The Rational Reminder Podcast

Episode 277: The Cash Wedge w/ Phil Briggs, and and the Four Ds of Tax Planning

Nov 2, 2023

49:10

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Financial Advisor Phil Briggs discusses the cash wedge strategy for retirement planning. Mark McGrath explains the four D's of tax planning. The hosts review past episodes on investing and Seth Godin's book 'The Song of Significance'. They also explore infinite banking and leadership philosophy. Listeners express appreciation for the diverse topics covered on the podcast.

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Quick takeaways

The cash wedge strategy in retirement planning can help protect against sequence of return risk and provides flexibility in portfolio management.

The four D's of tax planning are deduct, defer, divide, and decrease, and they can be used to minimize tax obligations and optimize financial planning.

Understanding and appreciating financial history is important for making informed investment decisions, and Dr. William Bernstein's insights on factors, return expectations, and portfolio allocation are invaluable in this regard.

Deep dives

Phil Briggs discusses joining PWL and the cash wedge

Phil Briggs, a financial planner and associate portfolio manager at PWL, shares his journey joining the company and discusses the cash wedge strategy in retirement planning. He highlights the benefits and drawbacks of holding a portion of one's portfolio in cash and explores how it can be used to protect against sequence of return risk. Phil also explains why some investors find the cash wedge appealing and shares insights from studies on its effectiveness. He concludes by discussing alternative strategies and emphasizing the importance of flexibility in retirement planning.

Introduction

2min

Finding Purpose in Financial Planning

8min

The Cash Wedge Strategy and its Impact on Retirement

15min

Tax Planning: The Four D's

10min

Exploring the Concept of Significance at Work

6min

Exploring Infinite Banking and the Philosophy of Leadership

3min

Listener Appreciation and Feedback

6min

During this episode, Financial Advisor and Associate Portfolio Manager Phil Briggs joins us to discuss the ‘cash wedge’ financial strategy. He also shares his motivation for joining PWL Capital after kicking off his career in the banking industry. Next, Mark McGrath unpacks the four D’s of tax planning and how to implement them in your future planning. We review a much-loved past episode featuring Dr. William Bernstein and unpack the principles taught in Seth Godin’s latest book, The Song of Significance. During the aftershow, you’ll hear about our recent explorations in the world of infinite banking, Admired Leadership, and more. In closing, we share some of our favourite reviews from guests all over the world and offer a glimpse of what’s to come in upcoming conversations. Thanks for listening!

Key Points From This Episode:

(0:02:19) Phil’s introduction to financial services and his decision to join PWL.

(0:07:06)The role of the podcast in helping Philip to take the plunge and leave his role at the bank.

(0:09:35) What the ‘cash wedge’ strategy is and how it supports financial planning for retirement.

(0:22:41) Stress-testing financial plans using the Monte Carlo simulation.

(0:25:10) Mark McGrath joins the show for this episode’s Mark-to-Market segment.

(0:29:54) Assessing which category RSPs fit into.

(0:32:02) Past episode review: episode 108 with Dr. William Bernstein.

(0:34:22) Reviewing Seth Godin’s book, The Song of Significance.

(0:29:11) Seth’s principles on the road to significance.

(0:39:53) The aftershow: infinite banking, Admired Leadership, and more.

(0:42:43) Reviews from Canada, Australia, San Francisco, and beyond.