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Talking Real Money - Investing Talk

Experts Need Experts

Talking Real Money - Investing Talk

Don McDonald

Investing, Education, Business, How To

4.5 • 810 Ratings

🗓️ 3 November 2025

⏱️ 29 minutes

🧾️ Download transcript

Summary

Don and Tom unpack why even smart, financially literate people sometimes need a financial advisor — prompted by Morningstar’s Christine Benz explaining why she hires one. They explore the value of second opinions, professional organization, tax guidance, spending permission, and succession planning. The conversation also draws lines around who doesn’t need an advisor (DIY investors under 50 with good discipline) versus who does (retirees, disorganized investors, and anyone over 65 facing complexity). Later, they tackle listener questions about small-cap value ETFs — comparing AVUV, DFSV, and SLYV — and close with a retirement scenario review for a disciplined 77-year-old federal retiree. A lighthearted finish touches on long-term care insurance, empty nesting, and the Raiders’ black hole stadium. 0:04 Reintroducing the need for financial help (but not that kind of help) 1:17 Christine Benz’s surprising admission: she has a financial planner 2:27 The value of a “responsible second opinion” 3:25 Why Benz says peace of mind has real value 3:50 Reasons to hire an advisor: second opinions, tax guidance, rebalancing, perspective 4:54 When hourly financial advice makes sense 6:38 Organization and accountability as hidden benefits 8:08 The disinterested spouse problem 8:40 Why succession planning matters more than you think 9:32 “Permission to spend” — an underrated role of advisors 10:19 Who doesn’t need an advisor: young savers and disciplined investors 11:27 When to get a second opinion even if you’re DIY 12:18 Spotting bad advice and hidden annuities 13:03 Who does need an advisor: hodgepodge portfolios and over-50 investors 14:09 Complexity and the need for help beyond 65 14:47 The problem of small investors being preyed upon by salespeople 15:52 Listener question: adding small-cap value exposure 16:47 Comparing AVUV, DFSV, and SLYV performance and structure 19:00 Expense ratios and diversification differences 20:18 Don and Tom’s ETF verdict 21:10 Retirement checkup: 77-year-old with pension and LTC coverage 22:06 Evaluating liquidity, income, and survivorship 23:48 The vanishing quality of long-term care policies 24:56 Tom’s empty-nest plans and aching knee 25:43 Raiders jokes and the black-painted stadium Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

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0:05.9

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0:10.2

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0:15.1

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0:20.1

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0:22.9

Battlefield 6 is the ultimate all-out warfare experience.

0:26.0

Available on PlayStation 5 Xbox Series X-Ns and PC.

0:34.7

Reality Radio for a really great future.

0:37.8

We're talking real money.

0:40.2

We say lots of things over and over and over again.

0:47.6

Not to say we're redundant and boring, but we're redundant and boring sometimes

0:51.9

when it comes to certain things that we say over and over and over again.

0:56.2

And one of those things is that a lot of people need help.

1:03.5

Not that kind of help, Tom.

1:05.8

Well, okay, you might.

1:06.8

You see my hand up?

1:07.6

Is that what the deal was?

1:09.0

I need help.

1:10.0

I need help.

1:10.4

No, not that help.

1:11.0

Don't get me started on that road.

1:12.8

You can't. You can't help it. You just can't. It's too late for you. Yeah. We need help. What kind of help? We need help managing our money, managing our retirement, creating an income stream, those kinds of things. when we're getting closer to using the money that

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