Financial Jargon

Financial Advisors: What Are They, What They Do, and Do You Need One?

Episode Summary

In this inaugural episode of Financial Jargon, we start breaking down barriers with what roles a financial advisor should have in your life, the differences between financial advisors (not all advisors are created equal), typical fees that financial advisors charge, and why this all matters to you.

Episode Notes

Quick Guides (PDF Download):

Useful Resources:

Robo Advisors:

Digital Advisors:


Episode Transcription

Intro:                                     00:05                     Welcome to the Financial Jargon podcast. Far too many advisors speak over their client's heads, by using intelligent-sounding jargon that doesn't truly help. It's time for real conversations that lead to real change. We're here to simplify the financial world and help you become a smarter investor. This series is brought to you by Oakmont, an investment and financial planning firm who's on a mission to change how financial advice is provided through purposeful investing and honest guidance. They're breaking down the wall between financial advisors and investors. They use cutting edge planning tools, low cost managed portfolios, and fiduciary touch to help people, become smarter investors. For more information about Oakmont, please visit Oakmont Now, let's get into the show.

David Hicks:                        00:56                     Hey everyone. Welcome to Financial Jargon. I'm your host, David Hicks, and I'm here with my trusted compadre D, the D. Ryan Gilmore. Hey, for more information and a treasure trove of resources that we discuss in today's show, be sure to visit Hat's financial, This week's jargon. Financial Advisors. And you know, Ryan, financial advisors are absolutely notorious for using jargon that's, I don't know, intimidating, misleading and sometimes downright confusing.

D. Ryan Gilmore:              01:38                     And you know, it is downright confusing, the term jargon. So when David says that word jargon, what he means is just, you know, our industry speak what we as advisers are used to, what we as advisors have a context and an understanding, deep understanding of you know, certain terms. So you know, you may think of, you know, something like baseball, right? So when you think of baseball, you think of some jargon out there. You think of RBIs, Ks, base on balls. But then you have like some more advanced stats like DRS, right? Defensive runs saved or BQR bequeathed runners, right? Whatever that means, whatever that means. The baseball people out there are going to know in love those things, but when they use those in normal conversation, it's going to just confuse us and make us understand baseball a lot less. So it's really important for us, we think is financial advisors to talk through a lot of the jargon that's in our industry to help make things more accessible and better for you.

David Hicks:                        02:38                     That's what we have this podcast. Cause that jargon builds a wall between you and your advisor. And we're just kinda tired of it to be honest with you. So you should understand, you know, first and foremost, which what we're gonna talk about today is what a financial advisor is. And unfortunately, the sad truth is that people unfortunately don't trust you and I, you know, we are financial advisors, they don't trust us any longer. So in this episode, Ryan, we're gonna be talking about what a financial advisor is. What do financial advisors actually do? Maybe what they should be doing, right? What types of advisors are out there for someone to go find and help seek with the financial help? And then what this all means for you. So what exactly is a financial advisor? Simply a financial advisor really should be your partner. And by that I mean, you know, if you have certain goals, let's say you want to retire in 15 years or 20 years or let's say you want to send your kid to that, you know, super private university, and you see the cost, maybe that's one of your financial goals and they, and they're going to be needing to go to that college in 10 or 15 years. In order to help you accomplish those goals, you may need to seek out a skilled professional such as yourself, potentially or myself to help you accomplish those goals and make that a reality. So really your advisor and you should have this partnership, this true partnership that you're going to hopefully evolve as you transition into different phases of your financial life, where you can look at savings rates, how much you should save, what types of accounts you should be investing in. So if you have a 401k or a 403b or maybe you don't have a company plan at all, maybe you need to discuss how to save your money appropriately and what types of accounts you need. Maybe you talking about insurance, maybe you're younger in life, you need to figure out how if I lose my life, how is my family going to be taken care of? Longterm care insurance as well, which is as you age, as you have more of a need to get these critical care type activities, which in New Mexico, right? Average longterm care in New Mexico, right? The state that we're in $79,000 a year. There you go. Longterm care needed to be talking skilled nursing, skilled nursing, having a conversation with an advisor about that term, life, disability, et cetera. Even estate planning, you know, how do you want to leave all this money to your heirs if you even have money to leave? How are you going to effectively manage that transition? And then even as important as tax planning as well. So that true partnership to really focus on those areas of your financial life. And Ryan, we have this blueprint at Oakmont which we cover these five key areas on a daily basis with our clients.

D. Ryan Gilmore:              05:17                     Daily, ongoing basis. And we're going to circle back around to this, but it's important to note that you need to make sure that your advisor is appropriately licensed and you didn't understand how her license, right? Right. There's a whole host of different certifications and designations that advisors can get and not all of them mean exactly the same thing, but one of the most important things that an advisor should be for you is an educator, right? And as a former public school educator, I am all about this. I think that taking time and helping people understand what it is and why they have what they have and how to understand the whole and speak out there is really, really, really important. And you know, part of our job, part of our task is to help our clients understand what's involved in meeting their future goals, right? That education process is going to include a whole host of things like you, you talked about, and that could be at the very beginning talking about something that a lot of people take for granted. And that's something as simple as budgeting, right? Simple as budgeting. But what we find more than often, 99 times out of a hundred people come into our office, we'll ask them what their monthly expenses are and they just literally pull a number out of nowhere. They just reach out into left field, grab a number, 5,000 that's like the number that people always tell us, Oh, I spend $5,000 a month. Are you sure? Yes. And then all right, go back, double check all that. And then they come back to the office and some 12,000 it's sometimes it is 12,000 right? Like how on earth are you that far off? Or maybe they're overestimating. So really getting a grasp and understanding the budgeting aspect is really, really, really critical because without understanding that piece, the rest of your financial plan is not going to matter. But as your relationship grows with your advisor, they need to be able to help you understand more complex issues like your investments and insurance matters and tax matters.

David Hicks:                        07:11                     Now I think I love the idea of being an educator because the more you know, why is this important for you? The more that you understand, the more that you know about your money, about your goals, the more involved you're going to be and excited you're going to be able to reach those goals and you're going to be helping along the process rather than you thinking that you're in something. Let's say from an investment standpoint that's bad for you or that doesn't make any sense. So you just really don't know why you have certain pieces of your investment plan. You don't have any purpose to it cause you just, you've heard this jargon, you heard I got to get this portfolio and I don't know why, but I'm here. And oftentimes that leads to mistrust and happy, not the ability to reach those goals that you've set out with. So first and foremost, your advisors should be your planning partner and your educator. And Ryan, as you mentioned, not all advisors are created equally, but they do have to have certain licenses to perform. Financial advising task FINRA, which is the financial industry regulatory authority, which really regulates all financial advisors that are out there. They actually say that almost anyone can claim to be a financial advisor and financial advisors can come from a whole host of different backgrounds. That I get a lot of people on this stage and you know, and on any financial radio station that you listen to any talk radio station, there are literally hundreds of financial advisors that are, some are insurance only, some are brokers, some are investment advisors and have a, a registered investment advisory firms that do share, which we'll talk about such as us here at Oakmont. Some are accountants, some are even estate planners are attorneys and some are just like those financial coaches, quote unquote those, you know when you're scrolling down Facebook and you see all these, Hey, let me help you uncover and unlock your financial potential and I'm a financial coach, I'm going to coach you. They may not have any credentials whatsoever, but they're holding themselves out as a quote unquote financial advisor. And all this does is lead to a ton of confusion for consumers out there, right? So if I am a financial advisor and I claimed to be a financial advisor and someone is right next to me, they claim to be a financial advisor, but they don't have the background, they don't have the history to, I don't have the credentials. How is a consumer supposed to uncover whether or not they're working with the right person or or the right type of visor that's going to hold their best interest above everyone else.

D. Ryan Gilmore:              09:37                     So we talked a little bit about what a financial advisor is and how not all financial advisors are created equal. We'll talk more about that in a little bit, but it's important to understand what a financial advisor, a good financial advisor should be doing. And part of what they should be doing is having that initial assessment, that initial meeting at initial consultation. And too often people will go in to a meeting with a financial professional, they'll sit down with them and the financial professional will be looking off into space. Just letting the new client come in, talk a little bit for two or three minutes, and then that advisor will slowly and gently slide a stack of papers across the table and there'll be a highlighted section with some signatures. These are applications, these are applications use. Hey, just sign here, sign here, sign here. We'll get money moving and I don't really need to know much about you. Well, that's not a good advisor. So a good financial advisor is going to work with you to get really a good complete picture of things like your assets and your liabilities and your income and your expenses. All of these basic building blocks to be able to actually give you a good financial plan, start to build a good financial plan and financial advisors, not just someone who helps you out with your investments. And we're going to harp on this over and over and over and over again. If you want an investment only guy, seek out an investment only guy.

David Hicks:                        11:02                     Correct.

D. Ryan Gilmore:              11:03                     If you want a financial advisor, you need to find somebody who's going to offer you more help than just with you know, your investments. A good financial advisor is going to help you with every aspect of your financial life. You could work with a financial advisor technically without having them manage any of your portfolio or make really any investment recommendations at all.

David Hicks:                        11:25                     Or that happens often where people are, or they say, Hey look, here's my investments. I like what I'm doing, but I need help with integrating all the different elements that are more complex that are outside of my scope. Right? So what we do is we help or financial advisors can help them build that plan to accommodate what their goals are and where they're at in their, in their state. And Ryan, I mean, how often do people come in and they sit across from us and we ask them, you know, and that initial assessment meeting, if they've a relationship with an advisor, if they have an advisor right now, a lot of people do have relationships with that advisor, but then we start digging down. Tell me about that. What does that advisor do for you? How has that relationship, are you happy with that relationship? And more oftentimes than not, unfortunately the answer is, is what? I'm frustrated.

D. Ryan Gilmore:              12:09                     I'm frustrated, I'm not happy. And yet, and yet they feel this weird obligation that even though that they spent their entire life, the client spent their entire life building this portfolio, working diligently, saving, saving, saving. They maybe did a, an inservice rollover or something to an advisor. They haven't talked to them in, you know, two, three, four years. We see this all the time. That client still feels like, well, I can't make any moves. I don't want to make any changes because of the advisor, the advisor. It's like, it's almost as if the client's money is actually the advisor's money. And that's not the case, right? The end of the day, your money is your money. It's not the advisor's money.

David Hicks:                        12:46                     Far too often, the advice that they have been given is only on that investment piece. Only they sign those apps, they sign that account over, and that's the extent of that relationship. The next piece that a financial advisor should really do not just do the initial assessment, know your client, understand their needs or goals or wants to dreams their desires, but then put that plan into creation. They synthesize all that information that was gathered. That's why we take a tremendous amount of time to uncover, or your advisor should take a tremendous amount of time to uncover what all these different elements are so then they can create those different pieces of your comprehensive financial plan, which is essentially the roadmap into your financial future. You may not be on that roadmap forever. You may be making some course corrections as you go. Obviously things happen in life. We're going to have to account for it. Tax changes come about. You may get laid off. You may want to work longer or the secure act may come into play and you don't have to take your required distributions for a couple extra years. Things happen, but you want to have that clear understanding of where you're going and where you're at. And that begins with a summary of key findings from all of the questionnaire and the time that you spent with that advisor to understand your current situation. Kind of having that baseline plan as to where you're at. Then from there you're able to integrate your different goals, your different desires with how you want your money to play out in the future, and you can go and sort out different scenarios. So you can create simulations, which is one of the best parts of having a financial plans. You can, you can see how is my base case, am I on track? What's my probability of reaching all of these goals? And if there's a shortfall or if there's a probability percent that you don't like your fear, you're not confident with those results, well then we can start working or your advisor can start working with you to accommodate those adjustments so that you can have a higher probability of reaching those goals. But if you never had that baseline case, if they didn't have that plan to begin with. And how do you know whether or not you're on the right course or what changes or adjustments that you need to be taking? Probably don't know. I don't know. And more people when they just have a mutual fund or a investment account or portfolio, they're missing out on this bigger, broader conversation of creating that longterm plan. And again, the whole idea is you're in financial advisors, your partner, and your educator throughout your financial life.

D. Ryan Gilmore:              15:06                     So we've talked about a ton of things, right? And, and so your overall plan is going to be broader and more complex than, than just looking at your 401k or your IRA alone. And that's why at our company at Oakmont, we've created this really unique process. We call the retirement blueprint, you can check out what it is in all of its detail and glory in the show notes.

David Hicks:                        15:33                     A couple of things to be aware of as you're seeking out a financial advisor to help you reach your financial and retirement goals. Typically the financial advisor's going to be broken down into two different categories. And the first category is one that falls under a suitability standard. And all that really means is that a financial advisor works on commission for the products that they sell. Simplistically speaking, they're going to earn a commission for providing you with a product. And that product could be a life insurance product. That product could be a mutual fund that's very much transactional by nature. You as the client will never receive a bill from that financial advisor. So if you ask someone, how much should you, how much are you paying your financial advisor? And they say anything, nothing. Well then you can know that that's probably a suitability type advisor and they're gonna be working on commission only. Not that that's a bad thing, it's just suitability. The big difference between suitability, the next type of advisor that falls under, which is the fiduciary standard. We'll talk about that here in a minute. The big difference there is that when they recommend that mutual fund for you, for instance, that has to be suitable at the time that they provide that opportunity for you, they make that transaction. So for Ryan, if I put you in a high growth stock mutual fund at the age of 37 years old or however old you are, that may be suitable for you right now, right? But as you progress in age, that same allocation at the same mutual fund may not be suitable for you. And if I was a suitability only advisor, I would have no obligation to make sure that you are in something else or allocated differently as you age or as your risk tolerance changes because there's no responsibility after the sale.

D. Ryan Gilmore:              17:11                     Right. And so typically you might find a suitability type advisor working for what might be called a bigger box type firm. So maybe, maybe like a T Rowe price or a Merrill Lynch or something like that. Or a Edward Jones or something kind of like that, that idea where they have access to certain funds and those funds may or may not pay that advisor that that broker a certain percentage. So you know, we had some clients come through the office recently and, and they were saying, you know, I, I was looking at my statement with my current advisor is looking at my statement and I'm, I'm seeing this deduction. So we were putting in $500 a month into this account and we're seeing this deduction of, you know, 50 bucks a check. So only $450 is actually being dropped into the actual account. What's going on here? So we talked about the difference between like a front end loaded fund, kind of a level load and a back end load and what those type of funds mean and how those funds are compensating their current advisor. So in this case, this client, they are purchasing these funds with these systematic contributions, assuming the full $500 they were assuming it was going in there, but in actuality, you know, 5% or whatever it was was being just taken off the front end. And this is for somebody, typically an adviser who it doesn't necessarily think this relationship is going to last very long, right? So they want to, they want to get their money as quick as they can knowing that this person may leave and know I'm not going to have any full responsibility for them for the long haul.

David Hicks:                        18:40                     And so that kind of brings in that there could be unfortunately some conflicts of interest. So like so bigger box firms or our brand name advisors, they may have those conflicts of interests CPN to that relationship where that Edward Jones advisor may be compensated on the back end with a bonus or with they incentive trip or something that's going to incentivize them to put you in a specific fund rather than being more holistic and being a acting as a fiduciary, which leads us into that next type of advisor, which is the type of advisor that would fall under that fiduciary standard. These types of advisors are legally bound to hold your interest above their own. So typically these advisors are independent advisors where they don't work for a big, not all the time is a big box firm could have a suitability. You could sell something on the suitability brokerage side or even on the fiduciary fee based side, which is interesting. He can change those hats then, which is also something to raise eyebrows too. But typically a fiduciary standard advisor is someone who works solely for, obviously for their clients, their incentive is to do right for their clients and to hold their client's interests above their own. So for us here at Oakmont, we've always been a fiduciary in the sense that we have been independent from, from a big box, big box incentive. You know, we don't get incentivized to put you in any one mutual fund or anyone fun. Our sole goal is to put you in the best allocation to reach those goals based on the full financial holistic plan that we put together for you.

D. Ryan Gilmore:              20:09                     You know, a fiduciary advisor is probably going to get compensated generally speaking, either on a percentage of the assets that they manage or just on a regular hourly rate. And so, you know, a good fee if you're talking to a financial advisor, a good fee is probably going to be, you know, 1.2 or even 1% for assets under management or maybe a good hourly rate theoretically could be, you know, anywhere from maybe $120 maybe up to $300 an hour or so.

David Hicks:                        20:37                     Yeah. So, so typically when you're asked how much your advisor charges, you should know what that is because it's transparent and fiduciary standard advisors are going to be transparent. The fees that you're paying. And you should also know obviously what you're getting for that, that fee structure.

D. Ryan Gilmore:              20:52                     You know, David, for me personally, I could not work in a suitability type structure because my only sales type experience that I ever had in the, in a sales type job was I worked for a couple of different technical running shoe companies. If you don't know what a technical running shoe company is, think of like, you're not just going to big five or you're not going to Mervyn's if Mervin's Mervin's doesn't exist anymore, been around, it hasn't been around for decades, but you're not just going there to get shoes. You're actually going to a place that, that is going to sell shoes specifically designed for running that are built for runners of different, you know, shapes and sizes and needs. And so I'm just looking for a shoe that looks good. You're not just looking for a shoe that looks good. Exactly. And that, you know, my experience in kind of the sales type world was, was more focused on getting the client into the best shoe possible for them to help give them the best longterm success at being a good runner for, for a long time. And being able to run for years and years and years and years. My goal was not to, you know, do the, the shoe of the month with the highest commission or whatever and only look out for my, my own interest. So, you know, I think that that is a good example of the type of advisor that you need to be looking for when somebody is managing your money. You want them looking out for your best interest. What are they going to be able to do to help you construct and build a good, robust sound retirement plan that is not just gonna be good for you right now. It's not just gonna be suitable for you right now, but it's going to be good for you for the long haul.

David Hicks:                        22:27                     So we actually have a great PDF downloadable that's free for you. If you just go to, go into the show notes. This PDF will show you or help you identify whether or not a brand name advisor or an independent advisor is best for you. That's

D. Ryan Gilmore:              22:50                     All right, so on the show today, we've talked about what a financial advisor is, what a financial advisor should do and should be doing for you. But now let's talk about really drill home. What exactly that means for you. One important thing for you to take away, one really, really important thing for you to take away is understanding, is my advisers this person I'm going to be working with? Are they a suitability advisor or are they a fiduciary advisor? If you can get the answer to that question, then you're going to be in a stronger position to reach your financial goals.

David Hicks:                        23:23                     I think it's really important for you to understand exactly what your advisor should be doing for you. They should be filling in that role as an educator and also as a partner and as, as you transition through different phases of your financial life that relationship should just flourish so that way you can be on track to meet those goals that you set out with in the first place. You deserve more, you deserve better. You deserve to cut through the jargon that's out there. And that's exactly what we're here for. Each and every episode. If you want more financial jargon, be sure to listen to Ryan and I in the after the show show where we're going to be discussing what type of advisor is best for you, especially living in this digital age. You can find that by visiting

Close:                                    24:03                     This was another episode of the financial jargon podcast. Be sure to visit financial for the latest episodes, show notes and resources discussed in each show. While you're there, subscribe to financial jargon on your preferred podcast provider like iTunes, Stitcher, or Spotify. And if you've liked what you've heard and you're ready to start a real conversation with a financial advisor, visit Oakmont, today.

David Hicks:                        24:42                     Ryan, good show.

D. Ryan Gilmore:              24:43                     Hey, great show.

David Hicks:                        24:44                     So let's talk about these different types of financial advisors. You know, in this digital world that we live in, there's so many more opportunities for people to find investment options. That is, that could be a great solution for them, but they don't have to actually go walk into a, you know, a financial advisor's office.

D. Ryan Gilmore:              25:02                     And yet this is kind of a complex thing and people can kind of get overwhelmed if they're thinking about all of the myriad of choices, all the advertisements that are coming at them left and right. So let's, let's break this down and maybe, you know, three different categories.

David Hicks:                        25:14                     I think that's a good idea. The first would be kind of where we fall into at Oakmont. Then you and I as just a human advisor. We are humans. We're not a robot.

D. Ryan Gilmore:              25:21                     Not humid advisers.

David Hicks:                        25:23                     That's right. We are humans, human advisors. I mean advisors. But we do use, you know, the technology that's available and we do use a lot of digital components to help get our clients to where they need to be. And all that's all good, but it's integrated with the human aspect that we bring. You know, human advisors will typically be more holistic or they should be more holistic in general. So that just means they're going to give you advice with regards to income, cashflow, budgeting, estate planning, and investing, not just here's your investment portfolio and that's it. So it's more holistic in general. Typical fees for a human advisor, kind of like we talked about in the podcast was average is about 1%. So you're going to be maybe a charged more, so you're going to but you also going to get more for it or you should be getting more for it. And that's why you're going to have more that holistic advice and you'll be paying a little bit more for it. But in the long run that's going to help you hopefully save more of your money, help you reach your goals more quickly and be more efficient from like a tax planning standpoint.

D. Ryan Gilmore:              26:21                     Well, and like the 1% thing that's, these had been compressed more and more and more and that's a good thing for the, the end consumer. But it's also important to note that, you know, as you, as you get a little closer to the middle of the country, those fees may be a little bit less. As you get closer out to the coast, obviously things get more expensive with almost anything.

David Hicks:                        26:39                     I'd say here in Albuquerque, the average fee that we see when people come in is one and a half percent. Yeah. So maybe a little higher than what it should be. Right? but you really should be looking for some run around 1% or so. Having a human advisor is best for those people who want to actually see somebody in person. They want to eyeball you, sit across the table, have these discussions, have that relationship. And that's really who we work best with. For those that know that, Hey, look, I can't do this. I why I need someone to help me and guide me, educate me with all these different areas of, of my financial life. But I actually want to be a part of that. So I don't want to just, you know, not be a part of that equation. I want to be having an active role in that. And so I want to see someone, I want to talk through this and I feel better about about that relationship that my money, when I have someone I can view, Hey, what's happening with this? What are we going to do with this? Tell me about this. So that's nice for those individuals who want that type of relationship. It's also good for people, human advisors, good for people who have complex circumstances. And maybe the higher the net worth that you have, the, the older you get, the more assets you have, the more important it is to have that, that holistic maybe human advisor help guide you through the complexities of retirement.

D. Ryan Gilmore:              27:50                     But when you talk about complexities, right? Retirement is complex. It's component of scent. So, so that doesn't mean that, you know, if you have $250,000 in your 401k and you're getting close for time and that's the only really real account that you have, that doesn't mean that you have a simple scenario, right? You're going from this accumulation phase where most likely, most likely you have not thought about your budget in a very long time and what impacted that budget's going to have on your overall retirement success. But you know, it is really important to note that retirement's complex. And so, so having a human who can help walk you through retirement is probably well worth the money. 100%.

David Hicks:                        28:31                     And the next one's RoboAdvisor. And this is, you know, in the past, what, five, seven years or so, the robo advisor, you just hear it on the radio more, you hear it on a, on CNBC more so you, internet ads pop up all the time. So a robo advisers are great for those people who just really want a fully automated online experience. So they are comfortable with technology. They don't want to meet with someone face to face. They want to be efficient with their time and their money. Because typical fees for robo advisors are a lot lower than like a human advisor cause it's all digital. So you'd be you know, expecting to pay anywhere from 25 basis points, which is a quarter percent, maybe up to a half percent, some good examples of a roboadvisors, Uh you know, they're great at giving a sound, Nobel prize winning portfolio construction and a low cost. So as well front as well. That's But they're only going to give you investment advice only. So you're not going to get the holistic financial advice like a human advisor would give you, but you're going to have a more efficient fee structure. And if your only need is to get a efficient portfolio, you don't want to manage it. You want to have someone rebalance it, you want to have some tax you just wanna kind of set it and forget it. Roboadvisor may be a good solution for you. And it may be, you know, depending on the time frame of where you're at, you may be a little bit younger and that may be all that you need at this point until your financial life becomes more complex.

D. Ryan Gilmore:              29:56                     You know, you talked about investment advice only we go to betterment or Wealthfront or one of those, those robo advisors, they're not going to say, Oh, Hey David here's a hot tip on Acme explosives and, you know, good luck with, you know, it's, it's, they're going to give you a good probably risk tolerance assessment and help you get correctly allocated from a risk perspective into some suitable type portfolio for you.

David Hicks:                        30:23                     Yeah, it's going to be efficient. It's going to be you know, risk averse. It's going to be appropriate for your investment piece of your, of your plan. And this might be better for people who maybe are in their twenties and thirties more so than people who are in their fifties or sixties. The final is kind of like a hybrid between the two is a digital advisor. And a good example of a of a digital advisor is Vanguard. Vanguard has a client services group, but they have the ability to provide you different levels of service based on your assets under management. So you could potentially get holistic advice that incorporates full planning rather than just investment advice only. You're going to pay a little bit more for this typical fee for this, maybe lower than that 1%. So maybe like 99 tenths of a percent. So, but again, you're going to be paying a little bit more because you're getting more advice for him. It just may be digital. So this may be a best fit for someone who wants mostly an automated digital experience, but then have the ability to speak to an advisor, either online chat or by phone if needed, which gives them some comfort knowing that there's actually someone behind the machine that's helping them guide their decision making process.

D. Ryan Gilmore:              31:31                     When there's some of these advisors out there that they give you some, some good free financial planning software, but you have to have a certain level of assets to actually be able to utilize some of their, their actual, you know, advisor type services. So that's important to, to point out because some of the advertisements are sold in a way that it seems like, Oh man, I can, I can take this portfolio. I don't have a lot of money. I can go take this portfolio and be able to build this good financial plan. But at the end of the day, it's not going to be exactly what you thought and you're not going to get the advice that you thought you were going to get because you don't have necessarily the assets that that company requires.

David Hicks:                        32:07                     Right? And so if you're looking for a financial advisor and you're just don't know if you want to go the digital all digital or robo experience, or you know, if a human advisor really truly is efficient, you know, this may be a good starting point for you. And we have this matrix at the show show notes on financial for you to see the differences between the fee structures and all the items that we discussed. So you can hopefully pinpoint what's best for you at this particular time of your life. Just know that, you know, as a human advisor, obviously we're biased in that sense where you know, believe that the advice that we give to our clients is going to make up for maybe that lesser fee that you would get in a robo advisor format. We have low cost portfolios as well. We are very big advocates of reducing costs and being efficient with that as much as possible. Because when you look at the math, it only makes sense at the same time, we have to make sure that we give holistic advice so that way we are incorporating distribution of your assets. Make sure it's efficient, make sure we're saving as much as we possibly can in taxes. Make sure that we're taking advantage of the current tax laws that are out there right now so that way we can prevent higher taxes disrupting your financial future by not just not doing anything by just having an investment portfolio. That's just as is, but again, it's all very much this world. Now you have so many options and so hopefully this is a good starting point for you. If you have any questions as to how we integrate digital platforms with our clients and have still that human advisor conversation and touch, I encourage you to reach out to us and ask us how we are able to really be the best of both those worlds.

Disclaimer:                          33:55                     Fee based planning and investment advisory services are offered through oakmont advisory group LLC, a registered investment advisor exposure to ideas and financial vehicles discussed should not be considered investment advice or recommendation to buy or sell any financial vehicle. Past performance is not a guarantee of future results. Investments can fluctuate and when redeemed may be worth more or less than when originally invested. Financial professionals are not licensed in all 50 States. Oakmont advisory group is not affiliated with nor endorsed by the social security administration or any government agency and does not provide legal or tax advice. Annuity guarantees rely solely on the financial strength and claims paying ability of the issuing insurance company. By contacting us, you may be provided with information about insurance and annuity products offered through oakmont insurance, LLC insurance, licensed in New Mexico.