Peter Tuchman
speaker
483 appearances
9 recordings
1 series
first heard Dec 2024
last heard Apr 2025
Peter Tuchman’s voice in public audio — every appearance, attributed to the second.
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Appearances
That's exactly right.
You know what? Today was a bit of a bloodbath. And I, you know me, I rarely will ever say that, but that was a bloodbath, right?
Great to be back, Nicole.
I think anyone that's in a realm where they're investing and they've started to reach a place in their life where, to me, if you have less than $50,000, you should be putting everything in the S&P 500.
So if you start to get over that amount, definitely over 100,000, that's when it makes sense to reach out to an advisor because the advisor can start to bring different investment options, change your allocation, make it global, add small, add bonds, even add private investments as your account continues to grow, or you can start to
have a chance to outperform the public markets by owning private things like private equity and private lending. And also, it becomes a little more valuable to start to tax manage your investing and just generally your life to try to reduce the tax bill as much as possible. So those are thresholds to think about where it might be time to reach out to an advisor.
That tends to be, I think, the perfect spot.
All right. So the must haves, I like to call them the C's. And let's start with the first C, which is custody. You never want to work with an advisor that takes custody of your money. It just puts it in their own accounts. If you think about Bernie Madoff and that crisis, people who hired Bernie Madoff literally wrote a check to Madoff Investments and he went and put it in his bank account.
You never want to work with an advisor that does that. So this is an example at Creative Planning. We custody our clients' assets primarily at Charles Schwab or Fidelity. A client never writes a check to creative planning. They write it to Schwab or Fidelity. It's custodied somewhere else. And that's the safest way to work with an advisor. Most advisors work that way. That's a must have.
I think the next is credentials. You want a team that has credentials. If you're getting tax advice, make sure it's a CPA. If you're getting legal advice, and believe it or not, a lot of non-lawyers are giving legal advice. Make sure that person has a JD. They're actually a lawyer. And financial planning team should always include someone with a certified financial planner designation.
I also focus on credibility, like how much experience does this firm have with people like you? Do they work with a lot of people of your profile? If you've got $250,000, you want a firm that's working with a lot of people that have $250,000. And if you've got $10 million, you want to work with a firm that has a lot of people that have $10 million.
Many firms just cover one area or they don't have a lot of experience in that space. You don't want anybody to be learning on you, just like you don't want to go to a doctor that doesn't do the kind of surgery you're going to have all of the time. You want somebody who's really used to seeing that. And the way we remedy that at Creative is we make sure
There are groups that serve all of these different people. So they're dealing with specialists all of the time. And then I think cost matters. You want to make sure that, hey, what am I going to get and what am I going to pay? If I'm going to pay a money management fee, is it going to be customized to me or not? Are you going to do a financial plan for me? Is that financial plan included?
Am I going to get tax advice? Is it included? Make sure that you understand that you're getting value for what you pay for. And the most important thing is make sure you're working with a fiduciary. make sure you're working with somebody that has to be a fiduciary to you 100% of the time, no exceptions. This means no brokers, no duly registered advisors.
Make sure you're dealing with somebody who is investment advisor only and only serves as a fiduciary all the time.
So if you go to the website of the advisor and on the bottom, it says FINRA, F-I-N-R-A, FINRA is regulating them or they're a part of FINRA. That means that they're a broker at least some of the time. The people in that firm are registered as brokers. What that means is they may have their own investment products. They may get paid on commissions. They may receive revenue sharing.
Instead, you want a firm that is not registered with FINRA. That means that firm is an independent advisor only. And is a fiduciary to you all the time, meaning they have to act in your best interest all the time. They can't receive commissions and hidden fees and things like that.
That's right. Brokers, if you say, hey, are you a fiduciary? Most of them will say yes, because in some circumstances they are. So it's a very confusing marketplace. And knowing the trick on how to tell the real difference is key.
Yeah, absolutely. I think whatever your wealth is, when you're talking to the firm, just ask, how many people like me do you work with? You don't want to hear 20. You want it to be a very significant amount. I remember when I went and got LASIK surgery many years ago, it was pretty innovative at the time. I looked for the person that did it more than anyone else.
And the biggest things in your life are your health and your wealth in terms of handling them correctly. And so making sure someone's very experienced is key.
Showing 81–100 of 483 · page 5 of 25
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