March 2024

“The only thing new in the world is the history you don't know.” –Harry Truman

Let me take a short paragraph to acknowledge all the new readers in the past few months. Brien’s Bits came about as a result of all the not-so-great news coverage our clients were being bombarded with. (Unfortunately, that is what sells in news business.) In my chair, I get to see data and news before the spin is attached. One day I started putting some of that stuff in an envelope and sending it to people I cared about, you. The response to these “bits” was phenomenal. Thank you for your support. We will continue to share meaningful information and occasionally some humor to help counter what may be coming through your television. Remember when you hear things in the media and it doesn’t seem right, you can always call our office and get our take on it. Better yet, add some peace to your life and turn off the news altogether.

Healthcare is hard, hard to manage and maneuver through. A client recently shared a story with me about a medication she takes that suddenly is no longer covered by her insurance. It will cost $800 monthly out of pocket. The insurance company says there is a generic that will be cheaper, but it is actually a new medication. There is no generic. There has been much angst including several episodes of back and forth with lengthy hold times and trying to get a doctor on the phone with the insurance company. In the end, the patient will get the medication for the time being but has been warned they do not know how long.

Another client shared a story about a medical problem they have and the difficulties of finding someone to give it the time to be properly diagnosed or treated. It happens to fall “in between specialties” and nobody wants to touch it. It is not quick and easy. It is not something that a drug or a surgery can fix; therefore, it is not something that can be run through insurance for a big cha-ching of the cash register. It doesn’t fit with our transactional healthcare system, so they keep passing it off. 

Side note – this is where artificial intelligence could be a huge help. Most doctors have high demands to see a certain number of patients each day or perform a defined number of procedures (transactional health care) and do not have time to research and diagnose uncommon problems the way they would like to. I know some personally who take cases home at night just to try. Maybe soon artificial intelligence can assist doctors with these kinds of diagnoses. We could feed the symptoms and details into an artificial intelligence computer, and it could research it for the doctors. 

We could all probably tell more stories about people we know who fight the system to get proper treatment. I know people who have quit fighting because they don’t have the time or energy anymore. It is sad to see, but this happens all the time. I have said to these people, and now to you, that what they need is an advocate. They need someone on their side, who is looking out for their best interests and going to bat against a system that is set up to be difficult. They need somebody like us, Collins and Krank, to go to work for them on the medical side. 

We are your advocates. That is the essence of what we do for our precious clients (we have no other kind.) We are the financial advocates for many families. Specifically, our job, our service, our main priority is to guide our clients though the financial labyrinth of life. We are there to fight the financial good fight for them in so many ways. We manage the money. We build a Goal Plan to make sure all the pieces are fitting together to get you where you want to be, yet we are so much more. We are the ones sitting on hold with the insurance company to make sure the annuity promises are honored. We are the ones who find the lost shares of stock or bring home the orphaned 401k from a job long ago. We are the ones consolidating all the disparate statements and fragments of investments to bring them into a cohesive strategy and simplify your life. We are the ones fighting to have your financial prescriptions filled. We are your advocates! We put our clients first!

That word, fiduciary, has been tossed around quite a bit the last few years but let me make sure you understand what it means to us, and to you. First, not all financial service providers are fiduciaries. Many have no formal financial training at all. They are salespeople selling products. I have followed a fiduciary standard for my clients since before 2000 when I became a Certified Financial Planner™.

By following a fiduciary standard, we will not allow any conflicts of interest to come between us. You never have to worry about our motivations or question our advice. We will always make sure that everything we do is in your best interest. Our clients and their needs must come first, not ourselves, or our company. Many times, we give guidance to a client that may not be good for our business in the short run; however, doing the right thing will always be good in the long run.

That does not mean you will always like what we have to say but know that we are saying it for your benefit. We are your advocates, always. That is why our cost structure is set up the way it is. The better we do for you, the more we all benefit. Maybe if the healthcare system were set up the way Collins and Krank is we would all be healthier and have a better experience. 

Neuralink works! Just the other day another project Elon Musk has been working on gave us an update on their first brain implant patient. They showed how the man, a quadriplegic, could operate the mouse of a computer using only their thoughts. Impressive. What a world we are living in. 

Sincerely,

Brien Krank
Financial Advisor, RJFS
Senior Portfolio Manager
Managing Partner – Collins and Krank

Hear me on the radio Wednesday mornings from 7:35am to 8:55am on 1100am The Flag and 970 WDAY.

Any opinions are those of Brien Krank and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance does not guarantee future results. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Individual investor’s results will vary. Raymond James is not affiliated with Nick Murray, Federated Hermes, or First Trust. Neither Raymond James Financial Services nor any Raymond James Financial Advisor renders advice on tax or legal issues, these matters should be discussed with the appropriate professional. The information contained in this letter does not purport to be a complete description of the securities, markets, or developments referred to in this material and does not constitute a recommendation.