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.
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