"What we really try to do is one, stop them from over-trading," Ross says with regards to how he advises clients in constructing how their assets are managed.
He invoked an anecdote in which there was one client he came across who had performed over 14,000 transactions. The "beauty" of 401's model, he said, i that it gives advice, and ultimately clients can make their own decisions. 401 doesn't benefit if you trade more or less – it's just advice that comes monthly compared to some advisors who could meet with clients as little as once or twice.
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"I did realize there, though, when I was shown Bitcoin for the first time, I couldn’t unsee it." Despite those shortcomings, what left an indelible mark on Tyrone during his time at Merrill through 2016 was the "value" of financial planning. "That team did financial planning like I’ve never seen it to this day," Ross says.
But it's not all crypto, all the time for this financial advisor — despite the fact that he calls himself the "biggest crypto hippie you'll ever meet." While he considers traditional assets and stocks "dinosaur" bones, he adds, "if you want it (stocks), we give you exposure."
Among the assets he usually advises clients to pursue are some larger, broad market ETFs like the Vanguard S&P 500 ETF (NYSE:VOO) and a bit of emerging markets depending on age and where they are in their lives.
He says the beauty of his advice-only model is that "we’re not trying to acquire your assets" or "sell you anything" so 401 can get you into the "lowest cost ever." Ultimately, clients often know what they're going to get with Ross given his open stance on cryptocurrency and specifically Bitcoin, he says.
As Bitcoin crosses the $100,000 mark, and the crypto industry’s market value nears $4 trillion, it’s only more likely that those in the market for advisory services will require someone who speaks blockchain in its native tongue.
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Photo courtesy of 401 Financial.
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