🗺️ Demystifying Financial Advice

Hey friend - new content series alert!

At Scoops, our mission is to make the financial world more transparent and accessible. We believe that everyone should feel empowered to make informed decisions about their money without feeling overwhelmed by jargon and complexity. To further this mission, we're excited to introduce a new monthly series where we interview financial professionals to give you an insider's perspective on the world of financial advice. It shouldn’t be so hard to know where to turn for guidance.

For our first installment, we spoke with Michael Schiavi, CFP®, CPFA® of Wealth Planning Resources in Massachusetts, and Scott Witt, a Fee-Only Insurance Advisor and Actuary with Witt Actuarial Services in Wisconsin. These experts share their unique insights and practical advice to help you navigate your personal finances with confidence.

Interview with Michael Schiavi, CFP®, CPFA®

Q: How did you become a financial advisor?
Michael: I always knew I wanted a role in finance; the ever-changing stock market and economy were intriguing to me. Sitting behind a desk wasn’t a fit—I wanted to connect with people. What I loved about financial planning was the ability to meet people and make an impact on their lives. I met my now partner, John Steiger, while working in an operational role at Commonwealth Financial Network. Joining John’s practice in 2018, I was able to grow into my current role as a financial advisor, and I couldn’t be happier.

Q: What’s the most common reason people hire you?
Michael: The most common reason people hire us is because we provide a personal side to financial planning. We pride ourselves on our client service and ability to connect with our clients. We are always available to answer questions, and our clients know we are just a phone call away.

Q: What is the number one thing a young professional should do this week for their personal finances?
Michael: The number one thing a young professional should do is start and build their emergency fund. Unexpected major expenses can throw a plan off faster than any other factor. You don’t want to be draining your retirement account or taking on bad debt to pay for unexpected costs.

Q: Where can our community reach you to learn more?
Michael: You can connect with me on LinkedIn or visit our website at wprplanning.com.

Interview with Scott Witt, Fee-Only Insurance Advisor and Actuary

Q: How does your work differ from a financial advisor or insurance agent?
Scott: My work is different because my perspective is different. I’m not managing money and I’m not selling any products, so my advice isn’t affected by any conflicts of interest. 100% of my income comes from the hourly or project fees paid by my clients—no kickbacks, no referral fees, and obviously no product compensation.

Q: What’s the most common reason people hire you?
Scott: Most people hire me because they want expert advice from someone who can truly look out for their best interests. People are often getting conflicting advice about what they should do, and they are looking for an independent expert to help guide them.

Q: Does everyone need insurance as part of their financial picture?
Scott: Virtually every adult that has a dependent (or might have a dependent someday) probably needs to at least consider insurance as part of their financial picture. For most people, that means term insurance in an amount sufficient to accomplish whatever financial goals they have.

Q: What kinds of insurance products should millennials consider or avoid?
Scott: Many millennials are no doubt being pitched permanent life insurance as part of their overall financial portfolio. There is a massive difference between an optimally designed policy with minimum agent compensation from a top-notch company and a regular policy with full agent compensation from an average company (or worse). The best piece of advice I can give is that not all permanent products are created equal—it definitely pays to shop around and seek out advice from someone other than a salesperson. You may find out that you don’t need or want permanent insurance after all, or you may find that it’s a great fit for your particular situation.

Q: What is the number one thing a young professional should do this week for their personal finances?
Scott: The number one thing a young professional can do is to ask themselves if they have the insurance protection they need right now. If they were to die tomorrow, would their spouse or children be financially devastated? Term is very affordable, and making sure your family is protected is not only responsible but an act of love.

Q: Where can our community reach you to learn more?
Scott: You can sign up for my newsletter at wittactuarialservices.com or connect with me on LinkedIn.

Stay tuned for more expert insights in our upcoming interviews, and as always, feel free to reach out with your questions or topics you'd like us to cover. Together, let's make the financial world a little less mysterious and a lot more accessible.

All the best,

The Scoops Team