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Sound Financial Group - Bothell, Washington

 

SFB056 Why Fees, Why Now

| February 28, 2017
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Episode Summary

Paul Adams discusses how traditional advisors are compensated, and why this is often a bad thing when it comes leveraging the best options for your money. Paul also explains why he shifted from the traditional commission-based pay structure, into what he currently uses now, which is designed to help the client in the best possible way.

What Was Covered

  • 01:50 - You can expect some fantastic changes in the coming weeks, including a new podcast!
  • 04:15 - How are advisors compensated?
  • 08:25 - Designing and building a good life comes in two parts. This is why Paul and his team make two offers to their clients.
  • 10:05 - Let’s talk architecture. Where does architecture come in when talking about your money?
  • 13:30 - When the financial advisor is only compensated when he/she sells you on a product, you can imagine the advice they give may not be the best.
  • 17:45 - You need someone who will look at ALL financial aspects for you, even if it’s inconvenient for them, like disability insurance.
  • 19:45 - This is why Paul has two separate packages. It helps keep the interests genuine and not commission-based.
  • 19:55 - Clients going through the design phase will be charged a flat fee.
  • 24:35 - Why does Paul not charge an hourly fee?
  • 26:45 - We have to be 100% conscious towards our future aims.
  • 27:25 - Remember, if you’re married and healthy at age 65, you or your wife have a 50% chance of living till age 95.

Tweetables

"What we wanted to do with our ‘design and build’ model is we sought to create a safe learning environment."

"Clients can layout the aims that they want to have and know that they’ve got somebody in their corner."

"Nearly everything in life will draw us away from taking the time to build a future to meet the aims we’re after."

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