Simply Money Presented by Allworth Financial
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In this episode of Simply Money, hosts Bob Sponseller and Brian James discuss critical life moments when consulting a financial advisor is essential—ranging from sudden windfalls and job changes to marriage, divorce, and supporting adult children. They emphasize that while these situations are emotionally charged, proactive communication with a financial planner helps avoid costly mistakes and ensures decisions align with long-term goals. The hosts highlight the shift from pension-based retirement to self-directed 401(k) planning, explaining why many retirees today feel less secure despite having more wealth. They explore psychological factors like fear of outliving savings, health care costs, and market volatility that delay retirement. The episode also covers tax-efficient strategies such as tax loss harvesting and donating appreciated assets to charity, as well as the importance of having a financial power of attorney—citing that only 1 in 10 Americans have one. The hosts stress that planning ahead prevents family conflict and legal gridlock during crises.
Reach out to your financial advisor during major life changes—marriage, divorce, job transitions, or unexpected windfalls.
Avoid emotional decisions about money; use a financial plan to evaluate options objectively.
Consider the long-term impact of keeping a home in a divorce—it can tie up wealth in an illiquid, costly asset.
Use tax loss harvesting and charitable giving of appreciated stocks to reduce tax liability.
A financial power of attorney is not a complex decision but a vital safeguard—get it in place now.
…and 3 more takeaways available in PodZeus
When to Contact Your Financial Advisor: Life’s Major Transitions
“Don't just call your financial advisor when markets get a little scary. Reach out during major life changes, big financial decisions, or any time your plan needs to perhaps evolve a bit.”
The Retirement Shift: From Pensions to Self-Directed Savings
“People are living longer and one of the biggest fears that people have when they walk into the office is making sure they've got enough money to cover a long-term care or health care surprise down the road.”
Tax Efficiency: Strategies to Minimize Your Tax Burden
“Tax alpha is really just the extra investment returned by minimizing taxes just through, you know, smart planning strategies.”
Estate Planning Essentials: The Power of Attorney and Beyond
“Do not wait for a crisis. Put your power of attorney and health care documents in place now so your family can act immediately when needed, not fight through the courts when it matters the most.”
Helping Adult Children: Tax-Efficient Gifting and Planning
The hosts address how parents can help adult children buy homes using the annual gift exclusion ($19,000 per person) and discuss the trade-offs between gifting now versus leaving assets at death for a step-up in cost basis.
“Do not wait for a crisis. Put your power of attorney and health care documents in place now so your family can act immediately when needed, not fight through the courts when it matters the most.”
“Don't just call your financial advisor when markets get a little scary. Reach out during major life changes, big financial decisions, or any time your plan needs to perhaps evolve a bit.”
“Only 1 in 10 Americans have a financial power of attorney in place—that's shocking to me.”
Hosts
Brian James
person
Bob Sponseller
person
401k
other
Allworth Financial
organization
financial power of attorney
other
tax loss harvesting
other
IRA
other
Andy Stout
person
annual gift exclusion
other
step-up in cost basis
other
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