047: Scott Jacobs - Discipline, Consistency & Correcting Bad Financial Behavior
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Scott Jacobs has been a financial advisor for twenty-eight years. He’s done this work with lots of clients who have privately held businesses, pre-IPO stock, options, and RSUs. Prior to joining EP Wealth Advisors in 2021, Scott worked for a number of the largest Wall Street firms, including UBS, Prudential and Wells Fargo. He’s been serving LGBTQ families, technology employees and small business owner clients since his days at PaineWebber in 1994. Scott loves educating the public in a way that’s down to earth and jargon-free.
Today, Scott and Jonathan discuss what the modern-day financial advisor does, the difference between an advisor and a fiduciary, questions to ask a prospective financial advisor, and best practices for correcting bad financial behaviors.
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Key Takeaways
00:58 – Jonathan introduces today’s guest, Scott Jacobs, who joins the show to share early money lessons and experiences that impacted his money story
07:16 – Scott expounds on his career trajectory
10:34 – The shift from financial products to financial planning
12:20 – The modern-day financial advisor and skills that they bring to the table today
14:37 – Needs versus wants
17:53 – Who needs a financial advisor and who does not
19:38 – Three questions to ask a prospective financial advisor
22:53 – One piece of financial advice to heed and one thing to completely ignore
29:27 – The last thing Scott changed his mind about and one thing Scott would like others to know about him
31:44 – Jonathan thanks Scott for joining the show today and lets listeners know where to connect with him
Tweetable Quotes
“My father taught me two things. One, you do not judge a man, women, they, or them by the house they are in, because it could be owned 95% by the bank. And, two, you do not judge somebody by the car that they drive because it could be a lease that’s their entire income for the month.” (03:14) (Scott)
“One of the nicest gifts our father gave me and my sister was that we came out of college with no debt. And I think that’s powerful. I meet people now that are four, five, six hundred thousand dollars of debt, which sounds like a mortgage but it’s not; it’s law school debt. He did a great job of giving us this incredible education without us having these bills.” (06:37) (Scott)
“Looking at and analyzing assisted living, and the pricing of such, and how that impacts someone’s long term financial plans. You’re bringing in strategic partners that are doing estate planning that are doing tax planning, things like Roth conversions, things that are really strategic in nature. It’s just a much more holistic, comprehensive, forensic process - the financial planning process today - than it ever has been. And, I think most importantly, we try to modify bad behavior.” (12:40) (Scott)
“There’s a very, very subtle, but not so much, difference between needs and wants. And I think we help unpack that blindspot to the average family that we serve.” (14:37) (Scott)
“I would be asking an advisor I’m meeting with, ‘How many families are you serving?’ If the answer isn’t somewhere between one hundred to two hundred, give or take, how much time do they have for you? I think that’s a big question.” (20:26) (Scott)
“I see a tremendous parallel with financial wellness and your health and wellness...most people are not financially fit and most people are not physically fit in this country because they’re not practicing basics like discipline, patience, and consistency.” (26:26) (Scott)
“A lot of times in business, or in your personal life, the hardest things to do are exactly what you’re supposed to do.” (30:11) (Scott)
Guest Resources
Mindful Money Resources
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Website: https://mindful.money
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