BiggerPockets Money Podcast 41: How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle Mast

by | BiggerPockets.com

This episode does not constitute legal or financial advice. We recommend you seek the counsel of an attorney or CFP familiar with your specific situation to ensure you make the best decisions within your finances.

You’re on the path to financial independence—but you’re not sure what to do with your money. Index funds sound great, but your total financial situation doesn’t end with index funds.

Today we sit down with Kyle Mast, a Certified Financial Planner. Kyle LOVES his job as a CFP, but there aren’t enough hours in the day for him to help every single person. He gives advice on how to find a GREAT CFP, shares exactly what a CFP is, how they get paid, and how they can help almost anyone make their money work even harder for them.

This is an episode you’re going to have to listen to more than once, because the advice that Kyle gives will blow you away.

This episode truly is for anyone who has money—and wants to have more.

Click here to listen on iTunes.

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In This Episode We Cover:

  • The perfect time to begin looking for a financial planner or advisor
  • How much a financial planner costs per hour
  • What a CFP does and does not do
  • Tips for working with other professionals
  • Fee-only vs. commission-based advisors
  • Kyle’s experience working with someone on a journey to FI
  • Common things he finds in people’s information
  • What people don’t consider when financial planning
  • His tips for life insurance
  • The concept of harvesting capital gains and losses
  • Ways to reduce taxable income
  • What a recency bias means
  • The function of bonds
  • The importance of knowing your risk tolerance
  • How hard estate planning is
  • How a stepped-up basis can save your children
  • And SO much more!

Links from the Show

Books Mentioned in this Show

Tweetable Topics:

  • “The risk of not knowing what you don’t know is what you’re giving up.” (Tweet This!)
  • “Time really heals a lot of things.” (Tweet This!)
  • “Don’t let the accounting tail wag the biggest business dog.” (Tweet This!)
  • “The savings rate is the silver bullet.” (Tweet This!)

Connect with Kyle

About Author

The BiggerPockets Money Podcast is for anyone who has money… or want to have more! Join BiggerPockets Community Manager Mindy Jensen and Director of Operations Scott Trench weekly for the BiggerPockets Money Podcast!
Each week, financial experts Mindy and Scott interview unique and powerful thought leaders about how to earn more, keep more, spend smarter, and grow your wealth.
You’ll get tips for getting your financial house in order and actionable advice from guests who have been in your shoes – and found their way out.

1 Comment

  1. kenneth chen

    Oh my goodness Guys, Mindy, Scott and Kyle, and Randon, Thank you so very much. I love Mondays because it is when the newest Money Show is released every week. Even on Columbus Day. This show, totally blew my mind, more than the usual. I have already been on XY planning and hope to research and find my very first fee based, CFP asap, utilizing Nerdwallets’ guide. I am compelled to comment as I have written maybe one or two letters, total, to my kids, who are much older, at 15 and 13 years of age. The past 6 months, since discovering Biggerpockets and self educating on the topics of real estate and FI, I’ve said a couple times to my kids, ‘if I die tomorrow, read ‘Set for LIfe, Rich Dad Poor Dad’ and basically every other book I’ve read since April and do what they say. I’ve often thought, I should write more letters to each child, but never thought of doing it online and on a regular basis, and of an educational nature.

    Letters to Randon, is inspiring and touching, and a great guide of important financial and worldly content, and its format is truly genius.

    Thank You for the best podcast ever. Here’s to smart handling of money and even better, an inspiration for brilliant parenting.

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