505: Need a Financial Advisor? Start Here!

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 23 February 2024

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

Most financial advisors aren’t what they seem. They paint themselves as stewards of your financial security, carefully analyzing every investment they put your money into. But that’s far from the truth. Many financial advisors simply use you to make a quick buck, leaving you worse for wear when it comes to retirement. So, how do you find a financial advisor who will actually help you build wealth without filling their own pockets at your expense? We’re about to give you the roadmap to finding the perfect financial advisor. We’re back with Jeremy Schneider, the bootstrapped founder who became an overnight millionaire thanks to a decade of tough decisions. This time, Jeremy shares about the world of financial advising, ranking the types of advisors from worst to best and sharing why that life insurance policy might be a BAD financial decision. If you’re struggling to find financial advice from a neutral third party who truly wants the best for your finances, this is the episode to listen to. Jeremy talks about the two financial advisors to never trust, the costly difference between fee-based and fee-only advisors, the financial “meth” that could cost you in the long run, and exactly where to find a financial advisor that truly works for YOU. In This Episode We Cover The four types of financial advisors and the two you MUST stay away from Fee-based vs. fee-only financial advisors and why you CANNOT afford to mix these up The “whole life insurance” scam that’s trapping many Americans with false financial promises The sneaky commissions financial advisors make that you have no idea about One place you can go to find trusted financial advisors with NO strings attached And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Past Episodes Mentioned in Today’s Show: Michael Kitces A Purple Mom Life Insurance (Joe Saul-Sehy) Whole Life Insurance (The White Coat Investor) Click here to check the full show notes: https://www.biggerpockets.com/blog/money-505 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hello hello hello and welcome to the BiggerPockets Money Podcast my name is Mindy Jensen and with me as always is my stimulating co-host Scott trench
0:08.7	Thanks Mindy amped to be here we're here to make financial independence less scary, less just for somebody else, to introduce you to every
0:16.3	money story because we truly believe financial freedom is attainable for everyone, no matter when or where you're starting.
0:22.0	On today's episode, we are speaking with Jeremy Schneider
0:25.0	from Personal Finance Club and Nectarine
0:27.4	about a financial issue that he is especially passionate about,
0:30.8	the business of financial advising. In this day and age when anyone can sell
0:35.1	anything for any price it's more important than ever to be educated about your
0:39.1	options especially when it comes to your finances.
0:42.7	So stay listening because on today's episode,
0:44.8	Jeremy is going to help us demystify the world of financial advisors
0:47.7	and give us actionable tips on how to get financial advice
0:50.1	without paying fees.
0:51.3	We don't need to be paying.
0:52.4	I love his four tiers. You're going to learn a lot from this and agree completely with him.
0:56.0	I am so excited to bring in Jeremy. Jeremy shifting gears you started a company called Nectarine as a reaction to some of the issues you see in the
1:05.9	financial advisor industry. Can you explain for our audience who may not know what a financial
1:10.4	advisor is? So basically I've been teaching about personal
1:13.3	finance and investing since then which has been the last five years or so. The
1:16.0	question that I always get is how do I find a good financial advisor and it's really
1:20.0	hard question to answer because there's basically four major types of financial
1:24.4	advisors and I walk through them from worst to best. The worst type is the
	...

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