How do you land the best financial planner?
I've had a chance to spend time with many of them.
And at the end of the day, I've come up with 3 core tips that will help you understand
what you should be looking for.
Or if you have found the right financial planner.
And at the end of the day, I'm going to end this video with some information that its
going to be a little bit scary.
But I think it's something that you need to know.
So, hang tight at the end.
That little bonus I think is going to be life-changing for your financial future.
Check it out.
What is a financial planner?
What is the purpose of a financial planner?
When do you need a financial planner?
And how do you find the right financial planner?
This is really, really important.
So, first of all, a financial planner is an individual typically certified or licensed.
And what they do is they're authorized to represent certain types of investments.
Often your 401Ks, your IRAs, your stock market accounts.
REIT, alternative investments.
Those are things that a financial planner wants to put in front of you.
Their goal is to control as much your money as possible.
And then diversify it hopefully so you could be earning some really good ROI.
But you also need to understand that a financial planner, you can only diversify and make money
with them according to the investment opportunities that they are aware of.
So, a lot of them have different motives for what they push diversification strategies,
certain types of investments.
And it's not always in your best interest.
I mean, truth be told.
I mean in the reality is there's a higher level of financial planner that everyone of
you needs to be aware of called a fiduciary.
Only 5% of all financial planners are actually fiduciaries.
That means that they have a high obligation to disclose all earnings.
Whereas typical planners, they can actually make some kickback money on the side.
They don't have to disclose it.
Which means they've got agenda with your money.
I don't like having people on my financial team that have an agenda.
And the reality is many of these financial planners are super limited in what they actually
have to offer.
You know, putting your money into basic accounts that earning single-digit returns is usually
not enough for you to produce the life that you financially want.
Unless you're making millions of dollars.
The average person in this country --America, $44,000 a year.
So, you know, a financial planner guiding and directing the little bit that you're saving
and putting it into different vehicles.
It's never going to be enough to get where you want to go.
So, there's a misnomer on the title "What is financial planning?"....
"What is a financial planner?"
I would like to assume that the purpose of the financial planner is to help you figure
out how to financially succeed.
But I know that that is not actually the case.
Instead, I have some questions that I want to bring up for you.
First of all, the best financial planner does not make undisclosed money.
Which means that you need a fiduciary.
So, number 1, I want you to be aware of that.
Number 2, the best financial planner doesn't recommend the stock market as your core strategy.
And yet, most of them do.
You see, it's very easy for them to collect their money and their fees if your money is
sitting in these type of investments for their management fees.
And listen.
Stock market, IRAs, S&P 500...
You know, the problem is if you're not getting enough diversity and everything you're doing
is tied to the market, you need to understand that the stock market could take 34, 50 or
70, 60 percent drop every 8 years.
It'll come back.
It'll recuperate or at least traditionally has in the past.
But those single digit returns are not worth it.
Even the 30-year average on the S&P 500 is just shy of 10%.
9% divide that by 72.
Rule of 72, compounding interest means that it's going to take you really, really, really
long time before you're actually going to recuperate and double your money.
So, we're looking for something better.
And number 3, the best financial planner recommends products good for you like investing in you
or business instead of things that paid money.
Again, this is one of the biggest problems.
Literally today, I'm talking to my one of my private clients that I privately mentor
1 on 1.
He talked to his financial planner.
He's making a financial decision.
A quarter million dollars.
And guess what?
If the money is coming out of a financial planner's hands, guess what they're going
to do?
They're going to say, "This is a bad decision."
Because the only good decision is (1) where they get to hang on to your money.
The reality is you should be investing in you.
You should be investing in business.
And because that's not trackable by them, they're never going to recommend that.
And yet, that's where you can actually take back so much financial control for the success
in your life.
You see the real financial planner you need, you need to put them to place and understand
this.
A financial planner does not make financial decisions for you.
I have a friend right now who's husband past away.
She's sitting on a pile of money.
She's got a financial planner.
And that financial planner has some really strong directives of what she should be doing
with their money.
Reality is she (like you and me) need to become our own core first financial planner.
A fiduciary is someone that you surround yourself with for a portion of your investments.
They should not be guiding and directing all of your investments.
When you're talking about you and the financial choice that you're making in life, how do
you become responsible enough to make good financial choices?
Well, my friends, the reality is you got to attend events, you got to read books, you
got to get mentors and you got to learn how to be financially intelligent.
Ray Dalio has returned 27 billion dollars to his investors over the years.
You should read his book.
You should learn from him.
You should go to financial events and seminars and wealth trainings.
And you should learn from people that are financially intelligent, have really great
track record.
That is what you do to become your own best financial planner.
In my life, I ultimately learned that in the beginning, when I have a financial planner
and that's putting my money in ROTH and IRAs and some of these stuff, I watched it for
few years and I said, "Why am I doing this?
None of this will ever amount to what I need."
And that's when I realized there really isn't a financial planner.
You could have millions of dollars and then they can manage that with very low risk and
very low ROI.
And if you're happy with that, good.
For the rest of us until you have millions of dollars, I am not saying you shouldn't
have financial planners.
I am saying if anything, you should have fiduciaries.
And number 2, you cannot diversify all of your assets into single digit ROIs.
It will never amount to what you need to be.
That's the problem.
This is one of the reasons why I am such a lover of real estate investing.
For having done thousands of transactions and deals.
And if you're on my channel, you're watching my partners and investors and what they're
doing and how they're going out there and crushing it together.
And here's the reality.
When I do deals, I am earning 20-30 percent ROI.
When I am making money on returns on my business, I'm earning 100%, 200%, 1,000% ROI.
That means that you have to go outside of the financial system.
You cannot just say, "I'm a worker bee who's got a job and the rest of my money gets managed
by somebody else."
If they're only offering very limited variety with single digit ROI.
You, to become a financial planner need to get business for yourself and learn how to
do that intelligently as an owner instead of an operator.
You need to learn how to buy real estate that can earn you far superior ROIs.
You need to learn how to command enough of your own money and have your own philosophy.
Tony Robins wrote a fantastic book.
Money Mastering The Game.
It's a financial book that everyone should read.
It's a fantastic read.
And Tony has been a really great mentor.
He gives incredible financial advise.
At the end of the day what this comes down to is be your own financial boss.
Be your own financial planner.
And everyone else is a part of the team.
None of them sitting at the head of the table except for you.
Ultimately you can only listen on their information and you need to make the best decisions based
on what they share with you.
If you're ready to command more of your financial future, get a copy of my firs book I wrote
for free.
It's just been updated for the economy that's about to hit us right now.
I'm so excited about it.
This is a blueprint and gameplan for how to make millions of dollars in real estate.
But even there, real estate is just a foundation.
It is just beginning of wealth creation.
It's what you should do to make your first couple million of dollars.
And after that, there's a lot of place that you go after that.
Thanks for watching.
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Like this video and I look forward to seeing you on tomorrow's video.