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.
Trend
recordings per month · last 12 monthsNo recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.
Appearances
I think you want to walk somebody through. You want to make sure you tell them what you want. Here's where I am today. Here's what I'm trying to accomplish. You want to go through those Cs that we talked about, make sure they're fiduciary, but you want to understand their investment philosophy. What type of investments are we going to buy to get me from here to there?
If they talk about how they can beat the market or they're going to market time or you're going to pick the right stocks, probably not the right place to go. Those are antiquated approaches that lower the chance of you hitting your goals. I think understanding what other services do you have? Are you going to be able to give me tax advice, legal advice, insurance advice, planning advice?
And then is there a certified financial planner that's going to build a plan for you to get you from point A to point B? I is going to go a long way towards narrowing the field. There's 380,000 advisors. If you make sure that you do not have a broker, now we're down to 10%.
If we make sure we've got one that's got the scale to serve you that works with a lot of clients like you, you're probably going to get down to 1%. You start to go through these other questions, you can really get to the right person.
I think at least bringing your investment statements, right? So being able to say, here's how I'm invested today. I don't know that the first meeting with that advisor, you need to bring everything in the world. You need to bring your legal and your tax and so on.
But I think at least bringing your investment statements is going to be enough to create a dialogue about what you're doing and how they might approach things differently.
100% correct. The advisor needs to impress you. You do not need to worry about a thing.
When was this, Nicole? I'm having a hard time visualizing.
I think that the goal here is you're going to the advisor and you're taking this step because you want to get to the right place. And you're just hurting yourself by keeping anything from the advisor. And so a lot of people will, they own a certain investment there. They might be embarrassed about it or they don't think the advisor agrees with it. So they won't tell the advisor about it.
or they talk about a savings pattern that may not be doable, these can result in the wrong recommendations. And so I remind myself when I go to the doctor, there's nothing I'm going to talk to the doctor about they haven't seen or heard before. Same thing going to the advisor. They just want to help you get to where you want to go and just be as open as you can with them.
Yeah, it definitely should be free. I know there are some that charge for that first meeting, but you definitely want it to be. I wouldn't go to the advisor if it were anything else. And so this is just an exploratory meeting.
This is for you to understand, is this a person that I feel comfortable giving my money to, everything I've ever worked with, so that they can, under their guidance, help me get where I want to go. So this should be a discovery meeting with no charge.
Right. I think it can feel pretty intrusive, but I think everything's fair game because the advisor really wants to understand what's going on. And so if I know what's going on with tax, I know what your estate plan is like, and I know if you have kids and I know if their college is paid for or not paid for, do you have account set up or not? Are you funding your plan at work?
This is a lot of information, but it really is first meeting information because it's only understanding that stuff that we can say, okay, here are the types of accounts we need to set up. And here's the way we're going to reduce your tax bill. And here are the kinds of investments that make sense for you. And so I would be prepared in that first meeting to be asked a lot of questions.
Yes, and insurance. Yeah, a red flag is when they want to sell you insurance as an investment vehicle, but they'll definitely need to ask about insurance.
A hundred percent. And I think you've said probably the most important thing, and it's what I didn't touch on earlier. The most important thing is that you like and trust your advisor. You have to be comfortable with this person because you're going to be seeing them a lot, talking to them a lot. Even if they check every box, right? They're a fiduciary. They're not a broker registered with FINRA.
There's no conflicts when it comes to your money. There are no commissions. They don't take custody. They're competent. They have the right designations, but you don't feel comfortable. It's not the right advisor. for you. Make sure that you're very comfortable with whoever you're sitting across the table with.
If you're working with a firm that has more than one person, you like the firm and don't connect with the advisor, ask for a different advisor.
They might a little bit, but if they're adults and professionals, they'll get over it.
The advisor should work with you to develop a personal plan to figure out what makes the most sense for you to own. They should show you all the investment things they recommend. And then when you reach an agreement, they should go ahead and place those trades to make those investments. They should maintain the account, rebalance when necessary, other trades that you've agreed on when necessary.
Showing 101–120 of 483 · page 6 of 25
← Previous
Next →