Financial Advisors with Joe Saul-Sehy
For the final season, I’m focused on delivering the best of the best. The best of what I’ve learned over the past 9 years of podcasting, the best guests, the best topics, and so much more. This month, we’re focusing on investing. I’m very excited for my listeners to be the first to know that in just two months, my team at Financial Gym will finally be able to start investing our client’s money.
For the past 10 years, we have coached clients to become first-generation wealth holders, and we want to continue on the journey with them and help them grow and build that wealth. Joining me today is my good friend Joe Saul-Sehy. Joe and I were financial advisors before the work we do now, and I always love his insights and behind-the-scenes observations of financial advisors. Joe joins me today to share when he thinks people should engage a financial advisor, and his answer may surprise you.
What are we drinking?
Joe - Civet Coffee
Shannon - Black Cherry Schweppes
Podcast Notes
Joe was the first person to invite Shannon as a guest on his podcast, Stacking Benjamins, and is a big reason Martinis and Your Money exists. He was a huge supporter of the show from the beginning, and here we are ten years later.
Before Joe worked as a financial advisor, he was a manager at a water treatment plant call center. His friend told Jow that he would be good at financial planning, so he decided to make the switch.
Joe was great at telling other people what to do with their money, but his finances were a mess.
This is because he thought he could outearn his bad spending habits. Joe also used to believe that as a person who gave advice, he didn’t need someone to advise him.
Shannon became an advisor because she didn’t see anyone she felt comfortable working within that space. She needed to be the change she wanted to see, which is why The Gym will enter this space officially soon!
The Financial Gym has been helping clients build wealth for the last ten years, and there are no firms out there Shannon trusts to send The Gym’s clients to. Even though most people can invest on their own, some people just want someone else to do it for them.
Choosing the Best Financial Professional for You
If your goal is to get ahead, one of the best things you can do is surround yourself with the most brilliant people you have access to. You want solid people in your corner when planning big life decisions.
It’s important to understand where you are and the type of help you need. Everyone can use help with financial health, but not everyone needs a ‘capital FA’ Financial Advisor. There are always areas where you can learn and improve.
Choosing a financial advisor is similar to dating. You will share a lot of personal information with this person, so you want to work with someone you trust and feel comfortable asking questions.
Make sure you understand the fees associated with the service. You’re looking for someone fee-based over someone who works on commissions. Does this person lead with the process or product?
There are different types of advising styles. Some people like a tough love style coach, while others prefer a more gentle, compassionate approach. You want to find someone who matches your preference.
In a healthy advisor-client relationship, the client is engaged and educated about what’s happening. There should be an open dialogue and a level of comfort. If you don’t want to attend the meetings, that is a red flag.
What Makes a Great Financial Advisor
Money and investing are very emotional experiences for people. There will be highs and lows on the journey, and you want someone to ride the coaster with you.
This person should help you understand your entire financial picture and think strategically. Investing is just one piece of the puzzle.
If you have a financial advisor, you should feel comfortable reaching out to them and asking questions. They are there to help you make smarter decisions.
Professionals who make you a better version of yourself are worth every penny. You get what you pay for, so the cheapest option may not always be the best.
Takeaway: As someone who has spent the last 15 years of her life being a financial best friend for clients and seeing their results vs. people without a partner, I agree 100% with Joe’s assessment that we all could use a financial BFF in our lives at some point or another. The investment in the support truly pays off in dividends.
Resources Mentioned in the Episode:
Random Three Questions
If you didn’t have a money-related podcast, what would you podcast about?
If this was your last meal on earth, what would it be?
Where is the next big travel destination?
Connect with Joe
Podcast: Stacking Benjamins
Youtube Channel: @StackingBenjamins
Book: Stacked: Your Super Serious Guide to Modern Money Management
Instagram: @averagejoemoney
If you have any topics you would like me to cover on this podcast, or if you’d like to get in the financially naked hot seat, I encourage you to email me at Shannon@fingyms.com, or join the private Martinis and Your Money Facebook Page, and let me know what you want to hear.
In addition to hosting this show, I’m the founder and CEO of The Financial Gym. We are celebrating 10 years of this journey, and now, more than ever, I see the importance of the work we do every day. Rising inflation, the return of student loan debt, high interest rates on mortgages, and volatile stock markets make it a time when you need a best financial friend to help you make the best choices.
At Financial Gym, you get paired with a Certified Financial Trainer, who we call your BFF. Our team has coached clients through every financial season, whether they were living paycheck to paycheck or headed into Financial Independence and retirement.
To celebrate the final season of Martinis and Your Money, listeners can get 20% off of one-on-one training services. So what are you waiting for? Head over to financialgym.com to get started today. Our warm-up calls are free of cost and judgment.