3 Reasons You Should Choose A Flat Fee Financial Advisor
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 16 January 2024
⏱️ 40 minutes
🧾️ Download transcript
Summary
In today's episode, Devin reveals a significant transformation in his professional approach — the transition to a flat fee structure. After a period of subtle hints, the change is now official and marks a new chapter for his firm. Join Devin and John as they discuss the motivations behind this decision, the considerable reduction in firm revenue to make the shift, and the reasons behind the growing popularity of this business model. They'll also dive into why consumers should seriously contemplate opting for a flat fee financial advisor, highlighting the advantages this could bring to their financial planning and management.
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.6 | Hey, everyone, welcome to The Big Picture Retirement Show. |
| 0:13.4 | I'm your host, Devin, joined today by my co-host, John K. Ross Esquire. |
| 0:17.5 | Howdy. |
| 0:25.6 | Yeah. Esquire. Howdy. You know, it's funny. |
| 0:26.7 | People in the reviews that they leave us on Apple podcast or maybe directly on the website, |
| 0:32.5 | they've taken to referring to you as John Key Ross Esquire. |
| 0:36.9 | Yes. |
| 0:55.1 | Oh, yes. Just because you have made such a ridiculous deal about it. Well, I like it. Well, you didn't, you didn't add the suffix. Oh, no, the fourth. I'm sorry. Yeah. So I mean, if you're-Ross, the fourth, Esquire. Yeah. So if you want to be just completely pretentious about it, don't forget the suffix. |
| 0:58.7 | Well, no, there's a way that we could even be more pretentious. You could go by a first initial. |
| 1:01.5 | So Jay Kelsey Ross, the fourth. |
| 1:05.2 | Oh, I could. Yes. Squire. That's even more arrogant, right? You know, John, not long ago at some point in 2023, we did an episode titled, Is Your Advisor Worth 1%. |
| 1:11.9 | So speaking of arrogance. Yes. And the answer that we got out of that is in most cases, no. |
| 1:22.2 | Yeah, probably not. Because what we've seen is the industry has shifted over the years. It used to be this commission |
| 1:29.5 | based industry, right, where I only get paid when I make a trade, as they used to say. |
| 1:36.4 | Yeah, and that's what it was when I started in the legal world, and I'm interacting with |
| 1:42.5 | financial advice. It was all commission-based stuff. |
| 1:45.4 | Yeah. And our industry was the same way. And then, you know, we saw the internet come about. |
| 1:51.8 | And all of a sudden, access to the stock market didn't need to be brokered. So all of a sudden, |
| 1:57.3 | you didn't need that stock jockey to go buy Microsoft stock. You could do it on |
| 2:01.8 | your own now. And then you didn't need that stock broker to buy a mutual fund. You could do it |
... |
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