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🙃 A Classic $3 Million Mixup

Good morning. A grand piano that once belonged to the great John Lennon is sold at auction in September.

Lennon supposedly gifted the piano to a friend, who loaned it to a school.

The only problem…the school thought it was a donation.

In a Grade-A mixup, they sold it off with other basement junk for $3k.

Now the piano is projected to sell for $3,000,000. 😬 

Big Oopsy.

Jeremiah “Glad That Wasn’t Me” Desmarais

CEO, Advisorist

P.S. Who's your favorite Beatle? Hit reply and tell me. I'll publish the results in Sunday's edition.

In Today’s Issue 👇️ 

• Gas Pumps Gulp; Mortgages Soar: 20-Year Record in the Making

• The New Midlife Marketplace : How Advisors Can Serve & Capitalize 🤔

• Plus, the biggest headlines happening today, and a couple of memes that are sure to make you chuckle.

Gas Pumps Gulp; Mortgages Soar: 20-Year Record in the Making 📊

Is this what they call a financial pinch?

The combined cost of a 30-year fixed-rate mortgage and a gallon of gas has skyrocketed to a 20-year high, says Bespoke Investment Group.

It’s a trend that started in March 2021, began surging in 2022, and has just recently peaked as of last week.

👇 The Full Deets

• Mortgage rates are chilling at 7.38%

• Gas pumps are guzzling to the tune of $3.83 a gallon.

📈 Why the Hike?

On the gas side of things, many are blaming it on Saudi Arabia’s production cuts and refinery outages.

For every $10 increase in a barrel of crude oil, that’s another 25 cent hike on U.S. gas prices at the pump.

🏡 Most Homeowners Hanging Tight

While 30-year mortgage rates have sat above 7% for most of 2023, only 10% of U.S. mortgages have an interest rate above 6% at the moment

This means most homeowners have very little incentive to move.

↔️ The Bottom Line

It’s a mixed bag for Americans at the moment.

With two of the biggest consumer pain points at 20+ year highs, the pressure is mounting.

As an advisor, it’s not your job to lower gas prices or bring mortgage rates back below 6%...

…but it is your responsibility to make your clients feel like they have a plan.

💡 Try Using These Subject Lines

Show this chart to your clients this week and use it to start planning and protection conversations.

I’ll even give you a few subject lines you can swipe so that your messages stand out in the inbox:

• What's REALLY going on with home prices

• A financial TREND… 20 years in the making

• Saudi Arabia's “secret” influence on American wallets

• This hasn’t happened in 20 years

• The surprising culprit behind skyrocketing costs

The New Midlife Marketplace : How Advisors Can Serve & Capitalize 🤔

The classic “midlife crisis” isn’t just about red convertibles anymore.

It's got a rebrand (and there are opportunities for advisors to capitalize).

🏎️ The New Midlife Pit Crew

Enter the world of "Midlife 2.0" – an expanding market where startups, coaches, and even elite colleges are fueling the entrepreneurial fire, including…

• Modern Elder Academy: They're giving online and offline workshops for all life's messy pit stops – think divorce, layoffs, you name it.

• Reboot Partners: Around the country, they're igniting sparks with workshops and retreats.

• Ivy Leagues: They’re driving the game, offering older adults programs starting at ~$50k for those eyeing a new career lane.

🔥Why the Surge in Midlife Support Systems?

It's simple.

With lifelines extending and the dreaded happiness dip around age 40, the old "buy a Harley" remedy is getting a tune-up.

Today's midlifers want more: community, learning…and even a dash of spirituality.

For example, The Halftime Institute has a yearlong course that focuses on faith, relationships, and leaning into your calling.

The price tag? A cool $25k for the year 💰

📈 The Bottom Line for Advisors

This is more than a trend; it's a business opportunity revving its engine.

At a recent Virtual Summit my team produced, we featured an interview with a millennial advisor (and former Olympian) who uses wealth retreats to build relationships with clients.

In light of the “Midlife 2.0” trend, could you do the same?

Consider crafting Wealth Retreats with other financial specialists in complementary fields.

Collaborate on courses and programs that tackle real needs – from career shifts to spiritual journeys…and money, of course.

Not only will these cater to the need for the kind of purposeful and self-fulfilled living your clients are craving…

…but it's a pit stop for your practice too, leading to the potential for additional revenue streams & scalable income.

Top Headlines: Everything You Need to Know

🏠 Headline Roundup

• Report: Parents spend 20%+ of income on child care [Care]

• Anticipated iPhone 15 Set for Mid-September Launch [BBG]

📈 Markets

• Dow futures slide under pressure from Moody’s downgrade [CNBC]

• S&P 500 in danger of breaching support as tech momentum wanes [MW]

• China reports double-digit plunge in July exports/imports [CNBC]

💼 Industry News

• Auto insurance costs up 16.9% from last year [IB]

• Proposed bill could extend Social Security solvency by 32 years [TA]

• Opinion: Gig Economy Creating Major Opportunity for Life Insurers [IN]

💰️ Crypto News

• PayPal Rolls Out First Major U.S. Dollar-Backed Stablecoin [CNBC]

• For the Moment, Bitcoin Is Getting Less Volatile Than Stocks [BRNS]

• Coinbase Q2 Trading Revenue Dips Amid Legal Pressure [CNBC]

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Even though preparing for the future is on the minds of all the clients and prospects you meet, the long-term care solution set is seriously lacking.

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What the Experts Are Saying

The Great Retirement Gap: $1.3 Million Dollar Dreams on an $89k Budget

I recently saw the results of this Northwestern Mutual survey and couldn’t help but notice a HUGE gap between expectations and reality.

Regardless of age, Americans are pretty clear that they’re going to need at least $1M (and, in most cases, more like $1.3M - $1.6M).

But the amount saved? That’s where reality bites…hard.

On average, Americans have just $89,300 saved for retirement – less than 7% of the average expected amount needed ($1.3M) 😬

👇 Key Takeaways 👇

1️⃣ Stagnant Expectations

Anticipated retirement savings amounts should increase with each decade (to account for inflation), but it doesn’t.

People in their 40s-50s anticipate needing more than those in their 20s-30s 🤔

2️⃣ 50s Anxiety Alert

People in their 50s suddenly upgrade their retirement savings needs by 23%.

Blame college-aged kids, aging folks, and retirement jitters.

3️⃣ The Savings Stall

Interestingly, it’s also around age 50 where retirement savings appear to stall.

From 50s – 70s, the average amount saved increases by less than 3%.

👀 No Retirement Crisis Yet – But Questions Ahead

It’s important to note that these are averages. But by definition, that means some of the clients and prospects you’re working with are in a similar boat.

Understanding the retirement “gap” will better inform how you approach important conversations with your clients.

👀 The Best Thing I Saw All Week

Forget ding dong ditch —13-year-old Jacksen Proell opted for a doorbell pep talk that's melting hearts across TikTok.

His impromptu, yet touching, speech:

"You matter, all right? There's always gonna be someone that cares about you. And you're a good person.

No matter what people say, you matter... Whoever you are, you matter to someone. Just keep that in mind. Don't forget that."

The homeowner, Ashley Mann, saw the doorbell video on her phone while vacationing.

Her reaction: "Wow, that was really powerful."

Sharing looks good on you.

When you copy that link at the bottom and share it with a few financial planning colleagues, you look like the smartest advisor in the room by keeping them informed.

Plus, you earn rewards. Sweet.