How to Pick the RIGHT Financial Advisor

How to Pick the RIGHT Financial Advisor | 12 Questions

Рет қаралды 31,287

Күн бұрын

One of the most important questions you will explore in your financial life is how to (or if you should) choose a financial advisor. This is also one of the most difficult questions to answer because picking the right financial advisor comes down to more than just using the one that your friends use. Friends don't often know the difference between a financial advisor and a registered investment advisor, for example, yet you will replicate their choice which might not have been thoroughly thought out.
Their financial advisor may put them in the wrong investments for their stage in life, overcharge them, engage in too much trading activity which increases taxes and transaction costs, and most importantly, tout that they can outperform the S&P 500 Index, despite the fact that fewer than 10% of Financial Advisors can consistently achieve such an incredible feat.
This video puts rigor around selecting the best financial advisor for retirement for your specific needs by giving you 12 questions that you should ask before considering any financial advisor. Most importantly, it helps you work out who is on "team you" versus "team themselves."
VIDEO INDEX AND IMPORTANT LINKS
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00:00 Introduction
00:51 Do "People" Need a Financial Advisor?
01:21 Who Does Your Typical Client Look Like?
02:03 How to Tell if Your Financial Advisor is an R.I.A. (Registered Investment Advisor).
03:16 Is it Important for a Financial Advisor to Be Affiliated with a Broker Dealer?
04:23 Should You Buy a Private Mutual Fund Created by Your Financial Advisor?
05:33 Should a Financial Advisor Disclose Special Fee Arrangements to You?
05:56 How Do Financial Advisors Get Compensated?
06:14 What Services Do Financial Advisors Provide Beyond Picking Investments?
06:44 Should Your Financial Advisor Keep Your Funds in a Custodial Account?
07:20 Should Your Financial Advisor be Accredited in Social Security Analysis?
07:56 Should Your Financial Advisor Help with Taxes and Estate Planning?
08:31 Will You Have Access to Your Financial Advisor Once Hired?
09:10 Should Your Financial Advisor Tell You Where They Will Direct Your Money Before You Hire Them?
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.

Пікірлер: 104

@DevinCarroll Жыл бұрын

Wow. I was talking to a prospective client the other day and she asked me these questions verbatim. Good list of questions here!

@HolySchmidt Жыл бұрын

Hi Devin, great to hear from you! Folks if you are looking for a financial planner, or just want excellent advice here on KZfaq check out Devin’s channel. Here is a link to one of my favorite videos of Devin’s. kzfaq.info/get/bejne/hKmmg6mVxNPNh30.html

@dipaknadkarni62 Жыл бұрын

Thanks. I manage my own money. I look at the lowest cost and low turnover. It works. Most people are not aware of this. Everyone is trying to get a piece of the pie. Less pie, less dollars in your pocket. You are all able to manage your own assets.

@HolySchmidt Жыл бұрын

We’ll said

@bmorehead Ай бұрын

I manage my own money and will continue t do so, but I am looking for an advisor because I need someone to advise me on taxes and allocation information. Simply put I need to know if its more beneficial to pay off my house before I retire or not. I thought this was an easy question because I make more in the market then the % on my house, but then I was listening to an advisor and realized I will need to draw 40k yearly just for the house and this will significantly affect my taxes.I think an advisor is not just to tell you what to invest in.

@pamp212 Жыл бұрын

So hard to trust someone else with your future. I do a ridiculous amount of research! I have had 2 friends whose husband’s were financial advisors. One ended up in jail for stealing others money the other ended up in trouble with the IRS for other shady dealings. That’s why I subscribe to your channel. Buyer beware. Thank you Geoff!!!

@MILGEO Жыл бұрын

Good warning! And how are you related to Geoff? 😊

@whatsup3270 Жыл бұрын

@@MILGEO you would be surprised how many of them only became financial advisors because it got them other peoples money. As opposed to the ones who earn money by side stepping hundreds of common errors and using proven proper money technics. Honestly many get 1/2 their salary by pushing bad "company" investments which pay them high commissions (want to extend your car warranty, oh wait I'm a FA now)

@richardc488 Жыл бұрын

Thank you Mr Schmidt, first. You must remember your heath is priceless

@takatsu5 Жыл бұрын

I would go one step further than looking for an RIA and only do fee-based financial planning. A 1% of assets under management fee causes even RIAs to have a built-in conflict of interest. IMHO the gold standard is a fee-based CFP. Thanks for all you do Mr. Schmidt!

@DocJS Жыл бұрын

Fee based financial planning and fiduciary... a good combination, too...

@Michelle_Sanders561 2 ай бұрын

How can I get a good financial advisor?

@pensacola321 Жыл бұрын

We've done it ourselves, and have done great. Age 72, and 65. Retired 15 years...

@youngtimer964 Жыл бұрын

That’s the way to go. Trust no one at all times.

@MILGEO Жыл бұрын

It sounds like your retirement plan worked out well for you! Glad it did. There are many different considerations for people with differing situations. For instance if you don't have a pension but were able to put away a large tax differed account like a 401K or IRA that person or couple could be looking at a much larger RMD payment than they would had they looked at their entire tax situation while they still had time to adjust it. Taking ROTH conversions or using tax deferred funds to live off early in retirement might be a good choice for some.

@johnurban7333 Ай бұрын

Same here. Kept it at aggressive even though I would get emails every month telling me I was too aggressive for my age. Glad I listened to the advisor in my head who told me to stay the course

@taylorstover3931 Жыл бұрын

This is so timely, my financial advisor was excellent until we stumbled upon politics and hit heads...for the first time understood how like mindedness, or lack there of, can certainly impact money decisions. The break up was swift and mutual. No regrets, but now interviewing Financial Advisors with a new perspective. This video helps! Thank you.

@HolySchmidt Жыл бұрын

Anytime Taylor. Good luck

@Dave_Lucas Жыл бұрын

Actually Geoff, YOU are my (pro bono and virtual) financial advisor. Thanks for that. I might need a bit more than that soon.

@HolySchmidt Жыл бұрын

Too kind. Thanks Dave.

@kenmcdougal97 2 ай бұрын

My daughter is my financial advisor she can save a dime to last a week she knows I can't save a dollar to last a day I gave her my power of attorney 3 years ago when I was in a catastrophic auto accident. I am so proud of her

@kennethwalker556 Жыл бұрын

Thank you so much for your advice

@margarettekanealii4101 Жыл бұрын

Thank you this is perfect. I’m preparing for retirement and looking for a financial advisor and wasn’t sure of what questions to ask. I enjoy your videos

@chiaraperry472 5 күн бұрын

Super helpful!

@fred-e-vision2457 Жыл бұрын

Thank You. I’ve been speaking to a friend who manages a Primerica Brokerage. I know very little about financial advice. I watch often picking up a little here and there. Thanks Geoff.

@deciduous_99 4 ай бұрын

This list is exactly what I needed. Your videos always provide so much valuable content - far and away above many others. Thank you

@jeffgriglack9624 Жыл бұрын

Nice to see the podcast up and running again.

@mikemadden865 Жыл бұрын

I have a hard time believing some of them. I went to a two program series presented by a fiduciary. The first one was educational, the second one appeared to be a sales pitch for annuities. But he kept saying that he wasn’t promoting them. He wanted to set up individual meetings and we had a teleconference. That’s when he said he had resources to send us to to purchase products. Get educated and let the buyer beware. Great video!

@HolySchmidt Жыл бұрын

Thanks Mike

@david-ji455 Жыл бұрын

Hello Geoff, new subscriber here - i'm delighted to find your channel. So first i want to thank you for your time and effort, and your refreshingly direct and honest style - it is much appreciated! A lot of valuable info from the videos i've watched so far... especially this one... half way through i was thinking oh i'd love to have you as my advisor, but i saw in one comment that you are not taking clients - slightly disappointed by that i must admit. Would you ever reconsider? I need good advice! 😅60 years old in a rather interesting unique situation.

@tomlavey2717 Жыл бұрын

Thanks Geoff! Awesome info as usual!!!

@HolySchmidt Жыл бұрын

Sure thing Tom.

@CIAVE Жыл бұрын

Excellent, as always...

@HolySchmidt Жыл бұрын

TY!

@davidpearson5601 Жыл бұрын

Your the best Geoff, we are currently looking for the right person to help us with investment and planning decisions-you have provided us with a great guide to help us decide who to choose.

@HolySchmidt Жыл бұрын

My pleasure David. Good luck.

@user-pp8ly2wn6t Ай бұрын

Found your post interesting to watch. I can't wait to see your new videos soon. Good Luck with the upcoming update. This KZfaq channel is very informative and effective.

@priola7587 Жыл бұрын

All of my siblings and I are in our mid fifties to 70, and all of us are looking for the right financial planner for each. Plus mom. Mistakes have been made in the past. I think we each just want to hire someone trustworthy, but man is it complicated. Thanks for your advice, and fingers crossed 🤞.

@spectrum04002 Жыл бұрын

The leg work will pay off. At about age 58 I set up a vacation week and met 4 different promising looking advisors. At the end of the week there was a clear choice, a fee based CFP that was very detailed oriented and intent on understanding our goals. We stared on a ala carte format, creating a plan and seeing that we had a viable future. After a few years we put things under his management and retired in the pandemic at 64. Communication is solid, advice and methodology is sound and life is good.

@whatsup3270 Жыл бұрын

consider tax CPAs they generally come up a different route and that can make the difference

@ciskokidd5980 Жыл бұрын

So helpful Thank you

@HolySchmidt Жыл бұрын

You bet

@carolb6581 Жыл бұрын

Fantastic guidance, Geoff!!! Thank you ever so much for your time and effort in providing this to us!

@rick_in_texas Жыл бұрын

Questions I will ask also include their opinion on annuities and insurance products. I am getting a ton of free dinner mailers and they seem focused on those products. Yet they claim they are financial advisors. 🤔

@andrefontaine3058 Жыл бұрын

@@rick_in_texas Having an investment adviser is the best way to go about the market right now especially for near retirees. I've been in touch with Mr Chris Ryan Stewart for a while now mostly because I lack the depth knowledge and mental fortitude to deal with these recurring market conditions. I netted over 70k$ during this dip, that made it clear there's more to the market that we average joes don't know

@endorphinder Жыл бұрын

Really well presented and useful information. I'll be making use of this list of qualifying questions.....

@boydsummerhays322 Жыл бұрын

My advice to new investors: buy good companies and keep them as long as they are good companies. Just do this and ignore market predictions and opinions which are funny at best but completely useless. I put in 50k in TSLA, NFLX ALB stocks with the help of my F,A Janet Santa Sherry and made 220k, but guess what? I put it back with her again and now I’m rounding up close to 500k. Focus on the company not just the stock price.

@stephencoury9411 3 ай бұрын

Geoff, you are the greatest. You are my go to guy. I tell bunches and bunches of people about you and the channel called Holy Schmidt. But frankly, nobody listens.

@walterbazarewski2496 Жыл бұрын

Geoff, excellent information. This will help in my discussion with potential advisors. Thank you for another great video.

@HolySchmidt Жыл бұрын

You bet Walter

@Meadow972 Жыл бұрын

Hard to find an advisor that deals with the everyday Joe average salary…an RIA is in the USA and CPA is Canadian is this correct?

@rik061154 Жыл бұрын

This is one of, if not the best talk you've had for me, anyway. I turn 70 in a little more than a year and will start to collect social security then. My plan is to continue working and I'm going to need some help managing my money at that point. This talk is enormously helpful.

@HolySchmidt Жыл бұрын

Thanks Rik. I appreciate the kind words.

@MIchaelGuzman737 Жыл бұрын

Insightful video. I just want to know best how people split their pay, how much of it goes into savings, spendings or investments. I'm 27, and earn nothing less $150k per year, but nothing to show for it yet

@svengrot7943 Жыл бұрын

When people have money, they spend it. And some people spend more money when they have more of it. If you want to improve your financial management, you should consult with a financial advisor.

@baileymclean8186 Жыл бұрын

Right, you can avoid the pitfalls of lifestyle inflation by consulting a knowledgeable advisor to help you plan your short- and long-term objectives; it all comes down to proper guidance. Over the last two years and six months, I've seen my income generate wealth, and I now have a fully paid-off house and at least $2.2 million in savings. All of this is the result of subsequent investments and the application of expert advice.

@baileymclean8186 Жыл бұрын

Her name is "JILL MARIE CARROLL", cant divulge much. Most likely, the internet should have her basic info, you can search her online as she is SEC and FINRA regulated.

@cindyhenry1410 Жыл бұрын

Open a ROTH IRA. Time is on your side!!

@nitra79 11 ай бұрын

This was a great video! How do you suggest how to find Financial Advisor?

@mainerin_texas-gordon-9598 Жыл бұрын

I have had a few Financial Advisors over the last 11 years. One question that would be good is to find out how much market loss will take place on your portfolio before they adjust or modify it. Many firms use 20% as a benchmark before taking action, even on a conservative portfolio. I think action should be taken sooner than a 20% fall.

@DocJS Жыл бұрын

Interesting that you've had a "few FA's over the last 11 years"...If I were an FA, that would be a potential red flag for me...depending on your reasons. The key is to have your Asset Allocation set you can withstand a 20% drop and still sleep well at night...

@MILGEO Жыл бұрын

How could you possibly know in advance that there will be a 20% fall? And if you sell when the market is down, you've just locked in a loss! Market drops are common and if you did sell just at what seems to be the right time, how do you know when to buy back in? Trading in and out is just about a sure way to lose money in the long run IMHO..

@whatsup3270 Жыл бұрын

So the question is were you opting for bad positions originally or were you opting for bad positions after the market drop? The best strategy is pick well originally and then ride until age or retirement status causes a need to increase your money market side

@gregj2647 Жыл бұрын

Understanding the financial planners political views are important too. This can greatly impact the investment strategy

@johngill2853 Жыл бұрын

If they invest using anything but indexing I'd run. No market timing or active management An advisor is for taxes, asset allocation, withdrawal strategies etc (not for beating the market)

@grcerosa 9 ай бұрын

Fabulous job holey Schmidt. L O L.😂

@GiantBlue1963 Жыл бұрын

A little confusing, a mutual fund can be an index fund. I think the correct adjectives are passive/index fund versus actively managed fund. If you believe the research, long term it's nearly impossible to outperform the markets after the costs of active management. So I agree with GS that you want to avoid an advisor that's pushing actively managed funds. But if you're going to use index funds, and you have some time on your hands, how hard is it to implement a 3-fund or 4-fund portfolio? I strongly suspect that most people these days don't need or benefit from the advisor model, instead they'll get everything they need from a solid accountant, who can guide them through rebalancing, cash flow, taxes, etc. And that's on an hourly fee basis, from someone that specializes in not making tax errors (that can erode returns as fast as anything).

@gregbrown357 Жыл бұрын

Great timely video as I'm in conversation with a major group (EJ) and the annual fees (north of 3.5%) are concerning when compared to that group that managed my company 401K plan (TRP). I pay a quarterly fee to the latter group of about 20 dollars. My current takeaway from the group I'm entertaining conversations with is a heavy push towards their Christian values AND am I going to move all funds from my previous work provider over to them ---- the comment was "I want it all to help you". Nothing against either firm but I am getting pyschovibes about putting everything in one basket and what I think is high annual fees as it based on my invested savings versus return or growth. Honestly, I am just nervous to change anything right now.

@DocJS Жыл бұрын

@@ComeHomeAlready Advisor still helpful for how to draw down your retirement funds, how to minimize taxes, etc..

@JohnLee-db9zt Жыл бұрын

Anyone who throws you that Christian values crap should be dropped immediately.

@sophietan6206 5 ай бұрын

Thank you for making this video!! I wish I'd seen this before interviewing my last adviser! Just curious, but do you think “Vanguard personal advisers” may be a good option? I know some people recommend against advisers who are affiliated with a brokerage firm, but Vanguard is very reputable. Any thoughts on this?

@dorissteve912 Жыл бұрын

Just do something that will earn you money while you sleep, no matter how little. A pandemic is the perfect way to open your eyes to really see what life could be like without your usual income stream and everyone had to stay home. Well I never felt it because I invested in a trading company where I earn 4 digits per week. The best thing you can do for yourself is invest more and spend less.

@creativeexperience6388 2 ай бұрын

At 25 yo me and my gf gathered a few million now very very fast and we need to make more money from it through passive income we want complete financial freedom now. Ik the old term of money makes money but I don’t know where to put it correctly to grow all around wealth for us

@vincentdesalvo1464 Жыл бұрын

I know when I was interviewing advisors and I was close to retirement I wanted to know how many of there clients were already retired. I wanted someone who knows this stage of retirement. When the retirement money is taking the pay check role.

@DrSchor Жыл бұрын

by then it is too late to plan you need a FA who know how to plan 20-30 years ahead perhaps you should ask how many of his clients have been with him for that long.

@miket6094 5 ай бұрын

I have an actively managed Roth ira opened in 2005. I'm curious if it would be a good idea to have an audit done on my retirement account by an independent financial advisor to ensure my advisor is doing a good job for me.

@splod44 Жыл бұрын

You do not need a financial advisor do your own research. No one will be as carefull with your money as yourself

@eval7805 5 ай бұрын

Do you know the Canadian equivalent of a RIA designation? How do I find a fiduciary financial planner in Ontario Canada?? Please!

@idamariarosenberg8659 Жыл бұрын

Jeff, my guy is a fiduciary. How different is that from an RIA?

@MILGEO Жыл бұрын

No mention of a fee only Advisor. I'm talking about a consultation type. Is that something that you are against or just don't offer?

@HolySchmidt Жыл бұрын

Hi George, I don’t take on clients personally but the fee only advisor is most appropriate if you need the roadmap and occasional check in. Many clients start out that way and if their situation becomes more complex they switch to something more integrated.

@lawrencedavid9768 Жыл бұрын

Great question, I’m looking to do the same, I don’t feel like spending $700 to $900 a month on a advisor. Call them when I feel I need them ….. enjoy the day 😊

@rhyslud Жыл бұрын

Sounds like questions if I was looking for investment advice. As you said, index funds are usually best and I can do that myself. What kind of advisor can help me figure with planning social security vs IRA draws and other tax domicile questions for expat retirement for an hourly fee. Perhaps some asset allocation advise too. But I want to manage my own accounts. Is there a name for what I'm looking for??

@whatsup3270 Жыл бұрын

CPA with social security experience.

@GaryDaniels1962 Жыл бұрын

I asked a modified version of your question to ChatGPT. I found the response interesting advice. Sharing here for your benefit... What kind of financial advisor can help me with planning social security vs IRA draws and other tax domicile questions for expat retirement? If you're an expat and have questions about planning your retirement income, including how to draw on your social security benefits and IRA, you may want to consider working with a financial advisor who has experience working with expats and understands the tax implications of living abroad. Specifically, you may want to look for a financial advisor who has expertise in the following areas: International Taxation: It's important to work with someone who understands the tax laws in your country of residence as well as in the US. Look for someone with experience dealing with the complexities of US taxes for expats, including foreign tax credits and tax treaties. Retirement Planning: A financial advisor with expertise in retirement planning can help you create a strategy for drawing down your retirement savings in a tax-efficient manner. Social Security Planning: If you're eligible for social security benefits, it's important to understand the rules around claiming benefits while living abroad. A financial advisor can help you determine the best time to claim your benefits and how to maximize your payments. Estate Planning: Depending on your situation, you may need to create an estate plan that considers both US and foreign tax laws. A financial advisor with expertise in estate planning can help you create a plan that meets your needs. Cross-Cultural Communication: Working with a financial advisor who is fluent in both English and the language of your country of residence can help ensure that there are no misunderstandings due to language or cultural barriers. In summary, when choosing a financial advisor to help you with your retirement planning as an expat, it's important to look for someone who has experience in international taxation, retirement planning, social security planning, estate planning, and cross-cultural communication. -ChatGPT Feb 13 Version. Free Research Preview. Our goal is to make AI systems more natural and safe to interact with.

@rhyslud Жыл бұрын

@@GaryDaniels1962 ChatGPT is interesting. It often puts together very plausible narratives that are 99.9% false I asked it for biographies for a few singers I follow. it read great but totally factually incorrect. My dad was a well known ballet dancer in the 60s, his bio has him born in the wrong country and in 1990. Unfortunately I think people are using this to write and publish informational articles. God help us all.

@gewickG Жыл бұрын

I use Fidelity Portfolio Adv Svcs today but asked if they could provide tax planning due to a larger traditional IRA, we want to plan Roth conversions through our 60s. I was shocked they offer te Roth service but not general tax planning and provide 3P firms to me that they vetted. Is this typical?

@mcmccoy1184 Жыл бұрын

Yes. With Fidelity, it was my experience, too (note: past tense).

@stephencoury9411 3 ай бұрын

I am 65. I want to retire in Italy. I will be attending a conference hosted by International Living magazine. Do you think I will find the help that I need at the conference? I never would have subscribed to IL if I had not been a subscriber to your channel. BTW, I am proficient in the Italian language. And French. Not to mention a little bit of Arabic. I served in the Peace Corps many years ago. Grazie.

@paulhi9228 Жыл бұрын

Great video Geoff, but I need to know - Did you tape this video in a half-bath, because it sure looks like it?

@mockingjay2473 Жыл бұрын

actual viewers are Financial Advisors themselves 😂

@trudiedunbar8196 6 ай бұрын

Shouldn't you also ask to see their portfolio I think it demonstrates how well or poor they do. If they can't handle their money what makes me think they can handle my money

@jameshardin4895 8 ай бұрын

doesn't make me feel any better... the old question, how do i really protect myself... watched one documentary on PBS, when PBS had Documentaries that were..... now PBS is Cooking & Gardening shows, and getting most of the money from Crop's... but they had one Doc on Wall Street, that they showed over 15 years ago, and a guy 91, said, every 6 or 7 years, we want it all... being 91, not must to lose, with a smirk on his face... so how do you really protect yourself??? Lying is the norm now a days, and take me to court, it will cost you more in Lawyer Fee's, than you'd get back... and you've seem some of the Scam's on the National News, a little... Thinking of sending my wife to some kind of Finance school, if she'll go, just to have some kind of protection for are Retirement moneys... i would say, keep $ money in the Bank, plain Savings, that is protected by the FDIC... inflation may eat it up, which is a kind of wealth Tax, that the gov doesn't to us, but it's better than nothing, that some will do to you, nothing left... and for God's sake, don't put your bank account on your cell phone...kids know how to clean that out... Maybe Holy Schmidt can answer this some day... How do you Really protect yourself!?

@garychristison763 Жыл бұрын

This seems simple. If you ask a billionaire, Would you pay taxes today or take the option to pay taxes in say, ten years, which option would you take? The billionaire would answer, duh. If you ask a potential financial advisor the same question and they tell you that the math is hard, move on.

@johngill2853 Жыл бұрын

Are you saying that a traditional account is better than Roth account? Overwhelmingly it is but that doesn't mean it is for everyone. And for those who it isn't your advice is a very costly mistake

@whatsup3270 Жыл бұрын

@@johngill2853 Roth's have some serious limitations, if you look at successful Roth conversions they are usually 1) business owners, 2) people using retirement for non-retirement (inheritance) or in some cases 3) huge funds. Generally Roth is bad for the regular man, but there are exceptions. Those limitations involve the compounding of the deferred taxes, and two the lowering of low numbers (lack of a sufficient tax gap as changing taxes from 7% to 5% the payback just isnt there)

@johngill2853 Жыл бұрын

@@whatsup3270 I agree 100% I'm currently shooting for about 70% traditional (only because of rmds)

@cindyhenry1410 Жыл бұрын

No way taxes will be lower in the future. ROTH is your friend.

@whatsup3270 Жыл бұрын

@@cindyhenry1410 If you owed $1 million in taxes and were able to delay it one year while investing that money you could easily make $40,000. So if you did that every year