Episode 47

Published on:

3rd Mar 2023

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

Scott’s LinkedIn

Scott’s Advisor Page

Scott’s Email

EP Wealth Website

Mindful Money Resources

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Website: https://mindful.money

Jonathan on LinkedIn: https://www.linkedin.com/in/jonathandeyoe


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About the Podcast

Mindful Money
Do you struggle with money? You’re not alone.
Money is a means, not an end. It’s a necessity of life for sure, but more money does not always guarantee a “good life”. Money enables many aspects of modern life, but as a dominant consideration it becomes destructive. 
The paradox is that more time and energy spent on personal finance does NOT create better outcomes. Unlike many other parts of life, we can’t create better outcomes by being smarter, spending more time, or putting in more effort.
Join Mindful Money author and experienced 40-year investor Jonathan DeYoe as he shares stories from artists, authors, entrepreneurs, and other advisors about how they mindfully minimize their need to think about money and get more out of life.
If you aren’t happy with your finances, feel like money takes more time that it should, or want to place your financial decisions into the broader context of your life, this show is for you. 
Each episode will draw the line between the “enough” activities that the academics tell us are additive to family outcomes, and those “little bit more” efforts that take time and sap energy, but do NOT improve outcomes.

About your host

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Jonathan DeYoe

Jonathan DeYoe is a best-selling author, speaker, financial advisor and angel investor. He is a husband, father and a practicing Buddhist. His simple underlying message brings a welcomed sense of order to financial chaos and restores a calm center to your financial life.