Recently, I had the pleasure of speaking with Tim Mullooly, the host of the Living with Money podcast. There are plenty of times when I feel like I'm railing against the system, and that the industry is in need of a fire-hose spray down, but when I speak with fellow advisors who are doing right by investors it lifts me in ways I can't adequately describe. Such is the case with Tim. He and his family have their own fee-only registered advisory firm, Mullooly Asset Management. They built Read on...
Simple Questions, Convoluted Answers
A new client wanted to switch out of an annuity she had bought in her retirement account with a previous adviser. Needless to say, my antenna goes up when I see annuities in a retirement account because it is both unnecessary and expensive to own these insurance products for their tax-deferral benefits, when this feature is "free" to retirement accounts. As I waded through her paperwork, I clearly saw that she would be hit with a $3,000 surrender charge to get out -- and I Read on...
Shoot the Inner, Sitting Duck
My last post, "Nailing Financial Predators," may have left some feeling like an easy mark. But what if we could take our six natural human responses to persuasion and make them work in our favor? Well, we can. Here are some ideas on how to proactively take charge and shoot that inner, sitting duck: 1. Authority - If we respond to the perception that someone has expertise or power over us, it's best to make sure that that reverence is actually warranted before heeding their advice. Read on...
Nailing Financial Predators
“A prize fighter in a corner is told, hit where it hurts. Silver and gold.” - U2* Every time Tony and I have met with prospective clients who have come from traditional brokerage channels (literally, every single time) there is an uncomfortable point in the meeting where they are ashamed at the fact that they received no financial plan; no real coherent diversification strategy to minimize risks; no exit strategy as to when they can jump off the hamster wheel and enjoy the fruits of their Read on...