This is a really good break down. I have been a Financial Advisor and Financial Planner, I am now working as a Financial Coach and Financial Planner. I feel like that is where I can provide the greatest value. There is a place for all 3 of them, having had a career I can say that most of them try to justify their jobs more than they actually have value, not that they don't have value just that they over sell their necessity. I know I did. That is why I am becoming more of a coach, it's just more my style now. If you are in control of your money you'll know who you need to hire for what, and if you even need to hire anyone. Great video! Thanks for getting people thinking about this.
@@WealthyTiffany I was a registered rep from 2001 until 2017 and became an investment advisor representative from about 2008 until 2017. I am now only a life and health licensed agent but building my coaching business from what I learned during my investment advisor days. As an investment advisor you can only say what your compliance department wants you to say, and even then most still say stuff they shouldn't. I felt restricted so I dropped my licenses in 2017 to pursue my health ins business and then last year (2019 really but mostly 2020) started my coaching business and my RUclips channel so I could really teach and explain what is really going on. You are a great example of what to do... Keep cranking out the great content! RULDS2? 😉
Definitely agree with you on the financial advisors. They usually push you to invest in mutual funds that have a high management fee/expense ratio and don't perform any better than the benchmarks, and this can easily end up costing the investor thousands of dollars over time. Definitely better to do your own research and save a lot of money by investing by yourself in less expensive and more performing securities.
I actually enjoyed you and your energy. I appreciate you just putting the information out there and allowing someone to decide for themselves! That is what makes a very great teacher, not just a coach! So thank you for your expertise and your wisdom ❤️❤️❤️
I never really thought about the difference between all of these, but I can truly see how beneficial each one can be to your personal life and business
I had been investment (index funds) on my own but scratching the surface of investment. Then I referred to a bank financial advisor. He was basically doing similar things as me, but charging a discounted management fee. He claimed the risk is lower even the charged fee end up higher. He doesn't even touch those estate planning or taxation. I think I should look for a financial coach then..might be better off.
I’d think paying someone a % would be in your best interest since the advisor would benefit with your portfolio going up rather than a flat fee where they get paid the same regardless of what your portfolio does!
They still get paid if your portfolio goes up or down, they can get paid even more if they recommend certain products for you to invest in (even if it’s not in your best interest), and more will be coming out of your pocket when they recommend funds with high expense ratios, just a few things to consider. Here’s a great podcast about it: www.choosefi.com/the-real-cost-of-a-financial-advisor/
Nice video. It seems your more focused on folks who may have debt and want to be debt free and manage their lives better. That is all good. The focus on managing your own portfolio is off the mark a bit IMO. I would challenge you to use a financial professional and do your own management at the same time. IE. You start with $100k and give a professional $100k (or any amount - $5k; $10k; etc) and see who outperforms…see how you stack up against a pro. You might do well, but most people don’t have interest in managing their money like that unless they have a “broke” mentality versus an “abundance” mentality…..I used to be in the former; I’m now in the latter. I will check to see if you have any more recent videos on this topic.
😊really nice video,some financial advisors charge like up to 3% in south africa🙈.id really like to know your advice on pension equivalent investments whereby the country you in determines the regulations of your investments.Basically Id like to know if you should look at diversifying your investments in brokerage accounts in other countries and currencies if you feel that you are not happy with the politic and economic climate in the place you in.
Hi Tiffany, thank you for all you do. I am hoping you can steer me in the right direction. I assume I need to hire a financial Coach (correct?). .. I have been the sole provider for my extended family for years. I am now reaching retirement age and the last hand-out, cost me 54,500 to help my brother hire a attorney for his son. Yesterday I took a look at my finances and was so upset that all I have in savings/stocks/real estate, etc is $700,000 (only $270,000 is liquid) -- Can you refer someone for me to go over my concerns... should I purchase another home before I retire? should I pay off the home I have? When I retire my pension will only be enough for myself, as I still provide for my Mother.
Hi Paris Rome, you're welcome, thank you! Yes, a financial coach can help with money concerns and where to focus your efforts. I do offer one-on-one services if you are interested, you can find more details here: www.wealthytiffany.com/one-on-one/
I’m 66 years old. I want to bounce my retirement plans off someone knowledgeable about annuities and other investments. I feel confident in my retirement plan but want to be open in case I’m missing something
Financial advisors aren't neccesarily bound to the investments their company offers. If it's an independent advisory firm, like mine we can go wherever the client is best served - we have no allegiance anywhere.
You for sure can. I would give them the courtesy of letting them know, but if you feel it's right, don't let them talk you into staying. You can move your investments and manage them on your own, I like using Vanguard. Just make sure to switch your accounts over to the same type of accounts (like a Roth IRA to a Roth IRA, not a Roth to a traditional) and don't just cash out the money. Depending on what you're invested in, you may need to sell your investments and then get your money invested in what you want it invested in when you've switched brokers. :)
I want to build a nest egg for when I'm older. I want to know if it's a good idea to add all my savings into a long term ETF, set and forget Come back in 20-30 years, instead of 250-300 DCA every month. i'm gonna just incest with my 200K cash savings
there are strategies that could be put in place for solid gains regardless of economy situation, but such execution is usually carried out by an investment specialist.
Working with an asset manager has been a game-changer for me. They provided invaluable insights and tailored strategies that aligned perfectly with my risk tolerance and financial objectives. With their support, I've seen significant growth in my investments and gained confidence in my financial future.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation.
CFA NICOLE ANASTASIA PLUMLEE is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I'm sorry but your information is flawed. A financial advisor does not get paid a commission they get paid a fee. Your message does have some good points and isn't completely wrong, it gives viewers information that is simply wrong. And how does a financial planner as opposed to an advisor work on your long term financial goals any different? Different people or different professionals either get paid commissions or fees usually based upon the license they hold and the firm they work with . If a Registered FInancial Advisor hold a series 7 general securities lic they are allowed to receive commissions and fees, while if they don't hold a 7 and only a 65 they can only collect fees. If a Stock Broker has a series 7 license and no 65 they can't charge a fee for services they can only take a commission and must have a broker dealer. A financial coach cant take money for any financial advice nor can they take a commission. Please be careful what advice you choose to give. You as an unlicensed individual giving specific investment advice is simply not legal, be very careful what you put out in the world, this is fairly dangerous.
@@WealthyTiffany your on the right track as the need for financial education is greater than its ever been yet its pretty obvious you have never held a securities license as you said some pretty ignorant things. 😉
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Thanks for watching! 😘 Comment below if you've worked with a financial advisor, financial planner or financial coach before & how it was!
This is a really good break down. I have been a Financial Advisor and Financial Planner, I am now working as a Financial Coach and Financial Planner. I feel like that is where I can provide the greatest value.
There is a place for all 3 of them, having had a career I can say that most of them try to justify their jobs more than they actually have value, not that they don't have value just that they over sell their necessity. I know I did. That is why I am becoming more of a coach, it's just more my style now.
If you are in control of your money you'll know who you need to hire for what, and if you even need to hire anyone.
Great video! Thanks for getting people thinking about this.
Thank you so much for your response Financial Self-Reliance, I love hearing your perspective since you’ve done all 3!
You’re welcome! :)
@@WealthyTiffany I was a registered rep from 2001 until 2017 and became an investment advisor representative from about 2008 until 2017. I am now only a life and health licensed agent but building my coaching business from what I learned during my investment advisor days.
As an investment advisor you can only say what your compliance department wants you to say, and even then most still say stuff they shouldn't. I felt restricted so I dropped my licenses in 2017 to pursue my health ins business and then last year (2019 really but mostly 2020) started my coaching business and my RUclips channel so I could really teach and explain what is really going on.
You are a great example of what to do... Keep cranking out the great content!
RULDS2? 😉
Definitely agree with you on the financial advisors. They usually push you to invest in mutual funds that have a high management fee/expense ratio and don't perform any better than the benchmarks, and this can easily end up costing the investor thousands of dollars over time. Definitely better to do your own research and save a lot of money by investing by yourself in less expensive and more performing securities.
So true Felipe!!
Great video! Some key points were highlighted that I hadn't heard anyone else discuss. Thank you!
So glad you found it helpful Maria! 🙂
I actually enjoyed you and your energy. I appreciate you just putting the information out there and allowing someone to decide for themselves! That is what makes a very great teacher, not just a coach! So thank you for your expertise and your wisdom ❤️❤️❤️
Thank you so much!!
I never really thought about the difference between all of these, but I can truly see how beneficial each one can be to your personal life and business
Glad it could provide some insight Eden! :)
I’ve soooo overwhelmed by these. When you think finance, all of them sounds the same haha this was such a great breakdown! :)
Glad it was helpful! :)
Good stuff!!
Thanks Jason! :)
So good to know! It's always confusing and I'm happy to have found you!
I'm so glad! Welcome to the channel! :)
This makes so much sense!
So glad, Social Confidence Mastery!
Thanks for explaining the differences Tiffany!
You're welcome Bertha!
I think it’s a quite motivative video😊👍🏻
Thank you!
Great breakdown! Thank you Tiffany!
You are so welcome Cheri! :)
Wow great explanation! This info can be hard to find and figure out. Great job on this video!!
Glad it was helpful Emily! Thank you!
I had been investment (index funds) on my own but scratching the surface of investment. Then I referred to a bank financial advisor. He was basically doing similar things as me, but charging a discounted management fee. He claimed the risk is lower even the charged fee end up higher. He doesn't even touch those estate planning or taxation. I think I should look for a financial coach then..might be better off.
That’s not a good experience, I’m glad you were paying attention. Maybe so. :)
Working with an advisor and looking to switch to a FP instead. After all the fees my returns are less than my index funds and his fees keep growing
I believe it!
I’d think paying someone a % would be in your best interest since the advisor would benefit with your portfolio going up rather than a flat fee where they get paid the same regardless of what your portfolio does!
They still get paid if your portfolio goes up or down, they can get paid even more if they recommend certain products for you to invest in (even if it’s not in your best interest), and more will be coming out of your pocket when they recommend funds with high expense ratios, just a few things to consider. Here’s a great podcast about it: www.choosefi.com/the-real-cost-of-a-financial-advisor/
Nice video. It seems your more focused on folks who may have debt and want to be debt free and manage their lives better. That is all good. The focus on managing your own portfolio is off the mark a bit IMO. I would challenge you to use a financial professional and do your own management at the same time. IE. You start with $100k and give a professional $100k (or any amount - $5k; $10k; etc) and see who outperforms…see how you stack up against a pro. You might do well, but most people don’t have interest in managing their money like that unless they have a “broke” mentality versus an “abundance” mentality…..I used to be in the former; I’m now in the latter.
I will check to see if you have any more recent videos on this topic.
Thanks for the advice.
I want my advisor to make as much money as possible because the more he makes, the more I make. Flat fee sounds great, but it’s low performance.
I have never worked with one but I have watched several on youtube does that count? Thanks for the video!
Close enough. 😉 You’re welcome!
😊really nice video,some financial advisors charge like up to 3% in south africa🙈.id really like to know your advice on pension equivalent investments whereby the country you in determines the regulations of your investments.Basically Id like to know if you should look at diversifying your investments in brokerage accounts in other countries and currencies if you feel that you are not happy with the politic and economic climate in the place you in.
Hi Shaheed, thank you! If you don’t feel like the place you live in has good investments, I would look at investing elsewhere.
Hi Tiffany, thank you for all you do. I am hoping you can steer me in the right direction. I assume I need to hire a financial Coach (correct?). .. I have been the sole provider for my extended family for years. I am now reaching retirement age and the last hand-out, cost me 54,500 to help my brother hire a attorney for his son. Yesterday I took a look at my finances and was so upset that all I have in savings/stocks/real estate, etc is $700,000 (only $270,000 is liquid) -- Can you refer someone for me to go over my concerns... should I purchase another home before I retire? should I pay off the home I have? When I retire my pension will only be enough for myself, as I still provide for my Mother.
Hi Paris Rome, you're welcome, thank you! Yes, a financial coach can help with money concerns and where to focus your efforts. I do offer one-on-one services if you are interested, you can find more details here: www.wealthytiffany.com/one-on-one/
I’m 66 years old. I want to bounce my retirement plans off someone knowledgeable about annuities and other investments. I feel confident in my retirement plan but want to be open in case I’m missing something
Hi Steve, a financial coach or financial planner that offers a one time fee could do that.
Financial advisors aren't neccesarily bound to the investments their company offers. If it's an independent advisory firm, like mine we can go wherever the client is best served - we have no allegiance anywhere.
Good to know.
Tiffany, If we have a financial advisor, can we pull away from them? I don't know if our advisor has our best interest in mind?
You for sure can. I would give them the courtesy of letting them know, but if you feel it's right, don't let them talk you into staying. You can move your investments and manage them on your own, I like using Vanguard. Just make sure to switch your accounts over to the same type of accounts (like a Roth IRA to a Roth IRA, not a Roth to a traditional) and don't just cash out the money. Depending on what you're invested in, you may need to sell your investments and then get your money invested in what you want it invested in when you've switched brokers. :)
I want to build a nest egg for when I'm older. I want to know if it's a good idea to add all my savings into a long term ETF, set and forget Come back in 20-30 years, instead of 250-300 DCA every month. i'm gonna just incest with my 200K cash savings
there are strategies that could be put in place for solid gains regardless of economy situation, but such execution is usually carried out by an investment specialist.
Working with an asset manager has been a game-changer for me. They provided invaluable insights and tailored strategies that aligned perfectly with my risk tolerance and financial objectives. With their support, I've seen significant growth in my investments and gained confidence in my financial future.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation.
CFA NICOLE ANASTASIA PLUMLEE is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Wow, her track record looks really good from what I found online.i just messaged her, Thanks for the info
I'm sorry but your information is flawed. A financial advisor does not get paid a commission they get paid a fee. Your message does have some good points and isn't completely wrong, it gives viewers information that is simply wrong. And how does a financial planner as opposed to an advisor work on your long term financial goals any different? Different people or different professionals either get paid commissions or fees usually based upon the license they hold and the firm they work with . If a Registered FInancial Advisor hold a series 7 general securities lic they are allowed to receive commissions and fees, while if they don't hold a 7 and only a 65 they can only collect fees. If a Stock Broker has a series 7 license and no 65 they can't charge a fee for services they can only take a commission and must have a broker dealer. A financial coach cant take money for any financial advice nor can they take a commission. Please be careful what advice you choose to give. You as an unlicensed individual giving specific investment advice is simply not legal, be very careful what you put out in the world, this is fairly dangerous.
Thanks for reminder to be careful. Reading your comment, you’ll see it’s contradicting itself, just a heads up.
Pretty bad explanation...
😬
@@WealthyTiffany your on the right track as the need for financial education is greater than its ever been yet its pretty obvious you have never held a securities license as you said some pretty ignorant things. 😉