Peter Tuchman

I love to at least once a year at a minimum. So where you're just going through everything and just going, look, I know we're communicating throughout the year, but I want to make sure nothing got missed. So you go repeat an entire process again. What's your net worth? What's your retirement? What's going on with education? Is our insurance needs covered? Have we done all we can to mitigate taxes?

Is your will and trust correct? So it's just this check of everything to make sure that through all the phone conversations and Zooms and emails throughout the year, is there anything that got mixed? That's why you want to repeat the whole process.

Is your will and trust correct? So it's just this check of everything to make sure that through all the phone conversations and Zooms and emails throughout the year, is there anything that got mixed? That's why you want to repeat the whole process.

Is your will and trust correct? So it's just this check of everything to make sure that through all the phone conversations and Zooms and emails throughout the year, is there anything that got mixed? That's why you want to repeat the whole process.

That's right. So there's some advisors that get paid a commission if you buy an investment. And this is definitely not the route to go because it creates an inherent conflict between the advisor and the client. So if an advisor is saying, hey, buy this one and

That's right. So there's some advisors that get paid a commission if you buy an investment. And this is definitely not the route to go because it creates an inherent conflict between the advisor and the client. So if an advisor is saying, hey, buy this one and

That's right. So there's some advisors that get paid a commission if you buy an investment. And this is definitely not the route to go because it creates an inherent conflict between the advisor and the client. So if an advisor is saying, hey, buy this one and

you've got $50,000 or $100,000, put it in here, that advisor gets a 5% commission, they're going to recommend things where they get bigger commissions. And so it doesn't put you on the same side of the table as the advisor. Instead, you want what's called a fee-based advisor, where on the $100,000 account, they'll have a fee to manage that $100,000, but there's no transaction commission.

you've got $50,000 or $100,000, put it in here, that advisor gets a 5% commission, they're going to recommend things where they get bigger commissions. And so it doesn't put you on the same side of the table as the advisor. Instead, you want what's called a fee-based advisor, where on the $100,000 account, they'll have a fee to manage that $100,000, but there's no transaction commission.

you've got $50,000 or $100,000, put it in here, that advisor gets a 5% commission, they're going to recommend things where they get bigger commissions. And so it doesn't put you on the same side of the table as the advisor. Instead, you want what's called a fee-based advisor, where on the $100,000 account, they'll have a fee to manage that $100,000, but there's no transaction commission.

There's nothing that happens on the front end. So what's the advisor's goal? The advisor's goal is to go look for whatever investments can make your account grow. because they're getting maybe 1% of what they're managing for you or whatever the amount is. So they want that account to go up. Because there's no transaction cost, there's no incentive to push you from one product to the other.

There's nothing that happens on the front end. So what's the advisor's goal? The advisor's goal is to go look for whatever investments can make your account grow. because they're getting maybe 1% of what they're managing for you or whatever the amount is. So they want that account to go up. Because there's no transaction cost, there's no incentive to push you from one product to the other.

There's nothing that happens on the front end. So what's the advisor's goal? The advisor's goal is to go look for whatever investments can make your account grow. because they're getting maybe 1% of what they're managing for you or whatever the amount is. So they want that account to go up. Because there's no transaction cost, there's no incentive to push you from one product to the other.

And there are some places that do that. Basically, I divide it to commission or fee. You never do commissions. You're over in the fee world. Most of the advisors in the fee world, they charge a percentage of what they're managing. For your listeners that have a 401k at work, that's what you're doing there, right? You're paying

And there are some places that do that. Basically, I divide it to commission or fee. You never do commissions. You're over in the fee world. Most of the advisors in the fee world, they charge a percentage of what they're managing. For your listeners that have a 401k at work, that's what you're doing there, right? You're paying

And there are some places that do that. Basically, I divide it to commission or fee. You never do commissions. You're over in the fee world. Most of the advisors in the fee world, they charge a percentage of what they're managing. For your listeners that have a 401k at work, that's what you're doing there, right? You're paying

a fee that's built into the mutual funds or built into the plan somehow. It's not a commission and it's not a fee. It's tied to the investments. Some of those fee-based advisors, instead of doing a percent of the investments, will say, hey, we're going to charge you $1,000 a year, $5,000 a year, and we're just going to advise you on everything.

a fee that's built into the mutual funds or built into the plan somehow. It's not a commission and it's not a fee. It's tied to the investments. Some of those fee-based advisors, instead of doing a percent of the investments, will say, hey, we're going to charge you $1,000 a year, $5,000 a year, and we're just going to advise you on everything.

a fee that's built into the mutual funds or built into the plan somehow. It's not a commission and it's not a fee. It's tied to the investments. Some of those fee-based advisors, instead of doing a percent of the investments, will say, hey, we're going to charge you $1,000 a year, $5,000 a year, and we're just going to advise you on everything.

That's a little rare and involves setting a bill and writing a check and reevaluating what that fee may be every year or two based on the complexity. But that's also an option at some firms.