September 29, 2023

Is it dishonest to have two financial advisors?

In this week’s episode, Dame, Kristen, Pete discuss Pete’s most recent newspaper column. In it, he suggests people hurt themselves when they try to juggle various financial advisors.

Episode Transcript

Peter Dunn: [00:00:00] On Tuesday night, a massive storm moved through central Indiana around 6 p. m. I live in Carmel, Indiana, so of course the rain water was that of the quality of Fiji or Evian. And as the rain came down, copious amounts of lightning struck in the sky. I was on the way home with a bag of Chipotle. Because we were in a hurry.

We were just sort of, it was like one of those weird nights that we all have. Get into my driveway, press the garage door opener, nothing. Get out of my car in the rain, go to the keypad on my garage door, type it in. Nothing. Go to the other little slide garage door. I have type in that one, nothing. The power went out in my house, thus rendering our only way into our home.

Unreachable. We don't carry keys cause we're [00:01:00] idiots. And so we were locked out of our house. So Dame and Kristen, I did the one thing that everyone has to do in that scenario. Kristen, what do you think that is? You

Kristen Ahlenius: tried to go through a window,

Peter Dunn: not with this frame. No, I called a locksmith. No, yeah, I had to.

I had no other choice. I called my parents. I called Mrs. Planner's parents and the locksmith answers the phone and the locksmith says, This is locksmith. And I was like, okay, what's about to happen? And, and he's like, I will be there in two minutes. And so I'm standing outside in the rain, waiting for the locksmith to come screaming down my street comes this white minivan and Just skids to a stop in front of my house.

Guy rolls down the window and goes, I am Locksmith. I was like, okay, whatever is about to happen. Whatever is about to happen, it could be iconic. And he goes What what [00:02:00] type of deadbolt is it? I was like, well, it's a Schlage. Standard Schlage? I was like, yeah, it's, it's, I think, I don't know. I, I was installed 16 years ago.

To my, I, I, we didn't pay extra for a, a, a, an extraordinary Schlage. It was just a schlag. It's like, if it's standard schlag, we'll be right then. So he grabs, like, some little device, and he goes to our front door, which is a schlag, and he's going, and he's trying, he's doing all this dittering, and he's looking frustrated.

And he's like 10 minutes into picking this lock, and he looks at me, he's like, I don't believe this standard shlake. And I was like, well, there's the side door. Do you want to go try the side door? He was like, yes. So we went around, another shlake, another shlake. And he starts picking that. About 20 minutes of picking this thing.

He looks at me with absolute disdain. It's this, [00:03:00] this, this is no standard Schlegg. I get drill. So then he goes to his car and he gets a drill and drills through the Schlegg, right? The deadbolt. Door pops open, turns to me without missing a beat, he goes, You need Nole like that. And that was my Tuesday night.

Hello everybody. It's the Pizza Planter show. Oh. Oh man. He is like, you need Nole. And I was like, well, yeah, kind of. And he goes and he goes I only have silver sle. This is an antique brass Schlegg, and I was like, well, I'll just order one on Amazon. So last night I installed my own antique brass Schlegg.

And as Rick Swink points out, everybody, he needs to start watching the Lockpicking Lawyer on YouTube, which is one of the greatest YouTube channels in the history of YouTube. So Big Rick Swink always knows that. Hello, David. Hello, Chris. Hello, Andy, Jason, Big Rick Swink, and Damien Dunn. Hello, Damien. [00:04:00] Good day.

I have a tremendous amount of caffeine, tremendous amount of sugar. And so for the next 47 minutes of show, the show could be good. And then after that it could be, it could fall precipitously. How was Napanee yesterday? You two, you guys got together in Napanee, Indiana, so you couldn't have wifi. How was that?


Kristen Ahlenius: that's, that hits a little too close to home cause it is sometimes, you know, that there are people that we know that. Don't have access to Wi Fi at all, right? Like that satellite internet is their only option. Sure. Yeah.

Peter Dunn: No, that's, that's a thing. Okay. Well, yeah, I Dame, do you have standard slags at your house?

Damian Dunn: I believe they are standard slags, but I've never had to have somebody pick one. They could. If you were hoping I was going to do an accent, you're sorely disappointed

Peter Dunn: right now. Do you do any accents? Not good. Don't do it, because if you're bad at accents, and even good at accents, they can be offensive.

But if you had to choose an [00:05:00] accent Well, maybe even that disclosing that could be offensive,

Damian Dunn: but no, I mean, it's like I can slip into a southern accent fairly easily. I mean that but that's that hardly qualifies. So,

Peter Dunn: Big rick swing I did not switch the tumblers and all that. I just got a new key And of course i've hid the key under a flower I'm just kidding.

Kristen, when you think about a locksmith, and I'm going to really go out on a limb here today, pretty good chance they're just going to break into your house later, right?

Kristen Ahlenius: I mean, they absolutely have the ability to, so I don't think that they will, because then why would you be in business to help people break into their houses?

But you certainly have the tools to do

Peter Dunn: so. It's just like legalized burglaring, right, Dan? I mean, you'd think

Damian Dunn: that even the most inept police department would be able to put together those pieces pretty quickly and shut that, that ring down.

Peter Dunn: Do you think so? I would, I mean, if

Damian Dunn: they start [00:06:00] noticing some burglaries, well, if you had locks replaced recently, I mean, It seems like they could track that one down, but maybe I've just watched too many

Peter Dunn: crime movies.

Mrs. Planner asked a really interesting question last night after I replaced the Schlegg. She said, How does one arrive at locksmithing? You know, you can think of a lot of professions and how you get there, but that is one. It's like, how does one, it's not even about, or does someone aspire to be a locksmith?

Cause that's not, it's, it's just like, how do you find yourself a locksmith? How do you find yourself as a locksmith? You know,

Damian Dunn: I could actually ask a question because a friend of mine, his father has been a locksmith for. 50 years at this point. And so I, I would assume there's familial trends in something like that, where that was locksmith.

I was always tinkering with locks around the house and he taught me some stuff and now I can break into 90 percent of the homes in the country. And so it was either a life of crime or you know, just be a locksmith.

Peter Dunn: That seems [00:07:00] like a credible source. So could you check with him? Cause it seems at least like he's got a Schlage to stand on.

Well done. Well done. Rick Swink says the heart Big Rick Swink knows a lot about locks. This is not surprising. Is anyone surprised? The hardware on big box door locks is abnormally weak. I hope you use some larger screws to secure that a little better. He didn't. He didn't. Calm down, Rick. He didn't. Shh!

Okay, let's do a show. Jane, we're doing stock picks. Yes, sir. The last day of the quarter here at your Moneyline. peOple are scrambling around. Most places. Well, sure. Didn't pull up the calculator. A win. I'll take anything I can get today. All right, you ready to go? Dame, you got everything fired up? Yes, sir.

Okay. Three, two, one. This week on the Pete the Planner show, we answer your money questions. Here's how the show works. You email us askpete at Pete the [00:08:00] Planner dot com. That's askpete at Pete the Planner dot com and here's what will happen. We will either answer your email on air or we will act like we never received.

Joining me, as always, is Kristen Alenius. Kristen, I almost mispronounced your last name there for no particular reason.

Kristen Ahlenius: You almost did. Sometimes it trips you up when you say my name too quickly, or like when you say my sister's name too quickly, but you recovered nicely.

Peter Dunn: Dame, I remember when I first read Kristen's last name, when we hired her years and years and years ago, and I was like, I'm gonna call her Kristen A, because I didn't want to butcher it.

It's uncomfortable. Hi Dame. Good morning. All right. So it is the end of the third fiscal quarter. So it is time to check in on our stock picks at the beginning of the year, Dame, Kristen, and I for fun, not for advice we go ahead and we just we pick stocks and, and we, what's going to go well, what's not going to go well, and then what we think the S and P [00:09:00] 500 will end at traditionally.

I'm considered to be a genius, but in, when it comes to this, I am, I am not good at this, but that means you should never follow our investing advice on this show. Is that right, Kristen?

Kristen Ahlenius: It's exactly right. We're not even licensed professionals to do

Peter Dunn: that. Damon, as much as people are going to feel inclined to follow Kristen's advice.

They also should not correct.

Damian Dunn: Absolutely. You need to talk to a registered investment professional. Sure that what you are doing makes sense for.

Peter Dunn: Okay. So let's start with stock pick of the year 2023. Dame, could you maybe clear the frog from your throat and then hit

Damian Dunn: us with the numbers? I, you know, it'll just make a appearance later and we'll all have an uncomfortable moment.

Again, but winners for this year are picks for the stocks that we're going to perform the absolute [00:10:00] best. There are literally thousands to choose from thousands. Plenty of chance to hit a home run. Some of us did. Some of us did. Okay. Maybe a tubble and some of us never made it out of the batter batter

Peter Dunn: box.

So you say that stripped, you're going out the batter's box, you trip and fall and it's a bad thing,

Damian Dunn: typically. Yeah. It's not great when you don't even. Have a competitive at bat, which arguably some of us might have had enough with the baseball sports analogies We'll move on Let's start with Kristen Kristen made a very bold pick after the performance of her choice last year she went with Tesla That'd be TSLA as a ticker.

Tesla, this year opened January 1st, bright sunny day at $118 47 cents. It currently sits [00:11:00] at around $253. That's a return Pete of 113.66%. That seems like it's gonna be tough to beat. I gotta tell you, it's gonna be tough to beat. He took the words right out of my mouth. That is a strong pick from Kristen.

Kristen, can you tell us a little bit about what went into making that decision?

Kristen Ahlenius: Don't, don't act on this. It sounds like it's really good. It makes it seem like it's really easy to pick a winner because I truly don't know what I'm doing. And I picked a winner. It is not that easy. I took a really big gamble.

It happens to pay off. The reason I chose Tesla is because I thought Tesla was either going to win big or lose big. There tend to be pretty big swings in, if you look at the history of the ticker. And I thought, you know what? Just. Double down and thought it was going to be a winner. And there's still plenty of quarter to go.

There's plenty of time to trip across

Damian Dunn: the finish line. And if there's anything that we can [00:12:00] almost count on, it's that every once in a while, the CEO of Tesla or president of the board or whatever positions he holds will occasionally ruffle some feathers and it will be reflected in the stock price. So is Kristen guaranteed a three digit return on Tesla?

No, absolutely not. Is it likely she's going to wipe the floor with Pete and I? Yes. Yeah. Yeah. Very much. So my pick this year, the Apple, very conservative, which should shock. No one Apple's got literally billions of dollars of cash just waiting to be deployed at any moment. And. They've done well, 32 and a half percent, 32 and a half percent this year.

And that's because they've gotten beat down a little bit in the last week. It would have been even better if we'd done this last week, but nobody in their right mind is going to say 32 and a half percent. That's not that good. So I'm, I am pleased, even though I am getting bested by over three times in Kristen's pick.[00:13:00]

Peter Dunn: Dame, how'd I do? That

Damian Dunn: brings us to Mr. Peter Dunn. Pete made an interesting choice, we'll just leave it there, with Bank of America. Banking industry's had some ups and downs. Yeah. But generally pretty stable pick. Bank of America this year, Pete, have you

Peter Dunn: looked at I haven't, I'm on pins and needles here.

Okay. Well, how am I doing? Well,

Damian Dunn: you're down 16 and a half

Peter Dunn: percent. That's not great. No, it's not good. So So this is my worst pick, and so how's my best pick doing? You know, it's possible. Let's just go here. My best pick actually was Tesla, and my worst pick was Bank of America. So by default, I'm winning, right?

Damian Dunn: yOur best performing pick. was Tesla. However, you chose them to lose this year. I don't know [00:14:00] about that. So their positive 113 percent return works against you is just as much as it does for Kristen's benefit. So you are not doing so hot. My pick was Xerox. They had some issues to start the year. They are up eight and a half percent.

So, so my horrible pick is doing just fine. Thank you. And Kristen, we have to take Kristen's library card away from her because she's clearly doing too much reading. She chose Rite Aid. They opened the year at 3. 37 a share. They are down to 0. 49 a share. That's a negative 85 percent return. Kristen is nearly going to write a company to bankruptcy and a zero stock price.

It's, it's an unbelievable performance. I have to say, I don't think this will ever be replicated on this show in the future.

Kristen Ahlenius: No. They are very close to filing bankruptcy. Very close. This week, there [00:15:00] were several articles about it. So.

Peter Dunn: So, Dame, let's get to the pics as it relates with the last two minutes we have in this segment of the S& P 500.

That's where people really go. You follow the winner here and they're who knows what they're talking about. So what's that looking like?

Damian Dunn: All right. S and P 500. Historically, we can expect somewhere between, let's just say eight and 12 percent from the SBO. Nice wide range, but very comfortable. Eight and 12 percent anything above that pretty strong, strong year.

I started off. As a very strong pessimist for this year, and I chose a 2% return for the S two five, 2%, not a quarter for the entire year, 2%. Kristen, Kristen chose 13% for the year, and Pete very bullish on the US economy in those 500 companies went with 19% hmm, for the year. [00:16:00] Mm-hmm. with one quarter remaining.

The s and p sits at about 12 and a quarter percent right now. 12 and a quarter percent. Now, if you've paid attention to the news, you will see that analysts say there are going to be some very strong headwinds going into the final quarter of the year. And I am unsure if we will gain any significant ground between now and December 31st, which means Kristen could sweep the board this year.


Peter Dunn: trick. Are you suggesting the growth Peter out. Yes. All right. So there is the stock market. Here's what you've learned. Never listened to me about it. Okay. So let's do this though. Let's take a break. We weren't actually supposed to start with that segment, were we? No, just occurred to me. Let's go to my IBJ column next.

We'll do that after the break. And then during the break, people will yell at me for doing the wrong segment in the wrong order. That's all next here on the Pete, the planner show. I'm Pete the [00:17:00] Planner. Yeah, so that's my bad. That's okay. Kristen. Yeah. I want to tell you a story. Okay. It's, I got to be somewhat vague because it's sensitive.

Right on. I have someone I care about very much and I'll give you their who is older, is an older person. I'm not talking about Dame, right? So it's an older person and, and recently fell. Like fell and injured themselves. And so they sent me a text message yesterday after they fell, they had to go and of course get, you know, x rays and, and the note said, Hey, good news.

No, you know, fractures, but tomorrow I've got to go and, and get a cat scan. And this put me in a very uncomfortable position, Dame. Because there's really only [00:18:00] one reply when you get that text and, and I was like conflicted because I'm like, this is a serious situation, right? But I still had to text, will you please let me know immediately if they find any cats?

And I feel, I felt bad about it for about 24 hours, but I feel like I had absolutely no choice. I,

Damian Dunn: Let me, let me try and alleviate some, some of the guilt you may feel. I'm betting this person completely expected that response from you. True.

Peter Dunn: Yeah. I just like, I couldn't not. In fact, I'm all about being one's authentic self.

I couldn't not. I. I wouldn't. I wouldn't. I do feel bad though, honestly. Nah. Okay. Kristen, I'm also still reeling from your biggest waste of the money bomb guess last week, which you got it right, or was that two weeks ago? [00:19:00] Two weeks

Kristen Ahlenius: ago, I guess exactly, but I won last week as well. But as Jason points out in the Facebook comments, if you would like to bring my ego back down to earth so that it can fit out my office door, my head, that is.

We could start, we could jump right into

Peter Dunn: bomb. All right. Let's go to the IBJ column, which it's my understanding that Kristen is going to eviscerate me during this segment. That's my understanding. Heaven

Damian Dunn: knows. Heaven knows. She's just got, she's got an interesting question. I have a question. Okay.

I'm, I'm frankly, I'm curious as to. How you and I

Peter Dunn: respond to it. Okay. I don't know where this is going. Let's do this in three, two, one back on the Pete, the planner show. Damn. I write a newspaper column for amongst other places, the Indianapolis business journal. And this week I answer a reader's question.

So I would like to pose that question to you now, share some of the guidance I gave. And then it is my understanding that Kristen is going to. Tell me I'm wrong. So let's do that. Dear Pete, I [00:20:00] have two financial advisors. One manages about 70 percent of my investments. One manages about 20 percent of my investments.

And I personally manage the remaining 10%. They don't know about each other, but I do run each of their ideas by the other one without them knowing where the idea came from. This worked for a while, but now it seems like they always disagree with each other. I'm starting to get pretty frustrated by the whole thing.

How shall I Proceed. And so just so you know, my guidance was this person's hurting themselves. They are taking they have the most information. They have the most information. No one else knows anything. They know everything. And yet they give themselves the least amount to manage. And on top of that, I argue that there, it'd be like going to a pharmacist and, or two pharmacists, one has, gives you 70 percent of your medications and the other one gives you 20 percent of your medications and then you self medicate the [00:21:00] final 10 percent so you don't even know how these drugs would interact with each other.

That is my guidance. That is something that Dame, I think, subscribes to as well with that idea. Kristen. What's wrong with that?

Kristen Ahlenius: I don't know that there's anything wrong with it. I just have a question and a potential different perspective. On the surface, I agreed with the column. I was like nodding my head.

Yeah, absolutely. And the more I thought about it, in fact, after we talked about it, very briefly on the show a couple weeks ago. The more I thought about it, the more I thought in this industry, what the three of us know to be true and what many of our listeners know to be true is that the words that you use as far as the title for your financial professional are sometimes used rather flippantly.

What is a financial advisor to this person? That was my first point.

Peter Dunn: Okay, so Help me understand. I, I, you are, you are right that people interchangeably use terms [00:22:00] for this professional. How would those chain, those, these people misidentified affect this?

Kristen Ahlenius: Well, my follow up question to that is, I think oftentimes people use the term financial advisor to really mean what?

I would call an investment advisor, someone who simply invest their dollars, not with planning involved, not with consideration of their insurance strategy or other pieces that might be important to their financial health. They might have some knowledge just a little bit because you've done your due diligence, but they're not actively working on a financial plan.

And if that is the case, And you're giving them the same guidance of my risk tolerance is this, my time horizon is this. Is it the worst thing in the world if you have two investment advisors?

Peter Dunn: I still contend yes. I would love to hear what Dame says.

Damian Dunn: [00:23:00] I think there's more gray area. In this particular scenario.

Now, the reason I would have initially agreed with Pete is because I view it from a holistic planning standpoint. When I, when I hear somebody say financial advisor, my mind immediately goes to you're sitting down investments are one component, but there's the insurance component. Just like you said, there's a number of the social security decisions.

And if I don't have all of the information, I'm not saying that I'm managing everything, but if I don't have all of the information, I'm going to be making decisions based on false assumptions. And if I don't have the information, I'm going to potentially give you recommendations that are not in your best interest that are going to.

Preclude you from from, you know, taking advantage of all of the resources that are available to you in that scenario. And it's up to you at that point to try and parse together between what I'm saying, what the other advisors saying and who knows who else. And distill it into what's actually going to work for you.

Can that work? Sure. I suppose [00:24:00] it can work for the right person, but you're making it much, much harder on yourself. In Kristen's scenario, if we are talking strictly investments, it's much harder for me to make a strong argument against it because If you're using mutual funds from different companies but maybe in the same area, you're essentially doing the same thing.

You're, you're getting using their research teams against somebody else's research teams. If you're using in the financial advising world, a turnkey asset management program, or having a, a different money manager, but you've got maybe a couple of different advisors involved there. They're doing the same thing.

Maybe they're tasked with different different asset classes. But if you just have two individuals that are going at it for general investing purposes, I guess if you're giving them a trial run, okay. But I don't know if you're actually getting that much further ahead by diversifying your asset managers versus just saddling up to one who knows [00:25:00] everything, has your best interests involved and, and, and makes the decisions based there on, because if you trust either one of your asset managers enough.

Why are you with either of them, but if you're just trying to play the field and get, get the best results I think you're going to be lacking unless it's absolutely just a trial run.

Peter Dunn: Yeah. One of the points I made in the column is that I do understand the trepidation, like sort of the, like, I don't you know, the advisor could be a criminal, right?

And that's what, and so you're just making sure you're hedging or they could be incompetent. And so you're hedging or your advisor could be wrong or they could be unethical. And so, as I point out in the column, they're actually ensuring that they're wrong because they don't have all the information and they're certainly putting them in a position of ignorance because they don't know all the information and that doesn't eliminate the possibility that they're criminal or unethical, right?

And so I find. And again, I'm not a financial advisor anymore. Okay, just like do I give people [00:26:00] guidance in their financial lives? Yeah. And in fact, I would think the vast majority of people who even know that I exist would say I'm a financial advisor, but I am not. I would say this though. I think a lot of people, boy, that's, that's, that's the way to quantify a problem.

Just use the words a lot. A lot. Dan, what is wrong with me? Don't answer that. A lot of people hurt themselves by being a bad client as it relates to their financial advisor. And I have a problem with that. And I would argue, at least at Your Money Line, and I'm not pitching our company, I don't really care.

What we try to do is we try to make better clients for when they need a financial planner. Because people just get in their own way so much that there aren't good clients and they hurt themselves. And so I think, My visceral reaction, if you read the column comes from that space. And also maybe worth noting, Dame, my phone was blowing up all week [00:27:00] from my advisor, friends saying,

Damian Dunn: That's it. You heard it here first. Pete's in bed with big money. What?

Peter Dunn: What, is this like the GOP debate where like, Ben said he's in bed with a teacher and it got awkward and, oh boy. This is way, way off topic. If you have not seen the clip from the GOP debate where it just gets incredibly awkward about teachers and the.

Presidential candidates, please invest time in finding that clip and just squirm with discomfort because it is so awkward and back to the show,

Damian Dunn: not a political statement, just not a political statement

Peter Dunn: as someone who has told a lot of really dumb jokes that don't go over well. This might take the cake as the worst received joke in a very long time.

I'm sorry, continue.

Kristen Ahlenius: Last statement. I think in this situation that we talked about, the [00:28:00] thing that the writer did that was the worst thing they could have done. If you're trusting investment professionals to manage your assets, keeping 10 percent for yourself makes no sense to me. That was the part that I had the hardest time wrapping my head around.

Peter Dunn: Honestly, what Dame will likely tell you is. That is so common. Yeah, it is. So I have a financial advisor and I keep about 10 percent that I manage myself. So like, it is crazy. I'm an idiot. I mean, look at me. It's the radio. All right, let's do this. Let's take a break. And then, you know, do you ever wonder whether the fees that you pay for all these sorts of things that you're misconstruing their importance, or do you focus too much on them?

In other words, are you, you captured up in how the sausage is made? We'll talk about that next, right here on the Pete the Planner Show, I'm Pete the Planner. Boy, I did not tease that the right way.

Damian Dunn: Big Rick Swink, by the way, that's my play money. Oh, yes. That's exactly how that's phrased.

Kristen Ahlenius: Mental accounting.

That's exactly how that's [00:29:00] phrased. Stacey and I literally did a whole session on that and mental accounting, and the pitfall that is Managing assets on your own. Yeah. Yeah

Peter Dunn: That's my play money. Big Rick Swank. If that doesn't win comment of the year, that is the most damn

Damian Dunn: Hilarious. Mm hmm. And 100 percent accurate.

Yes Pete, I don't know if you ever did but it's not uncommon for a financial advisor to Basically hire an investment manager to manage portfolios. So you, the advisor has a relationship with the client and they choose a investment manager to, to run the investments inside of that. Do you feel strongly one way for or against?

Setting that up, you know, operations like that, where the basically the financial advisor just monitors and manages the [00:30:00] relationship with the investment manager.

Peter Dunn: I don't actually, I don't have a strong feeling one way or the other. I think to our next segment on fees, it can start to stack fees, right?

bUt I, I don't, yeah, Dame, I, I, I'm very clear. I will tell you when I'm either indifferent or I don't have a take. And this is one of those things that I'm, I'm indifferent. Just curious. How about you? What do you think?

Damian Dunn: I think it sets up a, an interesting relationship with the, with the, the client, because then you genuinely can sit on the same side as the table of them and, and instruct and educate and advise them without having a potential conflict of interest with the investment side of it.

But you have to, you're exactly right. If the fees start to get out of control, that's where you start to do some possible detrimental damage to the overall projections that the the client's going to have. So I'm not opposed to it, but [00:31:00] I think it has to be handled the right way. Plus, you know, from an advisor side, you like to be able to be able to separate yourself from that aspect a little bit and not make it such a focus of.

Investments on what you bring to the table. So if it's not going well, you fire that manager and hire a new one and you move on.

Peter Dunn: Kristen, two things. Number one, this is the most segment centric break period that we've had in a very long time where the actual between between the segments, we are professional.

Number two, big rick swing makes a point and I'm, he's either making a brilliant point here that He intends to make, or it's actually a pretty good metaphor. Are you just talking about picking mutual fund families? Because Dame on some level, a mutual fund is just run by a manager, but it's not really viewed that way.

And it both is and isn't, but this isn't exactly what you're talking about.

Damian Dunn: No, and this, I mean, goodness, this could be. a whole other between segment piece. But Pete, you and I both know that when we were heavily [00:32:00] involved in this, there was one dominant mutual fund family that seems like everybody was using it, which was American funds.

Yeah. And they, they did great. They performed well. There are benefits to putting much of your assets with one mutual fund family. If you're buying on the retail side, they had a lot of overlap in their funds and that's, that's a different story. But what I am talking about is in this relationship where the client and the advisor would buy an investor or pick an investment manager, it would be at a separate individual or separate company that would then construct a portfolio that would be you know, picking from, The whole menu.

It could be mutual funds, could be ETFs, could be individual stocks, bonds, whatever they wanted to put in there in order to meet the guidelines presented by the advisor and the the client around risk tolerance and portfolio construction and all that. But in that case, in that case, in this instance, you are literally hiring somebody to run the investments and it is as [00:33:00] complex as you want it to be.

A bunch of

Peter Dunn: people who have always wanted this to be a more financially centric show just got really excited over the last three minutes. And people like me are like, I think I'm just getting a little too much about money here. I'm just uncomfortable. Why did the show change? Guys, I'm going to a charity benefit tomorrow night.

A, I'm excited I'm not in the scene. So thank God. Cause then that is work, and I can just sit there. But it just occurred to me, like, I'm gonna have to be social tomorrow, on a Saturday, and I don't really enjoy that. Boo. No.

Damian Dunn: Yeah. Is it tux?

Peter Dunn: No, well, it says formal or cocktail attire, which I, so I mean, I would, would wear my tux if it fit.

David notes he misses Danny done.

Damian Dunn: Yeah, better screen that screenshot that and send it to him.

Peter Dunn: He was a, he was a good, good young man last week. All right, let's do a show. Kristen, if I just pass this to you quickly, upon re entry, can you [00:34:00] set us up? I suppose. Cause otherwise it's just going to be me mis explaining a segment that is your idea.

Kristen Ahlenius: So true. But I always love that when you're like, did I explain that? Well, Damon and I were just like. No.

Peter Dunn: Yeah, exactly. Did Rick ask a question that I want to know? Did Danny do the joke at the wedding that he was officiating last week? What time is it in

Damian Dunn: L. A.? Danny, if you're watching It's 7.

Peter Dunn: 30 in L. A.

He's not up. He's not awake. What are the chances that a stand up comedian In L. A. is awake at 735 on a Friday morning. Does he have, does he do

Damian Dunn: Thursday

Peter Dunn: shows? Probably. I

Kristen Ahlenius: mean, He might still be awake. That's also true. He may have not gone to bed.

Peter Dunn: Okay. In 3 2. One back on the pizza planner show, you know, everything has fees these days, not just ticket master, but anything you buy, sometimes people will break down the fees and then you find yourself independently getting mad at all the different fees.

It's like when you [00:35:00] buy an airline ticket, there's, there's like runway fees and all these different fees. And Should you care? Kristen apparently cares. Kristen gets very upset. She's got a journal she keeps at home. It's called The Fee Diary. And every day she goes home and lists her grievances of all the fees she pays in her life.

And now we're going to spend nine minutes and 40 seconds of your life with her telling you how angry she is. Kristen, did I, how did I do setting that up? That was a

Kristen Ahlenius: great setup actually because I have many grievances. I have a list. And I

Peter Dunn: Who's surprised by that? Anybody? Anybody? I don't

Kristen Ahlenius: keep it in a spreadsheet.

It's just up here. But this, so this idea kind of came to me because I recently got one of my utility bills. And the utility bill is very reasonable by my estimation. However, they show me on the bill the charge for the actual utility. So my bill was [00:36:00] 28 and some odd cents, I believe. The actual utility that I used was a dollar and 55 cents.

Okay, wait, wait,

Peter Dunn: wait, wait, wait, wait,

Kristen Ahlenius: wait. You don't obviously look at your natural capital.

Peter Dunn: Wait, wait, wait, wait, wait, wait. So you use of raw material guys. You use how much?

Kristen Ahlenius: A dollar and fifty five cents. And your bill was what? Twenty eight dollars. I'm mad.

Peter Dunn: Thank you!

Damian Dunn: Have you, have you not looked, like, there is a, there is a core fee on, on natural gas specifically, where it's, I think it's called delivery fee, at least in, in my neck of the woods.

And it's, it's somewhere between seventeen and twenty bucks. It's static, but I'm sure it's been raised since the last time I really paid attention to it. And it doesn't matter if you have your gas shut off to your entire house. You get charged that every

Peter Dunn: month. I am out of touch with the people. I am, I don't know.

That's why I'm here to learn. I'm just, I'm just a media darling. But

Kristen Ahlenius: that's kind of why I find it frustrating because the [00:37:00] bill is very low, right? I don't find it to be unreasonable that it cost me 28 to use my hot water heater and use my stove over the course of the last 30 days. I find that to be a really reasonable amount of money.

But it frustrates me then when I see the breakdown, and I'm like, I get frustrated that I'm paying so much to have that utility brought to my home. I just wish that I didn't

Peter Dunn: know. Okay, so the takeaways here, you wish you didn't know, but then both you and Dame share another fee that you've had to come to terms with.

And it's something that I would love to, to experience, but I'm not, I don't, I'm not something enough to be able to pull this off. Kristen and by also, do we need to make some sort of PETA? Declaration or vegetarian, vegan declaration. We are about to talk about livestock right now, right? A little bit.

Yeah. Dead stock for that matter. Kristen, what other fees are you [00:38:00] talking about?

Kristen Ahlenius: So Damien and I recently were comparing, we were trying to figure out who pays more for beef that they put in their freezer. So both Damien and I, it is no secret, live, live in the middle of nowhere. And, come on Pete, get it together, we're professional.


Peter Dunn: it's just funny, it's just like, you guys are fun at parties. What are you guys talking about over there? Oh, we're talking about slaughtering cattle? What are you talking about? It's like, oh, I'm talking about politics. How about you? Beef prices.

Kristen Ahlenius: Well, it's important, inflation's high. Okay, go ahead. So, we both subscribe to the idea that purchasing beef locally is just better.

It costs less to purchase it locally. It is better quality. You know where it's coming from. You're supporting someone local. And we were trying to figure out who pays more per pound and actually really struggled because of the way that this is broken down in the industry. And I find it to be so convoluted.

That if I didn't feel so [00:39:00] strongly about it, I think that I would just skip it altogether.

Peter Dunn: Damn.

Damian Dunn: She's not wrong. I mean, of course she's not wrong. She never is. Except for Buong. True. But there are so many fees wrapped up in it. When's the last time you looked at a cell phone bill? I mean, you don't even get those electron or in the mail anymore. You get them electronically. But if you go through and you look at all the fees that are attached to different purchases, everybody's getting a cut.

I mean, there's sales tax and there's you know, various fed taxes that are on there that will never come off, even though they're implemented to cover a certain expense over a period of years and a. They just magically don't go away because there's always new expenses. It just seems like you get nickel and dimed left and right for things that may or may not provide any real value to you, the consumer anymore.

And so it's a very frustrating process to go into. I mean, we could [00:40:00] even transition. We're not going to transit. We're going to know. I

Peter Dunn: probably, I don't know. I was about to transition to this. I'm curious if it's the same thing. College fees are known to be really I don't want to say predatory cause that's a accusatory, but they, there's some, some challenges with college fees of like, okay, there's tuition and then there's room and board.

And what everyone knows is now there's this big pile of fees, which it's not even talking about like textbook rental or talking. Student activity fee and student loan, and it just, it's thousands and thousands of dollars and, and so what, what sort of popular sentiment is suggesting is that, yeah, we had a tuition freeze, but the fees are actually what are escalating.

Damian Dunn: Yeah, I would love to have friend of the show Phil Schuman on to kind of chase this down a little bit if he'd be willing to share some of how the sausage is made there as well. [00:41:00] But what I see happening or what I think I see happening is that schools in those cases are admitting a higher percentage of out of state because they charge a much higher amount on out of state students and which makes it even more competitive for in state students to get into those, those institutions.

So money is, is a very valuable commodity in, in, in many circles. And education unfortunately is not immune to it. And it's just making things more difficult and more expensive for The everyday family, Kristen,

Peter Dunn: when I was a dog owner years and years and years and years and years ago we would take our dog Otis to the vet and right.

And, and so what happens at the vet is that they do all sorts of samples from, from the, from the dog. And in this circumstance, what they would do is they would take a device and, and, and remove a stool sample from the dog, right? [00:42:00] And then. On the bill the itemized bill when you leave they would charge you a disposal fee for that sample yet on the way into the vat on this particular occasion Otis relieved himself on the floor And they just threw it away for free.

And I just remember thinking, Well, what's up with that? Cause that seems like, You took a melon baller, And stole some sample from a man, But he gave it up willingly, This is a violation, if not a crime.

Kristen Ahlenius: Yeah, so my question to the two of you is where do you draw the line on the transparency actually just aggravates me because sometimes I find it to be refreshing because I don't have any bearing on how much things should cost.

For example. When I took my dogs to the vet recently and had a lot of different things done. One of my dogs had to have a surgery. They like broke down the cost of all the drugs. [00:43:00] I actually found that to be really refreshing because the sticker price seemed crazy, but when they broke out everything they had to do for her, I was like, man, they have a lot of costs in this as well.

But when I get my nip, my natural gas bill, when I get my natural gas bill, I almost said the company. I didn't want to throw them under the bus, but I get my natural gas bill. I find that to be annoying and I don't know why that is.

Peter Dunn: Man, I think, all right. I love it. Let's do this. Let's everyone calm down.

Let's calm down. Kristen's name and names. And we are now going to take a break. And when we do that, we're gonna come back with biggest waste of money of the week. Kristen is on an unbelievable streak. Two weeks ago, she guessed the number on the notes, which she never does. Last week, she was the closest to the pen this week.

I think she's going to lose big. Dame has a chance to redeem himself. It is also this week's bomb, [00:44:00] arguably is a boomer take from me. I mean, this could be one of those like category changers. Maybe, maybe not. I'm going with sort of the antiquated approach to this particular product. All of that is next, including the news government shutdown, possibly this weekend, likely this weekend.

I'm sure Dame will hit it. That's next. I'm Pete, the planner with the world's longest outro

Damian Dunn: boy. Yeah, that was an early wrap. Nice job. David Noble does make an interesting comment in the comma column that we're talking about college costs. And he says sticker price. He's exactly right. There are two prices.

There was a sticker price, which is what the college will publish online as the cost. And then there's the actual price that's going to get paid after scholarships and grants and all of that. So the sticker price is Not always what you can expect to pay, but it is a heck of a starting point

Peter Dunn: Craig P Anderson Makes a show appearance on linkedin live.

I saw Craig P [00:45:00] Anderson at an art show a couple weeks ago Of course you did It was it was like a preview night art show. He's with his wife. I got to meet her in person I heard a lot about her Craig P Anderson everybody. It's been a long time since he's made a show appearance

Damian Dunn: I'd like to, you highlighted that one and not where he reinforces the point that I made where it says out of state tuition is cash that just goes straight to the bottom line.


Peter Dunn: there you go. There you go. All right, because we're having a taco party at the lunch today. We got lunch today here at the office.

Damian Dunn: Taco bar could have enjoyed a gift card for those of us that are remote. Well,

Peter Dunn: you know

Kristen Ahlenius: here. So it's fine.

Damian Dunn: We are getting one. My hometown. Really? Big, big news. Yeah.

It's under construction right now. You live in a

Kristen Ahlenius: metropolis. I

Peter Dunn: know. What I didn't mention about the, the story at the top of the show about getting my schlag drilled was that. We were just, Ted and I were just out on the porch while this guy was like trying to pick the shlag or just [00:46:00] slamming Chipotle burritos down our face because we're starving in the rain.

Like it was a, it was, Dave, as a parent, and Chris, I'm not saying you don't have frustrating moments, but there's just moments as parents where you've gone well past your own needs and you are trying to then serve the needs of your kids. And those are somehow not getting met. And there's this point of frustration of like.

I don't know how much more I can take in this moment. And we were got home late soccer was canceled, and then I couldn't get into our house and I was like, I might just throw Ted through the door, through the window, like I, you know, break the glass.

Kristen Ahlenius: Yeah. I feel like my Friday night, two weeks ago. Oh, I feel like it could be

Peter Dunn: relatable.

Oh, are we, do you mean ? Are, is this a show worthy story?

Kristen Ahlenius: The short of it is that, we were in route to camp somewhere and the truck that was pulling the camper broke down about halfway there [00:47:00] so too far to tow it back home and still pretty far to tow it to where it needed to go and that was a moment of like I've, I've had enough.

I'm standing on the side of the road, flashers on, just ready to just like lose it.

Peter Dunn: Were you camping like going to win like a Four Seasons or like a Ritz Carlton? Like what were you? Absolutely. Were you camping outside? Camping outside. With

Kristen Ahlenius: a

Peter Dunn: camper, correct, yeah. So you just camped on the side of the road?

That's what I said. That's exactly what I

Kristen Ahlenius: said. I said too soon. Too soon for the jokes, Damien. It's not even a joke. I'm still on the side of the road.

Peter Dunn: Well, that sounds like a terrible Friday night. Speaking of terrible Friday nights, let's move on with the show. Let me pull up what I need. This might be a boomer take.

Kristen, you are in charge after we get through this of telling me whether I have a boomer take here, okay? Okay, I can do that. I'm excited. Why? Because you'll have the same boomer tank. It's

Damian Dunn: possible. I'm

Peter Dunn: curious. I, you know, you [00:48:00] and I align on certain things. This is one of those, well, actually, it's car centric.

So, oh

Damian Dunn: no, I have opinions. I have opinions.

Peter Dunn: Okay, let's get started in three.

This week's biggest waste of money of the week right here on the Pizza Planner show is, is

the R Plate digital license plate. Cars are increasingly becoming computers on wheels, yet they're still identified by stamped metal plates on the back. Reviver is out to change that with its R Plate digital license plate. They're available in two models, one that's powered by a battery and can be self installed, and one that requires a hardwired connection.

The former has a monochromatic HD display, Bluetooth, and low power LTE, while the latter adds front lighting for the [00:49:00] display and built in GPS for mileage tracking. Vehicle location and park and valet modes. Both models offer light and dark modes, personalized banner messages, and an in app registration renewal and are approved for use in Arizona, California, and Michigan, with more states coming soon.

Okay. So first off, personalized messages is going to lead to a

Damian Dunn: lot of road rage. You

Peter Dunn: know what I mean? Like, get off my back, pal. You know one of those. Okay, Kristen, formerly known as the world's worst guesser, now considered one of the foremost Experts on guessing how much does the our plate digital license plate cost?

Kristen Ahlenius: Whatever it is, is too much. And when I think [00:50:00] about, I don't want to give away too much about how I got to my guess. Let's go 700.

Peter Dunn: DAme.

Car guy. Car guy.

Damian Dunn: Yeah, I, I, I agree. I don't think this, I mean, people will absolutely buy it, but I, I, I think this is a, largely a waste of money. I'm gonna go with 500. What if

Peter Dunn: I told you Oh no. The cost of this was 600. Right in the middle of both of you! Oh my god. Kristen, please tell us the story of why you know this.

You were like, I'm not gonna tell you how I got to my answer. We want to know how you got to your answer.

Kristen Ahlenius: Well, I was just thinking about, I'm like, well it has to be waterproof. It's basically, like in my head I was thinking, it's the same technology as like a big Apple Watch. And I was like, the interface is bigger, but it has a GPS.

It has to be waterproof. And I was like, [00:51:00] I don't know how much that larger screen is worth or what kind of premium they're putting on the new technology. That was just kind of how I was getting to a roundabout number.

Peter Dunn: Damn. It takes me a lot to just not lose my mind about getting annoyed at other people.

I'm just being honest. Like, like sometimes I'm better at it. Sometimes I'm not. If I saw someone drive by with one of these, I would be so instantly annoyed. And I'd eye roll off the side of the road.

Damian Dunn: It just seems like a waste of money to me. I'm sure there are car enthusiasts that will absolutely buy this because they can't get the exact you know, plate they want or they can't get what they want the plate to say because it's been been declined by the, by the state. And so they'll just put it in a little banner somewhere on there, but it's, if

Peter Dunn: you can change the plate.

Number or like you can change messages that doesn't seem like the law enforcement agencies would like. I would have like back in time, you know, like back to the future

Damian Dunn: or out of time. Oh, out of

Peter Dunn: time. Like back to the future or too [00:52:00] cool for you or PPP rocks.

Damian Dunn: I don't think you can change the actual numbers on the plate.

I think you can change the stuff around the plate.

Peter Dunn: Dame, what's in the news this week?

Damian Dunn: House Republicans largely succeeded in passing a series of annual spending bills late Thursday night trying to show that the often fractured conference can stay united on legislation headed into any last gasp negotiations with Democrats trying to avert a government shutdown this weekend.

As the clock ticked toward midnight, the House passed the GOP's annual State Department and Foreign Aid Appropriations bill, then the year long Defense Department and Homeland Security measures with only a handful of defections in three votes. But the final bill of the evening, funding the Agricultural Department, failed, with more than two dozen Republicans joining Democrats in opposition.

McCarthy repeated having to appease his conservative wing and that's moved further [00:53:00] away from any middle ground with the Democrats. Many lawmakers are expecting at least a brief shutdown starting Saturday when fiscal 2023 funding expires. Prediction time? Yes. Will the there's two here, by the way.

Okay. Will the government shut down? Kristen.

Peter Dunn: Yes. Pete. Yes, but I want to say one quick thing before we move on. We are not trivializing the pain of which government workers will experience if there's a shutdown. We are not, we are not mocking that. We are literally just making some guesses here. Go on.


Damian Dunn: Second. Did you say yes or no, Pete? Yes. Okay. How long will the shutdown last? How long will the shutdown last? Last this is prior to an election year How

Peter Dunn: long?

Kristen Ahlenius: I I don't think it'll be that long. I'm gonna say Modify

Peter Dunn: it. What do you mean? Yeah, right. I thought you're better than me.

Kristen Ahlenius: Can everyone jog my memory?

How long was the [00:54:00] last year's shutdown? Do you remember because I don't

Damian Dunn: five weeks

Kristen Ahlenius: I don't think it'll be I would take the under on that

Damian Dunn: I believe, if I remember, five weeks cost about three billion dollars is what I saw. I'm going

Peter Dunn: less than six days. Really?

Damian Dunn: Wow. Quick resolution you, is that just a gut feeling or do you have some reasoning behind that?

Peter Dunn: Just a gut feel, well, a gut feeling based on reasoning. I don't, I don't, I don't know, I'm going six days. I, I, I think,

I think. We're just the economy's coming back and like Monday, Tuesday and arguably Wednesday of next week, there's gonna be so much sort of financial distress and the media is good of media, right? And so I feel like the pressure will pick up heading into the weekend next weekend. But I don't know.

That's what I think. Dane, what do you think?

Damian Dunn: Oh, it doesn't matter [00:55:00] what I think. Yes, it's going to shut down and I will, I'll say somewhere between what you say and Krista, I'll say two and a half weeks for for a number, but it's absolutely going to shut down and there will be a media circus around it.

And both political parties will try and benefit off of the inconveniences that they put their constituents through.

Peter Dunn: Okay. I'm going to make a comment that. I don't know. I don't know how to get here, how to get where I want to go with this other than this. I think all of us appreciate the military significantly.

I think, I think most people do. Some people don't. Let's just be honest. Some people don't. Some people do. I think it's awful that. They currently as it is right now, because they didn't pass a defense aspect to this, they would not get paid. The military would not get paid during this time. The last shutdown they passed a bill before that that would allow the military to get paid while they worked out the rest of the bill.

And from my understanding, that has not been passed yet. I find that to be. Well, there's a lot of people that should be getting paid, and there's a lot of people that are going to have to work and [00:56:00] not get paid. I find not paying the military, and I'm not like Mr. Stolen Valor guy, I think that is the, I think that is the, the, one of the more disgusting things in the world, that people are out risking their lives, and you're not paying them during a government shutdown.

I think that's just awful.

Damian Dunn: Last night, they did pass the Defense Department and Homeland Security measures with only a handful of Republican defections. Okay,

Peter Dunn: so my last, okay, just to be fair here, thank you for correcting me. The last update I got on that was around noon yesterday, so I did not see that.

Late, late last night, yes. Then nevermind, I just wasted the show. No, you

Damian Dunn: took a stand and you said you value military and the sacrifices and that goes

Peter Dunn: a long way. I still wear fashion camo from time to time. So it's the guilt.

Damian Dunn: It's the guilt. You're not in the military or do you hunt? So there's no, no purpose for camo for you whatsoever.

Peter Dunn: Last 30 seconds, Dame. Next news story. Hey

Damian Dunn: Pete, have you ever wanted to buy a gold bar? Good news. You can at Costco now. Were you aware of this? 4, [00:57:00] 000 dishwasher pods, 700 ounce bottle of Kirkland vodka, and a 24 karat gold bar. You can do it. They're around 1, 900 a pop, and they sell out very, very quickly.

Peter Dunn: Wow. Who knew? Maybe that's where Bob Menendez got all of his gold bars. Likely. Very likely. By the way, if you've not read the charges against Senator Bob Menendez of New Jersey take 10 minutes and read. There's a, it's. Unbelievable. It actually, it's wild. It's a movie. It will be a movie because it is crazy.

Anyway, enough of that. A lot of politics today. Sending you good vibes because good vibes are all that's in the budget. I'm Pete the Planner, this is Pete the Planner Show. Sort of like quasi politics though, right? Yeah,

Damian Dunn: they're just kind of dancing around the outside of politics. Did you read the charges, Dame?

No, I haven't yet, but I should

Peter Dunn: absolutely do that.

Kristen Ahlenius: Kristen? No. Oh! I'm a millennial.

Peter Dunn: I

Kristen Ahlenius: don't want to know how the sausage is

Peter Dunn: made. It's it's bonkers. You guys, I'll actually, I'll send, well, [00:58:00] I'll send it to you. It's bonkers. It feels like a Scorsese, Scorsese movie. Like it just, it's wild.

Damian Dunn: They're all corrupt.

It doesn't matter.

Peter Dunn: There's a lot of corruption. aLright. Well Anything else we want to say? Anything we want to say today? We done here? Yeah

Damian Dunn: stay getting money.

Peter Dunn: Oh wait, oh, whoa, whoa! Beat you to it. No, my gosh. That's actionable. That's inappropriate. I don't feel like you can, not that I can convey the spirit and wisdom of E40.

But I respect E 40 and that's where we get the phrase. Damn, I just feel like Kristen, how would you say that phrase? Nope.

Kristen Ahlenius: I'm not gonna do that now. I, I have a very important question, though. Oh, I

Peter Dunn: think it's a very important meeting that I [00:59:00] have to leave for.

Kristen Ahlenius: Not to, I'm an important gal. But no. The mug that you held up, are there more of those that I can No.

Lift from the office in three

Peter Dunn: days, or Yeah, come on. Okay, cool. You got one? Good vibes are all that's in the budget coffee mugs. Right on. You want to hear something interesting? I don't know if I want to share that. Maybe I'll share it off the air. Here's the, here's the thing. I would love to, to ship these out to our, our community of listeners here.

The problem is to ship a mug is so complicated in terms of it not breaking that it's so expensive to ship. I'd give them away for free. I don't really care. Yeah, let's, I love it though. Let's go. And I'll tell you the other part as soon as we get off here. And as soon as I say this, and this is stay getting money.