In this episode, I sit down with Brian Chapman of JD Chapman Insurance Agency — an independent, family-owned fiduciary insurance agency who has been serving the community for over 60 years!
Brian and his team are a wealth of knowledge when it comes to insurance. He can be reached at:
The information represents the views and opinions of the guest and does not necessarily represent the views and opinions of SixPoint Financial Partners.
The content has been made available for informational and educational purposes only.
The content is not intended to be a substitute for professional investing advice.
Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning.
In this episode, Nick Savas dives into the crucial concept of fiduciaries, shedding light on their role in financial advisory services. Nick explains what it means to be a fiduciary, emphasizing that a fiduciary is legally required to act in the best interests of their clients. He also provides practical advice on how to determine if your financial advisor is indeed a fiduciary, including key questions to ask them to confirm their fiduciary status.
Nick also discusses the importance of choosing the right firm for your financial advisory needs. He highlights the benefits of selecting an independent firm that is not tied to specific product companies or incentivized to promote certain products. This ensures that the advice you receive is unbiased and truly in your best interest.
Additionally, Nick addresses some common questions from his clients after he switched firms and joined us at SixPoint. He also discusses important inheritance rules for Individual Retirement Accounts (IRAs).
[19:20] Case study question: You have $300,000 in the bank, you’re 45 years old, and you want to keep it in cash or as a liquid asset. What do you do with it?
[25:02] Final words
Key Takeaways:
A fiduciary is a person or organization legally required to act in the client’s best interest. ~Nick Savas [01:38]
When choosing a firm for financial advisory services, select one that is independent, not affiliated with specific product companies, or incentivized to promote certain products. ~Nick Savas [05:10]
For IRAs, when a non-spouse inherits money, the general rule is that they must distribute all the funds from the IRA within 10 years of inheritance. ~Nick Savas [15:27]
True wealth is found in after-tax accounts. ~David Pulcini [22:37]
Tax preparation involves bringing your documents to a CPA or tax preparer, who determines whether you owe taxes or will receive a refund. Tax planning focuses on strategies to reduce your tax bill now and in the future. ~David Pulcini [12:50]
