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]

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Roles and Responsibilities of a Financial Advisor (EP. 76)

By dearrochesterretirewell | January 24, 2024

Planning for retirement and ensuring financial security in the post-retirement years involves more than just accumulating wealth through savings and investments; it encompasses cultivating the comfort and confidence to meet present and future needs.

Achieving this security begins with creating a good retirement budget, a strategic tool that lays the groundwork for a stable and worry-free financial journey throughout one’s retirement years.

In this episode, David Pulcini, the Managing Partner at SixPoint Financial Partners, delves into why working with a Financial Advisor is essential. Moreover, he shares invaluable insights on how to create a good retirement budget.

Additionally, he uncovers the 5 biggest retirement planning mistakes that people make and guides the listeners through 8 essential action steps to enhance their retirement planning.

Tune in for a wealth of knowledge that will transform your approach to retirement planning.

Watch The Full Episode on Youtube: https://youtu.be/8MR3eK_Ac38

During this episode, you will learn about:

[01:17] What is the point of working with a Financial Advisor?

[02:00] The meaning of financial security

[02:59] How to create a good retirement budget

[04:58] https://sixpointfp.com/

[06:00] 5 Biggest retirement planning mistakes that people make

[13:55] What does SixPoint mean?

Website: https://sixpointfp.com/

[14:34] 8 Essential action steps to enhance your retirement planning

Step #1 Determine your financial needs

Step #2 Identify funding sources

Step #3 Plan backwards for saving

Step #4 Align investments with your goals

Step #5 Maximize social security & pensions

Step #6 Minimize your taxes legally

Step #7 Update legal documents
Step #8 Conduct annual reviews

[15:59] Connect with David Pulcini: https://sixpointfp.com/

Key Takeaways:

“Financial security is not just about the numbers in your bank account or investments; it’s about the comfort and confidence that you can meet your needs today and in the future.” ~David Pulcini [02:03]
“Taxes don’t retire when you do.” ~David Pulcini [07:41]
Effective estate planning ensures that your assets are distributed according to your wishes, providing clarity and ease for your loved ones. [12:27]

Book Time with David Pulcini:

Schedule a Call

Connect with David Pulcini:

View The Full Episode Transcript Here

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Life Lessons and Financial Planning with Financial Advisor Aaron Laranetto (Ep. 73)

By dearrochesterretirewell | December 13, 2023

Financial planning transcends mere money-making; it’s about forging connections and relationships. Importantly, dedicating time to planning and investing enhances the long-term efficiency of your money.

Joining us today is Aaron Laranetto, a Wealth Manager, Temple alumni, and an independent Financial Advisor at SixPoint Financial Partners. Aaron generously reveals his path into financial services and recounts acquiring his first client.

Aaron presents a comparative analysis of working with a Brokerage Firm versus an Insurance Firm, and also explains why he chose to become an independent advisor. Aaron also pinpoints two often overlooked aspects in retirement planning.

Don’t miss out, tune in!

Watch The Full Episode on Youtube Here:

During this episode, you will learn about:

[01:18] Meet our guest: Aaron Laranetto

[01:36] Aaron’s background

[04:43] https://sixpointfp.com/

[05:33] How Aaron got into the financial services space

[08:33] How he got his first client

[11:54] Aaron’s comparative experience: Working with a Brokerage Firm vs. an Insurance Firm

[16:30] What prompted Aaron to become an independent advisor?

[19:49] Aaron’s advice to his 22-year-old self

[23:13] Who are the clients that Aaron is currently working with, and how is he assisting them?

[25:25] Where is Aaron currently located?

[27:09] The 2 common things that people often miss in their retirement plan journey

[31:02] Connect with Aaron Laranetto

Website: https://sixpointfp.com/

Email: alaranetto@sixpointfp.com

LinkedIn: https://www.linkedin.com/in/aaron-laranetto-ab87a9bb/

Key Takeaways:

“Financial planning is more than just making a good living for yourself; it’s about building relationships.” ~Aaron Laranetto [20:20]
Having confidence in yourself and your work significantly enhances your effectiveness as an advisor.. [21:22]
The more time you have to invest, the more time you will give your money to work for you. [29:14]

Book Time with David Pulcini: