- What knowledge, attitudes, skills and habits
should your financial adviser have?
By the end of this video episode,
you will understand why an advisor
needs to have an abundance of K-A-S-H
its spells the acronym KASH,
knowledge, attitudes, skills and habits,
in order to best manage your C-A-S-H, cash.
(bright upbeat music)
So I'm Doug Andrew.
And I've been helping people for more than 48 years,
prepare for goals like a comfortable retirement
so that they won't outlive their money.
And what causes most Americans to outlive their money?
The negative impact of taxes, inflation, market volatility,
and so I help them be immune from those dangers.
I eliminate those dangers,
and I help them seize opportunities.
Now, the opportunities are to convert to tax free
income in retirement.
At least 40 to 60% of your income
should not even show up on your 1040 tax return
and be able to link your returns to inflation.
So inflation doesn't hurt you, it actually helps you
and then make yourself immune from market volatility
by using indexing.
Now, my favorite vehicle
that eliminates the dangers of taxes,
inflation and market volatility
is a max-funded indexed universal life insurance contract,
but not just any IUL.
I get very picky.
Out of over 200 companies,
I only put mine and maybe my six.
And so you've got to choose the right company
and the right product.
But the number one reason that causes most people
to not achieve what they could have achieved
with an IUL policy is the advisor was not proficient
in structuring it correctly and funding it properly.
So that during the course of 30 years,
many of my clients have earned 11% average
and netted 10.
If they only earned eight, they netted seven.
If they earn 16, they net 15 some years.
If they earned 25, they net 24.
You wouldn't believe how many people's IUL policies.
If they earned 11, they're only netting six or seven.
Because the agent didn't know what they were doing.
And that just drives me crazy.
So that's why I developed a mastermind group called
IUL insiders, where I could bring together
those professionals, those advisors
who will take the time to learn
and stay on the cutting edge on how to do it correctly.
So in this IUL insiders group, I stressed the importance
of knowledge, attitude, skills and habits.
So in this episode,
I wanna explain what this is.
See, I think a financial professional,
if you keep yours, they should have KASH.
They should focus on K-A-S-H,
before they can effectively manage your C-A-S-H.
So K stands for knowledge.
Well, in a nutshell, they need to have the knowledge
of how to optimize assets and minimize taxes
and eliminate the dangers of taxes,
inflation and market volatility.
You wouldn't believe how many financial advisors
that profess, I'm a CFP, I'm a fiduciary
and they do not know how to protect their clients
from outliving their money due to taxes,
inflation and market volatility.
They continue to tell their clients,
hey, just leave your money in the market.
The market always comes back.
And come on, aren't you a red blooded American?
Don't you wanna pay tax?
And it's just unbelievable.
They're not looking out for your best interest.
And so they have to have the knowledge
of how to do this, optimize assets and minimize taxes.
Now, the next is A,
which is attitudes.
Frankly, I'm shocked
how many financial advisors
do not have the proper attitude,
where they put your best interest ahead of their own.
They claim to be fiduciary.
What's a fiduciary?
Somebody who puts your best interests ahead of their own.
And so they say, oh, yeah, well, I'm fee based.
I'm not commission based,
therefore I put your interest ahead of mine.
And then the fees they charge during a 30-year period
amount to 1 million bucks,
but they claim that a product like IUL is expensive.
You have to pay 20,000
and fees on that.
But you have to pay 1 million in fees to them.
And it's just drives me crazy
because some of their reasoning in order to justify
their way of doing things but their attitudes are like,
well, what the public doesn't know won't hurt them.
Come on, just follow the herd,
the market will eventually come back.
And come on, aren't you a red blooded American?
You should pay your fair share of tax.
Their attitude is it looking out for your best interest.
Let me give you another example of this.
Sometimes, I will ask somebody who touts, I'm a fiduciary.
I look out for my clients best interest.
Like, okay, let me ask you a few questions.
So, have you asked any of your clients,
hey, did they lose money?
Or do they know somebody their parents or what,
who lost money in the 2008 crash
when the market dropped 40%?
Most people say, yeah, I did or my parents did.
Okay, do you think that kind of a crash
is gonna happen again?
Yes.
Do you wanna have happen next time it happens,
the same thing that happened last time it happened?
No.
Well, what are you doing different?
And then the advisor just sits there.
No, their money is exactly where it was back in 2007
when their clients lost 40%.
And they're acting like, well,
where else is there or something you just got to.
Come on, buck up!
I'm go no, no.
I asked him another question.
So let's see if your attitude is this.
You could tell that your client is a saver, okay?
And they are accumulating quite a nest egg.
And so they are not going to be in a lower tax bracket,
because they're accumulating so much money.
When could you tell
they were not gonna be in a lower tax bracket?
Golly, 10, 15 years ago.
I could tell they're savers.
They're not gonna be in a lower bracket.
I go, okay.
And then congress keeps raising taxes,
and they're paying off their house,
they're getting rid of their deductions.
And they're not gonna be lower tax bracket,
they're gonna be in this higher higher tax bracket.
And you claim to be a fiduciary?
Well, yeah!
Well, what does the fiduciary do?
It looks out for the best interest.
If you knew they were gonna be a higher tax bracket,
why did you continue to let them defer
and defer to some future perceived unknown advantage
when you're convinced they're gonna pay taxes
higher in the future?
You weren't looking out for their best interest,
you needed to get the taxes over and done with
and at least convert them to a Roth.
But no, you weren't doing that.
Were you looking out for their best interest
when you knew they were heading for higher taxes.
How about inflation?
How about market volatility?
You left them in the market and they lost 40% twice
in the decade from 2000 to 2010.
Was that being a good fiduciary?
You know, a lot of times they don't know
what they don't know.
So that's attitude, let's go to the S,
that stands for skills.
What skills does your advisor have?
Well, this is really, again it combined with the attitude.
This is about you, it's not about them.
But you can't believe how many advisors
focus on the alphabet soup behind their name, like they.
You should invest with me because I'm a CFP.
If you saw some of the questions
to get that CFP designation, it is so outdated.
It's like, you know, years ago.
So what's happening is that there is a lot of data
and information and knowledge
that is obsolete within seven years.
And so they have to stay on top of that
in order to help you.
So you want to have the skills
to be able to implement and optimize assets
based upon the latest and greatest technology.
That's why universal life came out.
And then 17 years later, indexed universal life came out
and immediately, because interest rates came down,
I helped my clients move into indexed universal life.
Now, the last part of KASH, K-A-S-H, is the H
which is habits.
Let me just say this, what are four habits
that I insist that your advisor should have,
and I find very few advisors have these habits?
Okay, number one,
do what you say you're gonna do.
I can't believe how many advisors do not do that.
Two, be on time.
I can't believe how many advisors are late.
Be on time, do what you say you're gonna do,
always say please and thank you.
Be grateful, have an attitude of gratitude,
appreciate, okay?
Appreciate means in real estate it increases the value.
You've got to increase the value.
It's not a one way, it's two way, okay?
And so, you want to be on time, finish what you start,
do what you say you're gonna do,
and always say please and thank you.
So these are the four factors that are just basic.
And if your advisor is not on time,
if they don't do what they say they're gonna do,
if they don't finish what they start,
and if they are not polite and say please and thank you,
that ought to be a red flag.
Right off the bat, okay?
And then after that there's a lot of other habits
that you want to watch and be aware of.
Now, again, this is one of the reasons
why I handpick the financial advisors
who are in this coalition called IUL insiders.
And I want you to find those
that have an abundance of K-A-S-H,
knowledge, attitude, skills and habits,
so that they will help you
by also teaching you how to have that KASH,
which is more important than the C-A-S-H.
It's more important to pass down knowledge,
attitudes, skills and habits to your kids and grandkids
at the end of the day, than just a bunch of C-A-S-H.
You're leaving behind how to fish
instead of just dumping fish in their lap.
And you can learn about that on this very channel.
So here's what I want you to do.
I want you to go
into a laserfund.com, L-A-S-E-R-fund.com,
click on the link below
and you can claim a free copy of this book.
You don't have to pay 20 bucks for it,
I will gift it to you.
So when you go to laserfund.com,
you contribute a nominal amount
towards the shipping and handling,
you have to have some skin in the game.
And then I will cover the rest of that cost.
And I will pay for the book,
I'll fire out a hard copy of this 300 page.
It's actually two books in one.
This side is 200 pages, 14 chapters
with all the charts and graphs.
If you learn more by stories, you flip it over to this one.
This is 100 pages, 12 chapters
with 62 actual client stories.
And so you claim your free copy.
There's options there to listen to learn,
watch and learn.
There's even an 18-hour masterclass.
But you can also see some of the webinars
that we teach online all the time.
And I can point you to an advisor
that can help you implement this correctly
if your advisor does not have the K-A-S-H
in order to do it correctly.
(bright upbeat music)