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Opportunity in a World of Uncertainty

Recorded on June 5, 2022

Welcome everyone and thank you for joining us for today’s webinar. My name is Ray Supper and I’ll be today’s moderator. Today, we’re presenting Opportunity in the World of Uncertainty hosted by Dennis Bialik and Matt Anderson and his Bialik as a managing partner of TCG advisors and leads the investment team. He joined TCG after serving in various leadership roles with TD Ameritrade and Charles Schwab. He holds the chartered financial analyst certified financial planner and Financial Risk manager designations. He’s a polished author with his book money management mindset how to plan for the expected and unexpected. Matt Anderson is TCG’s head of tax planning and a senior wealth advisor. He’s a former professor at the University of California, San Diego and holds certified potential planner enrolled agent and accredited investment fiduciary designations. He works with clients to implement tax savings strategies to maximize after tax returns on Investments as well as the state planning strategies.

Without further ado, I want to give you soft by what turning it over to Dennis and Matt Dennis over to you. Thanks, Ray and appreciate everybody who’s taking the time to watch this webinar that we’re hosting today. We’re very excited about bringing you our conversation about this year investing in these tumultuous times going into the election as well as some crucial planning tips that we see from a state planning as well as tax planning going into the election and throughout the election. For those who don’t know, TCG we are holding company where we do have a full service Record Keeper in TPA being a k bs. We have a full wealth management offering from Investment Management to full financial planning with tax planning estate planning corporate trustee Services charitable planning and we have full Consulting arm as well that helps people, you know Executives for compensation planning as well. As you know, helping other individuals with deferred comp in some other types of opportunities there. TCG started as a consulting firm and we started off as an Institutional consultant where we would consult them pensions retirement plans benefits for public and private entities in which unique about that space is when you’re Consulting on a pension, for example, you have committees that have three to seven members in it. For example, and when you come as a consultant, you know, you make recommendations to the committee. In that committee can say no they can say yes, they can also even bring ideas to the table and have the consultant work those ideas to see if those ideas make sense. And what we learned is fast forward a couple years the individuals who would work on these committees started asking TCG. Hey, can you work with me personally like you do the company? And what we learned is a lot of people wanted more than just hey, here’s five questions and you go in a mutual fund portfolio. Like everybody else does they wanted something a little bit more customized a little bit more towards their situation because as everyone on this webinar knows every six year old’s different. Everybody’s playing is a little bit different. Everybody’s life a little bit different. Everybody’s investment strategy may be different and that’s really what kind of sparked our growth and now, you know, we take that mindset on how we work with people on a planning side to where we don’t just give them a plan but we help them live a plan and we’re very fortunate. It’s helped our advisory side grow to you know, four billion in assets under management, you know, we’re helping over, people in the retirement side, and it’s also helped us grow to more than a hundred employee’s and now we have offices throughout Texas New Orleans, Kansas City Chicago Southern California with two more offices already planned in, so we can serve more people across the country helping people live a better life.

So one of the quotes who wanted to start off today is we dive into the market is we don’t have to be smarter than the rest. We just have to be more disciplined in the rest the famous Warren Buffett and this year was very unique and one that definitely will stand out for the record. But if you look at volatility this year, we’ve had more % up and down days. Then we’ve ever had in history. And this was actually going into just the end of June. We have not seen a four four percent movement day since June, but this is more than what we saw in the year of the Great Depression. And so it’s a very unique time frame. However, if you look at where the market is today, if you just held study and didn’t panic. You would have been okay? But even more interesting is typically how does the market do after those major days and you can see three of them highlighted here as far as the worst Market Days in history. Happened this year, you know, we see % down nine and a half down seven point six. But as you can see everyone of these years historically one year later has been a double digit return a lot of them in the % plus range. This year we’re seeing very similar rate of return based on where the S&P is and how much the government has stepped into help and where we actually see the market going next year.

So what should we do? Well statistics show that the best penalty kick strategy for soccer is for goalkeepers to stay in the middle. But yet we jump left or right % % of the time. Well, if you look at the bear markets this shows a past history of all the different bear markets that we’ve gone which is a % drop or more in the market from current levels. Well, if you look at the one year after time frame from when this has happened you’ll see that every time frame has been a positive rate of return. And once again an average rate of return about . % When you expand that to three years after your average annual return is percent. That’s a phenomenal rate of return yet. Once again that people jumping left or right people try to time the market maybe too much where they may sell out at the bottom or Panic instead of just holding being steady or being Diversified. Now if we look at where we’re at today stock steel still or near all-time Highs, but when you have a little bit of a consolidation like we’ve seen in the market where earnings starts to recover, but the Price Is Still Remains stagnant or stable that does help to allow the market to expand especially where we see rates as low as they are and right now we’re seeing the average dividend yield of the S&P almost at an all-time low. We’re seeing treasuries at all time low, and we’re actually seeing PE ratios not out of whack where we would typically expecting to see like in where they got up to the plus range.

Now that’s not without being said that there aren’t opportunities in the market. When you do come into a bear Market, one of the things that typically is very attractive is going into the asset classes that have the most growth potential when you’re coming out of it. And so you see the four largest here are typically small cap coming out large growth US Stocks overall as well as large value well going into September we’d only seen large growth outperform. Really when you look at the various asset classes in the market small cap and large value. We’re underperforming by quite a bit going into September. However with that rotation we saw in September. You have the opportunity to lock in some games in large cap growth diversify down in the small cap in large value and we’ve seen % you know return since then, we’re Tech still trying to recover to where it was at the highs of first week of September. But you find these opportunities present themselves that are very unique all the time another area that we found very attractive was in the high yield sector. So in the first week of April, one of the shifts that we did for a lot of people was investing in the high yield index because the spreads of high yield over investment grade. Not only broke basis points, which is what this chart on the right is showing you actually broke basis points in the worst performance. You’ve ever seen following a spread that wide in the high yield Market was . % annualized return positive. It’s never had a down year over a three year rolling period with spreads that wide and so became very attractive for us. And once again, not only we’re getting appreciation there, but you’re getting yields of about nine and a half percent at that time frame. So there are opportunities where not saying you should go to cash but you can find Opportunities within the market to be a little bit more tactical and take advantage of these opportunities. And that’s where once again if you can be greedy when others are fearful. There will always be opportunities but also the opposite is always true be fearful when others are greedy like we saw with tech going in September.

So one of the questions we get a lot and we manage a lot of fixed income for clients as well as institutions is where do we go now with race as low as they are. And if you look at these low yields in today’s market what we’re seeing is we’re seeing more investors pushed into riskier assets either into stocks that are dividend paying preferred stocks high yield Market. We’re seeing a lot more hybrid security. It’s a very interesting time frame in we’re expecting that rotation from safety to risk to only increase once we get past the election and that uncertainty is in priced out. And based on the FED minutes and what they have discussed. We actually see that – is probably how long we’re going to see rates this low unless we unless we randomly see the tenure treasury bounce back or the yield curve steeping on the long end. We expect these to be low. So people who are looking for income from their Investments to live off of you know, we have to be very strategic in what we’re doing and fortunately your typical bond fund or CDs just not going to be able to do it anymore to generate enough income for people live off of especially in an after tax standpoint.

So another thing that we get asked a lot is how do you view about the market going into the end of this year as well as next year? One thing that people tend to forget is what is on the sidelines right now? So we’ve seen the market move up quite a bit on a lot of that has actually been because of institutional investors taking more risk in the market when the market dipped like pensions, for example, like TRS team RS TRS. They all increase their Equity allocation. However, when we look at brokerage accounts across the country in the major Warehouse is a road discount brokerages. We have the highest amount of money market funds that we’ve had in history. And today in the most recent end of month report about % of all investment accounts had cash in there. I mean I had about % average cash rate in a brokerage account. Meaning there is a lot of money on the sidelines waiting for a dip and that’s why ever since the crash. If you look at every time the market has started to drop in this recovery right around % We see more cash moving into the market and we just saw it again last month. There is still a ton of cash to be in this waiting for a dip waiting to buy into the market and any volatility is going to get people that opportunity. Which pricing in if you had about % or about bringing that % down to four percent? You see the S&P above, if that money entered the market as an example. Which is why once you get past the election, it’s still a good time to look at being bullish in the market long-term. Especially coming out of a bear Market. Now as far as Equity valuation a lot of times you may look at the media. They may say stock prices are so overvalued or the US market is so overvalued. And it is in a sense. However, the US market makes up less than % of the global market now and we are seeing very attractive opportunities, especially in the emerging markets in the frontier markets, you know, you’re looking at Russia here, you’re looking at South Korea, you know, which is developed country looking at Singapore Mexico China still trading it very good discounts to relative PE valuations. Especially compared to the US. And we find a lot of opportunities out there if you’re willing to take the international emerging exposure. And people tend to forget that to Emerging Markets did triple what the US did as far as growth goes and we’re starting to see that kind of rotation from evaluation standpoint putting itself together for another repeat of what we saw over a five-year time frame. The other thing that helps us view this as attractive opportunity is what we saw in the first part of this year from Emerging Market stock fund flows, which we saw a huge outflow going into the last two years, which is why you’ve seen Emerging Markets as well as small caps actually trading below their highs in . Which historically when that has happened you look at a three-year performance and you’re seeing about an average of . % analyzed return over a three-year following this kind of outflow, which once again is a reason why? People should look on the equity piece having Emerging Market exposure. And we also see attracted yields and Emerging Market debt as well. And so when you look at a rolling ten year performance and we combine even developed with emerging you still see that. There is a lot of opportunity rolling out of this past -year history that the next years. You’re going to see a large our performance on the international markets versus the domestic Market. Now as far as opportunity goes and fixed income. We talked about high yield in the red line. Here is the high yield index. The blue line is the investment grade index. And when we look at the red line, we’re still seeing yields of about basis points or five point five percent in that space. However, with the investment grade corporate, it has come down to closer to % right now. So to get to you know, that rule of four you have to look at a combination of the two but there have been some attractive opportunities that are investment grade that you may find in the institutional preferred or in the preferred space that attractive but What interesting is in the municipal space which is a tax-free bond market high yield spreads of actually not condensed and the investment grade side has barely condensed as well. It’s condensed a little bit more but owning a high yield index in the muni Market, which you can be very Diversified spread across a thousand different Holdings. You can still find yields where and after tax equivalent could be the same as earning five and a half percent in High Yield Corporate Market or even higher. So we’re seeing very attractive opportunities there that have the opportunity for appreciation as well as income and a good example is JP Morgan runs the largest Ultra short corporate bond ETF in the world jpstand they have a municipal equivalent tax-free. That’s same investment grade as well as same duration. However, it has the same exact yield as its corporate equivalent, but it’s tax-free. We have not seen that kind of dislocation in the municipal Market compared to corporate markets in a very long time going back historically to where you’re getting tax-free yield. At the same yield as a corporate even though you get a tax benefit to it. And these show us some of the details using that same example of where these different asset classes have done year-to-date what the return was from that drop when you look at the February of March rd, drop return since March rd what the volatility looks like. It was interesting about this is it shows us a lot of the opportunity. We’re still seeing from those asset classes as we talked about in previous slide where Emerging Markets becomes very attractive Emerging Market debt has become very attractive from an opportunity standpoint and historically they have done extremely well in these cases, but they have not had the rebound yet that they historically would have had meaning they’re still quite a bit of upside in those opportunities.

So how will the election impact investing? Well historically there has not been any proofread journal or published article that’s been peer reviewed has been able to prove us the statistical significance of a political party versus another. In the presidential as well as in the Congressional. Sections and so what we typically see is there is more volatility going into the election because of uncertainty but the market still does well following the election. And looking at the annual average return stock performance tends to do very well in presidential election years. It tends the lag actually in the midterm election years, but the non-election years it still does well going into a next year, for example. Well, when we look at same party versus divided government when you look at a one year time frame, they’re pretty same once again. People are trying to figure out how they’re going to work together from a policy standpoint. But when you look at a same party, there can be some benefit to it. Once again because policies are actually getting passed in people are actually starting to work together. So it ends up being pretty attractive, but over three years. There’s not much difference just tends to be in that one year.

However, getting to the point of up to the election we tend to see their performance lag. Coming out of the election. We tend to see the market does a lot better especially going into the spring. And that happens because the uncertainty is gone, whether your corporation and you’re working under a democratic policy or conservative policy doesn’t matter you at least know which policy you’re going to be working in you’re going to be budgeting for you’re going to be prepared for. And you have a lot clearer light of where I need to take the business and you tend to see a lot more people enter the market once they have a better idea as well.

So Matt why don’t you take this off with the estate planning and explaining piece of the presentation. Sure. Thanks Dennis. And thanks for that great information on the investment side. I do want to touch a little bit on some planning opportunities here as we see going into the next election, but first just it was mentioned before my name is Matt Anderson. I’m a certified financial planner accredited investment fiduciary. I’m also an enrolled agent. And for those of you don’t know or not familiar and enrolled agent is the person who has earned the highest privilege of representing taxpayers before the IRS. Yeah, and what a privilege that is. So let’s go into some things here. Let me see a shower hands. Sorry a bad joke. We love to do these things in person. But obviously with the where we’re at today. I want you to be thinking about a couple of things here. How many of you believe that having an appropriate structured estate plan is an important aspect of a successful financial plan. How many of you have a will how many of you have a trust and when’s the last time you updated? It has has it been updated in the last four years at TCG. We like to joke around that your trust and your estate plan should really be reviewed with every president. and how many of you have ever had to serve as an executor or an Executor exact, I can never say that word of a will for a spouse or a family member so many of you probably been in this scenario before. What do we think? Well, most of us believe that by the time we’re, we should have a will right? % of Americans who say they would be more likely to create an estate plan if it helps lower their families taxes, which is near and dear to my heart. % of us think that having a wealth out of state plan would help them feel like a good spouse or a good parent. % of us say we’re often concerned about our family’s long-term Financial well-being. And % of Americans say they feel more successful if they created in the state plan. So we all we’re all thinking about it. We all know it. But what do we do? In less than % of older Americans. Had a will and advanced Healthcare directive a healthcare power of attorney or even a financial power of attorney in place. And it’s actually less than that in . And the wealthier no different % of Americans earning between, and, . Have an up-to-date will and only % or any more than, have an up-to-date will. So what polling is back? Now the overwhelming majority of it’s just haven’t gotten around to it. Right. It’s in the future. You know, it’s it’s way down the road. I’ll worry about it when I get there a lot of us think well, we don’t have enough assets, you know to really take care of we don’t really have anything to protect which we all know is not true. So why should we do it? Why should we have a proper estate plan will trust. What If Tomorrow Never Comes? Most people underestimate their their net worth, you know, what about your house? I know this year the housing markets gone gangbusters here in the state of, Texas. Quite honestly, you can’t afford not to do it for a lot of people the barrier to getting started. Just knowing how to get started. Right, you know, how do you avoid probate? How do you meet an attorney? How do you talk to a financial planner? Do most of you understand our probate Works. Do you know where to file? You know, do you know if you need an attorney or if you’re working with a recent version of a will or trust a will is a great thing and it’s something that we all should have but it’s really just a document to take to court and so are we prepared for that? Do you have property in different states?

As mentioned and in my bio I am that guy from California. I apologize ahead of time. However, my wife is from Texas. She went to school in San Marcos. So I kind of feel like I have an in but I work with a lot of clients obviously across multiple different states California being a dominant one there and for clients that have you know have transplanted from California to Texas or from New York or from all these other states what happens when you have properties and different states and do you have that protected and again as I mentioned do you know the differences between a will and a trust and what’s right for you? I put together this estate planning checklist. Feel free to take pictures with your cell phone screenshot, you know, whatever. I think this is a really good list of things to be thinking about for your own self and your family, you know, do you have a current will you know win the last time you updated it? Have you renamed your beneficiaries, you know things happen. We get it right divorces, you know people get remarried, you know, have you made sure that you have the proper beneficiaries listed in all of your retirement accounts all of your bank accounts your house, you know, whatever it might be. How do you created a letter of instructions for your beneficiaries do your beneficiaries know where your assets are do they know where to go and who to talk to should something happen? Are you documents stored in digital format? This is a big one, you know, a lot of us you may have come across this before, you know are you know, grandparents may have had Wills or trust stuffed in a desk drawer along with some stock certificates. We live in a digital age. Now making sure that you have everything in digital format is important in the case of a trust. Do you have a corporate trustee or protector or do you have a family member looking after it, you know are they the right person to do so might be a good time to take a look at that? Is there a plan or team in place? If someone can test the will you know, believe it or not? We come across that quite regularly. And if you’re a business owner on the call, you know, do you have the planning in place to ensure that both your business will survive as well as your family, you know, have you looked into you know, what risks you might be exposed to in that sense.

Now as an enrolled agent and because we did talk about, you know, the upcoming election sort of keeping with the theme of the opportunity in a world of uncertainty. I want to touch on some of the potential tax changes that could happen. Should we see a change in the White House Democratic Presidential nominee? Joe Biden has released a tax plan that would speak to increase taxes on high net worth individuals. Now again, this is only a rough draft and likely will never be fully implemented. They never are but it’s important that we look at them just in case somebody changes do take effect. And of course too Congress is the one that writes bills. They you know, they pass budget bills and write tax codes. So the housing Senate do have a say here, but you know if Biden is elected tax policy outcome will heavily depend on whether the Democrats take majority in the Senate Okay, soIn general the available information about the proposals is limited. It’s clear. However, the overall plan will include a number of complete or partial repealed to President Trump’s tax cuts and jobs Act. It’s also unknown when these proposals will take effect. It’s commonly accepted tax law changes. Usually your past, you know, the very next year when someone comes in it doesn’t matter if it’s their past in the summertime or in the wintertime. They were essentially take effect for the entire or tax year.

So let’s go over some of the personal income tax provisions that we’re seeing. One is long-term capital gain rate and quality and qualified dividend rates would be taxed at ordinary income for those taxpayers with more than a million dollars in taxable income. This would eliminate the long-standing % preferred rate for long term capital gains and qualified dividends in those highest brackets. So what’s the opportunity there? We balance your portfolio tax loss Harvest or non-qualified accounts look and see where to maximize your portfolio income this year prior to potentially paying double in taxes next year. A repeal of the tax cuts and jobs act for taxpayers with income over, essentially taxpayers were married filing. Jointly. They’re currently either the percent or thirty seven percent brackets. We could see that rate increase to . which was essentially a repeal of the Trump tax reform.

So, what’s the opportunity here? Potentially Rock conversions Insurance product distributions, if you’re in a lower tax bracket now take advantage of it with marginal rates potentially On The Rise and no doubt continuing to rise from there. Those are considered or considering converting assets to Roth for estate planning purposes, or maybe Social Security planning may want to talk to your advisors or your tax professionals and see if this makes sense for you. There is talk about reinstituting the peas limitations on itemized deductions for taxpayers with income over, and the K and then cap the value of those itemized deductions at % That’s a lot of big tax language. Essentially. It’s Alternative Minimum Tax coming back. So under the current law itemize deductions are not subject to this limitation deductions are valued at the taxpayers top marginal rate. So what’s the opportunity here? Well charitable gift giving for those of you who are charitably inclined you may have already seen a reduction in your itemized deductions a reduction in your tax benefit due to the Salt cap the state and local income tax cap, and we’re not seeing any changes to that going forward, but we are seeing this additional % cap on itemized deductions. So front loading your charitable contributions in this year and stretching that out over the next couple years. Could be pretty powerful from a tax saving standpoint. And for our business owners on the call a potential phase out of the qbi deduction section could potentially happen with those who have an income over, . So the qbi deduction is for those taxpayers who report business income from pass through entities like LLCs and so on.

So what’s the opportunity here revisit your corporate structure, you know of the business determine whether or not you’re set up best to maximize your after tax income going forward. The new tax reform potential I guess just say tax form does call the eliminate the tax deductibility of k and Ira contributions and replace that deduction with a credit. Now, this is a big one and this one probably pertains to every single person on this call. The credit would be equal to the amount of the contribution multiplied by a fixed percentage. We don’t know what those percentages are just yet. But it’s very different than those in a high marginal tax rate. So the idea here is to increase deductions. for lower income households while increasing or you know decreasing excuse me, the deduction for higher income households. Because if today you’re in a % tax bracket, you get a % right off essentially for every dollar you put into your you know, pre-tax K Ira b Etc that could be reduced to a standard credit which will more than likely be significantly less than %So with the opportunity here for those of you in those higher income tax brackets, just make sure you fully fund those accounts this year. Don’t put it off.

Another thing we’re seeing is an elimination of the stepped up death are basis at death essentially all this means is that your house your stocks other Capital assets like that something were to happen to you. Your beneficiaries get the benefit of stepping up what the basis or essentially what they paid for that asset. So if you bought a house for $, you passed away it’s worth $, your beneficiaries get that house at, if they sell it that day. They don’t have a tax burden. It’s just one of those things that’s been worked into the tax code for many years, which is a benefit to some however, they are looking at taking that away. We don’t know if that will trigger any additional taxable recognition events. For instance, you know, increasing your marginal tax bracket with that inheritance. So the opportunity here at going back to charitable giving it used to be somewhat unattractive to give to charitable trust because you lose that step up in depth basis so our best. So what we want to look at is now that we don’t have that as an impediment. Do we want to look at reducing our estate by making those charitable gifts giving to you know, family members and all that, you know earlier on especially because we’re also seeing that more than likely the current million dollar gift in estate tax unified credit. It’s expected to go back down to. So there’s going to be a lot of really important estate planning decisions to make over the next four years.

And then lastly I wanted to touch on payroll tax. So we all know we’re subject to payroll tax. You see it on your W-s like a few to Social Security Medicare those things. So wages above, . Are going to be subject to a potential additional . % payroll tax. Self-employment income would also be subject to this tax for those making over. This creates kind of a donut hole because right now we have that, cap where we pay social security tax Medicare and such up to that number and then we don’t pay anything else on that. If for those who make more than that know that you pay that additional small Medicare tax, but now looking at once you exceed, there’s an additional six percent that may come back in there. So just something to be you know ready for those are most of the changes that we’re seeing right now.

We’re kind of keeping our eye obviously as being closer, but with that I’ll turn it back to Dennis. Thanks, Matt. And really appreciate it Ray. Just wanted to check with you. Do we have any questions come across? Yeah, guys. That was a lot of information. There’s a few questions that that have come through. Let me ask some of these quickly and and for anybody on the cause if you still want to schedule or want to submit a question, you can use the the Q&A icon in the bottom of your screen Dennis. This question says what should people watch from a planning standpoint. Yeah, you know anytime you go through a year like this year. I think one of the biggest mistakes people make is they do a financial plan one time. And that plan tells you hey, here’s what you do should do for the next years as long as you follow this. Good luck. Well, the problem is life changes and major events change. Well, I guarantee for anybody this year life has changed at least a little bit whether it’s work related whether it’s personal related, you know life is different. You should be looking at that plan on going. You should make sure that anytime you have a plan. You’re not just taking a plan putting it on the shelf and saying hey, I’ll check it once a year but making edits making modifies to it. It should be more like a business plan and you should look at it to say okay. How did we do as a business? Did we outperform do we perform like we expected do we underperform? We need to change some things but I would really encourage people from a planning standpoint isTake a look at it. And start from scratch to say, okay. How did we do? Would we change anything about it going into next year? And once again, that’s what we’re here for not to just give people a plan but help them live a plan. Excellent map. This question is for you. Actually it says is it good to use Legal Zoom when creating my will Excellent. question, you know, I think that so many of these great companies come out in recent years Legal Zoom Turbo Tax. There’s so many, you know, do it yourself options out there that I think are great idea to explore It’s good to look at your own scenario. I will say that LegalZoom would be a great option for something very simple. Very basic right just to get you know a pin on paper to say I want something official something legal, you know to honor my wishes if you have anything in your life in your family plan, that might be a little bit more outside the box you’ve got multiple, you know, multiple families multiple kids from different parents, you know anything that might be a little bit different, you know, you may want to look at, you know seeking an advisor or talking to someone about your scenario. Excellent.

There’s a few questions about wills. This one says who can we contact if you want to discuss creating a will. Only question we make ourselves available for that. Obviously as it, you know, proud Partners now first Mark, we want to make sure that we’re helping all of our clients with those estate planning needs will can be honestly as simple as just going on to the texas. gov website and printing out a blank will form getting it filled out and getting it notarized. So at a bare minimum, that’s something that everybody should do just so they have that but again just like I said with Legal Zoom once things get a little bit more complicated from there. You want to make sure that you sit down and talk with someone to see if there’s anything more required or in your best interest. Excellent. And this one maybe you want to answer but still worth asking it says I made a will in . Is it worth updating it? I would you know going back to you know, what I had mentioned on the slides there. We like to say with every new president. You should probably update your estate plan and it’s updating your estate plan might be as simple as reviewing your will everything looks good. Put it in the drawer, but you might see something in there that you forgot about or you might have acquired more assets since then, you know new cars new houses new accounts. It’s always just family member more family members exactly good point. So I would definitely definitely review about every four years is a good rule of thumb. Excellent.

Another question says are there any sectors you should avoid these days. Yeah, so great question. So going into the election, you know, the two areas that kind of stand out for us is oil and gas and small and Regional financials, you know, the reason for women guys, it’s not just you know going into election and expecting some increase regulation there. We’ve already seen some of that with the Dakota access pipeline, but it’s hard to believe we’re gonna see oil demand and growth come back to previous levels that we saw going into this year. BP came out and now they don’t expect it to ever come back that it’ll be lucky if it’s stagnates for five years. We’re seeing states starting to require. No gasoline fueled cars to be created after. We’re starting to see four GM come out saying that every car they still sell by will be electric. So you’re starting to see that shift already to clean renewable Tech and then small Regional Financial simply because regulations having come down in hit that area as much as it has large Financial companies and I think going into or coming out of covid. I think a lot of regulators are looking at those areas saying those were the higher risk and pull in less. Well capitalized compared to the large counterparts. So we expect increased regulation to come to those areas. Those would be two areas that we would we stay away from if you want to be an energy. Look at clean renewable Tech. It’s something we’ve been touting for a few months now look at G look at some of those other areas. Well, then as that that seems to be it for questions on our end. I’ll send it back to you.

Well, thanks everyone, you know from TCG. We really appreciate everybody taking the time to tune in today. Thank you, first Mark for having us on. We look forward to the next one. If you have any questions, please email us at advisors at TCG services. com. And we look forward to helping each and every one of y’all. Thank you again.

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