NEW PARTNER at SixPoint: Nick Savas on Fiduciary Roles and Choosing the Right Financial Advisor (EP. 85)

By dearrochesterretirewell | May 29, 2024

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).

Tune in for more insights!

Watch The Full Episode on Youtube: https://youtu.be/L6RcTRFdInE

During this episode, you will learn about:

[01:00] Welcoming our guest, Nick Savas

[01:38] What is a fiduciary?

[03:27] How do you determine whether a financial advisor is a fiduciary, and what questions should you ask them to ascertain their fiduciary status?

[05:10] What type of firm should you choose for financial advisor services?

[06:24] What should you do if you set up a meeting with an advisor and never hear from them again?

[08:12] How Nick got into financial planning

[10:19] Questions Nick’s clients are asking him after he switched firms and joined SixPoint

[11:55] What does SixPoint mean?

Website: https://sixpointfp.com/

[12:50] The difference between tax preparation and tax planning

[15:15] Inheritance rules for Individual Retirement Accounts (IRAs)

[18:31] https://sixpointfp.com/

[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]

Book Time with David Pulcini: