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
@sheadiggs93554 жыл бұрын
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
@taxcodeadvisorsАй бұрын
Biggest thing missing is tax planning. Taxes can more impact on financial outcome than one would imagine.
@Chrisw034 жыл бұрын
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.
@daniellepage2952 жыл бұрын
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! 😀
@ghggp1 Жыл бұрын
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!
@carolpeterson8947 Жыл бұрын
Hi guys, loved, loved, loved this show. My question is which do you recommend- the CFP or the CFA?? I couldn’t tell. thanks
@RandomJane104 Жыл бұрын
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.
@alexfinn79894 жыл бұрын
Having an advisor to help you determine how much you can spend would be really helpful.
@tedzipoy44603 жыл бұрын
About to chat with a few financial planners to help my parents with their retirement. Really thankful for you guys and this content today!
@bjmgolf36514 жыл бұрын
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!
@alexfinn79894 жыл бұрын
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.
@taxcodeadvisorsАй бұрын
Excellent Point
@ShineOnDude10 ай бұрын
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?
@debbied85254 жыл бұрын
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.
@ahumm82804 жыл бұрын
I am 100% positive that I will invest in a CPA in about 10-15 yrs from now!
@vinyl1Earthlink4 жыл бұрын
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.
@selenacope8994 жыл бұрын
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. 👍
@MoneyGuyShow4 жыл бұрын
Thanks Selena 👍
@kevindcreates4 жыл бұрын
On dividend investing if I’m looking at a 3% for your return on dividends and hoping the stocks end up without
@mataraytet4 жыл бұрын
Great show! You guys are wonderful!
@megan37023 жыл бұрын
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?
@itrthho4 жыл бұрын
I like the Edward Jones commercial at the start of your video....Hey, Google your not so smart.
@607AAG Жыл бұрын
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
@buzz41623 жыл бұрын
Which type of compensation is best for the client? Commission, fee based or fee only?
@shawn46924 жыл бұрын
I knew Bo was the type of guy top 6% of his class. Awesome job on only 6% of people passing
@MoneyGuyShow4 жыл бұрын
No doubt Bo is a smart dude even though I give him a hard time 😂👍
@jennifernguyen94273 жыл бұрын
I need to hire you guys!!!
@jacobmezick33034 жыл бұрын
Thoughts on securities lending as an individual investor?
@hesi80624 жыл бұрын
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?
@shaknbake12124 жыл бұрын
Can someone explain what an lutcf is? If its relatable to this subject and whose interest they serve?
@sharisaeatinger68394 жыл бұрын
I need to hire you guys & Dustin at Jazz Wealth. Great info as always!!! Thanks
@wdeemarwdeemar87394 жыл бұрын
Sharisa Eatinger in the end they are competitors so choose one or the other.
@wdeemarwdeemar87394 жыл бұрын
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.
@jenniferleigh16743 жыл бұрын
Dang. 271,000 is not that many! I would have thought there were way more!
@tristybrooke332 жыл бұрын
Gosh, is it ok to hire an American financial advisor if you live outside the US?
@skhend6310 Жыл бұрын
Thank u
@kyleduffer889811 ай бұрын
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.
@steveking85484 ай бұрын
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.
@levimachado4 жыл бұрын
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 ;)
@brunowbr13 жыл бұрын
Brazil knows you guys!
@theAWESOMEmkt3 жыл бұрын
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.
@MoneyGuyShow3 жыл бұрын
Double check that fiduciary part - there is a big difference between “suitability” and “fiduciary” - maybe times are a changing 🤷♂️
@chadshangraw81213 жыл бұрын
I have a red rich dad poor dad, can you recommend any reading to educate me on investing?
@shawn46924 жыл бұрын
Love you guys you are top notch. The nice thing is being fee only no conflict of interest. Great stuff
@MoneyGuyShow4 жыл бұрын
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 👍
@sheadiggs93554 жыл бұрын
When i make 100,000 should I hire one?
@slowsteadytez2904 жыл бұрын
When should I reach out to you all I'm at about 250 large what's a good number
@4656superman4 жыл бұрын
another 250....
@jonweber984 жыл бұрын
Do you have any comments regarding the company WealthAbility-ProVision?
@kirkroyse73054 жыл бұрын
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
@MoneyGuyShow4 жыл бұрын
Hard to buy index funds with Edward Jones. Let me guess.... you own American Funds 😉
@kirkroyse73054 жыл бұрын
@@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
@knowen874 жыл бұрын
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.
@kirkroyse73054 жыл бұрын
@@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
@stuartclubb43024 жыл бұрын
Edward Jones? I'd bet those loads and fees are high.
@wyattg.4047 Жыл бұрын
Entering finical advisory as of right now, I will pass all the tests. I will become a high end advisor, just watch me
@hawkeyepharmd134 жыл бұрын
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?
@MoneyGuyShow4 жыл бұрын
Yes the designations require CE/CPE that are part of two year renewal cycles. All also require a portion devoted to ethics 👍
@hawkeyepharmd134 жыл бұрын
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!
@nbrownchicago4 жыл бұрын
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....
@MoneyGuyShow4 жыл бұрын
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 👍
@travis12404 жыл бұрын
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.
@28jonmark4 жыл бұрын
Do you charge a client with a million in investable assets twice as much as one who have 500k?
@vapeking4664 жыл бұрын
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%.
@Roger-il8iw Жыл бұрын
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.
@gic47493 жыл бұрын
7 minutes listen to this episode, I need to click like.
@ironwolph3 жыл бұрын
If I just got 1 million $. What kind of financial advisor do I neeed
@sexysilversurfer3 жыл бұрын
A bodyguard!
@Smileo77 Жыл бұрын
sooooo you never suggested how to actually FIND someone.
@4656superman4 жыл бұрын
How do you down vote this?
@willelfakir4 жыл бұрын
Suitability Standards Advisors are offended.
@travis12404 жыл бұрын
Insurance salesmen posing as financial advisors don't want you to know there are real financial advisors out there.