ABOUT HOSTS

Joe Anderson
ABOUT Joseph

As CEO and President, Joe Anderson has created a unique, ambitious business model utilizing advanced service, training, sales, and marketing strategies to grow Pure Financial Advisors into the trustworthy, client-focused company it is today. Pure Financial, a Registered Investment Advisor (RIA), was ranked 15 out of 100 top ETF Power Users by RIA channel (2023), was [...]

Alan Clopine
ABOUT Alan

Alan Clopine is the Executive Chairman of Pure Financial Advisors, LLC (Pure). He has been an executive leader of the Company for over a decade, including CFO, CEO, and Chairman. Alan joined the firm in 2008, about one year after it was established. In his tenure at Pure, the firm has grown from approximately $50 [...]

Published On
September 5, 2015

In this first hour, Joe and Al discuss the Department of Labor’s fiduciary standard and the current debate surrounding the topic. What is the fiduciary standard and why should all advisors be held to this standard? Also on today’s podcast: top ways you may be putting your financial security at risk.


5:55 “As soon as the market goes down, people pull out; they get nervous, they get scared, so what does that mean? They tend to sell when the market takes a dip”

6:12 “We seem to like to sell when it’s lower and buy when it’s higher”

6:54 “It really boils down to one thing: emotions get the better of you”

9:04 “The most important investment you can absolutely make is an investment in yourself”

12:24 “Some of the most successful people in the world are able to execute on a plan, and what that execution means is that you have to have something drawn out…this is what I’m going to do if this happens”

14:04 “In the face of these unknowns, in the face of this uncertainty, what can you do that’s in your control?”

17:36 “There’s something called a long-term capital gain rate. If you own an asset outside of retirement for at least a year and sell it at a gain, you get to pay a lower tax rate, and that tax rate is 15% for most people”

21:24 “Many brokers are fuming over a proposed U.S. Department of Labor rule that would block them from selling any investment into a retirement account in return for a commission. Instead, the DOL would restrict a broker’s compensation to a fee, based on financial advisors’ hours of work or a flat percentage of the value of the retirement account”

21:50 “The goal here for the DOL is to curb an advisor’s temptation to sell products with a high commission rather than those that serve the best interest of customers saving for retirement”

24:53 “What the advisor should always be most concerned about is the client’s own interests…that’s not how most of the financial industry is”

27:11 “What they’re doing is they’re taking your money, they’re holding on to it for many, many years, and they’re basically paying you your money back [in small increments]”

27:37 “In most cases it’s going to be thirty years until you see any type of return that you could have received if you had a globally diversified portfolio at a very low cost, tax-efficient and everything else”

32:18 “Number one (on Forbes’ list of 4 ways you may be putting your financial security at risk) is not planning for unanticipated expenses, because we don’t really know when they’re going to happen”

34:30 “Another thing that puts people’s financial security at risk is not focusing on long-term planning”

36:13 “Approximately half of all workers have to retire sooner than expected”

37:51 “Another area that people are completely overlooking is taxes in retirement. When you take money out of your IRA or 401(k), it’s fully taxable”