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Daily. This

1:10

is Optimal Finance Daily, episode 2773. I'll

1:14

show you mine, by Shannon

1:17

Maclay, with budgetsaresexy.com. And

1:20

I'm your host and personal finance enthusiast,

1:22

Diana Merriam. This is

1:24

actually one of multiple shows in

1:26

our network covering different topics like

1:29

personal development, health, relationships, and your

1:31

work life. So

1:33

if you like narration-style podcasts, be

1:36

sure to search for Optimal Living Daily

1:38

wherever you're hearing this, and check

1:40

out our other shows. But

1:42

for now, let's get right to it and

1:44

continue optimizing your life. I'll

1:50

show you mine, by Shannon

1:52

Maclay, with budgetsaresexy.com. I'll

1:56

never forget the first client who entrusted me

1:58

with investing her money. This

4:00

always surprised me because I wondered why they

4:03

wouldn't want to share the secret of their

4:05

success with others. After

4:07

some finagling and threats by my manager, I

4:10

became privy to the secret sauces

4:12

of many advisors and what shocked

4:14

me the most was how different their

4:16

client's sauce was compared to their own.

4:20

How could you invest one way and do

4:22

something different with client money? Unfortunately,

4:25

the basic answer to that question

4:27

is that you make more money

4:29

selling some investments over others, and

4:32

money is a highly motivating factor

4:34

in investing decisions. However,

4:37

there are certainly other reasonable responses that

4:39

are not quite as nefarious as this

4:41

one. The only way you

4:44

can really know, though, is to ask. On

4:47

just about every financial website available, there

4:49

are many articles about the questions you

4:51

should ask your financial advisor. And

4:54

typical questions include the following. What

4:57

is your investment philosophy? How

5:00

do you get compensated? How

5:02

much money do you have under management? What

5:05

services does your firm offer? And

5:08

how frequently should I expect to hear from you? And

5:11

let me let you in on a little secret. Most

5:14

of these questions were created by financial

5:16

advisory firms, and they specifically trained their

5:19

advisors on how to best answer these

5:21

questions. In fact,

5:23

we had weekly role play dialogues where

5:25

we were trained in the best responses

5:28

to these questions. So

5:30

if your advisor has a great answer to

5:32

your question, it's because he or she has been

5:34

trained to answer it. Here's

5:37

the question you really need to ask your advisor.

5:40

How do you invest your money and can

5:42

I see your portfolio? You'll

5:45

get lots of responses, I'm sure, and here's

5:47

how I would respond to some of them.

5:50

Advisor response. My compliance

5:52

would not allow me to share that with you. My

5:56

response. BS, that's a

5:58

lame excuse and you're just a chick.