{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"MLB Draft Podcast","title":"Hiring the Right Financial Team | MLB Draft #4","html":"","width":"100%","height":180,"duration":979,"description":"What should I look for when interviewing financial teams?The financial team you hire should be Independent, Integrated, and Individualized.  If they aren’t, you are putting your financial security at risk. Independent –The first question to ask a financial advisor is if they must always work under a fiduciary standard.  The fiduciary standard means that they are legally obligated to always work in your best interest.  Most people who call themselves “financial advisors” fit into the following categories:1. Registered Investment Advisor (Always a Fiduciary, Continue the interview process)2. Broker/Broker-Dealer/Registered Representative (Not a Fiduciary, Stop the interview process)- Do not have a legal obligation to act in your best interests3. Dually Registered as a Broker & Registered Investment Advisor (Not always a Fiduciary, Stop the interview process)- Have a conflict of interest and can choose whether to act in your best interest or not- As Peter Mallouk wrote in The 5 Mistakes Every Investor Makes and How To Avoid Them, “The dually registered advisor is the ultimate wolf in sheep’s clothing.” Integrated – You should be hiring a complete team of people that will work together for you.  The experts on your team must include:- Chartered Financial Analyst (CFA ®) (https://www.investopedia.com/terms/c/cfa.asp)- Certified Public Accountant (CPA ®) (https://www.investopedia.com/terms/c/cpa.asp)- Attorney- Certified Private Wealth Advisor (CPWA ®) (https://smartasset.com/financial-advisor/cpwa)- Certified Financial Planner (CFP ®) (https://www.investopedia.com/terms/c/cfp.asp) The members of your team should all work at the same firm so that there is constant real-time collaboration.  If the financial teams you are interviewing are missing any of these experts, you should stop the interview process with them.   Financial advisors that are not part of a Family Office and do not have a CPA® on staff will often make statements like:- We work closely with a CPA® at an...","thumbnail_url":"https://img.transistorcdn.com/7ELAfaPepA19HwDaIVIwSsjYC9xAW5dBpuevtdgSO94/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9iNGQy/YmFlODc4MGI4YTM1/YThjZDc5NGM3NjU1/MWIwMi5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}