Broker Check

Adapting to Changes in Life

The world is constantly changing and it’s up to us to adapt.

In this episode, Royal Standley shares the latest updates in his personal and professional life, recounting how recent events changed the way he focuses on advising clients. Royal talks about the changes he has experienced in addition to his vision and expectations for the future.

Episode 70 Transcript

Intro: Royal Standley of Oregon Pacific Financial Advisors offering securities through United Planners Financial Services. Member FINRA, S I P C guides clients with empathy in discovering and reaching their financial goals and creates financial plans for clients so they can live their lives by design. In these episodes, he relates his expert financial insights and discusses timely topics. Royal strives for excellence and has a passion for sharing his knowledge and supporting his community. Now onto the show.

  
Aric Johnson: Hey, Royal, how you been?

  
Royal Standley: I'm good. How are you doing, Aric?

  
Aric: I'm fantastic. I'm so excited to get into today's podcast, but you are in a highly regulated industry.  

Royal: Yes, I am.  

Aric: And because of that, sometimes we have a disclosure that needs to be read, so let's do it. 

Royal: All right. Here's the disclosure for today. Discussions in this show are for educational purposes. Information presented should not be considered specific investment advice or a recommendation to take any particular course of action. Always consult with a financial professional regarding your personal situation before making any financial decisions. The views and opinions expressed are based on current economic and market conditions and our subject to change. All investing involves risk, including the potential for loss of principle. Securities offered through United Planners Financial Services member FINRA, SIPC. Advisory service offered through Oregon Pacific Financial Advisors Inc. Oregon Pacific Financial Advisors and United Planners are independent companies, and neither Oregon Pacific Financial Advisors nor United Planners offers tax or legal advice.  

Aric: Okay. Now that we've taken our medicine, can we get on with the show?  

Royal: Let's go.  

Aric: Hello and welcome to Life by Design with Royal Standley of Oregon Pacific Financial Advisors. Royal, what's going on, man?  
 
Royal: Uh, a lot. A lot is going on. Uh, I thought we would, uh, take some time today and kind of catch up with one another on everything we have going on and, uh, everything that's new in the world.  

Aric: Yeah, absolutely. For the longtime listener Royal took a bit of a hiatus, uh, because a lot of huge, big things are going on, huge opportunities, big things in life. Um, and so it's been probably about six months since we recorded our last podcast together.  

Royal: Yeah, it's been about six months. I, I just kind of knew, looking at this year, we would need to take a break on recording because I knew I was going to be busy with everything we had going on here at Oregon Pacific Financial. 

Aric: Yeah.  

Royal: So it's exciting to be back with you. Uh, this is also, I think, the first time that we have been on camera. Yeah. Uh, together you know, and, uh, pushing this out to, uh, our listeners. So that's, that's really exciting too. Uh, I'm sure that will scare many people away.  

Aric: Well, I was gonna say, I, I apologize to the listeners right now that I'm not better looking. I'm sorry, I'm, I'm starting this podcast with a little bit of disappointment for those viewers not there. So I'll work on it. Royal, I don't know what I can do, but, uh, maybe a diet he out for me. You know, I don't know.  

Royal: It, it, it's so funny. My, my sister who is, you know, one, one of our loyal listeners always asks like, what does Aric look like and, and you know, she's gonna watch this and just. Just be so crestfallen.  

Aric: Devastated. I'm so sorry. What's her name?  

Royal: Rachel.  

Aric: Rachel. I apologize. I am so sorry. . It's the best Royal could come up with is me.  

Royal: Yeah, yeah. You know, So, but I, I think this is an exciting, uh, kind of first step as we get back into podcasting together. 

Aric: Absolutely. 

Royal: Uh, I have really missed it. You know, I've missed you, I've missed our conversations, and, uh, I'm just really excited. I think we have a, a great lineup coming up, uh, here in the next few months with some really good guests, some really good topics, and I think some things that are very topical with what we're going through right now. Because even with all the things that I had going on this year, uh, the world kept spinning and maybe spinning a little bit off of its axis right now.  

Aric: Yeah.  

Royal: With everything going on, we've got. Crazy inflation numbers.  

Aric: Mm-hmm.  

Royal: Uh, the markets doing what they're doing right now. Uh, political instability, uh, a little war here and there. I think being back on the air, being able to talk to our listeners and, uh, you know, our clients and, and friends and, and really just sharing what we're thinking. The way we're approaching what's going on in the world is just, uh, It's a good time to be back on the air. So, uh, excited to be here with you, Aric, and, uh, excited to, uh, get going again. 

Aric: Yeah, I agree. And I've missed our conversations and I want the listener, if you're newer to this podcast, you gotta understand this wasn't a, a vacation hiatus. Uh, this was, there was some serious work done in the background, which we're gonna talk about. Because Royal, I know that you are your biggest, the, the thing that you focus on most is serving people. And so by trying to serve people, you've opened a new office. That was part of this last six months. Tell us a little bit about, about that.  

Royal: Yeah, absolutely. So this is our 27th year in business. Um, our headquarters in Main office, uh, is here in downtown Medford, Oregon. And it's a, it's a great location right downtown. But. For the past 12 years, I've lived over in Grants Pass, which is about 30 miles away from Medford, making that commute every day. And you know, I've, I've rented some office space over in Grants Pass, you know, really just as an office of convenience to meet somebody over there but had the opportunity at the beginning of 2022 to purchase a, an existing financial planning practice with an office, with real estate. And so, I'm really excited to announce that we've, uh, opened, we've rebranded the building, uh, and now we have our own Oregon Pacific Financial Advisor office located in Grants Pass at 116 Northeast Manzanita, right between 6th and 7th Street. Uh, so we're very excited, uh, about announcing that here on the podcast. We're hoping to also add some new advisors to serve the Grants Pass area as well. Hopefully we'll have them joining here, uh, early in 2023 as well, so hoping to, to share more about that as that develops. But, Absolutely love having two offices, having an office where, uh, clients can go to in Grants Pass. Right now for, for all of our clients, we're just scheduling that by appointment. But hopefully in the years we'll be, uh, open, uh, throughout the day and, uh, be available to our clients on a more consistent basis over there. So some good, exciting things happening.  

Aric: Yeah. Absolutely. And if, if any of our listeners have an advisor in their life that, uh, wants to step up their game a bit and maybe reach out and talk to you about joining your team because you're very client focused and so they better be ready 

Royal: That's right, that's right. Yeah. You know, we're always looking for great advisors with a passion for financial planning.  

Aric: Yeah.  

Royal: That is really who we want to cultivate here and support in, in growing Oregon Pacific. , uh, just from the standpoint of there is such a great need for financial planning right now. You know, we have a tsunami of baby boomers.  

Aric: Mm-hmm.  

Royal: Retiring, kind of, we're, we're reaching the, the last portion of that baby boomer generation entering retirement. And there's so many issues that, uh, they're gonna be facing over the next 10, 15 years. And there's an entire cohort of Gen x kids, which I, I think we're both Gen X kids. 

Aric: Mm-hmm.  

Royal: uh, as, as we, uh, as we get older and start approaching retirement, that, uh, I think as Gen X, we, we've always been a little bit forgotten on the side there. Uh, I don't know if you felt that growing up,  

Aric: Just a wee bit, but, you know, I'm not gonna - just a wee bit, just a wee bit. Yeah.  

Royal: But, uh, you know, they, that generation is going to have some challenges. Uh, especially as baby boomers age and kind of start soaking up all of those resources out there. So, uh, it's just a great time to be a financial planner. It's a great time to be able to help clients with so many of their needs, uh, here in our local community. So that, that's the, the, the first part of the exciting news that I have to share with you. But the other part of this is we also, uh, acquired a financial planning practice, uh, Wealth Management of Oregon as well, uh,  

Aric: Hmm. 

Royal: And, uh, absorbed them under the Oregon Pacific Financial Advisor's name Um, shout out to Chris and Pam Geye. Uh, they had been in the financial, uh, planning business for years. Uh, really focused on, you know, guaranteed products, lifetime income and that sort of thing. And we were able to aquire that practice and begin working with all of their clients as well. Uh, we really expanded our, our base and our footprint there in Grants Pass. And it's just such a pleasure to you know, assist Chris and Pam as they approach retirement to make sure that, that the clients that they had worked with for the last 20 years were, we're taken care of. 

Aric: Yeah. 

Royal: And had a good landing spot where they wouldn't be forgotten or, or, you know, lost in the shuffle there. So, really excited to be able to introduce ourselves as well with the podcast for those clients as well, ‘cause this will be our first new episode since that, uh, that merger. So, you know, shout out to, uh, you know, all the, uh, former clients of Wealth Management of Oregon and uh, welcome to Oregon Pacific. 

Aric: Yeah. No, that's fantastic. Along with looking at new staffing and, and, uh, you know, new acquisitions, you've also had a couple other changes within your staff. Don't you share with us what, what happened there?  

Royal: Yeah, absolutely. So one of the big changes that we have been preparing for is Debbie Judson, who's been with Oregon Pacific since, uh, 2001. She's been, uh, letting me know for the last couple years that she's thinking about retirement.  

Aric: Mm-hmm.  

Royal: And we. Jokingly say, you know, we, we can't let you do that.  

Aric: Sorry, we don't do retirement here. 

[Laughter

Royal: We don't do retirement here. No, no. I'm, I, you know, I want, I want everybody who works for me to have a great retirement. And so was really supportive of Debbie doing that. And we had set, you know, sometime this year in 2022 would be Debbie’s final day here with Oregon Pacific. And, you know, we had a, had a couple, uh, unexpected events happen during that time, but we've been preparing for the last 12 months to really build up our service team so that we wouldn't have any drops there in service taking care of clients and that sort of thing. So we, we just actually had our retirement party for Debbie.  

Aric: Nice.  

Royal: Debbie's off with her, uh, her sweetie Bob traveling and enjoying what retirement is. So she's excited to do some traveling. Uh, visit her son in Germany, uh, where he works. She has another son in Boston, so she, she's really excited about this next phase, uh, of life for her. So, just. All the congratulations, all the best wishes to her. We had a great turnout, uh, at her retirement party. And you know, it was just great to see somebody you've worked with this long make that transition into retirement. So, uh,  

Aric: Debbie will be missed, but yeah, that's awesome. Uh, congratulations, Debbie. I'm so happy for you and, uh, although we'll miss you and the clients will miss interacting with you. Have fun. Germany. That's, uh, someplace I've never been so, 

Royal: Yeah. Yeah. You, you should book tickets. This is a great time to go to, uh, Europe right now with, uh, the dollar doing what it's doing, let me tell you. 

Aric: Yeah, yeah. We, we we're looking at Ireland and Italy, to be honest with you. And, and uh, that's something my wife and I have never been. So that's a trip we're looking at cuz uh, you know, it'd be nice to get out of the cold Nebraska weather and being the cold Ireland weather , I don't know what the temperature will be like. 

Royal: Yeah. I, I'm assuming you're going to to Italy for the temperature and the, uh, the climate.  

Aric: Yeah. Yeah. Sounds right. 

Royal: And Ireland for the whiskey? 

Aric: Um, or Guinness. Either way. one of the two.  

Royal: Good. That's a nice mix. That's nice.  

Aric: Yeah, it's, yeah, that'll keep you warm.  

Royal: So the, uh, the thing that we've been preparing for is we've been bringing on staff to make sure that we have enough support here in the office to take care of our clients. So, uh, not only did we hire a chief operations officer last year, uh, Audrey Isbell. But we also added on you know, new reception, uh, staff, uh, and then Amanda Besler here in, uh, our office to help support Lindsay Cameron, who's really taking on the bulk of what Debbie had done for us.  

Aric: Okay.  

Royal: And so between Lindsay and Amanda, they're gonna be our clients' go-tos for, uh, you know, distributions, you know, uh, issues with, with accounts, you know, trades, all, all that good stuff. So we're excited that they, they're. They've been in training, they've been preparing for this for about the last, uh, year or so. So we're excited to see that, nothing's caught on fire in that first week or two that Debbie's been gone . So we're, we're waiting for that. We're waiting for that. But we've got our fire extinguishers and uh, hopefully our clients will definitely miss Debbie, which I know they will, but they won't see any drop off in service there. 

Aric: Yeah, we don't talk about fires in Oregon, Royal.  

Royal: I know, I know.  

Aric: Yeah. We don't.  

Royal: You know, it's, it's still slightly smoky here, so, uh, hopefully we get one or two good rains and knock down the rest of those, uh, those fires out there.  

Aric: Yeah, absolutely. All right. Well that's a lot of updates. What about, you know, what's going on for the end of this year? I know that we're wrapping up very, very quickly, um, coming to the end of this year and then, you know, looking into 2023.  

Royal: Yeah. So right now, um, where we're really looking to put our energies is, is to begin planning for 2023 and, uh, some of the things that we're looking to do there as well as wrap up a lot of our annual reviews with clients. 

Aric: Mm-hmm.  

Royal: Yeah. Uh, and those conversations, uh, have been very interesting. Um, you know, we've been really talking about what we, we, think we were going to see in the economy.  

Aric: Mm-hmm.  

Royal: Um, you know, I'll point you back to, uh, I think ´┐╝episodes 59 and 63 of the podcast from last year, kind of talking about what, what we, we were seeing economically and, and we're starting to really see this, um, kind of play out this environment where, you know, in expectations of low returns from the market, uh, low returns from the bond market because interest rates have gone up so much so. We're really kind of prepping clients to chat with them about how their posi- their portfolios are positioned. Look to see if any changes, you know, have been made. Our, our goal when we work with clients is to set them up in portfolios that they can ride through this type of volatility. 

Aric: Mm-hmm. 

Royal: So it's really just that check-in to see, you know, has something changed? Is there something that we need to address, that sort of thing. But doing those annual reviews I think is just so essential to what we do as financial planners and wealth managers to make sure that, that we're on track with our clients. We're on the same page in planning for those events that are going to come up. Even though we may be seeing a recession here sometime in 2023, we definitely wanna be having those conversations. to make sure that our clients are, are taking off to Italy and, uh, Ireland.  

Aric: Mm-hmm.  

Royal: You know, that they're still living their life because those are so important. If, if anything, going through what we went through in 2020 with Covid, just that reinforcement that, the future is not guaranteed,  

Aric: Absolutely  

Royal: The unexpected can happen. So we want our clients to make sure that they're getting back out there traveling and enjoying. After kind of what we've gone through in, uh, 2020. So we're excited to do that. Uh, excited to be meeting with those folks and, uh, getting ready for 2023. Um, we've got some, some great educational things in the pipeline. Uh, some great client appreciation events. We're, we're, we're looking at doing so some exciting things that are, are happening, happening here at Oregon Pacific. 

Aric: Fantastic. This is that, that is really exciting. I'm happy to hear all those, those updates. But now I'd like to focus on me.  

Royal: Perfect. Perfect. As, as we should have started with. 

Aric: As really we should have, but, um, That's okay. I wanna know about podcasts. What are, what are we doing? So, what have you got in store for the listener? Uh, in store for me, because I learn a ton every time we get together. Um, kind of give us some, you know, previews of what podcasts you're gonna be doing in the next few months and into 2023.  

Royal: Yeah, absolutely. So, so we're in the process right now of lining up some really fantastic guests, uh, for the podcast. So excited to announce that hopefully we'll also be introducing, uh, our listeners to some of the new advisors, advisors that are going to be o uh, joining Oregon Pacific. But a few of the topics that I think we're gonna address here in the upcoming weeks and months. Number one, how do you deal with inflation? And the specter of a recession that everyone keeps talking about. I think most people, it's been a while since they, they've been dealing with inflation.  

Aric: Mm-hmm.  

Royal: So it's the question of, you know, how, how do we deal with it on a day to day basis? How do we deal with it in our portfolios? What are the things we should be looking out for? What are the things we should be doing now to prepare for a potential recession happening sometime in 2023? The next topic that I wanted to touch on was, uh, coordinating your values with your estate plan. Um, I'm hoping to spend some time there and really dive into the strange legal documents that we go to an attorney to prepare for us, um, and then never look at again, 

Aric: Yeah, the fireproof safe sits there.  

Royal: Right. We're, we're hoping the fireproof safe is actually reading the, the will and the trust, but I don't think it is. So it's really, uh, spending some time to talk about different ways you can look at your estate plan.  

Aric: Okay.  

Royal: And making sure that that matches what your values are and making sure that you're maximizing this wealth you've accumulated over your life to help your loved ones, your family and potentially lower that tax bill that, uh, you know, Uncle Sam has his hand out.  

Aric: Mm-hmm.  

Royal: Saying that when you pass away, Hey, we're gonna need some money from you. And a lot of people don't realize how big that tax bill will be, uh, especially here in the state of Oregon with their very low $1 million exemption for the state of Oregon.  

Aric: Mm-hmm. 

Royal: So we want to talk about that. We want to talk. Also what's new with Social Security, we just, they just announced that there's gonna be a giant cost of living increase in Social Security. And so we want to circle on and talk about social security and where it fits in with people's retirement plans. 

Aric: Yeah.  

Royal: You know, it, it really is kind of that, that first uh, leg of that income stool in retirement. Uh, let's make sure we're, we're, we're maximizing that benefit. 

Aric: Mm-hmm.  

Royal: And making sure that we are not just claiming at the earliest opportunity, but rather looking at our situation on an individualized basis and making sure you're getting the most out of it possible. 

Aric: Hmm.  

Royal: And then finally, um, one thing I really want to talk about, one thing that's been on my heart quite a bit is we have had an, an amazing increase in real estate prices here in southern Oregon.  

Aric: Mm-hmm.  

Royal: As many areas have, um, we might see some of those prices come down a little bit, but the challenge is, is that in this interest rate environment, it's really expensive to buy a house now. 

Aric: Yeah.  

Royal: And if you're a first time home buyer, how do you start preparing for that? How do you. Saving, prepping for that first time home buyer purchase. So we're, we're hoping to kind of really dig into that and come up with some strategies that people can take away and implement in their lives. as they prepare to buy that first home. Um, you know, and, and a lot of our clients, they've bought homes many times in their life, but we're hoping that this is something that they can share with their kids.  

Aric: Yeah.  

Royal: And grandkids as they're prepping for that first time home purchase because it's a lot tougher. I was running the numbers earlier for, uh, a client just talking about buying a home. 

Aric: Mm-hmm.  

Royal: And the difference in affordability is just phenomenal. If you look back at, let's say, November 2021.  

Aric: Mm-hmm.  

Royal: So about a year ago, between then and now, it's about 50% more expensive. Expensive. If you're gonna use a traditional mortgage.  

Aric: Yeah.  

Royal: To buy a home. And that's, and, and that's on a monthly basis. So your monthly mortgage payment has gone up 50% since then. So it, it's a challenging time for folks and it's going to continue to be a challenging time with these asset prices where they're at. So, so how do you prepare? How do you get ready for it? You know, we wanna be be there with our clients and with our clients' families as they're preparing for that next big step. 

Aric: Royal. I'm dying to hear that podcast. I mean, obviously I'll be there with you, but that one specifically, I, I feel like I failed my kids in, in speaking about buying homes because we talked about credit cards, we talked about credit, we talked about all these interest rates, we talked about all that stuff. But you know, you're looking at credit cards, you know, telling them to avoid 'em because 24% interest, 20% interest, 19% interest. They had no idea the, the change in the interest rates, and I, we just did the math. Um, a buddy of mine bought a house in, in March, so not quite going back to November.  

Royal: Mm-hmm.   

Aric: But a $300,000 house. And he got it for about 3% in March.  

Royal: Yep.  

Aric: Because that's right before everything started going up. And I said, okay, so after you do the 30 year traditional mortgage, he's gonna end up paying around 440 $450,000 for that house. Now let's look at today's numbers. And I, we did those numbers. I said, it's only a difference between 3% and around 7, 7ish. A little over 7, depending. And I said, but that house now goes from, you know, a $300,000 house goes from $450,000 to $740,000 over those 30 years.  

Royal: Mm-hmm.  

Aric: And they were blown away by that. And, and they're like, that's such a small difference in, in, in the interest rate, but it's the 30-year thing that kind of gets you and then how it's structured. So yeah. No, that's gonna be a great podcast.  

Royal: So we're excited to be back here with you, Aric. We're excited to be back with our listeners and really just kind of opening these lines of communications that, uh, I've really missed. I've, uh, missed the interaction with folks. Um, and, and we'd love to hear from our listeners. If there's topics that you'd like to hear from, you know, you can always email me at royal@opfa.com. Uh, happy to hear from you. What you'd like us to talk about because, uh, you know, right now we've got a ton of, of ideas, uh, but we'd love to hear from you, Hey, what's on your heart?  

Aric: Mm-hmm.  

Royal: You know, what, what are the things that, uh, you're dealing with that, that we need to talk about? So, love to do that. Um, and then, you know, I, I encourage people, we've got a big backlog of, um, podcasts on our website at opfa.com. Go check those out. Uh, we might have already covered one of those topics. Uh, you can pull that off the shelf and, uh, take a re-listen to it. Um, but other than that, Aric, anything else you wanna say to our listeners? 

Aric: Well, the biggest thing is, I just wanna piggyback off of what you just said. Um, it really is a huge library and we only have a podcast for, what, 25, 30 minutes. Right? So even in that content that you're, you're creating and the, the content you're putting out there, the education you're giving the audience, there's always gonna be questions. So, Listener, if you've got questions, so does your neighbor, right? It's the things that you guys are already talking about. If you listen to a podcast, you still got questions. Email Royal, he has been incredibly open with his time and, and he's, you know, bringing on a lot of new advisors to service you. So, um, please use that email address. 
I think that's great, Royal.  

Royal: Perfect. And the other thing I just wanna remind folks, you know, we, we say our podcast is on our website and it. But you can also subscribe on iTunes, Stitcher, Spotify, it's there. So,  

Aric: iHeart radio it's everywhere.  

Royal: Yeah. Yeah. So definitely just search for, uh, usually it's easiest to, to search for my name, uh, Royal Standley, uh, s t a n d l e y. Uh, that'll usually pull it up right away. And, uh, you know, as say the kids say, Now smash that subscribe button.  

Aric: I can't believe you said that.  

Royal: And, uh, You know, get it downloaded. You know, we, we don't want to take too much of your time, but, uh, we wanna deliver some excellent value during that 20 minutes.  

Aric:Absolutely Royal, thank you for this time. This is fun.  

Royal: My pleasure. It's great to see you, Aric.  

Aric: Great to see you too. And of course, our last thank you always goes to your listening audience. Thank you so much for tuning in and listening to the Life by Design podcast with Royal Standley. If you have not subscribed to the podcast yet, like you said, please click the subscribe now button below. This way, when Royal comes out with a new podcast, it'll show up directly on your listening device. And we humbly ask it you like the podcast, share it and leave a review as this actually does help others find the show. Again, thank you so much for listening today. For everyone at Oregon Pacific Financial Advisors, this is Aric Johnson reminding you to live your best day every day, and we'll see you next time. 

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Please note that discussions in these shows are for educational purposes only. Information presented should not be considered specific investment advice or a recommendation to take any particular course of action. Always consult with a financial professional regarding your personal situation before making financial decisions. The views and opinions expressed are based on current economic and market conditions and are subject to change. All investing involves risk, including the potential for loss of principal. Securities offered through United Planners Financial Services (UP), Member FINRA/SIPC. Advisory Services offered through Oregon Pacific Financial Advisors, Inc. (OPFA). OPFA & UP are independent companies. Neither OPFA nor UP offer tax or legal advice.