Dirty Secrets of Financial Advisors EXPOSED!
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Dirty Secrets of Financial Advisors EXPOSED!
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Dirty Secrets of Financial Advisors EXPOSED!
financial advisor
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I don't know if I'm just going through a temporary phase but I think I'm going to consider changing career paths in the moderate-distant future to a fee-only financial advisor. I enjoy my current career and am happy doing it to get my paycheck but there's no self-actualization/abundance with it either. It is a good use of my time but not a full-filling use of my time.
Unless if something comes up beforehand that causes me to want to shift gears, I'm going to give it another 3-4 years in my current field at a minimum. That way I can put in the 10,000 hours to become an expert at what I currently do and I can give myself that extra time to decide if being a fee-only financial advisor is what I actually want to do with my life.
One thing is certain, if I ever get the pleasure of interviewing with Abound Wealth in the moderate-distant future, I will have a lot to talk about. 🙂
I currently work in the financial services industry and have been for the past 4 years both at a bank and a b/d. I have a 4 year degree but it’s not finance related. Can I still sit for the CFP?
There's always a conflict of interest! It's just about being honest and transparent with the clients.
I am a young advisor that has been in the industry for just over four years. I love the content and tell many of my clients about your ways and your channel. Was curious what you guys look for when you look to hire new team members?
I've been a CPA for over fifty years and if there any secrets, I don't know about them. Remember what Will Rogers said, “The way to make money in the stock market is to buy a stock. Then, when it goes up, sell it. If it's not going to go up, don't buy it!”
Asparagus takes at least 3 years!
You guys are seriously hands down the best.
Great video.
30:30 That was hilarious and awkward! Bo didn't catch on at first, so Brian let it sink in for a few seconds. hahaha!!!
Asparagus? Asparagus takes 2 years to grow. Even then, while you can harvest it, it's better to let it go another year cause you'll get a bigger crop ongoing. So randomly inaccurate. Haha.
I've been approached by many "financial advisors" wanting to manage my retirement account. They generally stop calling when I ask if they can guarantee more than the S&P 500. I tell them I'll pay a % of what they can make me over a fund like VOO. I never hear from them again. Wonder why?
Financial advisors definitely have their place for people who may need hand holding and to keep them from making big emotional mistakes, but most people don't really need more than the simple approach offered by Vanguard or others with index funds. Most advisors charge 1% or more which essentially is like having high cost managed mutual funds and negates the benefits of low cost index funds. However, finances do get more complicated as we near retirement and that cost may be worth it to some for the peace of mind it might bring if you are not confident in your financial knowledge. You guys do a great job and I believe you would be great investment advisors, but for me personally, I don't believe the cost is worth it though again, it may be for others who feel they need help. Thanks for the wonderful channel and info you share! I do believe you guys get it and are trustworthy.
I feel like a lot of the mutual fund managers may not invest in their own fund because it may not be suitable for them. The person managing a high income/very conservative mutual fund for example could still be 20 years from retirement and able to tolerate a lot more risk than the objective of the mutual fund they manage.
I've been wondering this for a bit. What % of millionaires end up spending down the majority of their savings during retirement? Does that play into the stats for 2nd generation millionaires losing the status? I would actually assume that the vast majority of millionaires are not leaving over a million for their children to even lose.
Sitting for the CFP this July, planning on pursuing the EA next! As always, I love the content – working in my current position it always helps watching the Money Guy show to help synthesize some ideas 🙂 Hopefully someday will be able to find a fee-only firm to work for!
Why is $500K the popular dollar amount financial advisors seem to say is the dollar amount you need to start working with a financial advisor? Why not $300K? Why not $400K? $600K?
My understanding is that you don’t harvest asparagus until year two
I so appreciate you guys and your perspective you add to the marketplace.
Y'all mention commissions and how it may not meet a client's suitability. Why was SEC's Reg BI not mentioned?
When you guys bring in a new advisor to your firm, how do you "train" them to get them to think and operate with the same strategies that you pitch on these YouTube videos? What's the ongoing process to keep existing advisors to continue down that same path? If I like what I hear on the show, I want to make sure that any advisor that I might work with at Abound Wealth will be operating under the same principles.
I have a question regarding legacy.
As you know 70% of 2nd gen and 90% of 3rd gen lose all the money.
How are you protecting the legacy and whats stopping the 2nd or 3rd gen from quitting as clients?
The information I'm going to share is confrontational and I'm the first to acknowledge it wont be embraced by everyone. But, the best way to stay afloat this market trend is by consulting a professional