John, good to see you. I really like today's topic: Five Signs Your Advisor is doing real financial planning. A lot of financial planners claim to offer comprehensive planning but there are a few obvious signs to determine if your advisor is really working for you. And first, is your advisor helping you define your goals and objectives?

Yeah, well, you know, Erin, I may be a little more casually dressed, but I've got a fun analogy for for today's thing. So I’m going to be on my apron here and we’re going to give it a go. We’re going to give a chef’s analogy here. So first of all, creating a financial plan, specifically a retirement plan, is working, is really similar to working with a personal Michelin star chef.

Right.

A great chef takes time to learn about the unique tastes, the restrictions, and the cravings of their client to put together a menu to their liking. Much like on the retirement planning side, the advisor, it's important that they sit down in that first meeting before they really know anything about your finances and learn about you– your goals, your concerns, and your objectives. Because that is the keystone of putting together a retirement plan that gives your client a peace of mind.

And I think it's also really important to mention that training is so very important.

Yes. And just like in the advisory world, using the chef’s analogy again, did that chef just get the basics? Just the basics to learn how to cook and to put a plate of food on the table? Or did they go to culinary school, right? Did they learn how to be the best chefs they could? And the first thing you have to ask is, are they fiduciary? Do they put your best interests first all the time? And if they're putting your best interest first, just like the chef, they are putting the best plate of food out on the table. And beyond that, what is their continuing education and their specialty in planning? I personally sat for and received a designation of retirement management advisor. And I talk about this a lot because it's important. I had to sit and test for and have continuing education in advanced retirement planning. I also graduated from Yale University's School of Management for their certified private wealth advisory program where I learn the advanced planning techniques for the ultra-high net worth that I then bring to my middle-class millionaire clients, so experience and knowledge is pertinent for a good outcome.

And then, number three, you need to be working with somebody who optimizes social security claiming strategies.

Yeah, and you know, just as in cooking, timing is everything. A chef needs to know exactly when to fire that sauce for perfection. And in the retirement planning world, you need to have a good timing strategy for full security to maximize your retirement income stream.

And then John, of course, I know that this is always my bingo card with you right? Taxes. You need an advisor who can and will discuss taxes and how it pertains to your overall plan.

Right, and you can argue that income planning or taxes, which is the main course right? Taxes are your biggest expense throughout your lifetime. And you have to understand that right, your advisor should be reviewing your tax return every year, they should be looking for ways in that 80,000-page Internal Revenue Code to take advantage on your behalf. And you know, you have to understand that your investments, your income, and your taxes, like a great pairing of a side and a wine that goes with the entree, they all collaborate together to make a beautiful menu.

And then last, of course, estate planning and financial planning go hand in hand. A good advisor will ask to see your estate planning documents or if you don't have an estate plan, they’ll help you create one.

Yes, and now we're towards the end of our multi-course culinary event. And what's the Coup De Grace, the final thing that sends you home or sends you to sleep happy? It’s that dessert and that’s the estate plan. You want to develop an estate plan that gives you control, reduces your fees, keeps your affairs private and gives the least amount of taxes to the IRS. Because as we say, we want you to tip your server, not the IRS.

I like this, this analogy really helps bring it home John, it also made me very hungry.

Erin, you know, food is the way to a man's heart and food’s important because it’s what brings family and friends together at the table.

Right right. Well you know there's so much to learn here. I think a lot of people's eyes will be open to realize that maybe their advisor is not really working for them. John how can we learn more about what, what we should be looking for in a financial advisor.

Well if you want to learn and be financially literate, subscribe to our channel. Listen to our podcast the RetireHappypodcast.com. We care about financial literacy. And really when you start to watch these videos, listen to our podcast, you'll realize pretty quickly whether you have a fast food advisor or culinary chef, or personal chef retirement planner. You can also visit our website www.gosecurus.com. And while you're on our website, you can visit the Contact Us Tab where you can schedule a 15-minute phone conversation to answer any general questions or a complimentary vision clarity consultation. Now, Erin if you like doing things the old-fashioned way, you want to get on my schedule, you can give us a call at the office (858) 935-6210. Ask to speak with Emily Wale and she will get you on my calendar.

John thanks so much for your time today.

Thank you, Erin.