Today’s Hack:
Phil Putney has almost 30 years of experience in the financial industry as a CPA and personal financial specialist. On this first episode of Phil’s Tax Hacks, we’ll learn more about Phil’s approach to financial and retirement planning. Get to know Phil a little better as we set the stage for the future topics and conversations to come on the podcast.
Other Retirement Facts:
1:45 Why Do a Podcast?
- Education is an important part of Phil’s business. He tries to provide constant educational opportunities to clients.
- Today, there are a lot of decisions to make when facing retirement, so it is important to be well-informed.
2:19 What’s Behind the Comprehensive Approach?
- Phil’s background is as a CPA first but came to the financial services industry by request from clients.
- He believes in planning ahead of time for tax ramifications we might face in the future.
3:33 How Did the Firm Begin?
- The goal was always to work with clients to best position their overall tax scenario.
- He started as an independent registered representative and embraced the fiduciary standard.
- Scroll down to the bottom of the post to see a short video that helps explain suitability vs. the fiduciary standard.
- The firm aims to help clients understand the “why” behind their retirement plans.
5:07 Why Is Your Approach Different?
- Phil Putney compares it to building a house, you need to start with the plan before running to get supplies.
- Ask, what are you trying to accomplish?
- You need a custom-built plan for your retirement.
8:48 Who Is Your Ideal Client?
- Someone nearing retirement or about to take an early retirement and needs someone to help them walk through those decisions.
- Phil wants to be a resource to clients and to prepare them for the many decisions that arise during the planning process.
Suitability vs. Fiduciary: