taking care of your children (special needs or not) and more importantly, taking care of yourself.
That’s what the best financial advisors do – give you the tools and resources to take care of everything and everyone that is important to you.
Watch the video here –
Transcript
Norman Wasserman 00:09
Welcome to the Business Power Hour with Lisa and the Music Man. Live from Studio C at Media Stations in Bohemia, New York.
Good evening, everybody, and welcome to the Business Power Hour with Lisa and the Music Man. No, that is not Lisa. For those of you that are thinking that that might be Lisa, that’s not Lisa. That is a very good friend of mine named Ron Rolleri. And Ron is a lawyer with a firm called Ron Rolleri Law. How smart!
Ron Rolleri 00:44
It’s actually Rolleri Law.
Norman Wasserman 00:45
Rolleri Law. They just call it Ronnie Law.
Ron Rolleri 00:49
Ron Rolleri is too much of a mouthful.
Norman Wasserman 00:51
And you have to roll your Rs. Dylan’s laughing; you’ve gotta roll your Rs.
Ron Rolleri 00:57
You gotta blame my parents for that; I had nothing to do with that.
Norman Wasserman 01:00
Thank you for being here tonight and filling in. Lisa resigned a bit of a sabbatical. And we say thank you for coming in here. Actually, during the summertime, you’re gonna be doing this guest shot stuff again.
Ron Rolleri 01:13
Excellent. Thanks for having me. I’m looking forward to it. And it’s great. Great to be here.
Norman Wasserman 01:18
What kind of law do you practice?
Ron Rolleri 01:20
I practice business and employment law. So I work mainly with business owners, small to midsized businesses, and I help them with everything from starting the business or buying it, all the way to selling it and everything in between. So contracts, employment issues, trademarks, copyrights, really anything that impacts a business from a legal standpoint, I’m there to help with. I’m the general counsel, the outside general counsel to the to the small and midsize business.
Norman Wasserman 01:50
You mean, like me.
Ron Rolleri 01:51
Like you, my favorite client.
Norman Wasserman 01:55
Also a great finance background you have.
Ron Rolleri 01:58
I majored in finance in college, which is a great background for what I do. So yeah, it definitely comes in handy.
Norman Wasserman 02:04
And it was a great background for what I needed just a few months ago. Which was it. So you know, you’ll never forget that time. But anyway, let’s welcome our guests here tonight. His name is Mr. Bill Walters; he is with Transamerica organization. And ladies and gentlemen, I want you to listen to his story. He has a great story. His story has been delayed a little bit because we were supposed to do this a couple of months back. And it didn’t work out right, we had to change some dates, and yada, yada. So we’re here now. And Bill, welcome to the business Power Hour. Thank you for being here.
Bill Walters 02:40
Thank you very much. Thank you for having me for a guest.
Norman Wasserman 02:44
It’s our pleasure, you’re gonna be a hell of a good guest, though, for a multitude of reasons. But let’s go back in time a little bit to when you were a young man, or younger man. And you were in the back of your house and you were playing baseball or basketball, whatever it may be. What did you think about doing with your life? Did you have any thoughts? Did you want to be a basketball player? Did you want to be a lawyer? What did you want to do?
Bill Walters 03:11
Well, good question. I really didn’t have an idea what I wanted to do, except that I wanted to help people and enjoy helping people making a difference in their lives. I just didn’t know what that would be.
Norman Wasserman 03:26
And how’d you get started? Well, before we get there, when I was a young man I wanted to actually be an attorney. And then someone told me I had to go to school, and I didn’t want to go to school….so I got rid of the attorney.
Ron Rolleri 03:42
That’s the downside.
Norman Wasserman 03:43
Yeah, that was definitely…that’s a lot of work, a lot of work.
Ron Rolleri 03:47
I wanted to be a rock star.
Norman Wasserman 03:49
Well, that’s because you still sing and you played a guitar and whatever else might be. Okay, now, let’s go back to Bill and we’ll go back into your history and you didn’t know what you wanted to be. But you wanted to help people. Tell us a little bit about family life and such and what makes you want to help people?
Ron Rolleri 04:06
Well, you know, I have a special needs daughter at home, and in the process…and it’s not a typical special needs daughter where you have an extra chromosome number 21 and you have a round face. She’s just somebody who has some learning disabilities, some hearing disabilities, some reading comprehension disabilities, hand/eye coordination disabilities. When you all roll it up, it’s a lot of things to overcome, as well as anxiety issues, and ADHD. So it’s a nice mix in the gravy or the sauce when it all comes out. She’s a great kid, and very lovable.
Norman Wasserman 04:53
How old is she, Bill?
Bill Walters 04:55
She’s the ripe old age of 22.
Norman Wasserman 04:59
Now, does she work at all?
Bill Walters 05:02
She’s a senior this year at LIM College, and she also works as a nanny.
Norman Wasserman 05:09
Oh, how nice! That’s great! And how old is the child that she watches over?
Bill Walters 05:13
She watches three children at a time: A newborn, 3, and 5.
Norman Wasserman 05:20
That’s crazy. That’s great. And what did she major in in school?
Bill Walters 05:26
She’s a fashion design major, but her real true calling is really with children. And she’s really good at it.
Norman Wasserman 05:34
I went to FIT. Maybe I should call you…maybe we can design something or do something?
Bill Walters 05:41
Well, I think with her, that would be fine. I mean, she was, she went to LIM, she applied at FIT. And her goal was to be the person who would do the window displays and set up the racks of clothing for what is hot and what is not. She didn’t want to do the negotiation for how cheap to make the product and, you know, organize it and import it from China. She just wanted to have it made, put it in front of her and then let her display it and bring attention to it.
Norman Wasserman 06:16
That was the marketing class that I had. You know, when it was Christmas time, what kind of Christmas displays are we going to have, Thanksgiving, summertime when the summer was gonna hit. What’s hot and ready that people were going to be interested in wearing and buying and so on. Is that what she did?
Bill Walters 06:34
That’s what she’s doing. Yes. Exactly.
Norman Wasserman 06:37
For a major chain?
Bill Walters 06:39
Not yet because she’s graduating in the fall.
Norman Wasserman 06:43
What does LIM stand for?
Bill Walters 06:49
Well, I think it is Long Island Institute for Fashion and Merchandising, but I could be wrong. It’s in Manhattan. I just know it is LIM College.
Norman Wasserman 06:59
I had never heard of it. I was just curious; I’m sure the listeners were curious also. So what else with your parents? Was their illness or anything that you had to step up and take care of?
Bill Walters 07:12
Yeah. So when my dad was passing in 2015, on his deathbed he reached up like a Navy man and grabbed my forearm and made me promise that I would take care of my mom. And I said, “Of course.” And I didn’t know what I was promising, because I didn’t have any true background in long-term care. And what I learned was that love isn’t enough. I learned about removing fall risk, setting up medication, going on doctor visits, having personal care assistants, putting in a nighttime bed alarm, and the purpose of adult diapers. And for females, the importance of having diapers that were 12 hour-diapers, because if they don’t drink enough fluid, they become dehydrated. If they drink too much fluid, they get a UTI, and then they have delusions, so you kind of want to have a firm handle on everything. And no regrets in taking care of my mom for the last six years. But my learning curve would have been a heck of a lot better if I didn’t have to learn everything by the school of hard knocks.
Norman Wasserman 08:24
And you started doing this in 2015, 2016?
Bill Walters 08:29
Yeah, I did it in 2015. Starting in May, and all the way up through May of 2021. So six years of taking care of taking care of my mom.
Norman Wasserman 08:42
If I’m not mistaken, you happen to be in the financial world. Is that correct?
Bill Walters 08:48
That’s correct.
Norman Wasserman 08:49
Okay, and what do you do? Who do you do it for?
Bill Walters 08:51
Well, that’s great question. Once again, I work for Transamerica. Basically, I help people. When you say, “Well, what does that mean?” It just means that I keep people organized and get them prepared for the future. So I help them protect their loved ones; I create a game plan for either college savings, or retirement planning, or getting more out of their money in regular savings for long-term care, or just plain old life insurance for protection. I look for gaps in their protection, maybe some other financial advisor set them up but didn’t take into consideration tax strategies during implementation for when they retire. All these things are important, and you should review these on an annual basis at a minimum and make sure that you’re on track for your goals.
Norman Wasserman 09:48
If I’m hearing you correctly, it sounds like you handle both the insurance side and the investment side of things. Is that right, or is it more one or the other?
Bill Walters 10:00
My firm handles everything. I personally handle the insurance and the investment side, but not in stocks. I’m not a big fan of stocks. I don’t mind market index investments through a product, but I do not recommend playing on the stock market.
Norman Wasserman 10:21
So things like mutual funds and those kinds of things.
Bill Walters 10:24
Yes, like mutual funds, investing in annuities, something that has guaranteed or fixed returns or minimum losses, so you don’t get hurt.
Norman Wasserman 10:38
Back in the day, I guess I was…you two guys are too young, but back in the day…
Ron Rolleri 10:45
Don’t kid yourself, but go ahead.
Norman Wasserman 10:48
I always thought that the health aspect was never going to affect me, the health or monetary aspect. And I never took the insurance because I was going to outlive anything and everybody and it was all going to be good. And I was making all kinds of ridiculous amounts of money, and it’s never gonna matter. Boy, was I wrong! I say it right here: I was so wrong. I don’t care what you’re earning, what you’re making. There’s a reason why people have insurance. It’s called protection. Like life insurance–I don’t call it life insurance, I call it “death insurance.” I’m not going to be here, so when I die, it’s going to go to somebody else. But we have it and everybody has it, and we protect our families as best we can. So what did what did you also do to protect your family? When somebody gets recommended to you and they come into your office, what’s the procedure? What is it that you do at Transamerica to get things going?
Bill Walters 11:50
We start by having a conversation, and I ask them: What are their goals? And if they don’t know their goals, then we sit down and we talk about protection. And the first aspect of protection is to make sure that they have everything in writing. By that I mean: Do they have a will? Do they have a trust? Do they have a living will? And getting all those important documents done by an attorney, because I am not one. But I do know a good one that I can refer them to. So, introduce them to an attorney that keeps the records accurate. And the next step is to have them have a conversation with their car insurance person, or their property and casualty person because I want them to get override or an umbrella policy for a million dollars, which really doesn’t cost that much. So it protects them. So what they earn or what they have doesn’t get lost by an accident. So after those two things are into effect, we then do a cash flow analysis, which is money out and money out. And we look for areas where they might be overspending or underutilizing their cash flow, and we determine what their disposable income is, and what their retirement goals are. I’m oversimplifying it, but basically, we figure out how much money they want to retire with, or what they think their budget should be. And we review that, we make proposals, they take a look at it, they decide what they’re comfortable in doing. And then we get started.
Norman Wasserman 13:32
When they have children or other family members that have disabilities, how does that figure into what it is that you do?
Bill Walters 13:42
Well, when you have a child with disability, there’s a lot of things that get ignored, and usually it’s protection and your own health. So a child before the age of 18 that has a disability or is receiving disability income from the state, when they get to turn the age of 18, they become emancipated, or they have the right to make their own decisions. Then they might not be capable of making those decisions for their health and for their well-being. So it’s very important to get a trust in the state that you live in, written by an attorney of special needs in the state that you live in. I keep mentioning in the state you live in because it’s really important. Each state’s laws are unique and there’s no general law. So a trust enables that child to get extra money or income without losing their health benefits and without losing the money that’s dedicated to them for their health insurance, for their food, and for their welfare or the housing that they’re in.
Norman Wasserman 14:53
Do you find that, like, we take Transamerica–and I guess you’ve worked with other financial institutions prior to this one–what is so special about Transamerica? What was it about Transamerica that made you want to stay with Transamerica, become an employee and stay with the firm?
Bill Walters 15:15
Well, I think it’s their longevity and their environment and culture. They’ve been around for over 150 years, they’re double-A rated, and their products are inexpensive. And by that, I mean, for term insurance, they have the best prices in the marketplace. Now, term insurance isn’t the be-all and end-all. But it’s a good starting point for those who don’t have a big budget. And the people and their vast years of experience and combined knowledge and expertise can solve any problem that might be placed in front of them in a group environment, meaning that you’re not only dealing with me, but you’re dealing with people that have 15, 20, 25, 35, 40 years’ experience. And the cases are reviewed and monitored, and recommendations are made.
Ron Rolleri 16:15
I have a friend who he’s an insurance guy; he’s an insurance agent. And he describes what he does as something like, “I make people comfortable with being uncomfortable,” meaning what you just described a couple of minutes ago is talking to people about things that they don’t necessarily like talking about, or like Norm said, you don’t think it’s ever going to happen to you. So I guess, two questions: One, do you come up against resistance when you’re talking to people about these things? “What happens if you die? What happens if all of a sudden you’re disabled, and you’re not able to work, you’re not able to bring in an income?” These are things that people are not comfortable talking about. So, how do you how do you deal with that? How do you make people comfortable, and get them to understand that this really is something important that you need to kind of get in there and understand?
Bill Walters 17:18
Well, first of all, the purpose of sitting at their kitchen table or doing a zoom is to develop an open forum or conversation. And it’s not a sprint. So whether it takes five meetings, 10 meetings or two meetings, I want people to come with questions, and I want to answer those questions. And normally, I start by asking simple questions like, “Are you the primary wage earner?” And most of the time, whoever I’m directing the question at will say yes or no, but in this case, they say yes. “Well, what would happen if you were disabled for six months? How would you pay your bills?” Now, that’s not a comfortable situation, but it makes them think, right? So would you think it would be important to maybe have 60% of that income coming in to you, just in case you were disabled, because a large majority of the population does go on disability income at some point in their lifetime. And it could be for two months, it could be for six months, it could be for two years. This way, it prevents the people from not making a mortgage payment, or allows them to put food on the table, or making a car payment, or staying in the house that they grew up in, and are used to…keeping the environment the same. So I guess to answer your question, the difficult things are easy to discuss if the people know, like, and trust you. And once you establish that base, it’s easy to follow through.
Norman Wasserman 18:59
You know, that is very important, because you know, you and I met at a networking group. And one of the slogans that this particular networking group uses, and it really is true, is that you want to be able to deal with someone that you can trust. Trust is a huge, huge factor. You don’t want to be sold a bill of goods and someone in your position, you’re not in it to make a fast hit. You’re in it to take care of some people and make it easier for them.
Bill Walters 19:35
Correct. The idea is, I mean, there’s good and bad news. The good news is that whatever their issues are, or concerns are, can be addressed. The bad news is they they need to deal with me, right? So it’s, it’s going to be quarterly, annually, because we’re going to meet. What has changed? What hasn’t changed? What do you think you need to improve upon? Are we saving enough? These are questions that you have to review to make sure that you’re doing the right job for them. It’s not about what’s best for Transamerica; it’s about what is best for you as the customer, and affordability, and productivity, making your money work for you. Enjoying dreams and goals, reaching those goals in retirement because you don’t if you don’t have a yardstick to reach out to and say, “Why am I working?” and you’re just collecting a paycheck, it kind of makes life boring. But when you know that your endgame goal in 25 or 30 years is to have X amount of dollars coming to you on a monthly basis so you can create your legacy and create memories. That’s what it’s all about.
Norman Wasserman 20:52
Does Transamerica–the products that you sell or that you offer–are they only Transamerica products?
Bill Walters 21:02
So Transamerica is what I would do approximately 90% of my business with, but there are 38 other companies under my umbrella. So based on the health, the age, any extenuating circumstances, I may choose for the betterment of the client to go to someone else, because of their unique circumstances. So I’m not limited; I’m not a restricted agent.
Norman Wasserman 21:33
So you’re a broker.
Bill Walters 21:33
Yeah, I’m a broker, but in a positive way. I do what’s best for my client, as opposed to what’s best for the company.
Norman Wasserman 21:40
Because you’re a broker you can offer and broker other products to your clients, which are terrific. It’s not like you’re walking into a car dealer, and you can always buy only a Ford or Chevy. You’re a broker. So I mean, I buy a car, I use a broker that can offer me all different types of deals on all different types of cars, and that’s a good thing, especially for the reason why people coming in to go and see you.
Bill Walters 22:08
Yeah, it’s not one size fits all, right? It’s a customized plan, based on the uniqueness of each individual and their family. So you could be sick, you could be young, you could be divorced, and you can have a family with two kids. You could be just needing long-term care insurance, and you’re 74 years old and healthy, and you don’t think it’s affordable, and I teach you that it is. So it’s all a matter of perspective.
Ron Rolleri 22:39
And where is your office? I don’t know if we said where you’re located.
Bill Walters 22:44
We have multiple offices, but my specific office is in South Jersey in Collingswood. But we also have one in Cranford, NJ as well as another office in North Jersey as well. But my office is in Collingswood, NJ.
Norman Wasserman 23:02
Speaking about where your office is located, if people want to get in touch with you, what’s the best way for them to get in touch with you? What’s your phone number?
Bill Walters 23:11
My phone number is 267-278-5062. It is myself and it’s always on.
Norman Wasserman 23:20
And your email address. Do you take emails? Or do you only like text messages?
Bill Walters 23:26
Oh, no, emails are perfect. So I have a unique email address. It’s bill@perfectlyimperfectfamilies.com.
Norman Wasserman 23:37
You have told me that before. Where did you get that slogan, that name from?
Bill Walters 23:45
Well, there’s no real perfect families. Right?
Norman Wasserman 23:47
Exactly. That’s what’s so crazy about what you’re saying?
Bill Walters 23:52
Yeah, so every family is perfect in their most imperfect way, right? So in your eyes, it’s all good because it’s your family. And that’s unique to your family. So perfectly imperfect families, it’s just the families that are who they are.
Norman Wasserman 24:13
Are you available to all 50 states?
Bill Walters 24:17
Yes, I can serve anyone in all 50 states. And if they are from another country and have a green card and a social security number, I can also help them if they’re employed in the United States.
Ron Rolleri 24:34
So how would you meet with someone who lived in Florida or Texas or some state that’s not close to New Jersey?
Bill Walters 24:44
Well, I would I would meet them via Zoom unless it was a special case that required me to fly in. I always prefer a coffee meeting or meeting face-to-face and am willing to drive up to five hours to meet someone, because I like the personal contact. Zoom is fine short-term, but eventually I want to meet everyone I work with. But if someone contacted me from Florida or Texas, and it warranted more than just an initial Zoom meeting, if they were truly intentional, I would have no problem flying in to meet them.
Norman Wasserman 25:21
So far with the time that you spent with Transamerica, what is the one or two things that stand out on how wonderful a company Transamerica is?
Bill Walters 25:34
The first thing is the underwriting process is really quick. And by that, I mean, we have had cases turn around as quickly as two days from the time of submission, and as long as 12 days. So, most cases get processed…if you give accurate information on yourself and fill out a sheet of information or an information sheet, as we enter it in and do the application with you, and you sign off, from that point of signing off, the process is very quick. So that’s one big benefit. There’s not a long waiting time; underwriting is quick. And your coverage starts really soon. And it’s totally different from the other companies I worked for. Underwriting takes a lot longer; it can take anywhere from six weeks to three months.
Norman Wasserman 26:23
That’s crazy. Three months.
Bill Walters 26:25
Yeah, three months.
Norman Wasserman 26:28
A lot of things can happen to you in three months.
Bill Walters 26:31
Yeah, good and bad, right?
Norman Wasserman 26:33
Exactly.
Bill Walters 26:35
So you look at this, and they’re their underwriting is sensational. The turnaround time is quick, the communication is accurate, and that’s really positive. Another thing is that you really have products that are superior in the marketplace, which means you get the biggest bang for your buck.
Norman Wasserman 26:59
Give us a couple of examples, if you could.
Bill Walters 27:02
Sure. I have a person that’s in underwriting now, who’s a 56-year-old male in pretty good physical condition. It took two days for the underwriting to go through. And he asked for a $1 million term policy. And the shocking part is that the cost of that $1 million term policy was under $100.
Norman Wasserman 27:30
That’s pretty crazy.
Bill Walters 27:32
Yeah, and I also had a youngster. And by “youngster,” I mean, someone that was 24, that asked for the same exact policy coverage, with the intentions of converting it into whole life. And their cost was less than $28 a month for a million dollars covered. So why am I saying that? Well, because there should never be an excuse that “I can’t afford it.” If there’s a will, there’s a way. And the key point is to get started, because it’s better to get started today, and adjust later. And make sure everyone is protected.
Norman Wasserman 28:11
I have three children and I have seven grandchildren. And I strongly suggested to my kids: Get an insurance policy, while their kids are really, really young. It costs next to nothing when you go and do that. Everyone that’s listening, that is one of the key things, if you’re looking to really insure your family and yourselves as best you can, doing something like that at a very, very early age is really a great thing for you to go and do.
Bill Walters 28:45
Expanding on that thought: If you invest in the future, or create a legacy for your grandchild, or your own children, the cost of a policy is minimal. By minimal, it could be $45 all the way down to $20 a month. But what’s beautiful about this is it guarantees future insurability. And as they become adults, it gives you five timelines to upgrade or to increase your coverage as you get older.
Norman Wasserman 29:23
So you can also change it; you can change from from a term to a whole.
Bill Walters 29:27
Well, yeah, but with the policies that I’m specifically…you can do that, but what I’m talking about is whole life policies that grow income tax-free on your children right, that are put aside for college savings. But if they decide they don’t want to go to college, and they want to go into IT or they want to be a chef or they want to work in a different field. This enables them to continue accumulating this money for retirement or a down payment of a home and it grows in an income tax-free environment, meaning that what you earn is what you keep. And if you think about that, it gives them flexibility. It gives an increased insurability as they get older because they’re never going to be in better health than when they were as a child, and they’re unable to move forward in life with a guaranteed product. It’s the best of both worlds.
Norman Wasserman 30:23
Good stuff, all really, really good stuff. But you know what time it is now? It’s time to take a little break. Believe it or not, time just flies, when I say it is just crazy on this particular show. Time just flies by. So we’re going take a short break now, about two minutes or so, do a little advertising and we’re going to be right back, Mr. Bill Walters. Stay tuned. Hi, everybody. My name is Norman Wasserman. And next to me is Lisa Rodino. Lisa and I host the TV podcast show called the Business Power Hour with Lisa and the Music Man.
Lisa Rodino 30:54
So what does the Business Power Hour do? We are here to talk about you and your business. We will put you on air for one hour to highlight your business in front of thousands of viewers worldwide, helping you generate more leads to grow your business.
Norman Wasserman 31:11
And we do this every Tuesday night at 7pm right here. What are you doing?
Lisa Rodino 31:18
I’m keeping you on point! My name is Lisa Rodino. I am a commercial loan advisor and broker. Have you been finding that your business’s cash flow is not where you need it to be? Have you found yourself taking from your personal accounts to meet your business’s obligations? Have you found that those quick solutions of quick money are starting to get awfully expensive. My job is to find the right funding products for my clients so they can get back to working with their business and give me the task of finding the best options for their situation. Give us a call today to learn more. 516-268-0350.
Norman Wasserman 32:13
Good evening, everybody, and welcome to Friend Entertainment USA. My name is Norman Wasserman. I am also known as The Music Man. Let me just tell you a little bit about Friend Entertainment; we put on concerts for charities, and we do that everywhere from New York to Las Vegas. We do R&B, Motown, rock ‘n’ roll, jazz, whatever it is that you wish. Friend Entertainment will deliver the best of the best for you and your charity. Here are some of the names of the talent that have performed with us on our stage: Stevie Wonder, Tina Turner, the Temptations, Earth Wind and Fire, the one and only ELO, Elton John himself, Kool and the Gang, and the fabulous Donna Summer. Go to our website, friendentusa.com. That’s www.friendentusa.com. Or feel free to call us at 631-698-9696. 631-698-9696 and we’ll see you at the next show. Okay, welcome back to the Business Power Hour with Lisa and the Music Man with my buddy, Ron Rolleri of Ron Rolleri Law, is that right?
Ron Rolleri 33:26
Rolleri Law. It’s a tongue twister, I know.
Norman Wasserman 33:30
But we’re not going to discuss you. We’re going to not discuss me. We’re going to talk Bill Walters. Bill, welcome back. Well, we’ve got a lot of stuff to go and we’re hopefully going to get all of this in. Again, let me mention this, I’m going to open up the telephone lines. If there’s anybody out there that would like to call in and ask Bill a question, please call 631-987-8477, that’s 631-987-8477 and we’ll put you on the line with Bill and we’ll get your questions answered for you. Let’s jump into some questions that I have put together that I thought might be apropos for you. First of all, the first half of the show was just great. You were very, very, really informative and people have got to love you. I mean, your presentation, the way you handle yourself. I mean, they’ve got to at the very least call you and ask you for a sit-down.
Bill Walters 34:33
Yeah, that would be great.
Norman Wasserman 34:35
That’s what’s going to happen. We’re going to make that happen.
Bill Walters 34:39
Yeah, well, I’m all about positive interaction and helping others and and just bringing to the light what they might not know, which is gaps in their protection or what kind of coverage or help they need to simplify their retirement.
Norman Wasserman 34:57
And I would imagine you go over people’s policies, as well. I mean, forget the fact that they may not have anything, but if they do, you give them a cursory type of meeting.
Bill Walters 35:08
Yeah, so part of the financial review is to review their existing policies and congratulate them for making the right choice in getting started. And then we figure out, if that is doing well for them, then we leave that alone, and we support it, or augment it and build around it, because it might not be enough, or it might not address their true needs.
Norman Wasserman 35:33
Okay, so you do sit with them and discuss all of this. I would think that you would try to switch everything over as best you can, because you would have more control with everything being in the Transamerica world.
Bill Walters 35:47
That’s not the case. If they have something in existence that is truly good, I would not ask them to switch; I would have them stay that stay the course. And I’ll give you a for instance: If you have a policy as a husband, and your wife is also covered, and then it’s a 20-year policy, and in the meantime, your wife becomes uninsurable because she has MS or some form or other form of disability, then you can’t really tell them to move out of that policy, because it’s not in their best interest, right? So it’s not about what’s best for me, it’s protecting what they have in hand, and then make sure that that stays in force, while surrounding it with complementary additions to their protection plan.
Norman Wasserman 36:46
- Let me ask you this question: What’s the most important thing a parent of a special needs child should do?
Bill Walters 36:57
The most important thing would be to get a trust in that child’s name, for two reasons: One, for medical and protection purposes, because if you have a loved one, they might not be very good with finance. And if you leave money to a specific loved one in their name, they might spend it without your approval or discretion. Whereas if you set up the stipulations in the trust on how the money’s supposed to be dispersed, they’re protected, meaning the child and the child’s well being. That’s one. Two is that it enables you to get the necessary income of support around the help from the state. So, my job is to fund the legacy or fund the trust. And the lawyer’s job is to create a trust that’s foolproof. And we work together synergistically so that we can take that and give them a game plan for the future.
Norman Wasserman 38:01
So you said a key word there; you said “trust.” How does one fund that trust?
Bill Walters 38:07
There’s many ways to fund the trust. It could be funded through a life insurance policy, it could be funded through an annuity, it could be funded by cash, it could be funded by any type of investment product that we discuss. Ultimately, what goes into the fund is love, right? Because you’re caretaking for the future. Because if you don’t outlive your child, this way, it sets up a protection plan to ensure that they’re safe.
Norman Wasserman 38:41
If a child loses a parent, the parent passes at an early age, 35-40 years of age, and the child is 10 or 12 years old, how is the child then cared for? Is that from the trust? Or is it another relative that’s involved? What happens in that case?
Bill Walters 39:04
Well, is it a single parent?
Norman Wasserman 39:08
Let’s discuss both; let’s say that there was a married couple and the wife or the husband passed away. And now the child is there with the husband or the wife.
Bill Walters 39:22
So, in that situation, one remaining parent, the primary caregiver or caretaker would be the parent of legal age. And even if money was left to the child as a beneficiary, then if they had a trust, it would go into the trust and whoever was in charge of the trust or the person who was the guardian or the legal person who approved the decisions, they would follow the rules set up. But in that circumstance, most of the time, it’s the surviving parent that does the caretaking for the child and the money would just sit in that until they became of age to receive it.
Norman Wasserman 40:09
Okay, so now we’ll take another step. Now there’s no more parents…there was an accident, the parents passed away, and the child 12, 13, 14 years of age is now alone. What happens in a situation like that?
Bill Walters 40:25
So, when you set up a trust, as well as a last will and testament, you name someone who’s going to be the child’s caretaker, and they would be put under the protection of that legal instrument, that money, if they are are a minor, it would follow the rules of the trust, meaning that if the money was used for the care if the child had special needs, and they needed transportation to do OT, PT, or something of that nature, then the money could come out of the trust to pay for the transportation to and from, and the personal care assistant, right? These are all stipulations that are set up. But the child is protected first and foremost, but you need to get these things established, and in writing is as early as possible.
Norman Wasserman 41:17
Yeah, we’re gonna get to that question in just a second. Well, actually, we’re going to do it right now. The question that I have for you is that if you’re between the ages of, you know, 30-35 and 50-60 years of age, why is it so important to get a hold of you, for argument’s sake?
Bill Walters 41:37
Well, you’re a member of the Sandwich Generation, which is that 30 to 50 year old, and you need some guidance on what to protect first, the order of protection, whether it’s your retirement, whether it’s setting up long-term care, protection for yourself, for your parents, helping your child prepare for college or for the future. And so you have to do proper allocation of your monies, so they can do the most for you. But also the most important thing is getting started. So, getting started, getting organized, it all comes back to your goals, your dreams, and your wishes and me providing a vehicle that’s unique to you to get you there.
Ron Rolleri 42:25
What if someone were young, single, not married, not attached? Why? Why would they need to speak with you?
Bill Walters 42:37
There’s no better time to get started than when you’re young because you’re at your most insurable point. Just because you don’t think you need insurance doesn’t mean that you can’t start saving for retirement to too early. The goal of working is not to work, right? So that’s the time to set away. And the difference between starting at 21-24 and 30 in your retirement plan is an average of $700,000 extra towards your retirement by starting early. That’s $700,000 that you miss out because you start at age 30 instead of age 23. That, to me is different and a large amount of money.
Norman Wasserman 43:21
I would say half a million, $700,000 is totally different, whether you’re retiring or just the simple fact that you know it’s there for peace of mind and security.
Ron Rolleri 43:34
So you mentioned a couple of times long-term care. Talk a little bit about that, and how that works and why that is important.
Bill Walters 43:45
So long-term care is important because it doesn’t subtract from your savings. And so you get in most long-term care packages a ratio of 1:10. What does that mean? For every dollar you put away, you get a $10 return over a period of time. And the long-term care is used to help provide you with security, meaning a place to stay, a spot to live out the final golden years without interruption, right? And that interruption is in the quality of care to your wishes and dreams. But the key or the fallacy is that most people think it’s not affordable. And you should start between 45 and 55 as the time to start putting money away. But you could go up to as late as 74 for long-term care and find a plan that’s affordable for you.
Norman Wasserman 44:50
Is in 45 to 55 kind of late already?
Bill Walters 44:55
Not for long-term care for because you can invest into long-term care for as little as 10 years a small amount of money. And the end result or the savings in that plan, again, is pretty substantial. I mean, the average length of stay on long-term care, to give you some indication, is 48 to 51 months, and most people don’t utilize it until their mid-80s. So if you think about it, if you’re 45, and you don’t use it for 40 years, right, it’s 40 years to accumulate interest. Does that put it in better perspective for you?
Norman Wasserman 45:40
Well, I understand that, but if it was me, I’d be figuring the same age that I am now. Back in the day, I wouldn’t have figured that I might even have needed it, I might have thought that I might pass away at an early age based upon family, like I had a mother and father that passed very early in life.
Bill Walters 46:01
Right, so the average life expectancy right now is 87, right? That means 50% of the population live beyond 87 and 50% don’t. So what happens if you have the fortune of living beyond 87 and into your 90s, right? Who’s going to be able to take care of you, if you’re a fall risk or feed you or incontinence issue where you have to change your adult diapers, things like that? You don’t really want your kids to be subjected to that, right, so you need some help or some aid. And that’s what long-term care insurance can really help you with because they don’t require you to have an accounting for your monthly check. If you lose two of the six basic necessities of life or living: the ability to walk, the ability to cook, the ability to go to the bathroom, have balance issues, dementia issues…if two of those issues are not 100% accurate, you can get a monthly payment. And they don’t ask for accountability and it comes in income tax-free, so that money can be directed towards your personal care assistant.
Norman Wasserman 47:21
Now do all companies waive the fact that they don’t ask you any questions? Or is it only Transamerica?
Bill Walters 47:29
So I can answer to two companies: One of them is Guardian, and the other one is Transamerica. And when they give you your monthly check, they’re not asking for an accounting for those two companies. They’re just getting you your monthly check. It’s up to you as either the caretaker or the individual to disperse it to your services that you’re getting.
Norman Wasserman 47:57
Now, we’re getting near the end, so I want to make sure that I get all these questions in because I think that they’re really important. If you have earnings that are less than 3%, is there anything that you can do for the average person to help it grow?
Bill Walters 48:15
A great question. Transamerica has this product called their Fidelity Midcap 200%.
Norman Wasserman 48:26
Could you say it again?
Bill Walters 48:28
It’s called a Fidelity 200% Midcap. And basically, this product for the last 15 years has performed at 8.72%. But because it’s a 200% midcap, that means that number doubles. So your product, if it’s performing on past history, is going to earn between 16 to 19% annually, and it has a floor. A .43, that’s a positive .43. So what that means in English is despite who the American public puts in office–Democrat, Republican, independent, no political statement made–this product will perform in a positive format with no losses and should earn you high double-digit returns. So when I ask you: “What would you rather earn: 3% or 18% annually?” Right? It’s a no brainer.
Norman Wasserman 49:31
Did anybody ever go the other way? Then did you show them the door when they said, “I want to stay at 3%”?
Bill Walters 49:40
No one has ever said no.
Norman Wasserman 49:43
You’ve got a good clientele.
Bill Walters 49:45
Yes. When they see it, because here’s the thing…it grows in an income tax-free environment. So the true benefit of this product is, again: What you earn is what you keep; you’re not losing 30% to the tax man.
Ron Rolleri 50:06
So, I think all of this has been really great information, but on a personal side, do you have an interesting story that you would like to share?
Bill Walters 50:22
A personal story that I’d like to share?
Norman Wasserman 50:24
One of your clients or, not yourself, but one of your clients that something that you did special to help them in some special way? Or that didn’t start off going the way you wanted it to, but turned out really beneficial to everybody?
Bill Walters 50:40
So I can give you a for instance, but without giving you names?
Norman Wasserman 50:43
That’s exactly right.
Bill Walters 50:44
Yes. So, I have a client that started out in New Jersey, and moved into the Dakotas. And originally, they were working in law enforcement in Cherry Hill, NJ and they got the job of their lifetime in North Dakota as a TV anchorman. So it’s a big life change. So we started this process of underwriting in New Jersey, and then they had a life change, and also an income change–substantially less. So we just adjusted with them, and created a short-term plan in which the underwriting, which was already started, and switched to the state, and created something that could fit into the new budget, and adjust downward until they got onto their feet. Because as you know, when you start new in TV and radio, the money isn’t always there. So we adjusted in midstream. And they were covered once they moved within two days. So that’s a win-win, because we adjusted based on the accommodations and the situation in real time.
Norman Wasserman 52:04
Where is it more expensive to live, New Jersey or North Dakota?
Bill Walters 52:07
New Jersey.
Norman Wasserman 52:09
Even I knew that.
Ron Rolleri 52:11
That’s an easy one.
Norman Wasserman 52:13
What products would you highly recommend that Transamerica has? Is there anything special that they have, or maybe that somebody else doesn’t have, that you could tell the people listening about.
Bill Walters 52:30
So their term products are the best in the industry. “Term” just means for a period of time and there’s no cash accumulation, but it gives you protection and a death benefit. Their Fidelity Midcap, or their Universal Variable Life product that is index-protected, the one I just described, that’s a superior product that makes a difference, that earns high returns, especially in this marketplace. Their annuities, their variable annuities, and their whole-life products are all very good products. They’re safe; the company’s secure. They’re highly rated; they’ve been around a long time. But the key to the whole thing is personalized service and catering the needs to the individual and their needs. So, it doesn’t matter what they have. It’s the matter of finding out what you truly need and discovering that through a conversation.
Ron Rolleri 53:27
What makes the term insurance the best? Because when I think of it, I think of: I buy a policy; it lasts for a particular term. And if I die during that term, then my beneficiary gets the the insurance. So what differentiates one term policy from another?
Bill Walters 53:48
Well, the biggest difference a term policy through Transamerica and something else is that our cost to cover you is the lowest in the industry. That’s what really is the biggest difference.
Ron Rolleri 54:06
So it comes to its cost, it comes down to costs.
Bill Walters 54:09
Well, yeah, so it gives you the biggest bang for your buck, right? Now, they also have products that can last up to 30 years in a term policy. So it could be 5, 10, 15, 20, 25, 30-year policies. It just depends on you. But that’s important, too.
Norman Wasserman 54:29
Do you ever think about kids with disabilities when it comes time to go on vacations and places where everybody can enjoy a family trip? Are there any such places like that around that a family can go with kids that are disabled, and enjoy a lake or park, whatever it may be? Baseball?
Bill Walters 55:00
Wow. So you’re hitting into my dream and into my wheelhouse, right? So ultimately my dream is to open up a play area, a camp for children and adult children with disabilities so they can experience vacation without limitations, which means the rooms are customized to them. They have protection with the oven, with the microwave, with the TV, they can’t break anything. They can play miniature golf, they can have ice cream, they can do fishing, they can do boating, they can do camping, they can have a campfire, they can have s’mores, all the things that maybe a child would not be allowed to do if they had disabilities, there would be no limitations. And if you make it extremely affordable for the family, it opens up a big smile, because now they can take a vacation as a family and create memories that didn’t exist before. So that’s really what my goal is. That’s why I’m working in the field that I’m working is to ultimately put a portion of everything I do towards that to achieve that goal.
Norman Wasserman 56:20
That’s why you are the person that you are.
Bill Walters 56:24
Yes, but it just helps to give back because you’re giving hope but you’re also creating fun.
Norman Wasserman 56:31
You know, if everybody would think the way that you’re thinking this will be a much better world. A much better world. So kudos to you, my friend.
Bill Walters 56:40
Well, thank you.
Norman Wasserman 56:41
That’s great stuff. Okay, we want to reach you, how do we get in touch with you?
Bill Walters 56:47
You can reach me at bill@perfectlyimperfectfamilies.com, or my cell phone at 267-278-5062. Or you can contact you two guys and you could refer them to me.
Norman Wasserman 57:02
Absolutely. Absolutely. And this show will be on our YouTube channel, if you tuned in a little bit late or you’d like to pass it over to a friend that could really use the information that came, please go to our YouTube station and pick it up. And that will be great. Is there any special events that you’ve got coming up, anything that you can talk about now? I know off camera, we had a couple of things that may be a little bit too early. But any hints?
Bill Walters 57:38
I participate in a lot of charity events and I’ll be posting them on my website. But needless to say I’m going to be participating in a couple of autism events coming up in the not-so-distant future.
Norman Wasserman 57:54
I just wanted to put it out there just for a second. You don’t have to explain the whole thing. But I want to thank you very, very much for being on here tonight. Believe it or not, we have about 40 seconds before they’re going to pull the buzzer on us. But Bill, you did a great, great job. I thank you so much for being here. You were worth waiting for; you will absolutely worth waiting for.
Ron Rolleri 58:20
This is information that anybody could use. It’s helpful to anybody, anybody, no matter who you are, where you are. This is information that everybody needs to know. Thank you.
Norman Wasserman 58:31
And it was really great. I thank you; you’re my guy. Thank you very much. And for everybody else out there. I hope you picked up a lot of good information tonight. Listen, like I said, on YouTube. Go to YouTube. Listen to it. Pass it around to all your family and friends. And stay tuned next week, 7:00, and we’ll be back with another great show on the Business Power Hour with Lisa and the Music Man. Goodnight, everybody. Thank you. The Business Power Hour with Lisa and The Music Man is sponsored by Media Stations: Create your own media and have your own station. To get started with your own content, call or text 516-448-2066. That’s Media Stations in Bohemia, NY.
