Not Your Parents Financial Advisors!
- Justin Hodges
- Apr 7, 2021
- 3 min read
A quick read from the unique mind of Justin Hodges.
Ya, we actually give you real, tangible advice that extends well beyond your portfolio holdings. Also….we like your parents so it’s just a saying ;)
Call your stock broker, see what stock they recommend, you buy it, you pay an upfront commission and let it ride until you call them again and until then don’t bother them. Actually don’t even bother talking to them if you are just getting started investing or unless you have a huge account size. WHAT!?
Let me introduce you to a new breed of real financial advisors as we break the mold of old school finance…...it’s called fee only ongoing investment advice & financial planning. You might hear us referred to as “Fiduciaries” out there in the ethos. We’re independent. We’re paid directly by you, the client, not a product or a company outside of us. We try to avoid all the jargon though and really just do what’s in your best interest above our own. Simple right?
Old School.
So to explain the evolution let’s explore the past. Old school finance focuses on a transactional commission/sales based production environment where its cutthroat and there are constantly sales goals to achieve, at the expense of your clients hard earned money. Yikes! Wait we said old school right…..except it still exists with most firms today. We’re talking advisors/planners/agents/professionals or whatever you hear us called out there….they are 100% captured and non independent to their firm’s goals, not their clients. Oops….it’s just the way the industry still is as the old school firms want to keep it that way….how dare we empower our financial advisors to in turn empower their clients!? We’re talking technology, regulations, & operating procedures that are a decade behind the rest of the world, which translates to a rough customer experience in some instances. The whole, come into my fancy sales office and leave with a new product today experience is outdated.
It’s estimated that 70-80% of financial planners are captured while a small fraction of us operate independently. Unfortunately, an even smaller amount of us start out independent because we just don’t know it’s an option and because it’s just a closely guarded secret by the industry. Eventually though, almost everyone out there feels the inkling to go independent and break away….to not be your parents financial advisor!
New School.
You guessed it, that’s us over here at WealthTenders! We’re unicorns in many ways. You pay us directly out of your investment accounts with a clear and transparent, disclosed up front fee structure in turn for ONGOING investment advice & financial planning. Quarterly reviews include, yes, your investment/retirement accounts PLUS the real meat & potatoes of life…...real estate, net worth, mortgaging, college planning, job benefits, your 401k at work, debt management, cashflow, estate planning, tax strategy for now & in the future...should I continue?!
We use modern technology, we use automation, we offer direct customer service, we want to meet your kids, we love having a deeper relationship with you & your family in ways that the old school just wouldn’t get for many reasons. We just want to work closely with like minded people, not just because your account size is large enough to do so. I meet with my clients where they are most comfortable, whether that’s at their home, in office space, over Zoom, over phone, or grabbing a coffee. In fact, I don’t even look like a financial advisor & I do that on purpose. Let’s be real….we all know that our profession has a reputation about it. So how do you find us? How do you know if your financial advisor is old school or new school? How do you know if they are doing what’s in your best interest?
Google is a good start! Search for fee only financial planners (or fiduciaries) (or CFP® credentials) (or fee only planning network) in your area or available virtually….. Usually we won’t have a big brand name and we’re just a local business so don’t be scared to reach out. If the fee structure isn’t disclosed right away or if who you’re meeting with doesn’t ask you the real questions that matter about your life and just go right to your assets well….. if the shoes don't seem to fit perfectly, walk away! You pay good money for your shoes and you expect them to last for a while...right!?
Justin Hodges
Justin@TheWealthTenders.com
530-415-7959
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