What a Financial Planner Needs to Know

Video Transcript

"What a financial planner needs to know is first of all, that you can't know everything yourself. It's not possible to know everything yourself and so you want to focus on financial concepts and strategies and they can't do everything; they're not in an attorney; they're not a CPA; they may have an insurance license; they may have a securities license in which case if they have a securities license, the broker dealer is really going to limit the other things that they can do. For example, they can't give real estate investment advice if they have a securities license. And although we do a lot of tax fact seminars; okay. In other words, I don't give tax advice which help people tax facts like the tax per relief active 1997 says, "Once I live in a house myself, personal residence for two years, I can sell that house and I don't have to pay any tax on any profit up to five hundred thousand dollars if I'm a married individual". That's not tax advice. That's a tax fact. I can tell that to people all day long without having to have any kind of license. So what does a financial planner need; they need to know that, alright. They, do they need to know the difference between and adjustable rate loan and a fixed rate loan? I think it would be a good idea if your financial planner, even though you may not be in the mortgage industry to understand that. Do they need to understand that property values, just like the stock market go up and down and give a market areas? They need to have these kinds of basic concepts and though I think the probably the biggest thing they need to know is they need to know where to go to find good advice. In other words, we, I have relationships with a business broker. I have relationships with real estate agents. I have relationships with various insurance companies that provide annuities and heath insurance, disability insurance, life insurance; that's how people protect their assets is with insurance. It's just what you do. I also have my own personal experience and the, the walk that I have led and as I mentioned, I was broken home at the age of forty two; things that are dramatically different for us today. Are we happier? Oh, I suppose, because we don't have the worries and concerns that we once where's my next dollar is going to come from? And it's very gratifying to me to be able to help other people, that will let me, and understanding only twenty percent of the people are ready to be helped in at given point in time. Usually take some sort of crisis for people go, "Okay, I give up I'm going to go get some help." Right? And even then sometimes they don't want to listen. Well, that's okay. We'll just go on to the next person and you know, "Thank you very much", and so that's the approach that we take to people because like to buy but they hate to be sold. That's the biggest single thing I can tell you. If you simply let people know what their options are and show them some things that are probably outside of their box, they'll get, they'll find something that they like that will probably be good for them. There's so many ways that you can help people that you're bound to find one or two that they're willing to embrace. And if you can get paid for your time for doing that, that's wonderful thing."