{"id":17,"date":"2019-01-18T13:59:30","date_gmt":"2019-01-18T13:59:30","guid":{"rendered":"https:\/\/yourdf.net\/?p=17"},"modified":"2023-03-15T12:39:01","modified_gmt":"2023-03-15T19:39:01","slug":"5-common-financial-planning-myths","status":"publish","type":"post","link":"https:\/\/yourdedicatedfiduciary.com\/?p=17","title":{"rendered":"5 Common Financial Planning Myths"},"content":{"rendered":"

Vance Barse AIF\u00ae, Wealth Strategist
\nvancebarse.com<\/a><\/p>\n

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Think of all the wisdom you\u2019ve gleaned in your career from years of hard work, sacrifice, and dedication.\u00a0 Now consider what you\u2019ve learned about your profession simply by being in it<\/em>.\u00a0 You know, the good, the bad, the ugly.<\/p>\n

For nearly a decade, I served as an investment consultant to leading financial advisors around the country.\u00a0 During that time, I learned a lot about financial advisors, the banking system, and the financial services industry. \u00a0I\u2019m here to provide insight that I believe will help you decide what kind of advisor you should work with.<\/p>\n

Advisors are not all the same<\/strong>: who you have serving you can make a big difference in achieving your goals.\u00a0 The relationship you have with your advisor should be about more than \u201cjust\u201d trust or the name on the door. \u00a0I offer some guidance that can go a long way in helping you avoid some of the common planning gaps left behind by many advisors.<\/p>\n

I\u2019ll cover:<\/p>\n

\u25cf Do you know the standard to which your advisor is being held?<\/em><\/p>\n

\u00a0\u25cf Do you know how much your advisor is really charging you?<\/em><\/p>\n

\u00a0\u25cf Is your advisor bridging the gap between the tax and investment worlds?<\/em><\/p>\n

\u00a0\u25cf Comprehensive planning \u2013 what it means and why it\u2019s important to you<\/em><\/p>\n

\u00a0\u25cf How to choose the advisor that\u2019s right for you<\/em><\/p>\n

In the transition from consulting advisors to becoming a wealth strategist directly serving individuals and families, I\u2019ve observed five common financial planning myths. \u00a0Choosing the right advisor is a big decision, as I\u2019m sure you know. \u00a0You owe it to yourself to make an informed decision.<\/p>\n

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\u201cLife is what happens while you are busy making other plans\u201d \u2013 Allen Saunders.\u00a0 Learn about why I transitioned from consulting advisors to becoming one: www.vancebarse.com\/about\/<\/a>.<\/h2>\n
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Myth #5: I pay no fees at firms like Fidelity, Vanguard, or Schwab.\u00a0 Reality: probably not.<\/strong><\/h2>\n

We\u2019ve all seen the commercials: free trades = good, fees = bad.<\/p>\n

It\u2019s not so simple and may not always be true. There are actually three levels of costs in the advisory and investment business: \u00a01) investment cost 2) administrative cost 3) advisory cost.<\/p>\n

\n1.\u00a0\u00a0\u00a0\u00a0\u00a0 Investment Cost<\/strong><\/p>\n

This what you pay for the actual investments themselves, such as a mutual fund, exchange-traded fund (\u201cETF\u201d), or stock.\u00a0 It\u2019s important that we take a moment to note the difference between active management <\/em>and passive management<\/em>.<\/p>\n

In active management<\/em>, you pay a portfolio manager to select the underlying holdings, stocks or bonds, in the portfolio they are managing. \u00a0Mutual fund managers are often \u201crestricted\u201d to a certain style box, such as large-cap growth or mid-cap value, and cannot deviate from their investment mandate.<\/p>\n

In passive management<\/em>, you buy the actual index, such as the S&P500, via an ETF, often at a much lower cost than what active managers charge.\u00a0 In addition to their low cost, the intrigue behind ETF investing is that, over longer periods of time such as a decade or more, index ETFs have often historically outperformed active managers.<\/p>\n

Investment cost can vary and will be understandably higher in special situations. \u00a0Consider emerging and frontier markets.\u00a0 It may be worth paying the additional cost for an active manager who is familiar with the geopolitical environment, local currencies, industrial landscape, etc.<\/p>\n

Investors should also be aware of the terms \u201cbeta\u201d and \u201calpha.\u201d Beta is the return of a market index, such as the S&P500.\u00a0 Alpha is simply the additional return that an active manager seeks to provide over the index.\u00a0 If an actively managed mutual fund that costs more than an ETF is outperforming the index, this manager is said to have provided alpha, and this may be worth the additional cost.<\/p>\n

Active managers also provide value in strategies that seek to anticipate market downturns, thereby minimizing extreme volatility in a portfolio.\u00a0 You\u2019ll notice that in bull markets, such as the one we\u2019ve been in for the past 10 or so years, investors tend to rush into passive index funds because of low cost and performance. \u00a0When markets turn down, historically investors seek active managers who can customize portfolios and strategies that may perform better than index funds.<\/p>\n

Some investors appreciate active portfolio management in all market cycles, other investors prefer passive portfolio management, and some investors find value in blending the two. What we\u2019ve seen, time and again, is that there\u2019s no predicting the markets.<\/p>\n

2.\u00a0\u00a0\u00a0\u00a0\u00a0 Administrative Cost<\/strong><\/p>\n

There are various administrative fees, such as annual custodial fees and trading costs, that can diminish portfolio returns.\u00a0 I get a kick out of the free trade enticement of the self-directed account commercials. \u00a0They imply that everyone who can open an account is qualified to do their own trading.\u00a0 Nearly everyone can<\/em>, but whether everyone should<\/em> is open to debate.<\/p>\n

Administrative costs in a self-directed account<\/em>:<\/strong> if you\u2019re a do-it-yourselfer, you\u2019re probably using a platform that has competitive trading fees.\u00a0 If you have significant assets with an institution, you may be able to get the trading fees waved or get a certain number of free trades per year.\u00a0 For most of us, though, there\u2019s a cost per trade.<\/p>\n

Administrative costs in an advisory account<\/em>:<\/strong> in this type of account, you\u2019ve hired someone to manage your portfolio (be sure to read Myth #3, below, on the 3 common types of advisory accounts).\u00a0 It may be a person, such as an advisor, or it may be an institution, such as Fidelity, Vanguard, or Schwab that allocates your portfolio to their model. Sometimes you can speak to an employee regarding your account.<\/p>\n

Some institutions advertise portfolio management for a lower cost than hiring an advisor. \u00a0Be careful. \u00a0You may not get the additional services and strategies that can benefit you.\u00a0 Consider hiring a qualified advisor, if only to review your profile.<\/p>\n

\n3.\u00a0\u00a0\u00a0\u00a0\u00a0 Advisory Cost<\/strong><\/p>\n

This is the compensation you pay an advisor or firm to advise on products and services, which may include investment management, financial planning, estate planning, and risk management, such as long-term care, disability, life insurance, etc…<\/p>\n

There are four cost models for financial advisors: a) commission, b) percentage of assets under management (\u201cAUM\u201d), c) flat fee per year or project, and d) by the hour.\u00a0 The model you choose should depend on your planning needs and investment objectives, and ultimately be in your best interest.<\/p>\n

A) <\/strong>Commission basis<\/strong><\/span> – e.g., A-share mutual funds, where the advisor earns an up-front commission, often starting at 5.75%, and a trail commission of 0.25% that starts in year two.\u00a0 This is common for so-called brokers.<\/p>\n

Pro<\/em>:<\/strong> if you have a long-term investment horizon, a decade or more, and don\u2019t need much planning, hiring an advisor on a commission basis may cost you less over the long run.<\/p>\n

Con<\/em>:<\/strong> advisors who charge commissions may be incentivized to \u201cmake the sale,\u201d but may not provide the additional advice and planning strategies you need. \u00a0Commission-based advisors are compensated with a lower \u201ctrail commission\u201d that may not be enough of a financial incentive to tweak your portfolio as economic conditions and your investment objectives change.\u00a0 Another consideration: if a mutual fund you own underperforms and the advisor wants to invest in a mutual fund offered by a different fund family, you\u2019ll have to pay another upfront commission.<\/p>\n

B) <\/strong>Percentage of your assets under management (\u201cAUM\u201d)<\/strong><\/span> \u2013 e.g., 1% of your account balance over the year, billed at 0.25% per quarter.\u00a0 This cost usually drops on a graded scale the higher your investable assets are: for example, someone with $1,000,000 may pay 1% for fully comprehensive financial planning services while someone with $20,000,000 may pay 0.50%, or one-half of one percent.<\/p>\n

Pro<\/em>:<\/strong> this model removes the potential conflicts of interest when commissions are involved.\u00a0 Additionally, the advisor\u2019s compensation is tied to your account value; so, in theory, the advisor is motivated to provide you with sound portfolio management and<\/em> the planning strategies that are unique to your profile.<\/p>\n

Con<\/em>:<\/strong> advisors who charge a percentage of your assets under management may arguably be charging you too much if what they are ultimately providing you is portfolio management and not implementing the planning strategies for which you are eligible. See the section:\u00a0Comprehensive planning \u2013 what it means and why it\u2019s important to you<\/em>.<\/p>\n

C) <\/strong>Flat fee<\/strong><\/span> \u2013 e.g., like an attorney\u2019s retainer, which is common for fee-only financial planners and\/or advisors who offer project work like estate planning, tax planning, and advanced strategies for business owners, such as cash balance plans.<\/p>\n

Pro<\/em>: <\/strong>assuming the advisor is providing you with the full range of financial planning services, you remove the potential to pay more to the advisor as your account value grows over time.\u00a0 For some, there is also the preference to compensate an advisor on an annual or per project basis independently of the size of their investable assets.<\/p>\n

Con<\/em>:<\/strong> advisors who are compensated by a flat fee may not be incentivized to work for as many hours as they usually would because they have already been paid. \u00a0Also, if your account value goes down during a recession, from withdrawals, or both, the advisor is technically being compensated at a higher rate because the planning cost remained the same as your account went down in value.<\/p>\n

D) <\/strong>By the hour<\/strong><\/span> \u2013 could be $75 to $250 per hour depending on the advisor\u2019s expertise and the complexity of your needs.<\/p>\n

Pro<\/em>:<\/strong> if you\u2019re a do-it-yourself investor who has the time and aptitude to manage your portfolio effectively, perhaps you want to spend some time with a qualified advisor to have a second look and evaluate if there are planning strategies that you may not be aware of.\u00a0 The peace of mind may be worth the cost.<\/p>\n

Con<\/em>:<\/strong> advisors who charge by the hour may be incentivized to have more billable hours (as with #3 above, my counter to this is simply: pick an honest, transparent fiduciary, and ask that they document their time).<\/p>\n

Now that we\u2019ve reviewed the compensation models, what\u2019s an investor to do?\u00a0 <\/strong><\/p>\n

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Robo advisors<\/em><\/strong><\/span>: So-called \u201crobo advisors\u201d are computer-based platforms that provide automated, algorithmic investing and financial planning services.\u00a0 The intrigue of robo advisors is their low cost \u2013 because, after all, free trades = good and fees = bad, right?<\/p>\n

I remember when robo advisors came out just a few years ago. \u00a0Many believed that financial advisors would die on the vine (this may still be the case, but it\u2019s because of their age), actively managed mutual funds were a thing of the past, and ETFs were the future of investing.<\/p>\n

Financial advisors who charge 1% and only provide portfolio management (or worse, outsource the portfolio management at an additional cost), I hope you\u2019re paying attention: robos are your biggest threat.\u00a0 The one thing that robos don\u2019t provide well is that one thing that, despite the \u201csocial\u201d media world in which we live, we humans still long for, and that\u2019s the human connection.\u00a0 Is a computer program or robo advisor employee whom you\u2019ve never met in person going to understand the intricacies of your family, your core values, your desire to circumvent heirs fighting over your assets, and your tax returns; give you a hug at the end of your planning meetings; and, work alongside your CPA and estate planning attorney?<\/p>\n<\/blockquote>\n

My personal opinion: the true cost of not hiring a qualified advisor could potentially be more expensive than hiring one.<\/em><\/strong>\u00a0 Your financial picture is more than just investments.\u00a0 The question to ask is not \u201cWhat are your fees?\u201d \u2013 this is like walking into the grocery store and asking the same question of the store manager.\u00a0 The questions to ask are, \u201cBased on your review of my full picture, what are my true planning needs, how can you add value, and what will it cost?\u201d<\/p>\n

Remember to ask the advisor to delineate fees in writing and, if you\u2019ve narrowed it down to two or three advisors who are charging the same, consider hiring the one that offers the most strategies with the goal of bringing the greatest value. \u00a0If one advisor charges a bit more but is the most qualified from a strategy standpoint (not<\/em> just age or credentials, see Myth #4, below), it may very well be worth the additional cost.<\/p>\n

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Recent market volatility got you down?\u00a0 Learn about three strategies I\u2019m using to navigate volatility by reading this Think Advisor article<\/a>.<\/h2>\n
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Myth #4: Financial advisors are all the same.\u00a0 Reality: experience and expertise can make a big difference.<\/strong><\/h2>\n

There\u2019s a big difference between experience<\/em> and expertise<\/em>.\u00a0 Many of my former financial advisor clients had decades of experience doing the same things, but don\u2019t necessarily have a broad range of expertise.\u00a0 Conversely, I consulted financial advisors who had the expertise by way of credentials but didn\u2019t have much experience in practice.\u00a0 Knowing the difference is part art and part science. My thoughts:<\/p>\n

Let\u2019s begin with advisor accountability.<\/strong>\u00a0 Remember, this is your money and your financial future. While financial advisors are in the business of being personal, the relationship you have with your advisor is founded on business.\u00a0 It\u2019s OK to hold your advisor to a high standard \u2013 or, find a new advisor who can serve you better.\u00a0 If your advisor hasn\u2019t implemented the services and strategies that a more qualified advisor can, what else isn\u2019t your advisor doing?<\/em><\/p>\n

Have you ever seen the Certified Financial Planner commercial in which the clean-cut guy who gets positive feedback from potential clients then reveals at the end of the commercial that he is actually a disc jockey with dreadlocks and has no financial experience whatsoever?\u00a0 You can find it by searching \u201cCFP DJ commercial\u201d on YouTube.\u00a0 I had many CFP advisors as clients in my former career and can tell you that they don\u2019t always implement the full range of financial planning strategies and services for which their clients are eligible.<\/p>\n

People may rave that their advisor is the largest producer at a well-known firm, manages a ton of money, and has lots of awards in their office.\u00a0 It\u2019s impressive.\u00a0 Having consulted many advisors who manage large amounts of money, I can share that managing more doesn\u2019t necessarily mean being more qualified. It simply means they manage a lot of money.\u00a0 Some of those awards are production level awards given by product sponsors.\u00a0 Other awards are provided by their firm for reaching certain asset management levels.\u00a0 In other words, these awards are recognition for sales, not necessarily for bringing value to their clients.<\/p>\n

My personal opinion: if your advisor doesn\u2019t use your tax returns as the basis for your planning, it may be time to find a more qualified advisor.<\/em><\/strong>\u00a0 Credentials can help, but they don\u2019t mean the advisor is going to offer you more services and strategies than someone with both experience and expertise.\u00a0 Either way, consider hiring a true fiduciary.<\/p>\n

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Myth #3: My advisor personally selects all my investments.\u00a0 Really?<\/strong><\/h2>\n

If you\u2019ve had a financial advisor for several years, you\u2019re likely happy with your portfolio performance.\u00a0 After all, what\u2019s not to like about the stock and bond markets since the Great Recession of 2008?<\/p>\n

Let\u2019s dig a little deeper into how your advisor may be selecting your investments, which generally depends on his or her compensation model (see Advisory Cost<\/span> in Myth #5 above).<\/p>\n

Before we jump in, here are a few thoughts to consider about the management of your portfolio:<\/p>\n

\u25cf Some advisors outsource portfolio management to a third party, which may be at an additional cost to you.<\/p>\n

\u25cf Some advisors use model portfolios provided by their home office, which may be at an additional cost to you.<\/p>\n

\u25cf It\u2019s extremely rare for an advisor to consistently outperform \u201cthe market\u201d over long periods of time.<\/p>\n

4 types of portfolio management<\/strong><\/p>\n

Your advisor likely manages your investments in one of four ways.<\/p>\n

1) The brokerage model<\/em><\/strong> wherein your advisor gets paid a commission.\u00a0 This is the \u201cclassic\u201d (some would say: \u201cold school\u201d) brokerage model where a broker sells you a commission-based mutual fund, stock, or bond.\u00a0 Under this model, your advisor is generally selecting the individual investments in your portfolio.<\/p>\n

2) The advisor-managed account<\/em><\/strong> in which your advisor manages your portfolio using portfolio models that the advisor creates using their own research and\/or research provided by an independent third party or their home office.\u00a0 Some advisors will offer to pay your trading costs depending on their service model and the amount of money you have with the advisor.<\/p>\n

3) The \u201chome office\u201d model<\/em><\/strong> may go under different names because various firms have different names for them.\u00a0 In this type of account, your advisor places your money into a portfolio managed by the research team in their home office, usually at an additional cost.\u00a0 Some firms, for example, may charge 0.25% for this in addition to what your advisor is charging for his or her advisory services.<\/p>\n

4) A separately managed account<\/em><\/strong> or \u201cSMA\u201d.\u00a0 In an SMA, your advisor outsources the management of your portfolio to a third party.\u00a0 This often comes at an additional cost (sometimes as much as 1%, I might add), but your trading fees are typically covered by the SMA manager.\u00a0 If your advisor suggests an SMA for your non-qualified dollars (that is, with after tax money that you decide to invest), be sure to understand the tax implications of this type of account.\u00a0 Remember, there are tax implications when you buy and sell in a non-qualified account, so you\u2019ll likely want an SMA that does some level of tax loss harvesting.<\/p>\n

My personal opinion: ask your financial advisor to confirm in writing how your investments are selected and the tax efficiency of your non-retirement (after tax) portfolio, if you have one.<\/em>\u00a0 <\/strong>You may want to have your CPA review the tax efficiency of your non-retirement holdings.\u00a0 <\/strong><\/p>\n

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Do you donate cash to charity or have a frustrating tax bill every year due to capital gains?\u00a0 Learn tax reduction tips and tricks in \u201cClosing the Gap Between Investments and Taxes<\/a>\u201d.<\/h2>\n
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Myth #2: My advisor claims to be a fiduciary and therefore is acting in my best interest.<\/strong><\/h2>\n

It\u2019s official: the Department of Labor\u2019s proposed Fiduciary Rule is dead.\u00a0 The proposed rule would have required financial advisors to serve as fiduciaries for retirement assets, such as 401(k)s and IRAs, but did not apply to non-retirement assets, which are investments made with after-tax money.\u00a0 While many advisors in the community are disappointed that this rule did not go into effect (and others are jumping with joy), the highly publicized rule heightened investor awareness of what it means to be a fiduciary.<\/p>\n

So, how do you know your advisor is only doing what is in your best interest?\u00a0 I encourage you to start by looking for potential conflicts of interest that your advisor may have. Some things to look for:<\/p>\n

Ask your financial advisor about relationships with product sponsors, also known as \u201cwholesalers\u201d.\u00a0 Wholesalers are hired by an asset management firm to get financial advisors in their territory to use their company\u2019s products for their clients.\u00a0 Wholesalers are the investment industry\u2019s equivalent of pharmaceutical sales reps.<\/p>\n

An acquaintance who I\u2019ll call Teddy was recently raving about a wonderful presentation and free steak dinner he enjoyed at Ruth\u2019s Criss after receiving an invitation in the mail from a local financial advisor.\u00a0 I asked if he knew who paid for the dinner and whether the speaker was a wholesaler for the firm whose product (in this case, an annuity) the advisor was suggesting dinner attendees purchase.\u00a0 He called the advisor, asked a few due diligence questions, and learned that the wholesaler paid for the entire dinner on behalf of the advisor who was recommending the annuities provided by the company for which the wholesaler works.<\/p>\n

This situation isn\u2019t necessarily bad<\/em>\u2014if the annuity is in the best interest of Teddy, then that\u2019s a suitable recommendation\u2014but the fact that it wasn\u2019t disclosed that the dinner was being paid for by the company whose product the advisor was recommending was frustrating in hindsight for Teddy.\u00a0 Furthermore, he wished he had known about the different kinds of annuities that are out there.\u00a0 Some wholesalers can add tremendous value for advisors by way of education on products and economic and market insight.<\/p>\n

My personal opinion: Google \u201cFINRA broker check\u201d to research your current or prospective advisor and request that the advisor confirm in writing what potential conflicts of interest may exist.<\/em><\/strong><\/p>\n

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Myth #1: My advisor does comprehensive planning.<\/strong><\/h2>\n

This is undoubtedly the number one misconception I encounter. When I transitioned from my role of consulting financial advisors to becoming an advisor, I was truly surprised to see how the general public views financial advisors as all the same.<\/p>\n

Some financial advisors may only offer insurance or<\/em> investment products, not necessarily both, and some that offer both may not offer estate planning, tax alleviation, and other strategies.\u00a0 Understanding your true financial planning needs can help you select the right advisor for your particular situation.<\/em><\/p>\n

If I only had a nickel for every time I\u2019ve heard, \u201cOh, you\u2019re a financial advisor \u2013 yeah, I have someone for that. He does it all!\u201d \u00a0With a few casual questions, though, I can get a pretty good sense of whether their advisor is, in fact, doing a great job given their situation.<\/p>\n

Here are some typical questions I\u2019ll ask:<\/p>\n

*Does your advisor work with your estate planning attorney to develop your overall planning strategy and help minimize the potential for your heirs to fight over your estate?<\/p>\n

*Does your advisor ask for your tax returns and demonstrate how they drive the development of your overall financial plan?<\/p>\n

*Does your financial advisor work with your CPA to implement possible tax alleviation strategies that could reduce your tax burden?<\/p>\n

*Are you one of the \u201clucky\u201d business owners whose net worth is tied up in your business and real estate and you\u2019re not sure how a financial advisor can add value because you don\u2019t have liquid investments?<\/p>\n

*Given current valuations of stocks, real estate, and yes\u2014even bonds\u2014has your financial advisor spoken with you about investment strategies that have historically helped reduce downside risk in periods like the Credit Crisis of \u201808 or the Tech Wreck of \u201800 \u2013 \u201802 (assuming capital preservation is part of your objective)?<\/p>\n

*During your annual review, does your financial advisor have you complete an investment questionnaire to evaluate the extent to which your risk tolerance and investment objectives may have changed?<\/p>\n

*How do you compensate your advisor for the products and services you\u2019re getting?<\/p>\n

\u00a0My personal opinion: financial advisors often use the phrase \u201ccomprehensive financial planning\u201d and don\u2019t really provide the full range of services that can benefit you most.<\/em><\/strong><\/p>\n

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I believe in the power of education.\u00a0 Please sign up for my free planning ideas and investing perspectives through this online form<\/a>.<\/h2>\n
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\u00a0D. Vance Barse AIF\u00ae (CA Insurance #0L70885) is a registered representative and investment adviser representative with and offers securities and advisory services\u00a0through Commonwealth Financial Network\u00ae, A Registered Investment Adviser, member FINRA\/SIPC.\u00a0 Advisory services offered by Manning Wealth Management are separate and unrelated to Commonwealth.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

For nearly a decade, I served as an investment consultant to leading financial advisors around the country.  During that time, I learned a lot about financial advisors, the banking system, and the financial services industry. In the transition from consulting advisors to becoming a wealth strategist directly serving individuals and families, I\u2019ve observed five common financial planning myths.  I\u2019m here to provide insight that I believe will help you decide what kind of advisor you should work with.  <\/p>\n

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