Tax Planning, Legacy Planning, and Listener Q&A!
Stay Wealthy Retirement Podcast
Taylor Schulte, CFP®
4.7 • 678 Ratings
🗓️ 20 July 2021
⏱️ 60 minutes
🧾️ Download transcript
Summary
Today I'm responding to some constructive criticism I received from a listener.
I'm also sharing my conversation with Steve Chen, host of The NewRetirement Podcast.
Along with sharing a personal update on having three kids under age 5, we dig into:
- Tax planning opportunities + misconceptions
- What to do when you've saved more for retirement than you can spend
- Why people put off estate planning and how to take action
Be sure to stick around to the end where we answer a few listener questions and chat about the current state of the markets.
Transcript
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| 0:00.0 | Welcome to the Stay Wealthy Podcast. I'm your host, Taylor Schulte, and before we get to today's |
| 0:08.5 | episode, I just wanted to take a couple of minutes to address something that one of our listeners, |
| 0:13.9 | Rick D, brought up to me in response to the last series on long-term care. And that is some of |
| 0:19.8 | my strong comments I made towards |
| 0:21.6 | insurance salespeople and commission-based products that are sold by financial advisors. |
| 0:27.3 | I'll be the first to admit, and I admitted this to Rick, that I can certainly get a bit too |
| 0:31.8 | extreme when it comes to insurance products and financial advisor compensation models. |
| 0:37.0 | For example, I often |
| 0:38.4 | emphasize that the giant conflicts of interest that exist when a financial advisor is paid a commission |
| 0:44.4 | for selling a product, like an annuity or a mutual fund or even a long-term care policy. |
| 0:50.8 | The point that I'm typically trying to drive home is that with this sort of compensation arrangement, it's just not always easy to figure out if what's being sold to you is in your best interest or theirs. Are they just selling you this product to meet a sales quota and make some more money? Or is it truly the best solution at the best price and something that |
| 1:12.4 | you truly need? That being said, I don't always follow up these comments by pointing out that |
| 1:18.0 | there are plenty of great financial advisors and insurance salespeople who do have their |
| 1:24.0 | client's best interest in mind when making these recommendations, even if they're |
| 1:28.6 | compensated with commissions. Because in reality, every compensation model comes with conflicts |
| 1:34.7 | of interests and has its own flaws, even monthly fees and hourly fee models. It's literally |
| 1:40.7 | impossible for any financial advisor or any professional for that matter to remove |
| 1:45.8 | all conflicts which means you have to do your due diligence to find an expert that you can trust |
| 1:51.1 | in many cases paying a financial advisor or insurance salesperson a one-time commission to buy |
| 1:58.0 | a single product like a hybrid long-term care policy, oftentimes that makes |
| 2:02.8 | the most sense. You certainly wouldn't want to pay an ongoing annual fee for something that |
| 2:08.4 | doesn't require ongoing attention and maintenance. Now, you might have to spend a little bit more |
... |
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