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60 Second Financial Planning Check - Expat Financial - Plan Invest Protect

Here's a breakdown of the four major types of "hats" a financial advisor might wear. Note that these are by no means exclusive -- any given advisor may be virtually any combination of the four, which can muddy the waters even further! In my experience, when most people think of a "financial advisor", they think of an investment manager or stockbroker: someone who handles their investment and retirement accounts.

I include these together because while the work they do is quite similar on the surface, the details of how they are compensated are radically different! On the surface, this provides a nice incentive: they are paid more if investments do better, so they're theoretically incentivized to do well! However, there are a few conflicts you should be aware of:.

As I've written, asset allocation is a very personal decision. While your main concern is your portfolio's long-term performance, their livelihood depends on your portfolio's performance year-to-year , so they're incentivized to make your portfolio more conservative than otherwise in order to avoid dips in their revenue due to volatility. Because they are only paid for assets under management -- which does not include accounts such as k 's -- they are highly incentivized to have you roll over your k into an IRA.

Now, this is often a good choice, but there are exceptions, such as when you want to make Roth IRA contributions as a high earner. Clients have asked me why they haven't heard of the Roth IRA strategy mentioned in the link. Finally, AUM fees will also influence their behavior when they put on the "financial planner" hat see below. AUM-based advisors are incentivized to recommend any strategy that increases your assets: save more! Refinance your house and invest the difference! Lower your spending in retirement! Having said all this, every RIA is held to the fiduciary standard, widely considered to be the highest standard of care: they are legally required to place their clients' interest first and foremost.

Some are mutual fund sales reps, who are paid a hefty percentage if you purchase the fund see FINRA's article on mutual fund share class commissions. Moreover, because they are first and foremost agents of their employer, brokers are held to the suitability standard , which means that they are legally allowed a lower standard of care. Luckily, there's an easy question to ask in order to determine whether or not someone is paid on commission: "are you fee-based, or fee-only?

Financial Planner. Like medical GP's, they carry around a large body of knowledge on a variety of topics, and also like medical GP's, they will refer clients to specialists as necessary CPA's for filing taxes, lawyers for estate planning, agents for insurance, etc.

Of course, the knowledge level of any given financial planner may vary widely. That experience got me thinking about investing and more specifically retirement investing. Can you share a story about the most humorous mistake you made when you were first starting in the industry? Can you tell us what lesson or takeaway you learned from that? Back in during the stock market crash, a gentleman came to see us. He was a broken man. He wept openly and pleaded with us to come up with a plan to remedy his situation.

My partner and I agreed to help, and told him to come back in a few weeks. When he returned, we expected him to applaud our ingenious plan. Instead, he rejected everything about it. That was an awakening moment. How do you think that will help people? For example, lots of sixty-year-olds declare themselves conservative or moderately conservative investors. This is not a conservative portfolio for someone knocking on the door of retirement. We have a new, free calculator on our website that helps investors determine their Personal Risk Score, and if they have the right mix of investments in their portfolio.

It can be a real eye-opener when people discover that their investments are not aligned with their Personal Risk Score. The calculator can help you find a mix of investments to best match your Personal Risk Score and overall investment goals. Did you start doing anything different? Is there a takeaway or lesson that others can learn from that? Instead of being pretty good at everything, we wanted to become experts at one thing — in our case, retirement planning and retirement investing.

So find your niche and go deep. What three pieces of advice would you give to your colleagues in the finance field to thrive and avoid burnout?

27 Tips to Succeed as a Financial Advisor

Can you give a story or example? For example, we try to add value 3 ways before we even have a conversation about investments. Second, we help them SAVE money — usually by looking at income taxes, RMDs required minimum distributions and taxes on Social Security and pointing out opportunities to potentially lower these money drains. Many men and women we meet have a decent amount of savings. Thank you for all of that. If your loved one wanted to hire a financial advisor not you :- , which 5 things would you advise them to find out about before committing?

Can you give an example or story for each?

Introduction to NEFE's High School Financial Planning Program

What do you specialize in? According to Cerulli Associates there are over , financial advisors in the U.

  • What does “financial advisor“ even mean?.
  • Riche, pourquoi pas toi? (French Edition).

And most of them are generalists. Meaning they treat their clients generally the same. A generalist may not cut it for you. A specialist with expertise in Social Security, Medicare, retirement planning, retirement investing, and asset protection might be a better fit.

Recommended financial advisors

There are financial professionals who specialize in business owners. Find one that matches your particular financial situation and risk level.

Financial Planning Through the Ages - Top Tips for Sixty Somethings - Beacon Pointe Advisors

What makes you different? You should have several Elevator Speeches depending upon the circumstances. You will need a short and zippy 10 second commercial to use when time is in short supply. I help financial advisors create an Effortless Marketing Strategy designed to maximize their income through sales and marketing tactics.

My clients learn how to draw business to them by becoming experts in their industries, by speaking, writing, and optimizing their websites, and by being bold and daring and taking risks with confidence. Connect with Me 6. Practice, Practice, Practice Stand in front of the mirror and practice your elevator speech. Practice with your spouse, your friends, and your dog.

Practice a 10 second version and a 30 second version.


You will need both depending upon the opportunity. You will use a 10 second commercial when you are meeting face to face in a casual networking environment or when you are introduced to someone. You will use the 30 second version in a more structured situation such as a professional leads organization like Le Tip or BNI. Your biggest opportunity for success with your 30 Second Elevator Speech lies in how you follow up with contacts after meeting with them. What do you do with all the business cards you collected? Take the initiative and call or email each person whom you made a connection.

My clients learn to follow up with contacts within 24 hours to schedule coffee or lunch. Use this opportunity to find out how you can refer business to each other. Toastmasters Since practice makes perfect, you may need to seek out opportunities to practice speaking in front of a group. The perfect opportunity to practice public speaking is at your local Toastmasters club. Find a location near you and give it a try.

  • Lets Draw Manga - Sexy Gals.
  • Culebrón (Spanish Edition).
  • Insiders!
  • Respect for Tradition with Focus on Progress?
  • 60 second guide to financial planning!

Even if you never plan to give a keynote speech to thousands of people, attending Toastmasters will help you speak more confidently not only in front of others, but also one-on-one in everyday situations. Toastmasters is a supportive environment with a structured meeting that encourages all members whether new or experienced to practice public speaking.

My clients have regular review meetings with me to ensure they are on track to meet their goals. My clients are happier and live a more carefree lifestyle without stress knowing that they have an advisor they can trust. My clients tend to have complicated lives and trust me to manage their financial portfolios. They enjoy handing over their finances to an advisor they can trust. All my clients enjoy delegating their investments to a professional so that they can live their lives they way they want to: without stress.

I also have expertise in non-qualified plans and defined benefit plans.



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