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My View on Financial Advice
My Latest
The Conundrum
My View on Financial Advice
A Money Question
My Latest
I value two things when it comes to account selection for my investments:
1) Tax Optimization
2) Flexibility
One of my favorite accounts checks both boxes ~ The Roth IRA.
My latest dives into everything you need to know about:
What is it?
How do I contribute?
What are the contribution limits?
You can check it out here ⬇️⬇️⬇️
The Conundrum
I have played sports all my life and one constant with sports is coaches.
My best coaches 10x my development and I owe them a huge debt of gratitude.
Yet…
On the flip side, not every coach I had helped.
In fact, I would say that some coaches hurt more than they helped.
I think financial advice is much the same way.
I have seen great benefits from working with an advisor personally.
I have also seen people who would have been better off ignoring the advice.
My take is the problem isn’t with the client, it is with my industry (financial advice).
It is built on buzzwords, industry jargon, and a belief that you are hiring the man behind the curtain (you aren’t, sorry to burst the bubble).
So in today’s episode, I want to share my take on financial advice (and hopefully help you along the way).
Let’s dive in…
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My View on Financial Advice
First some context:
I spent 11 years as a client of financial firms.
I used everyone from brokerages to family offices.
I have family members who are 30-year industry veterans.
I have been pitched and sold about every product under the sun.
I come at financial advice (and frankly most advice) somewhat skeptical.
My stance has been I want to take Level 3 advice:
Level 1 - They have seen someone with the problem.
Level 2 - They have experienced the problem themselves.
Level 3 - They have seen, experienced, and solved the problem.
My perspective is one at the intersection of client turned advisor.
Anyway, I think it is worth hearing out, so here are 8 things I see:
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1. "We meet with you regularly."
What I see: Random meetings resulting in little proactive advice.
What I believe: Consistent, scheduled meetings throughout the year.
End Result: Proactive advice each quarter
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2. "We coordinate with your team of professionals."
What I see: Here is a referral for estate planning, let me know when it is done.
What I believe: Your financial advisor should be in the meetings with your professional team.
End Result: Advice that is connected in every way.
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3. "We have your best interest at heart."
What I see: If I sell x number of this product, I win a trip.
What I believe: Advice should be as conflict-free as possible.
End Result: You get solutions that benefit you, not the advisory firm.
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4. "We do tax planning."
What I see: Talk about the tax benefits of an investment but no planning.
What I believe: Your financial advisor should be working in lockstep with your tax team (strategies, projections, implementation).
End Result: A solution that integrates tax planning and has you confident you are not tipping the IRS.
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5. "Our investments are superior."
What I see: Complexity added for complexity sake + high investment fees.
What I believe: The best investments are the ones you can stick with the longest (diversified, fee-aware, tax-sensitive).
End Result: A portfolio that doesn't require hiring "the man behind the curtain" to achieve great returns.
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6. "We work with people just like you."
What I see: A website whose lists of "specialties" looks like a Cheesecake Factory menu.
What I believe: If you can't in 2 seconds see on their website the specialization in you, find someone else.
End Result: Strategies + Service Models that come from seeing the same situation over and over.
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7. "We have that service in-house."
What I see: A pitch that the "best person" for your situation just happens to work two offices down.
What I believe: Your team should be integrated but doesn't have to work in the same hallway.
End Result: A team of the best players, not the most convenient players.
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8. "We have big firm resources."
What I see: Resources can turn quickly into product pitches you didn't want and don't need.
What I believe: We live in a world where resources are plentiful but finding the right ones for you is rare.
End Outcome: A team you will search to find solutions, not product pitches.
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I believe in the value of financial planning.
I believe that you as the consumer deserve the best.
I know what it looks like to bet on yourself and win.
The planning, advice, and strategy you get should reflect the same effort you put in to get there.
I hope the above guides you to find the right team for you.
Until next time, my friends!
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A Money Question
What is one money lesson you wish you learned in school?
Here is mine:
There is no “perfect portfolio” and that never-ending pursuit leads to subpar outcomes.
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3 Ways I Can Help You
💰 Schedule an introductory call with Moment. We help athletes, entrepreneurs, and key employees build and protect wealth.
📹 Check out my YouTube channel. A safe place to get smarter with your money.
📷 Interact with me on Instagram. Where I provide bite-sized daily content to level up your money game.
Moment Private Wealth, LLC is a Registered Investment Advisor, located in the State of Missouri. Moment Private Wealth provides investment advisory and related services for clients nationally. Moment Private Wealth will maintain all applicable registrations and licenses as required by the various states in which Moment Private Wealth conducts business, as applicable. Moment Private Wealth renders individualized responses to persons in a particular state only after complying with all regulatory requirements, or under an applicable state exemption or exclusion. Nothing in this content is intended to be, and you should not consider anything in this content to be, investment, accounting, tax, or legal advice.