41 episodes

Making the financial industry a better place one advisor and one client at a time.


About the Author

A driven Finance Educator and Entrepreneur on a mission to instill financial advisors and investors with the tools
needed to pave their way to financial stability and prosperity.

The Joe Soto Projec‪t‬ Joseph Valentino Soto

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Making the financial industry a better place one advisor and one client at a time.


About the Author

A driven Finance Educator and Entrepreneur on a mission to instill financial advisors and investors with the tools
needed to pave their way to financial stability and prosperity.

    Episode 40: My 4 Step System To Ensure Proper Diversification In Volatile Times

    Episode 40: My 4 Step System To Ensure Proper Diversification In Volatile Times

    FOR EDUCATIONAL PURPOSES ONLY  

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    For Full Post including shareable quotes and video please visit the full blog post here:

    www.joesotoproject.com/episode-40-my-4-step-system-to-ensure-proper-diversification-in-volatile-times




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    • 14 min
    WHAT IS THE RELATIONSHIP BETWEEN EGO AND MONEY?

    WHAT IS THE RELATIONSHIP BETWEEN EGO AND MONEY?

    HAVE YOU EVER EVALUATED THE RELATIONSHIP BETWEEN EGO AND MONEY?

    Joe Soto here fiduciary financial advisor and founder of the financial literacy company, the Joe Soto Project.

    My goal is to help you understand money to make better decisions for yourself and your loved ones.

    I am working in my off time on an online course to teach families the fundamentals of financial planning and improve financial literacy in society.

    In researching this reality, I found that the bulk majority of Americans live paycheck to paycheck. I ran into this realization that the ego is a primary culprit.

    I can relate. I wouldn't say I like the word ego. I wouldn't say I like the idea that I could be egotistical.

    Ego is a human condition that we all have. For me, it makes me anxious physically. When I let my ego win, I often feel remorse and regret. I become full of guilt and shame; I am not a very good husband, father, or financial advisor. Yes, the ego can impact your money. 

    Here is what I've discovered working with wealthy families for over 12 years.

    The perspective of wealth in the US stands distorted. 

    Based on my research and experience, people label wealthy individuals with a negative connotation

    The majority of the wealthy people I've encountered are incredibly open-minded and acknowledge the value of the perspective of others. (They wouldn't be sitting in front of me if they didn't)

    To change your financial situation, it helps to look at your stories of wealth.


    My clients are often people with wealth and questions. They are aware of what they don't know, and they come to me for clarity. 

    I've developed a proprietary wealth management process that helps clients gain clarity. 

    But, to gain clarity, a person must first acknowledge their mental blank spots.

    Here are some myths about investing:

    If you invest, you'll always get a great return.

    Investing is a tool for the rich.

    To get help, I need to be a multi-millionaire.

    Investing is easy.


    Here are the trends I see in the business.

    Investing is available to anyone with a phone.

    Many people call themselves a financial advisor but don't have your best interest in mind.

    The fiduciary advice space is growing but not fast enough

    There is an ongoing battle in wall street about the fiduciary standard (a fiduciary has a legal obligation to do what's I'm your best interest)


    The odds are that as you consume this message that you either don't have a financial advisor or you are working with a non-fiduciary advisor. 

    The solution is to get a second opinion. I don't charge for this service, and you may schedule a complimentary call with the link below.

    https://calendly.com/askjoesoto/45-minute-complimentary-financial-plan-strategy-session

    He is some suggestions of dos and don'ts:

    Do:

    Get a written financial plan

    Understand the difference between a broker and fiduciary

    Understand that investing is complex, and most people can't do it on their own and be successful in long-term

    Get a second opinion if you are working with a non-fiduciary advisor

    Don't:

    Don't settle for the status quo

    Don't assume a big name firm is going to save you.

    Don't let your ego close your mind to a new perspective

    Don't assume what your neighbor/friend is doing is what's best for you.


    To gain the clarity you need for you, the first thing you must do becomes willing to get a second opinion. I am eager to do a complimentary session for you at no cost.

    Use the link below, and I look forward to speaking with you soon.

    I honor you for being here and making an investment in your financial perspective.

    I look forward to connecting with you in my next message.





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    • 7 min
    What do you want?

    What do you want?

    Joe Soto here, today’s topic is what do you want? Why this is so important is because I often see people that come into my office. Most of the time, when I meet people that come into my office, it’s because they had a negative experience. And one of the first things that I talk to my clients about when I sit down with them, I take them through my financial planning process, where we create customized, financial plans for every single person.

    And then people look at me, and I get all sorts of answers.


    Quite frankly, when people come to me, some people come with a well-defined answer.


    Some people come in, and they have no idea what it is that they actually want.


    As individual investors, you need to have an understanding of what it is exactly that you want to accomplish with your money.


    A small number of the financial advisor population, less than two percent of all financial advisors are called fiduciaries.


    Financial advisors are great; you need them just like you need a doctor.


    You need to find a new financial advisor, but first, do some homework to understand what you want first.



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    • 18 min
    Can you deposit gratitude?

    Can you deposit gratitude?

    Joe Soto here! So I want to talk about the idea of gratitude. Recently, I did an 18-month outlook across the different spheres of my life. I uncovered that I don't have a problem sharing gratitude with other people. I don't have a problem telling my clients, my spouse, and my kids; “thank you guys, I appreciate you, I love you.” I recognize “I am awesome in these categories because I've done A, B, and C.”

    My coach said “if you want to climb the summit, you must stop and evaluate the things that you’ve done that are worthy of recognition.”


    For example, one of the big ones that I've done in the last couple of years is when I moved from JP Morgan over to Sun Trust. 


    And when I got there the situation was not at all what I expected, because what they wanted me to do is they want to be the compromise on some of my principles at the expense of my clients so I can get ahead. 


    When my clients said; “we got your back. If you open up your own firm, we're coming with you.” My heart was filled with so much gratitude for my clients. 


    The key lesson today is to start documenting your thoughts. I want you to write 10 things that you're grateful for about you. 


    Gratitude is an inside out job. 


    You cannot create prosperity and abundance if you 1st don't have the seed of prosperity and abundance in your heart. 


    So it starts with you. 


    If I don't appreciate things that are awesome about me, how in the world is it going to be 2nd nature for me to see gratitude in my outside world? 




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    • 19 min
    DO YOU KNOW HOW MANY ELEPHANTS ARE IN THE STOCK MARKET ROOM TODAY?

    DO YOU KNOW HOW MANY ELEPHANTS ARE IN THE STOCK MARKET ROOM TODAY?

    Joe Soto here, I recently had a discussion about the virus and everything going on right now. So for today, I want to share with you 4 things that I'm thinking about on behalf of my clients.  

    So let's get on with the topic of the day; “what am I concerned about on behalf of my clients?” 

    The 1st thing is our relationship with China!  China is intertwined in the global commerce economy of the majority of the world. If you look at what percentage of the products in the world come from China, then you’ll know it’s a special relationship. 

    The second thing is; “The US elections!” But one thing that you can know for sure is that we are going to have a ton of noise and a ton of volatility as a result of these elections.

    The third thing is “the cascading effects of covid-19.” So they keep talking about what is happening with the virus right now, as a financial planner, I'm trying to see what happened because of Covid.

    The last point; “The 18 month outlook” via a variety of mechanisms, that's going to be basically the benchmarks on a quarterly basis that I set up to navigate these waters. 

    There's noise and fear, there's also opportunity. Every time there's noise and fear, there's also opportunity. So it’s super important in this environment, that there's a set of rules and blueprints that are designed as a guidance system. 

    Tips to wrap up: 

    You must find professional help i.e. a fiduciary.

    You need a blueprint, i.e. written financial plan. 


    This is the value of having a written financial plan, because we don't want to build a plan based on scarcity mentality, but an abundant base mentality.




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    • 19 min
    Do you have a written financial plan?

    Do you have a written financial plan?

    DO YOU HAVE A WRITTEN FINANCIAL PLAN?
    Joe Soto here! I've met different types of clients, who have had both a positive and a negative experience investing. 

    What happens is when individuals need help and they go to a major firm, oftentimes they find a salesperson, and what ends ups getting bad prescription. And then come to me and say “Joe, I thought I had a conservative account and the bottom blew out, I'm confused, can you help me?” 


    So when you walk into Wall Street, do not expect Wall Street to do a diagnostic test on you to look out for your wellbeing.

    Question: “Do you currently have a written financial plan? Do you know how much risk you're taking for the return that you’re getting?”


    Think of this; “Would you hire a c.p.a. whose job was to make more money for the i.r.s?” In other to be safe:


    Demand a written financial plan- have it somewhere in your volt or your will, your state planning documents, your POA. Make sure that it's accessible for you and your family. 


    Make sure that the advisor that you’re working with a fiduciary adviser. 


    Knowledge is power, but it only converts into actual power if you take action. You have to know how to ask the right questions.


    If you follow those 2 tips that I gave you today, you will be in a position where you are going to use Wall Street and you won't allow Wall Street to use you.


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    • 16 min

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