Pod Insights The Clark Howard Podcast 06.16.26 Ask An Advisor With Wes Moss About this episode Most people think building wealth and keeping wealth require the same strategy. They don't. Wes Moss explains why getting wealthy and staying wealthy are two completely different skill sets—and why understanding the difference could have a major impact on your financial future. Wes also explores what may be the most important financial dividend of all: freedom. Financial planning isn't just about accumulating a bigger number. It's about creating autonomy, reducing the fear of running out of money, and building a life where you have more control over your time and choices. You'll learn why multiple income streams can provide both financial security and emotional comfort—and how finding your "money green zone" can help support lasting financial independence. Plus, Christa shares your #AskWes questions and Wes gives his take. All this and more on the June 16, 2026, Ask an Advisor episode of the Clark Howard podcast. Submit your questions: WesMoss.com/ask We hope you enjoy our weekly Ask An Advisor episodes. Let us know what you think in the comments! Learn more about Wes: BOOKS BY WES MOSS Wes Moss, CFP® Wes Moss - Clark.com Learn more about your ad choices. Visit megaphone.fm/adchoices
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1:16 Speaker 02 Welcome to Ask an Advisor, where we go deeper on all things investing and help you with your money. I'm Krista De Vias, here with Wes Moss.
1:24 Speaker 03 I'm Wes Moss.
1:25 Speaker 02 Yes, Mr. Wes Moss. And today, we are going to talk about how getting wealthy and staying wealthy are not...
1:32 Speaker 03 Well, those are two totally separate things, Krista. Two totally separate things.
1:36 Speaker 02 Right. And then later, you gave me a tease, and I don't really know what you're going to talk about, but the ultimate dividend.
1:42 Speaker 03 The ultimate dividend.
1:44 Speaker 02 Ultimate dividend. And of course, we have lots of questions to get to as well.
1:48 Speaker 03 Let's go, all of them.
1:49 Speaker 02 Okay.
1:50 Speaker 03 This is a world right now that is very focused on brand new explosive wealth because of all the IPOs, the SpaceX IPO, the potential OpenAI and then Anthropic IPO. And if you start reading the numbers, these have been private companies. So people have this stock and they technically do have the net worth to some extent, but it's totally illiquid and it's on a statement somewhere and it's not all that tradable. It is a little bit, but when companies go public and you have private shares, they all of a sudden show up in your brokerage account. So the amount of millionaires that are being created over the course of the next,
2:32 Speaker 03 let's call it the back half of 2026 is a pretty astounding number. It's something like 4,000, depending on what company you're looking at, four, five, 6,000 millionaires being created almost overnight. At least it seems like it's overnight, even though some of these companies have been, SpaceX has been around for over 20 years. Now, the artificial intelligence companies have been around for a much shorter period of time, but there is a growing sense of FOMO out there because you hear and read these stories. Almost every single day I get hit with a couple of these stories. There's a 400, 100 millionaire plus people being created from some of these IPOs.
3:13 Speaker 03 So you start to think that these people are getting wealthy really almost overnight. The natural human reaction is to feel like you've missed out.
3:23 Speaker 02 Sure.
3:24 Speaker 03 And you should participate and you should participate in a big way. The amount of calls I've been getting about these IPOs is off the charts. And it makes sense that some of these have been oversubscribed. So for every one share available, four people or five people want it. So you can imagine that supply, demand dynamic. But for me, what I've been seeing and feeling is just this pressure of, oh, I want to be part of this. I want to participate. Now, I think there's a little bit of novelty effect in some of these because they're popular companies that get talked about a lot. So there's a little bit of novelty. When I say novelty, I mean, sometimes people want to just own shares. Shares in their hometown baseball team or football team if they happen to be public.
4:05 Speaker 03 So, and that's possible, but usually that's more for novelty and feeling like you're part of something as opposed to your actual retirement plan. But getting wealthy and staying wealthy are two very different things. To get wealthy, there's two real paths to that. One, for the vast majority of people, really 99.9% of folks is about diligent savings, is about investing and letting money compound. We see what seems to be a big number of people, but you do the math, it's really only 0.01% of the workforce that's having one of these major IPO events and getting wealthy. So it's 0.01% of folks, even though it seems like it's everybody.
4:48 Speaker 02 You're saying there's a chance.
4:49 Speaker 03 And that's what's so amazing about investing is that there is always a chance, Krista.
4:53 Speaker 02 Right.
4:54 Speaker 03 It's never, and there are very few absolutes. It's always, well, it's possible. But for the vast majority of folks, if you're in your twenties into your mid 50s, you're still getting wealthy and you're growing your assets and you can take on some real risk and you have time to recover. And you do want to lean towards, in my opinion, more volatile assets because those volatile assets typically over time, that's where we see our biggest gains. But when you get to 60 or in your late 50s, if you're getting ready to retire, you shift into staying wealthy. And there's a big difference between those two approaches. And the staying wealthy approach doesn't mean you throw in the towel and say, I don't want
5:37 Speaker 03 to take any more risk and I'm just going to buy a bunch of bonds and money markets and CDs and a fixed annuity, which I know is a four letter word here on the show.
5:45 Speaker 02 Right, my goodness.
5:46 Speaker 03 And take on no risk, but it is the time to make sure that you, again, for the vast majority of people, if you're a billionaire, you don't really need to have a lot of balance. You can lose half your wealth and you're still going to be okay. But for 99.9% of Americans, that balance is really key because when we do go through, let's say recessions, maybe great recessions, financial panics, struggles in the economy, in the stock market, and we're taking money for the portfolio because we're living on it. It's very different than accumulating. We're actually using it. That's why I think I'm such an advocate of balance and protecting wealth while still giving it a chance to grow and beat inflation over time. When you get into that mid 50s, early 60s phase, really, it's
6:31 Speaker 03 not so much about the age, it's when you're ready to stop working and drawing for the portfolio. So getting wealthy, it's okay to be highly exposed to markets and take on some real risk. If you're ever going to do it, it's in that accumulation phase. But don't let this period of great fervor and stock bonanza trick you into thinking now that you're, even though you're in retirement, you're missing out and you need to be aggressive and be double down. So just don't let all of the headlines create FOMO to make overly risky decisions because if you're in that stage, you want to stay wealthy as opposed to just get wealthy.
7:10 Speaker 02 What percentage of your job would you say is psychological versus computational?
7:16 Speaker 03 I'd say a third of investing is the number side of the equation because it's so computationally easy and quick today versus what it was 20 years ago. And we can do 10 times the amount of analysis than we used to be able to do in a really short period of time. Sometimes it's astounding, particularly with market research is one thing I've noticed. Our CIO and I the other day did something in 10 minutes and we both looked at each other and said, gosh, this would have taken like two days, five years ago, to really compile all the data we were looking at. So it's certainly one healthy part computation and analysis. But the other two thirds, if you're working with families that are working towards a
7:57 Speaker 03 plan, the other two thirds is the reframing, which is the emotional and behavioral side of investing that you may not really feel like you need it, but it's the most important The equation.
8:09 Speaker 02 Mm hmm. Okay. Well, that's why you've done so much research on.
8:12 Speaker 03 Yeah, it's a huge part of my.
8:14 Speaker 02 What makes someone happy in retirement?
8:16 Speaker 03 And yeah, and that I would say is the other half of financial advice, in my opinion, is we get the financial planning and the investment side down. Those are two major steps. I still think there's three more just as important steps.
8:31 Speaker 02 By the way, this has become a topic of conversation at the dinner table for me when I'm out with friends. I was out with a big group the other week and because I read the retire sooner method, your book and your new book, and you've now upped it to five core pursuits. I ask everyone, what are your core pursuits now? And what do you think they'll be when you get to retirement?
8:50 Speaker 03 How do people react to that? Are they excited to give them to you?
8:53 Speaker 02 Yeah.
8:53 Speaker 03 Is it hard for them to think what they are?
8:55 Speaker 02 For some people, it takes a lot of thought and that I think spurs you into going, huh? I better think about this. What, you know, makes me happy? What gets me excited to get up in the morning? So.
9:05 Speaker 03 Yes. I mean, step two in the retire sooner method is about creating your purpose because you're not going to find it. It's not going to just land in your lap one day. And it's a fun amount of work to do. And the other thought around it is the amount of time you do it is important. So more is typically better directionally, more hours.
9:22 Speaker 02 We will go to questions now that came in for you. This one came in from Chris in Georgia.
9:27 Speaker 03 Chris.
9:29 Speaker 02 Wes, get out your pen. I'm 60 and plan on retiring in two years. I will have about a million dollars, mostly in my pre-tax 401k. I have a cash balance that will be worth, and here are the options. At 62, a $350,000 lump sum or 2,400 per month.
9:47 Speaker 03 Oh, we've got, this is a pension versus lump sum decision, Chris.
9:52 Speaker 02 Yes. And at 65, a $420,000 lump sum or $2,900 a month. And then here are the social security amounts. At 62, it's 2,500. At 65, 3,600. At 67, 4,500. Is it better to draw on investments from 62 to 65 and hold off on the cash balance of social security? Or just start everything at 62? There is longevity in my family into the mid to upper 90s.
10:24 Speaker 03 Oh, well, that is a big piece of the equation. Now, you don't know that number, Chris. We don't know how long we're going to live. If you told me that you were definitely going to live to 90 or 90 or beyond, then the simple answer is wait on all these things. Because your break even, I don't even have to do the math on social. We know the break even is 12 years. So if you wait from 60 to 67, 67 plus 12 years is what 79. So by the time you're 79, every year beyond that, if you live to 90, it's 11 more years that you would have more money cumulatively than you would have if you had taken it early. Now, we don't know the answer to that, though. And thank goodness, we don't know.
11:08 Speaker 02 Right.
11:08 Speaker 03 Thank goodness, we don't know.
11:09 Speaker 02 But don't you think he has to assume because of the longevity in the family?
11:13 Speaker 03 I do. Well, yes, absolutely. But now, the other thing is, it is an interesting conversation. And you say, oh, my dad had a heart attack at 72, my mom at 71, and I'm 68. There's no way I'm living to 90. Some people say it that way. Some people say it this other way. Chris, I hope you live to your 100. Now, let's do some math. The 62 versus 65, we're going to do the quick math. 2,400 a month times 12 is 2,880. And we're going to divide that by 350,000. That gives you an 8.22% pension amount. It's pretty good. Remember, I have the 6% test. Remember, we had a teacher email in and they were looking at the 10% level. I look at 6 plus.
11:57 Speaker 03 That number is 8 plus, which would lean towards taking the monthly amount over the big lump sum. The other part of the calculation, you do already have some liquidity. Chris, you've already got another million in pre-tax money. So that's a variable, too. And then 2,900, your next calculation is 34.8 divided by 420,000. Oh, it's the same, 8.28%. So there's two calculations. One, is the lump sum? Versus the monthly about our deal, I would lean towards the monthly amount here as opposed to the liquidity. You almost though can't go wrong by taking the money and having go into
12:39 Speaker 03 an IRA. So a lot of people, if there's a tie, you still kind of want the money in your account for your heirs. If, let's say you don't live a long period of time, at least that money now goes to someone versus the payment streams will likely stop either for you or your life or your, you and your spouse's life. But on this one, I'd be leaning towards the monthly. And the same goes with social, Krista, is that every year you wait, every month you wait, it's about a 12 year break even. But if you're just penciling in 90, I think you're better off waiting on all of these, taking the income streams and then utilizing that million dollars
13:17 Speaker 03 for that gap. The only catch is that you don't want to completely raid that liquidity during that gap. So if you're taking four, five, maybe even 6% of it to fill the gap, that's okay. If it goes beyond that as a withdrawal amount, then you have to start thinking about turning these on sooner as opposed to waiting forever.
13:38 Speaker 02 Okay. This one's from Mark in Georgia. Wes, I'm 59, I have a net worth of $7 million consisting of paid for rental, real estate and IRAs. I have $4 million in IRAs with 75% in traditional and 25% in Roth. I'm working part-time and plan to stop in the next two years. Once I retire, I don't see my income coming out of the 24% bracket. I'm considering starting Roth conversions to the max of 24% bracket using this following logic. One, the taxes have to be paid by someone, me or my heirs. Two, while nobody has a crystal ball, I have to think taxes are going to rise. If not, at least I'm operating with a known
14:19 Speaker 02 rate, 24%. And three, I'm lowering my RMD amounts. Four, I'm reducing the size of my estate in the event that inheritance tax caps are ever lowered. And five, when I die, a Roth is a much better asset for my kids to inherit. I effectively consider this to be a hedge against the unknown. The only way I see this blowing up in my face is if the tax rates drop precipitously. I'd love to get your opinion.
14:43 Speaker 03 Hey, Mark. Mark is retiring in two years. $7 million net worth, three in real estate, four in IRAs. A million of that would be in the Roth, 3 million would be in the IRA. Let me go through your list. Tax, either you pay the tax or your heirs. Correct. Number five, he said something about paying the taxes for his kids. Correct. But that's an important word, Chris. We're going to come back to that. I don't like to predict tax rates. I don't think they're going much higher. They're already, in my opinion, so high between top federal and then the net investment tax. If you're a really high income person, you're 37 plus, almost four, you're already over 40.
15:25 Speaker 03 I don't think there's any appetite in America for any higher taxes. So I don't think they're going higher. I know a lot of books will say, well, they can only go up. I just don't believe that. The lower RMD, yes, totally correct and true. And reducing your state, probably not that big of a problem because if you're married, Mark, it's 15 million each. It's $30 million. Yes, if seven, that could double to 14, double to 28, and you're still under the cap. And that could change too. But you have plenty of money. And you mentioned a couple of different times that you're okay with paying taxes for your heirs. That's the tiebreaker in this whole thing. Of course, you lower your RMDs.
16:09 Speaker 03 And if you convert up to 24%, so let's say now you're only 15, and you don't go above the 24% when it comes to making those Roth payments on the conversions, then for you, particularly from what you're telling me, I'm okay with a Roth conversion here. I don't know the exact amount every year it would be, but it's probably 100, maybe a little more than that per year. And it'll take a chunk out of the IRA. It'll lower your RMDs. And if in your mind, you're saying, look, somebody's going to pay it. You're already wealthy. You might as well pay it for your kids. You know, 1 in 10 families say that to me. They do. They're like, I'm okay to pay right now because I want my kids to have this net. Nine out of 10 don't say it's up to the kids. I'm going to let them pay.
16:55 Speaker 03 But if you're okay with that and paying a little bit more tax today, then you're a great candidate for the Roth.
17:00 Speaker 02 Okay.
17:01 Speaker 03 Conversion.
17:01 Speaker 02 Todd in Iowa says, Wes, you often mention a Balanced portfolio. I'm 56 and have not balanced at all. My question is, how do you balance without taking tax hits when you're 95% in investments? My initial thought was to sell funds in my 401k now and transfer those to cash, but still leave in the 401k to avoid taxes now. The problem with this is neither of my 401ks offer an equivalent of the Vanguard Settlement Fund or the like. I'm currently sitting on about one and a half million in my total portfolio, around 50% of that is in my 401k, traditional IRA and Roth IRA. 30% of the 401k is a Roth account. Any suggestions on how to balance this portfolio
17:44 Speaker 02 without taking the tax hits? Lots of tax questions.
17:47 Speaker 03 Todd in Iowa, remember, a lot of your money is in the crock pot. That means that you can change it around and mix it up and you're not going to have to worry about taxes. We have this natural thought of, gosh, if I'm selling my stocks and I'm rebalancing from appreciated stocks into something safer, you're going to take a tax hit. It doesn't matter in an IRA. It does not matter in your 401k, nor your Roth, nor your Roth 401k, nor your IRA. Those retirement accounts are quote qualified. That means that the taxes all stay in the crock pot until you take money out. And just rebalancing doesn't do that. So you're totally fine to rebalance within the
18:30 Speaker 03 retirement accounts and you don't have to worry about taxes. The other thing is that you mentioned that you don't have a cash type account in your 401k. That's not true. Every single 401k in America has a short term, either a money market option, a cash type account that's a fund, or a short term bond fund that is usually US Treasuries. So there is an option in there. You just have to look for it. It should be right there in the list, but it doesn't need to be in cash cash. It can be in a cash like dry powder investment that you're rebalancing into for more safety. So I promise you, go look and you will find one of those options or multiple options
19:14 Speaker 03 within those accounts.
19:16 Speaker 02 All right. We're going to come back and you're going to talk about the ultimate dividend. We'll get to more questions. And if you have a question for Wes, go to wesmoss.com/ask.
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20:57 Speaker 03 Welcome back to Ask an Advisor, Wes Moss, along with Krista DeBias. Welcome back.
21:03 Speaker 02 Welcome back, Wes.
21:05 Speaker 03 You want to hear about the ultimate dividend?
21:07 Speaker 02 I do.
21:08 Speaker 03 My favorite dividend that gets paid by stocks? By stocks? It's freedom.
21:15 Speaker 03 Freedom is the ultimate dividend. I heard a little Braveheart in the background.
21:19 Speaker 02 I heard, I heard George Michael, so.
21:22 Speaker 03 You heard George Michael. I heard Braveheart, and I think we're both right. There's a psychologist, Angus Campbell, and he wrote, he studied humanity and concluded that the ultimate
21:36 Speaker 03 Happiness elixir for humans is autonomy and freedom, which leads to the most sense of contentment that you can have as a human, which is really the altruistic way to think about what we're doing when we're talking about financial planning. We are literally trying to deliver. And you, as you are investing your money and planning for your retirement, you're trying to deliver yourself that autonomy forever. That is a magical elixir when it happens. It doesn't happen overnight, it happens gradually. So it's not about income or status or square footage. Happiness comes when you feel like you are driving the car. And that is why everything we're trying to do when it comes to investing is to be able to replace our income
22:20 Speaker 03 without having to go do the job that two thirds, three quarters, 80% of Americans just don't love.
22:28 Speaker 03 There's a difference between hedonic and eudinamic happiness. I write about this in retire soon math. Hedonic is about pleasure and fun. It's like Vegas, right? That's like hedonic. I'm going to go have an awesome time. What Aristotle wrote about was this eudinamic happiness, which is a feeling of purpose and contentment and autonomy. And that comes from having a financial equation that you feel comfortable with. Because we still know to this day, and I don't know if this will ever change, that one of the top financial worries, even for folks with high net worths and a million, two million, even three million plus, still worry about running out of money.
23:10 Speaker 03 It's still a top financial fear, which is a deeper fear than a headline. I'm worried about the Middle East. I'm worried about inflation. I'm worried about a market correction. The root of that is the general fear, which is much more powerful and scarier, which is, gosh, what if every, every, every, everything goes wrong and I run out? Then we lose our freedom and we lose that freedom dividend. So what we're trying to do, and this is part of the money green zones that I talk about is that getting to those levels of the money green zones, which are a million dollars or more in cushion, liquid assets, a hundred thousand dollars of income, having a mortgage paid off, those three financial green zones to be in, they are there to pay you that dividend of freedom.
23:55 Speaker 03 And the amounts are not perfect and the amounts in particular don't necessarily matter because they could be different for you. You could get to financial freedom with a lot less than a million dollars. It's definitely possible, but in the expensive America that we live in, those are the levels that I've seen where people do have that feeling of, okay, now I'm driving the car. Now I'm in good shape. Now I can have that Aristotle type of happiness, which is I have autonomy, I control my own destiny, I'm driving the car. And that is why having multiple income streams, whether it's social and a pension and five, 10, 100 different investments, all paying you something is very powerful. You asked earlier about the emotional and behavioral side of investing. That's an emotional and behavioral thought.
24:40 Speaker 03 I feel comfort when I have 30 different things paying me my income or 100 things paying me a little bit of income that adds up to enough for me. And then we can go into rich ratio, as long as we have more coming in than is going out, you're in a piece where you're driving the car. So dividends from equities, also interest from bonds and other distributions and rent and all of those things together, their power is in the freedom that they're giving you that autonomy. That's the whole purpose behind what we're doing as savers and investors.
25:14 Speaker 02 Okay, let's go to some questions. Tyler in California sent this one in. Tyler's 28 and he says, I have around $70,000 in cash sitting in a standard checking account. I have no debt. I own two older reliable vehicles outright. I rent for $1,300 a month and I bring in around-
25:33 Speaker 03 In California?
25:34 Speaker 02 Mm-hmm. I bring in around $5,000 a month post-tax. I can- Contribute 15% to a standard 401k and have been since I started my career in 2020. I'm also on track to max out my HSA this year and around $20,000 would be a comfortable emergency fund. Should I invest the remaining $50,000 in ETFs like VOO, VTI, or QQQ? Should I contribute this money to a Roth IRA? I would like to purchase a home at some point in the next 10 years. So having that money tied into Roth IRA makes me nervous.
26:08 Speaker 03 Tyler, don't be nervous about the Roth IRA. It's the ultimate vehicle that allows you access. Now, you can only contribute so much to the Roth. If you were allowed to contribute whatever you wanted, I'd say put everything into the Roth because you can take out your contributions tax-free the next day if you want. There's also that $10,000 first-time home purchase rule that gives you an additional 10 beyond your contributions. So don't be worried about putting money to the Roth. That, don't be nervous about that because it's the ultimate accessible account that also of course grows tax-free. That's why we all love a Roth IRA or Roth 401k. So what I'm thinking for you is that you keep your 20,000 as your emergency. Then you do your 7,500 bucks into a Roth this year, next year.
26:53 Speaker 03 So 7,500 over the, let's call it 7,500 over the next even five years is 37.5. And let's say another five years later, in 10 years when you want to buy a house, the whole thing's worth 70,000. The cool part about it is the whole 37.5 is accessible. And then another 10K of earnings because it's first-time home purchase, that's accessible. Now you're at almost 50 grand. So that's a lot of accessibility when it comes to thinking about buying a home. But you can't put all that much into the Roth right away. So you do your 7,500 there, then you take the rest, 42,500.
27:35 Speaker 03 You take that and that's where you do your broad market, low-cost equity-based ETFs because you're in your twenties and you're in the getting rich phase. And I think you'd be in great shape if you think of it that way.
27:48 Speaker 02 All right. Gary in North Carolina says, "For the guaranteed bond part of my portfolio, my advisor is recommending an equity indexed annuity. I'm pretty sure he's getting compensated, although he's generally a fiduciary. He is recommending capping it at 7.5% to avoid fees from the company. Nothing below 0% returns, but also no returns above 7.5%. I had concerns about inflation. There are also surrender charges the first 10 years, but none after that. You're free to withdraw 10% per year without penalty. He shows on his charts that you can still make more even if you have a withdrawal versus a regular bond portfolio for this part of my investments. He wants me to use mutual funds or index
28:31 Speaker 02 funds for the rest. What are your thoughts?"
28:34 Speaker 03 I feel like every time we get an annuity question, it's all the sales points around the annuity. It's zero downside. It's 7.5% upside, which on the surface, Krista, doesn't that sound perfect?
28:47 Speaker 02 Sure. They always sound great.
28:50 Speaker 03 It sounds so good. No downside, 7.5% upside. The reality is the way these things really end up working. And again, we don't know because I don't know the exact formula of how they're capturing part of a return of something. A lot of times they tie them to different indices. They usually use monthly caps. That's one of the ways that they end up having really low rates of return. Because remember, look, and all of these index annuities, equity index annuities, they're really just invested in bonds. That's where the money's really sitting. So the insurance company can't have a formula that could give you 8% or 9% because their bonds are just not going to do that. So they cap it and they say, well, we're going to let you have a half a percent of gain
29:35 Speaker 03 every month. So if the market's up 4% in a month, the most you get is 0.5%. And they do it again the next month and the next month. So that's why the formulas make it so that it's nearly impossible to ever get to that 7.5%. I guess it's possible, but highly, highly, highly unlikely. It'll, it'll be somewhere between zero and 7.5%, call it one, maybe two, maybe three. I don't know. And you're locking yourself up in order to get that return. And because it is on the bond portion, it is understandable that you might want to do that for a sliver. Only catch, I would say, is that, let's say your
30:15 Speaker 03 bond portion is $250,000. Would you be comfortable taking the 250 and putting it in one bond? Or would you rather have that have a high amount of diversity within 250,000 that owns an ETF that maybe owns 200 bonds? When you're buying an index annuity, you're essentially buying a bond because it's just the company that you're buying it from and their claims paying ability. Remember, these are insurance contracts, not investments or insurance. The, is the claims paying ability of the insurance company going to be around and financially in a good enough shape to be able to make those payments to you? That, to me, is the bigger hedge. Thinking about this like a bond is fine. Thinking about it as I'm going
30:57 Speaker 03 to put all of my bond money into one bond, that's where it makes me nervous.
31:02 Speaker 02 Also, I wonder what it means to say that the advisor is generally a fiduciary. I mean, aren't you a fiduciary or not? Or potentially this is a fiduciary advisor who has some of these companies have, wears two hats. There's a second company that sells insurance. And when, maybe in your agreement with them, when they're selling insurance, they're not acting as a fiduciary.
31:22 Speaker 03 I think that's right. I think that's kind of how it works.
31:25 Speaker 02 Okay. Well.
31:26 Speaker 03 You can be a fiduciary on one side and then get commissions when you take off that hat. I think it has to be under a separate company from my understanding.
31:34 Speaker 02 Yes, that's what I've seen.
31:36 Speaker 03 So I'll let you guys be the judge of that.
31:39 Speaker 02 Okay. Well, thank you for joining us on this episode of Ask an Advisor.
31:42 Speaker 03 That went so quick. By the way, that last question was from Gary in Indiana. Is he really from Gary, Indiana?
31:50 Speaker 02 Gary, Indiana, I don't know. I don't know. Thank you, Gary, for your question. Thanks to everyone for sending in your questions. Again, you can go to wesmoss.com/ask and we will see you next week.
32:05 Speaker 05 When you shop pickup at Kroger, you can expect the savings you love and fresh groceries selected just for you. Our associates are committed to getting every detail right, carefully handpicking your items, checking for quality and freshness, and packing your order with care. Because bringing you fresh, quality groceries is what we do best. And right now, enjoy $20 off your first online order of $75 or more. Restrictions apply. See site for details. Kroger, fresh for everyone.
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