What Drives Your Financial Advisor Crazy?
Tony MauroEpisode Description
No industry is without its flaws, and the financial industry is no exception. Let’s explore some times where we’ve encountered annoying or frustrating elements of the financial world.
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Transcript Of Today's Show:
Speaker 1: Hey, everybody welcome into Plan with the Tax Man, and this is our final podcast of 2020. We have made it all the way to the end of this kooky year, well, almost any way. Tony and I are doing this about two weeks before the year actually ends, but with the holiday season and all that kind of stuff, this will be our final podcast. And we are going to talk about some things that drives advisors crazy on this show, and actually some of these probably drive clients crazy, as well. We'll get into that in just a second, but Tony welcome in my friend. How are you?
Tony: I am good. I'm getting ready for the holidays, looking forward to it. It's going to be a little different this year.
Speaker 1: Little different. Yeah. We've made it, though. We're here, right? End of the year. Any major plans are probably not right? Trying to keep it subdued, I guess.
Tony: We are this year. We're actually still going to get together a small family, but it's not going to be the big shindig that it normally is, which I think is probably the case for most, but we're fortunate because all of us are in the same city, so we're able to easily do that.
Speaker 1: Gotcha. Well, this is our 36th podcast. So I've had a good year with you. It's been a lot of fun. Hopefully, we've shared some useful nuggets of information with folks, and expectations, Tony, are often really important when working with an advisor and an advisor working with a client. Those relationships, that back and forth, setting expectations is a good thing, and I think we should do that for ourselves going into 2021, as well. So many of us are so ready to see this year end, but I don't want us to go into it thinking, as soon as that ball drops, that somehow everything gets better, right? It's a lovely notion, but we're going to be contending with this for a while in 2021, as well. So setting some good expectations, I think, is good in that respect is also when it comes to our retirement dreams and our retirement goals, expectations are always good.
Speaker 1: So with that said, let's talk about... Let's have a little fun. Let's finish up the year here with some things that drive you guys crazy in the industry, and there's no industry without flaws, right? And financial services is certainly no exception. So I got a couple of ones here that folks might find interesting that it drives you guys just as much as nuts as it drives us on the other side of the desk. So for example, hidden fees, we don't like them. We know we don't like finding out that there's fees we're paying that we didn't really know about, and I'm sure you guys don't really enjoy having to explain why they're ... It's almost like cell phone charges. Sometimes some of those fees that we can't ... There's nothing that can be done about them.
Tony: Yeah. Sometimes there's not, depending on what type of investment.
Speaker 1: What it is.
Tony: Yeah, and what it is. In insurance products a policy, long-term care policies, they're just not sold without that, but I think it's a good question clients ask for us. It's a no problem because we're fee only. So we're just advisory fees. So the way we describe it is there are no hidden fees. The fee is just like you pay us for a tax return or us for advice or your attorney for advice. It's usually set, and you either decide is that acceptable or it isn't, and you find value in that or not, but it is hard for clients when they find out later, and I don't think clients ask enough on fees.
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