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    • Monetizing Existing Resources with AirbnbRenting out a spare room on Airbnb can be an easy and effective side hustle. Utilize existing resources and seek professional advice for financial opportunities.

      Monetizing what you already have, such as renting out a spare room on Airbnb, can be an easy and effective side hustle. The speaker shares her personal experience of writing in remote cabins but feeling uneasy about leaving her house empty. Airbnb provides a solution for her, and it can also be a viable option for others looking to earn extra income. The speaker emphasizes that starting a side hustle doesn't have to be daunting, especially with the support and ease of platforms like Airbnb. Additionally, the importance of having a financial advisor was discussed, with the recommendation to start the search on the CFP (Certified Financial Planner) website. Overall, the conversation highlighted the benefits of utilizing existing resources and seeking professional advice for financial and income-generating opportunities.

    • Considering a Financial Advisor? Look for a CFP, RIA with a Fiduciary DutyWhen choosing a financial advisor, seek one with a CFP designation for comprehensive planning and a CFA for investment expertise. Ensure they're a Registered Investment Advisor with a fiduciary duty for your best interest.

      When looking for a financial advisor, the Certified Financial Planner (CFP) designation is an important credential to consider. Obtaining the CFP designation requires several years of education and work experience, making CFPs well-equipped to provide comprehensive financial planning services. However, it's not the only important designation. A Chartered Financial Analyst (CFA) is also valuable, as it focuses on market analysis and investment management. But, a CFA alone may not be enough for providing personalized financial planning. Another crucial factor is the advisor's fiduciary duty. A Registered Investment Advisor (RIA) has a fiduciary duty, meaning they must act in the client's best interest. This is a higher standard of care compared to brokers, who only need to sell products they believe are suitable. The RIA industry is growing rapidly, with over 18,000 independent firms across the country. Finding a CFP, RIA advisor is not difficult in today's market. Considering these factors will help ensure you're working with a knowledgeable and trustworthy advisor.

    • Choosing a Fiduciary Financial AdvisorFind a fiduciary advisor, like a registered investment adviser, for your best interests, not a salesperson.

      When choosing a financial advisor, it's important to find someone with a fiduciary responsibility to their clients, such as a registered investment adviser overseen by the SEC. A fiduciary's primary duty is to act in the best interest of their clients, unlike brokers who earn commissions on sales. While certifications and designations can be a good starting point, the relationship with the advisor is key. Think of it as the difference between a stylist who works for your best interest versus a salesperson at a department store. Most people need advice and technology has made it widely available, but it can be overwhelming to determine who to trust. Look for a fiduciary advisor to ensure they have your best interests at heart.

    • Asking 'how are you compensated?' is crucial to know if an advisor is a broker or a fiduciaryDetermine if an advisor is a broker or a fiduciary by asking 'how are you compensated?'. Fiduciaries act in clients' best interest, while brokers may be influenced by third-party payments. Ensure potential advisors are fiduciaries, have proper accreditations, and use third-party custodians to minimize fraud risk.

      Asking a potential financial advisor "how are you compensated?" is an essential question to determine if they are a broker or a fiduciary. A broker can be paid by a third party, influencing their recommendations, while a fiduciary gets paid directly by the client and has a legal obligation to act in their best interest. However, even a fiduciary isn't immune to fraud, as the Bernie Madoff case illustrates. To further vet potential advisors, ensure they are a fiduciary, have proper accreditations, and use a third-party custodian to hold clients' funds. This extra layer of security makes it much harder for fraudulent activities to go unnoticed.

    • Be cautious of vague financial answers and red flagsSeek transparency when dealing with finances, use platforms like Airbnb for passive income, hire qualified professionals through LinkedIn Jobs, and consider investing in a financial adviser.

      When dealing with financial matters, be wary of vague answers or red flags, such as someone handling funds in an omnibus account or under their own firm's name. Instead, look for transparent and clear methods, like hosting on Airbnb to monetize what you already own. Another key takeaway is the importance of utilizing platforms like LinkedIn Jobs for hiring qualified professionals, even those not actively seeking new opportunities. Lastly, investing in a financial adviser is worth the cost, comparable to hiring a stylist or nutritionist, and the amount can depend on individual needs and circumstances.

    • Traditional fee structure for wealth management servicesRIAs primarily charge percentage fees based on AUM, aligning with clients' preferences and emphasizing portfolio management. Younger advisers may offer flat fees for smaller clients.

      The percentage fee based on assets under management (AUM) remains the standard payment method for wealth management services at large and midsize Registered Investment Advisors (RIAs), including those at major banks like Bank of America and Morgan Stanley. This traditional fee structure enables advisers to be adequately compensated, aligns with wealthy clients' preferences, and emphasizes the importance of effective portfolio management. However, younger advisers may opt for monthly flat fees for smaller clients. For listeners seeking a fiduciary who handles households with less than $250,000, consider expanding your search beyond local advisors, as the pandemic has led to a shift towards virtual services, making location less crucial for building a financial advisory relationship.

    • Asking the Right Questions to Choose a Remote Financial AdvisorWhen selecting a remote financial advisor, ask about registration, compensation, affiliations, transparency, and fiduciary practices to ensure they act in your best interests and don't charge hidden fees or receive compensation for trading securities.

      In today's digital age, building a relationship with a financial advisor remotely is a viable option, and many firms can be found through referral programs or the CFP website. It's important to ask potential advisors about their registration status, compensation structure, and any affiliations with broker-dealers. Transparency and fiduciary practices should be prioritized, as financial advice and portfolio management are complex processes that require expertise and ongoing attention. Additionally, be sure to clarify that the advisor does not charge fees for mutual funds or 12b-1 marketing fees, and that they do not receive compensation for trading stocks or bonds. These questions will help ensure that you're making an informed decision and that your advisor is acting in your best interests.

    • Find a financial advisor who aligns with your goals and investment styleTake the initiative to connect with potential advisors, assess their qualifications, and ensure a good fit to make informed decisions about your financial future

      You have the power to find a financial advisor that aligns with your specific goals and investment style. During today's episode, we discussed the importance of taking the initiative to find a financial advisor who can provide you with valuable insights and guidance. Through various online resources, you can connect with potential advisors and assess their qualifications to ensure a good fit. Remember, it's essential to feel comfortable and confident in your advisor's abilities to make informed decisions about your financial future. So, if you're ready to take control of your investments and find a financial advisor who can help you achieve your financial goals, be sure to check out the resources provided in the show notes. And don't forget, it's never too late to start investing in yourself. Thanks for tuning in to Money Rehab, and we look forward to continuing this conversation with you.

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