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Your Advisor's DNA
25 Plays14 hours ago
Join host Phillip Ramsey on the Uncommon Wealth Podcast as he explores the journey of finding the right financial advisor. Phillip dissects the DNA of advisors, distinguishing between those trained in insurance and investment and advocating for a planning-focused approach. He shares insights into selecting an advisor who aligns with your financial goals, whether it's insurance, investments, or a comprehensive plan. Discover how these elements impact your financial strategy and why having a clear plan is crucial for a rewarding financial future.
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Transcript
Living an Uncommon Life
00:00:00
Speaker
Everyone dreams of living an uncommon life and the best asset you have to achieve your dreams is you.
Introduction to Uncommon Living Strategies
00:00:08
Speaker
Welcome to the Uncommon Wealth Podcast.
00:00:12
Speaker
We're going to introduce you to people who are living uncommonly. We're also going to give you some tools and strategies for building wealth and for pursuing an uncommon path that is uniquely right for you.
Finding the Right Advisor
00:00:25
Speaker
Hello and welcome to the Uncommon Wealth Podcast. I'm your host, Philip Ramsey. and Today we get to dive in on a topic that I think is super important and that is trying to find the right advisor and kind of trying to figure out what the DNA of that advisor that you're trying to interview, what their kind of DNA will be. Like, what am I talking about? Well,
00:00:45
Speaker
Normally, when people get into this industry, there's a lot of different ways I guess you could go to this industry, ah but there is a way that they've been trained. They're either trained in investments or they're trained in insurance.
Training Approaches for Advisors
00:00:58
Speaker
What do I mean by this? Okay. um So every time an investor ah a person comes into this industry, they're going to be trained in one of two ways. They're either gonna be trained from a life insurance perspective where they really put a lot of emphasis on insurance.
00:01:15
Speaker
Let's look at like Northwest Mutual definitely is is that. um Even like Principal Financial Group, what I started really had an insurance focus and they really wanted me to sell a lot of insurance.
00:01:30
Speaker
They taught me a lot about insurance. They told me all about the products that they had. They really didn't tell me a lot about the investments that they could but help you put your money. And they also told me to get licensed in such a way where I couldn't sell all the investments. I could only sell mutual funds.
00:01:46
Speaker
So that's kind of the insurance kind of background of things. Um, and you'd be surprised at some of the companies that, that kind of lean towards that direction, guardian, New York life,
00:02:00
Speaker
Northwest mutual, like I just mentioned. um so a lot of those companies really come at it from that perspective. Then you have like an investment side of things like maybe Edward Jones could be one of those people.
00:02:12
Speaker
um Although they're really trying to change that paradigm. Another one that's been trying to do kind of change and pivot is
Creating Comprehensive Plans
00:02:20
Speaker
prime America. They've been trying to change for years and just try to change the insurance kind of mindset to more of a planning based approach.
00:02:29
Speaker
But anyway, so the investment side of things where they really are heavy on investments and then they really say, well, insurance, like go find somebody else for that. And you can also see like and ah investment only. um they They say that they're fiduciaries. Those are things that are very investment based heavy.
00:02:45
Speaker
um But I think if there's a third kind of um background that I would say is is super powerful. And it's just from a planning perspective. And that is to try to give you a clear plan in order for you to feel excited about your future.
Philip's Personal Journey in Finance
00:03:00
Speaker
And in that there might be products that could help either side, right? Insurance wise or investments wise, but, but there's a lot of ways that you can go into it. Uh, I guess, and advisor interview, if you will, and you can start seeing this kind of come out and play out with how they'll give you recommendations.
00:03:21
Speaker
Um, And so that's something helpful to go out and look. I would say I was kind of, I would say just flat out, I was kind of brought up in the insurance-based world.
00:03:32
Speaker
And I was partnered with an individual that loved insurance. And to this day, I'm super grateful for the knowledge that I have in insurance. But I probably would have leaned into I'd rather have been, i don't know if that's true,
00:03:46
Speaker
ah trained in more of the investment world because I just haven't learned so much in the investment world. It felt way more daunting, um way more regulations, I would say, in the investment world. um But the financial planning side of things or the planning side of things is kind of, I'm not saying it's the best to both worlds because I do still feel like there's people kind of lean one way or the other, even after the financial planning.
00:04:07
Speaker
And you can a lot of times see that after you talk to them about their history, like where did you get trained and and who's your mentor and things like that and that nature. And so I'm not sure if this helps, but whenever somebody ah you're interviewing for a new advisor, and even if you're listening to the maybe you're like, well, you're my advisor.
Selecting the Best Advisor
00:04:26
Speaker
Awesome.
00:04:27
Speaker
Super grateful to do that. um But I'll always go back to like, but what's the plan? And are you excited about tomorrow? Because if you're excited about tomorrow, things get exciting really quick. And money's a tool, right? It's not just something that we use.
00:04:40
Speaker
um it's ah it's a tool in order to, I think, utilize the gifts God's given it to you. um But super powerful strategy when you start ty dissecting people's DNA of how they got into this industry.
00:04:54
Speaker
And something I wanted to talk about just today is, I don't know if there's a wrong answer, but it's something that you have to kind of understand and what you want. ah Do you want somebody that comes in from the life insurance side of things or an insurance side of things, maybe annuities and things of that nature?
00:05:07
Speaker
Or are you looking for like, no, I really want more investment or, hey, I want to have a customized plan in order to make sure that I'm going to be on track in the future. And then let's try to figure out what the best strategy is in order to get us to that the end goal.
00:05:22
Speaker
That's where I've landed. um And if if you're like, I'm looking for insurance guy, I totally get that. And I feel like I'm really good at dissecting other insurances just to see like the pitfalls of that.
00:05:32
Speaker
But when it comes down to writing insurance, we still do write insurance, but it's not something I'm going out to seek out. If somebody said, have insurance need, I'm happy to help just like I'm happy to help whenever somebody has a need.
00:05:44
Speaker
And that's probably to my demise. But um but if they're like, hey, we're investments only. Yeah, we can do that too. But I'm always like, but are you clear on the plan that you're going? Some people totally are.
00:05:55
Speaker
And I'm fine with it. I'll invest. I'll invest your money for you. I'll be happy to you. But anyway, So each person is kind of built in a little bit different way and they all kind of narrowed it down to what they like.
00:06:06
Speaker
um I'm telling you everyone is, ah kind of like the financial planning side effects, the planning side of things, the the software to make sure that we're all on the same page going to the right direction. And then we also have guidelines and guardrails in order to make sure your money is growing the way that it should.
Closing Remarks
00:06:22
Speaker
And if it doesn't have a great year, what does that mean? And what do we have to do moving forward? So it just kind of gives you the lay of the land or a lap time and in your grand race, how you're doing. It's the way I've been.
00:06:34
Speaker
Anyway, so this is, I think, really nice when you're just going out to talk to advisors. if you're If you're in the market of looking for them, um if you're my client and you're in the market for looking them, man, I wish we would talk first, but that's fine.
00:06:46
Speaker
I'm totally kidding. um But anyway, thank you for listening to Uncommon Wealth Podcast. It's always a joy to shoot these things and just kind of give you content that you're like, oh, that's helpful. Or maybe it's not helpful, but it's ah it's I'm grateful that you take time to listen to it.
00:07:01
Speaker
So until next time, go be uncommon. And thank you for being a fellow uncommoner. Have a good day.
00:07:09
Speaker
That's all for this episode brought to you by Uncommon Wealth Partners. Be sure to visit UncommonWealth.com to learn more about our services. Don't miss an episode as we introduce you to inspiring people who are actively pursuing an uncommon life.