In this episode of Financial Planning for Canadian Business Owners, Jason Pereira, award-winning financial planner, university lecturer, and writer, interviews Harold Gellar, a well-known lawyer that represents clients when their financial advisors lead them astray!
Episode Highlights:
- 1:10 - What does Harold see as the value of financial planners?
- 3:09 - How should an individual consumer know when they are with the wrong financial advisor?
- 5:30 - Harold discusses the value of financial planning exercises.
- 7:17 - Jason and Harold talk about the lack of knowledge surrounding what financial planning is for consumers.
- 12:00 - What information should financial advisors be presenting to their clients?
- 14:58 - Are there any other red flags that people should be looking out for?
- 17:45 - Harold breaks down what diversification really looks like.
- 22:40 - Jason and Harold discuss the book, Are You a Stock or a Bond?
- 25:53 - Does tax-law harvesting count as a red flag?
- 26:59 - When do the actions of the financial advisor turn into recourse for the consumer?
- 34:51 - What should consumers be looking out for when choosing an advisor?
- 40:00 - Jason and Harold discuss behavior that loses business for financial advisors.
3 Key Points
- An initial red flag that individual consumers need to look out for is how their financial advisor communicates with them in the language they use and how they discuss risk.
- Too many financial planners focus on throwing as much information as they can at their clients when they should be focusing on communicating complex ideas in plain language.
- Clients that have seen a major loss should get a second opinion from a different financial advisor before moving to legal action.
Tweetable Quotes:
- “The best financial planners are as important to our community as the best doctors, the best lawyers, and other professionals.” - Harold Gellar
- “If you have a solid financial plan, then there will be planning for downturns which are going to occur on a typical basis.” - Harold Gellar
- “Do you really want to have a lot of money in your company’s stock...when all of your ability to earn income is tied to this same company?” - Jason Pereira
- “I don’t need to gamble more. I’ll gamble where I think I control outcomes or at least control factors related to the income.” - Harold Gellar
Resources Mentioned:
Transcript
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