Ep 23: Lies Learned in Broker School

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A lot of financial professionals will tell you things that just aren’t true. That doesn’t mean they do it intentionally. Many times these professionals have been given talking points, which they might even feel to be true themselves. We want to talk about the statements you should be cautious of if you hear them from an advisor.


Show notes and additional resources: https://principalpreservationservices.com/ep-23-lies-learned-in-broker-school/ 


Today’s rundown: 

1:28 – Minnesota winters have brought below-freezing temperatures once again.

3:55 – In the News: A recent CNBC article points out that an older retirement age is becoming the trend around the world. Is Mike seeing this in Minnesota and Wisconsin?

5:53 – Why we’re talking about broker lies today.

6:26 – Lie #1: ‘We have experts who can accurately predict market movement.’

7:42 – Here are the investments we see people come in with all the time.  

9:10 – Lie #2: ‘Just look at our past investment returns and you can see that we have a system that works in all markets.’

10:43 – Lie #3: ‘Your tax rate is going to be much lower in retirement.’

12:30 – Most people we work with have the majority of their savings in pre-tax accounts.                 

13:23 – The SECURE Act will have a big tax impact as wealth gets transferred from the Baby Boomer generation.

15:09 – Lie #4: ‘It’s just a paper loss. Hang in there and you’ll be fine.’

17:03 – The difference between working with a fiduciary versus the alternative.

19:49 – Mailbag Question: I told myself that if I ever hit $1 million in my portfolio, I’d move it a lot of it to cash. Now that I’m there, I feel like I can get to $1.2 million. What do you think?

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