"We want your money here. We just happen to call it 'planning'."

Updated: Oct 15, 2020

A few years ago, I was with a large credit union as a junior financial advisor. At the time, we did financial seminars in our credit union branches. There was one particular seminar when the senior advisor was introducing our guest speaker and he said:

"We want your money here."

There's nothing inherently wrong with saying that, right? That's simply saying that we want to earn your business. That's a sign of ambition and that we want to welcome your business. However, the deeper I've gotten into the principles behind "traditional" planning... the more I have come to realize that many aspects of "traditional" planning don't necessarily serve client's best interests... but the best interests of: banks, financial institutions, Wall Street, and especially the Internal Revenue Service (IRS).

Behind every piece of advice you hear, ask yourself: "Who does this advice BEST serve? Is it best for me? Or is it best for the ultimate institution? Could it be both?"

Let's look at some traditional advice.