What Most Families Get Wrong About Passing Down Wealth, with Andrea Baumann Lustig

About this episode

Andrea Baumann Lustig discusses common misconceptions in legacy planning and the importance of understanding financial advisor registrations.

#725: Most people assume their financial advisor is legally required to put their interests first. That's not always true. Andrea Baumann Lustig, a wealth advisor with 30 years of experience, joins us to walk through the blind spots she sees most often in legacy planning -- the deeply held beliefs that quietly undermine people's financial futures. We start with something most people never think to ask: how is your advisor actually registered? There are three categories. Registered representatives (stockbrokers) are held to a "best interest" standard - but they don't have to disclose when they earn a higher commission for recommending a specific investment. Fiduciaries are held to a stricter standard - they must put your interests ahead of their own. And 45 percent of advisors are dually registered, meaning they can switch between those two standards depending on which account they're discussing with you. Most clients have no idea this is happening. From there, we dig into what Lustig calls the "quarterback" problem. Many people have a financial advisor, an estate planning attorney, an accountant, and an insurance agent - but those specialists never talk to each other. Without…

People in this episode

Host: Paula Pant

Guest: Andrea Baumann Lustig

Topics covered

• wealth management
• legacy planning
• financial advisors
• fiduciary duty
• investment strategies

Keywords

• financial advisor
• legacy planning
• fiduciary
• investment risk
• wealth transfer

Mentioned in this episode

Organizations: Cumulus Podcast Network

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