How and When to Hire a Financial Advisor!
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- เผยแพร่เมื่อ 16 ม.ค. 2020
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When to hire a financial advisor:
- A lot of money (to not misuse it or even to use it better)
- No time to research for yourself
- Someone to uncomplicate finances especially as we get older
- Just want someone like-minded to bounce ideas off of/get advice from
But watch the video. There's more in it than just that
This is what I want from my advisor based off this show
Fee only-hourly
Fiduciary standard
Pfs 10+ hours years experience/must pass exam
Estate planning
Do they discuss Help with net worth
Do they discuss Cash flow tax planning
Do they discuss all investment accounts
No insurance policies only talk about plans
Do they discuss but NOT create ESTATE plans (Leave that to a lawyer)
Don't talk about greater than
No one sided answers
Help control my spending
Help me understand what I can spend
Tax preparation No
Great episode and thanks for the info. The “alphabet soup” always confuses me. I’m 35 and plan to work with you guys in a few years to return the favor and complete the abundance cycle (I’m in target funds currently). The trust you’ve built with us listeners (podcast guy here) is unparalleled.
About to chat with a few financial planners to help my parents with their retirement. Really thankful for you guys and this content today!
If I had to get a financial advisor, the first thing I would ask is show me their finances. Also wonderful job on laying out all the different types of credentials, types of clients, types of services, all around a great video.
Just bc it’s suitable doesn’t mean it’s good! Love that! I’m going to use that in all kinds of scenarios with my children and husband! 😀
Great show! You guys are wonderful!
Having an advisor to help you determine how much you can spend would be really helpful.
Excellent presentation! Very comprehensive! Best
explanation I have seen online! Thank you so much for your honest assessment for those of who are clueless about how to select a financial advisor!
A consolidated view of your overall finances across all accounts is very important. I have one spreadsheet that consolidates the 68 stocks in my five brokerage accounts, my 401K, and my pension account. This shows my total stock and non-stock positions, which is very helpful in managing total assets and allocations.
Thanks so much for such a great video. Explaining the ABC soup stuff really helped. Also explaining what financial advisors do and do not really was amazing content. 👍
Thanks Selena 👍
Gentlemen, another great explanation of how to select the best financial planner to help guide through the financial journey! Appreciate the down to earth description of suitability versus fiduciary type of planner. Keep up the great work!
Hi guys, loved, loved, loved this show. My question is which do you recommend- the CFP or the CFA?? I couldn’t tell. thanks
Great info. I am about to turn 50 and just hit $500k of investments and am thinking about finding an advisor this year.
I did know to look for fee only advisors but the additional info is good.
I am 100% positive that I will invest in a CPA in about 10-15 yrs from now!
Thoughts on securities lending as an individual investor?
I like the Edward Jones commercial at the start of your video....Hey, Google your not so smart.
On dividend investing if I’m looking at a 3% for your return on dividends and hoping the stocks end up without
I was impressed with how much time and education I received from several one on one meetings with Abound Wealth before I became a client. Always quality information.
Thank u
Which type of compensation is best for the client? Commission, fee based or fee only?
Brazil knows you guys!
Can someone explain what an lutcf is? If its relatable to this subject and whose interest they serve?
I need to hire you guys!!!
I like you guys, despite our last interaction on youtube about the japanese investors versus the american (overly optimistic) investors.
I just wonder if any of you ever pay attention to valuations and Schiller ratios ;)
What's your advice with what to with extra money? I'm already having 30-35percent of my earnings to retirement and Investments but still have a few grand lying around what do I do with that?
Love you guys you are top notch. The nice thing is being fee only no conflict of interest. Great stuff
Shawn,
Thanks for the compliment, but even fee-only can have conflict - the big part is how any advisor discloses and talks their clients through the decision making process. Thanks for watching and the comment 👍
I knew Bo was the type of guy top 6% of his class. Awesome job on only 6% of people passing
No doubt Bo is a smart dude even though I give him a hard time 😂👍
What do you do or who could help for a new young professional who needs help with taxes, student loans, 401.k, how to built savings. Has enough money but but no one to help them make responsible decisions and stay on top of timelines?
Dang. 271,000 is not that many! I would have thought there were way more!
Every financial planner I listen to leaves me with one question at the end. Is this person worth putting on my payroll? And for the young folks, can you imagine them putting you on the payroll for 50+ years? At the end, the financial planner will have more of the assets than the customer.
I need to hire you guys & Dustin at Jazz Wealth. Great info as always!!! Thanks
Sharisa Eatinger in the end they are competitors so choose one or the other.
vincentrich - Banned But Not Forgotten sure she should choose which I said but they won’t let you use both they have total different approaches and both use an asset under management model.
The reason only 1/3 are CFPs is that it takes 3 years of experience to become a CFP. Most Finacial Advisors fail in the first 3 years. Like 80%. So most are new.
Im totally lost. Ive been loosely managing our money. Recently been talking to an advisor with a big well known firm. Basically i figured out that the fee is 1.4 percent which equates to sbout $600 a month. How do i figure out if that is worth it and they sell everything i have and move everything over to their stuff, how do i track it? And i wonder if there is a way to get the advising with out having to sell everything currently invested?
In my late 20s, would it be better to go with a fee based advisor? I recently had an advisor reach out to me: she’s fiduciary and commission.
Double check that fiduciary part - there is a big difference between “suitability” and “fiduciary” - maybe times are a changing 🤷♂️
When should I reach out to you all I'm at about 250 large what's a good number
another 250....
You never told us how to find someone like this. I work with a CFP but they sell insurance they get a commission from trying to find who I should go to
Gosh, is it ok to hire an American financial advisor if you live outside the US?
Do you have any comments regarding the company WealthAbility-ProVision?
7 minutes listen to this episode, I need to click like.
When i make 100,000 should I hire one?
I have a red rich dad poor dad, can you recommend any reading to educate me on investing?
I HAVE MY OWN TAX PERSON AND USE EDWARD JONES FOR MY ROTH IRA... I'm more on the conservative side with finances, my opinion important to have 1 specialist on you're team with all financial stuff example have a great real estate agent representing you
Hard to buy index funds with Edward Jones. Let me guess.... you own American Funds 😉
@@MoneyGuyShow yep started like 8 years ago unfortunately in my home state they are everywhere so great access.. not disappointed with my portfolio performance.. when I started just wanted to focus on behavior attitud. know way more about stocks today lol thanks to programs like this... when I started I thought only multi millionaires invested in stock market lol
I had a meeting with Edward Jones and the guy would't tell me what my money would be invested in. He just kept saying it was proprietary and secret and returns were super low. I did not invest my money there because of rule #1 make sure you know what you are investing in.
@@knowen87 my thoughts for next twenty or thirty years I didn't want to kick myself if I made bad decisions on investing so I went with the theory focus on attitude behavior compound interest. Retirement is like being a poker player many different ways to win a tournament
Edward Jones? I'd bet those loads and fees are high.
Entering finical advisory as of right now, I will pass all the tests. I will become a high end advisor, just watch me
Do you charge a client with a million in investable assets twice as much as one who have 500k?
Alot of fiduciaries actually give a small discount once you have a million or more. An example is one charging 1% of all assets would drop the fee to 0.7%.
When I was broke I never heard from financial advisors and that's when I needed them the most. Now that I have some money they are contacting me non-stop. Most are vulgars and want to take the money that you made from you....
Definitely scary out there. We are practicing the Abundance Cycle to see if we can help in our own small way. Also consider researching Fiduciary Advisors 👍
I've never had a "Financial Advisor" contact me that didn't work on commission. I stay far away from the commissioned approach for reasons that should be obvious. Fee only advisors are hard to find, and in my experience you need to seek them out, not the other way around.
Saying you need the CFP to work as an advisor is a little silly. The college degree requirement should be removed. With my series 65 and numerous designations I have had less than 10% of my clients even ask about any designations.
As a healthcare professional, we have to do a lot of continuing education for license renewals and an exponentially larger number to keep board certification credentials. Does this work the same way for the credentials and licensing you talked about? How much CE is required and how is it obtained?
Yes the designations require CE/CPE that are part of two year renewal cycles. All also require a portion devoted to ethics 👍
The Money Guy Show thanks! This was informative! Glad I stumbled on your show about a year ago and rock my tumbler in the hospital all the time! Thanks for what you do I’ve learned so much, keep it coming! Hoping to need an advisor in a few years!
If I just got 1 million $. What kind of financial advisor do I neeed
A bodyguard!
sooooo you never suggested how to actually FIND someone.
How do you down vote this?
Suitability Standards Advisors are offended.
Insurance salesmen posing as financial advisors don't want you to know there are real financial advisors out there.