ABOUT THE GUESTS

Paul Merriman
ABOUT Paul

Paul Merriman is a nationally recognized authority on mutual funds, index investing and asset allocation. He founded a Seattle-based investment advisory firm in 1983, but is now retired and devoted to educating investors, through weekly articles on Marketwatch.com. In 2013 Merriman created The Merriman Financial Education Foundation, dedicated to providing comprehensive financial education to investors, [...]

ABOUT HOSTS

Joe Anderson
ABOUT Joseph

As President of Pure Financial Advisors, Joe Anderson has led the company to achieve over $2 billion in assets under management and has grown their client base to over 2,160 in just ten years of the firm opening. When Joe began working with Pure Financial in 2008, they had almost no clients, negative revenue and no [...]

Alan Clopine
ABOUT Alan

Alan Clopine is the CEO & CFO of Pure Financial Advisors. He currently leads Pure Financial Advisors along with Michael Fenison and Joe Anderson. Alan joined the firm about one year after it was established. At that time the company had less than 100 clients and approximately $50 million of assets under management. As of [...]

Published On
April 25, 2015

Joe and Al discuss new fiduciary standards from the DoD. Paul Merriman later joins in to discuss his series of articles about investment performance, sharing his latest investment strategies based on new research covering asset classes, active vs. passive investing, rebalancing, expenses and more. Merriman will be speaking at a AAII workshop in May, see details below.

Read more about the new fiduciary duty in this week’s blog post.


AAII Workshop with Paul Merriman

Join nationally recognized expert on personal finance, Paul Merriman, and AAII for a three-hour workshop on Thursday, May 7 at 6 p.m. This world-class seminar is based on new research covering asset class selection, asset allocation, distribution and how to avoid investment mistakes that pre-retired and retired investors alike commonly make. Learn more


Transcription

1:25 “The suitability standard is common in the financial industry. What that means is that they can sell products to you as long as it’s suitable.”

2:00 “There could be a product out there that might make the broker a 5% commission. There could be another product that’s very similar, but there’s no commission at all. So you have to take a look at some things, some conflicts of interest…”

2:26 “Sometimes a broker-dealer might sell you a product because the commission, but it’s fine to them because it’s ‘suitable.’

2:40 “When it comes to retirement accounts, they’re pushing more fiduciary standards…”

5:02 “Anytime you’re looking to get engaged with a financial professional, there as some questions that you want to ask. How are you compensated? Are you a fee-only advisor? Do you accept commisions? Are those commissions disclosed? Do you have any credentials?…”

22:14 “If he’s putting a lot of money in an annuity, outside of his retirement account, a lot of that money grows tax-deferred. But he can purchase individual stocks…”

23:19 “A lot of you want to retire at 65, the reality is the average age is 62 right now. If you retire at 62 there’s a pretty good change you’re going to need your retirement dollars for 25-30 years.”

26:39 “Maybe we want to add a little income to our tax returns by doing Roth conversions”

27:09 “What you really need to be doing now is figuring out your tax bracket…”

Paul Merriman’s Interview Begins

29:00 “Paul is an icon and one of the best in the business, working harder than ever as he’s retired giving information and education out there”

33:26 “That’s where things get so blurred. Alright well here yes, I’m a fiduciary sometimes and then I also sell product other times and the client doesn’t know when they switch hats on them”

36:03 “I think the first question is, under that conditions do you receive commissions for any of the work that you do and I would like that in writing.”

37:00 [Paul] “I have a three hour presentation I’m doing. I’m doing it for the local chapter of the American Association of Individual Investors. May 7 from 6:30-9:30 p.m…. I’m going to show everybody how they can double their income in retirement.”