2FD 024: Unshakeable Book Study Part 4

Do you understand what exactly your financial advisor is doing for you and how they get paid?

Tony Robbins sheds some light on the requirements of financial advisors and the difference between the two types. 90% of advisors are brokers that earn commissions based on sales and special interests could be influencing your portfolio.

Even though we hope financial advisors are working hard for our money, sometimes profits and sales metrics can get in the way. CHA-CHING!

Tune In Now!

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Discussion Points

  • Managing your kid’s screen time on electronics.
  • Who can you really trust with your money?
  • Most advisors out there are receiving commissions on the investments and insurance they sell you.
  • Knowing the difference between a fiduciary advisor and a broker.
  • Where an advisor could save you if you want to be hands off.
  • The money you’re missing out on with target date funds.
  • Avoid investing in your own company’s stock.
  • Legal requirements only require minimal “suitable” standards for advisors. There is no legal fiduciary obligation to act in your best interest.
  • Pure Registered Investment Advisors (RIA) have a fiduciary responsibility and only ~5,000 of the ~310,000 advisors (<1.6%) out there aren’t duel RIA/Broker advisors.
  • Finding an advisor that understands your whole life picture.
  • A fiduciary will setup a third-party brokerage account for you that follows with you after you leave them.
  • Ask your advisor for their retirement plan.
  • The questions to ask a potential financial advisor.
  • Shopping around for financial advisors.

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