*Ask:* "Are you a fiduciary - that is, are you making recommendations that not only take time risk and goals into account but also which product is best for me?" "How do you make money? Is it percentage fees charged on the account I have with you, commissions that come from the money I give you to buy and sell things, or both?" "How do you diversify? Is it based on the kind of investments you buy like bonds and stocks, is it by purchasing funds of all different industries, or is it by picking individual stocks that come from different places?" "How will you communicate with me? How will you explain things to me?" "How do you act when the economy is up, and when it is down? Will you contact me when things have to change in my account?"
One thing that can be a pitfall. If they are DUALLY REGISTERED, they may be a fiduciary on some accounts but not others. They may have fiduciary investment management as ONE of their services, and be an IAR (Investment Advisor Rep) registered with the SEC, but still be a broker and also sell insurance products (which are not securities, and therefore not overseen by SEC fiduciary oversight). So, for investment management, you should look for a 100% independent RIA with no brokerage affiliation. Insurance and income planning are important, but should be backed with specific analysis regarding the specific liability potential the insurance hedges, the all-in costs of the policy, as well as the cost of viable alternatives that were considered but not selected. You need to know exactly how that individual is paid for every decision implemented in your portfolio. If that is not made ABSOLUTELY clear, go elsewhere.
For me, finding one is easy. I have challenged myself to put away 50% of my monthly income into dividend stocks which is quite easy since I live frugal without debt. I work as an account executive, and make over $20000. $10000 goes into dividends, and the other $10000 covers my my food plus living expenses monthly. I am seeing improvements in my portfolio, dividends look certain, but I have to attribute this to only to guidance of a licensed financial advisor who allocates funds to a plethora of assets. I have to stay disciplined, and remember that I’m in it for the long term. Good luck to everyone and thanks for the great video.
I have seen a lot of investing channels but still can’t wrap my head around it. I need an impartial financial advisor. I know they are there I don’t just know a legit sourced. How can I reach the broker you were assigned?
Sharing his details here on the comment section might be a bit cringe but since you really want it, reach him *Alecpayden (a) g ma il. Com...* Came across him at an investment webinar. You can get all the information you need, just leave him a message.
Thanks for pointing this out. I usually skip past those since everyone can tell a spam. I also wrote him. How quickly does he respond? I will be patient though. Also, have you made any significant profit so far?
I have made over $25,000 from profits during the pandemic, more so because I was reinvesting every two weeks. His strategies cuts across major financial markets which cuts across major financial markets which I found generates more profit.
I appreciate you pointing us to your smartvester site and offering up your solicitor disclosure where the investor has to pay you a certain amount to advertise on your site. Do you do any leg work up front on who you allow to advertise on your site or can anyone advertise if they are willing to pay? If you do pick and choose , can you go into detail on what that review process might entail?
This is only advice for someone who has money to shop around for an adviser. I believe that Joe meant "Where the hell do I find one, and how do I approach that situation in order to know if someone is right to help me."
As a financial advisor in the works (college internship hoping to go into full time), I completely agree. While the CFP does give a good sense of academic knowledge of the process, it’s more important to find the person that fits with you. The advisors that go above and beyond for their clients and don’t care about the closing sale are the ones that are going to make it. It’s a very big mental game, but when people sense you are there to help them and not just feed into their pockets, you will make lasting relationships. I hope I can keep up my progress, but I loved this video, huge Ramsay fan, he has a lot of great advice 🤟🏼
I’m looking to become a CFP and teach financial peace and start a business with the right morals to help people. I️ have my ten year plan and I️ hope everything works out!
I actually ended up getting a job in Texas working in the oilfield. Moved here from Oregon. Things are going really great glad I moved to a place where I can make real money with only a GED.
You need a fiduciary financial advisor. That's it. If you are advisor is receiving a commission by pushing a project, they're not a fiduciary. That's it. Then you can get into their actual strategies.
Fee-only financial planners are registered investment advisors with a fiduciary responsibility to act in their clients' best interest. They do not accept any fees or compensation based on product sales. ... NAPFA is distinguished both by the competence of its advisors and their method of compensation. Never invest with a insurance Co ,bank .No conflict of interest that can be a slippery sloop .
"They pay us an endorsement fee, but we don't do anything for that?" What does that even mean? They're doing it out of the goodness of their hearts... but also profiting heavily from it?
Keep in mind that there’s no right or wrong way to invest in stocks. Finding the best combination of individual stocks, ETFs and mutual funds might take some trial and error while you’re learning to invest and building your portfolio best to take a financial advisor as I do to manage risks.
Risk management I feel is paramount in every form of financial investment, I and my wife are looking to go in but not comfortable with the knowledge we have on it, which financial advisor do you use
there really aren't any. I've had four different ones throughout my adult life, and I out performed them all, and I'm just a dumb artist. seriously. also, the older and wiser I get, the more they all resemble Bernie Madoff. sounds extreme but it's true. if you have an advisor, only allow them to work with a percentage of your investments like one-third. that way they can't lose it all.
Bucky Barnes I have a similar experience. I did a lot better since I stopped paying for financial advice in 2006. I have even beaten the best investing minds of Harvard: howibeatgold.wordpress.com/2017/01/25/trash-dump-worker-invests-better-than-harvard-yale-and-columbia/
Most financial planners are just Mutual Fund Salespeople >> they will try and steer you to where they make the most commission. Good luck if you don't have much money finding a good one!
I have a financial advisor and I have a very large amount of money and can't seem to get ahold of them or have them help me set up my account to where I can get to my money. Can you help
Probably more important than finding a CFP is finding a fee-based Fiduciary Advisor. A Fiduciary doesn't earn any commissions, so you shouldn't feel like they are selling you anything. You can come and leave without penalty or costs, so their earnings are tied 100% to your happiness as an investor and sticking with them for the long-term. A good Advisor should easily be able to beat the standard market indexes. It's not very difficult. They are more than worth it.
@@KatsDad almost all of us are. I’m on a monthly call with SmartVestor Pros from around the nation from all different firms. Almost every one of us is a fee based Fiduciary Advisor. Maybe 95%.
Yes I agree to look like a poor person always!! I had wealth and I look homeless is because of a rebellion against my mom the fashion designer on 7th ave!! Sure I start invest in Stocks in the Long Island State bank at the age of Five. I am supposed to understand Blue Chip stocks, Treasury bonds, and Performance Stocks!!
Why would you get a financial advisor? Advice on what? All of the information is out there for free. I don't understand what secret knowledge people are paying for?
That is similar to asking why you would go to a doctor, or why you would pay someone from power to your house :P The info is all out there, but not everyone has time to learn and study everything.
The wrong choice could cut back how much your investments earn. I've seen people earn as much as 600,000 less because they had a similar investment but the poor of the two choice, over a 30 year period. Its very sad, who couldn't use an extra $600,000 in retirement?
Heart of a TEACHER - awesome!
*Ask:*
"Are you a fiduciary - that is, are you making recommendations that not only take time risk and goals into account but also which product is best for me?"
"How do you make money? Is it percentage fees charged on the account I have with you, commissions that come from the money I give you to buy and sell things, or both?"
"How do you diversify? Is it based on the kind of investments you buy like bonds and stocks, is it by purchasing funds of all different industries, or is it by picking individual stocks that come from different places?"
"How will you communicate with me? How will you explain things to me?"
"How do you act when the economy is up, and when it is down? Will you contact me when things have to change in my account?"
This was very helpful ! Thanks
Advisors should be held to the highest ethical and moral standards
You're a legend. Thanks for this.
Your first point is arguably the most important. SEE SOMEONE WHO IS A FIDUCIARY!
Dave knows this, yet didn’t once mention it.
One thing that can be a pitfall. If they are DUALLY REGISTERED, they may be a fiduciary on some accounts but not others. They may have fiduciary investment management as ONE of their services, and be an IAR (Investment Advisor Rep) registered with the SEC, but still be a broker and also sell insurance products (which are not securities, and therefore not overseen by SEC fiduciary oversight). So, for investment management, you should look for a 100% independent RIA with no brokerage affiliation. Insurance and income planning are important, but should be backed with specific analysis regarding the specific liability potential the insurance hedges, the all-in costs of the policy, as well as the cost of viable alternatives that were considered but not selected.
You need to know exactly how that individual is paid for every decision implemented in your portfolio. If that is not made ABSOLUTELY clear, go elsewhere.
For me, finding one is easy. I have challenged myself to put away 50% of my monthly income into dividend stocks which is quite easy since I live frugal without debt. I work as an account executive, and make over $20000. $10000 goes into dividends, and the other $10000 covers my my food plus living expenses monthly. I am seeing improvements in my portfolio, dividends look certain, but I have to attribute this to only to guidance of a licensed financial advisor who allocates funds to a plethora of assets. I have to stay disciplined, and remember that I’m in it for the long term. Good luck to everyone and thanks for the great video.
I have seen a lot of investing channels but still can’t wrap my head around it. I need an impartial financial advisor. I know they are there I don’t just know a legit sourced. How can I reach the broker you were assigned?
Sharing his details here on the comment
section might be a bit cringe but since you really want it, reach him *Alecpayden (a) g ma il. Com...* Came across him at an investment webinar. You can get all the information you need, just leave him a message.
I have come across countless recommendations, never knew he offered such services.
Thanks for pointing this out. I usually skip past those since everyone can tell a spam. I also wrote him. How quickly does he respond? I will be patient though. Also, have you made any significant profit so far?
I have made over $25,000 from profits during the pandemic, more so because I was reinvesting every two weeks. His strategies cuts across major financial markets which cuts across major financial markets which I found generates more profit.
I appreciate you pointing us to your smartvester site and offering up your solicitor disclosure where the investor has to pay you a certain amount to advertise on your site. Do you do any leg work up front on who you allow to advertise on your site or can anyone advertise if they are willing to pay? If you do pick and choose , can you go into detail on what that review process might entail?
inquiring minds want to know
This is only advice for someone who has money to shop around for an adviser. I believe that Joe meant "Where the hell do I find one, and how do I approach that situation in order to know if someone is right to help me."
“I’m not gonna be talked down to by any of these idiots!”
Lol Dave cracks me up 😂
As a financial advisor in the works (college internship hoping to go into full time), I completely agree. While the CFP does give a good sense of academic knowledge of the process, it’s more important to find the person that fits with you. The advisors that go above and beyond for their clients and don’t care about the closing sale are the ones that are going to make it. It’s a very big mental game, but when people sense you are there to help them and not just feed into their pockets, you will make lasting relationships. I hope I can keep up my progress, but I loved this video, huge Ramsay fan, he has a lot of great advice 🤟🏼
Thank you for sharing it was very helpful
I’m looking to become a CFP and teach financial peace and start a business with the right morals to help people. I️ have my ten year plan and I️ hope everything works out!
Good luck!
Hows the plan coming along?
How’s the plan going?
I actually ended up getting a job in Texas working in the oilfield. Moved here from Oregon. Things are going really great glad I moved to a place where I can make real money with only a GED.
@@jamesphelps9573 Excellent work!!
You need a fiduciary financial advisor. That's it. If you are advisor is receiving a commission by pushing a project, they're not a fiduciary. That's it. Then you can get into their actual strategies.
You are a great financial advisor no need for the others unless you get very busy and not able to handle the high volume of calls coming your way.
Enjoyed the heart of a teacher comment
what a great communicator he is!
Fee-only financial planners are registered investment advisors with a fiduciary responsibility to act in their clients' best interest. They do not accept any fees or compensation based on product sales. ... NAPFA is distinguished both by the competence of its advisors and their method of compensation. Never invest with a insurance Co ,bank .No conflict of interest that can be a slippery sloop .
I just got back from seeing a financial advisor through the Dave Ramsey website. I'm still deciding. This video helps.
"They pay us an endorsement fee, but we don't do anything for that?" What does that even mean? They're doing it out of the goodness of their hearts... but also profiting heavily from it?
Keep in mind that there’s no right or wrong way to invest in stocks. Finding the best combination of individual stocks, ETFs and mutual funds might take some trial and error while you’re learning to invest and building your portfolio best to take a financial advisor as I do to manage risks.
Risk management I feel is paramount in every form of financial investment, I and my wife are looking to go in but not comfortable with the knowledge we have on it, which financial advisor do you use
Connecteddybruke @ gmail com
E D D Y B R U K E • Info
Eddy Bruke is very reliable, I have worked severally with his advisory over time
"they pay us an endorsement fee, but we don't do it for that" lol ok
Oh it is a service dave is doing. Finding a good advisor is not that easy. Giving money to just anyone is easy.
Really great program. Financial Advisor in Seattle
How much money should a couple have before considering a financial advisor?
Cfp is definetely a good sign. It doesn't mean that once the advisor has it though, that they will give any better advice.
My experience is not very positive. Seems like they all seems to be pushing products.
I contacted an insurance company recommended by Ramsey, and their rates were higher than what I had
there really aren't any. I've had four different ones throughout my adult life, and I out performed them all, and I'm just a dumb artist. seriously. also, the older and wiser I get, the more they all resemble Bernie Madoff. sounds extreme but it's true. if you have an advisor, only allow them to work with a percentage of your investments like one-third. that way they can't lose it all.
Bucky Barnes I have a similar experience. I did a lot better since I stopped paying for financial advice in 2006. I have even beaten the best investing minds of Harvard:
howibeatgold.wordpress.com/2017/01/25/trash-dump-worker-invests-better-than-harvard-yale-and-columbia/
If u inherit a large sum of money how to you find an attorney and financial advisor u can trust if u and your family do not know anyone?
A financial advisor that I talked to wanted me to sign bunch of documents first. Is that normal?
NO!!! Never sign anything.
The irony is that Ramsey is a genius level slick financial salesman with a minor degree in Bible sales.
Good teaching ramsy but that transition in to your sale didnt look that good.
Most financial planners are just Mutual Fund Salespeople >> they will try and steer you to where they make the most commission. Good luck if you don't have much money finding a good one!
correct you are
But where?
Smartvestor in canada too? :o
Thanks, Dave I made appointments to meet with a couple of the smart investors.
QualityChildcare1 how did that go?
Please
I have a financial advisor and I have a very large amount of money and can't seem to get ahold of them or have them help me set up my account to where I can get to my money. Can you help
Hi Sabrina, I can help you. I'm an advisor and my clients can always get a hold of me. Please reply if you'd like to speak further.
How did i know that Dave Ramsey was going to use this as a sales pitch..
Probably more important than finding a CFP is finding a fee-based Fiduciary Advisor. A Fiduciary doesn't earn any commissions, so you shouldn't feel like they are selling you anything. You can come and leave without penalty or costs, so their earnings are tied 100% to your happiness as an investor and sticking with them for the long-term. A good Advisor should easily be able to beat the standard market indexes. It's not very difficult. They are more than worth it.
I don’t think smart vestor pros are fee based financial advisors
@@KatsDad almost all of us are. I’m on a monthly call with SmartVestor Pros from around the nation from all different firms. Almost every one of us is a fee based Fiduciary Advisor. Maybe 95%.
I have a question will change my life
million
DYI only, do the research! Index funds S &P and learn from there
Help me
💯 percent
Yes I agree to look like a poor person always!! I had wealth and I look homeless is because of a rebellion against my mom the fashion designer on 7th ave!! Sure I start invest in Stocks in the Long Island State bank at the age of Five. I am supposed to understand Blue Chip stocks, Treasury bonds, and Performance Stocks!!
Bernie Madoff Ann Jordan Belfort The Wolf of Wall Street better watch out
11/23/19
going blind
Why would you get a financial advisor? Advice on what? All of the information is out there for free. I don't understand what secret knowledge people are paying for?
That is similar to asking why you would go to a doctor, or why you would pay someone from power to your house :P
The info is all out there, but not everyone has time to learn and study everything.
The wrong choice could cut back how much your investments earn. I've seen people earn as much as 600,000 less because they had a similar investment but the poor of the two choice, over a 30 year period. Its very sad, who couldn't use an extra $600,000 in retirement?
Do worms yawn?