December 14, 2021

The Secret World of Financial Advisors - How Much They Make, How Their Bonuses Are Structured and More with Henry Yoshida, CEO of Rocket Dollar

34 minutes

"I'm actually very surprised the structure and amounts of financial advisor bonuses have never been outed broadly in the mainstream in the last 10-20 years." Henry Yoshida

"When you look at the marketplace here, there's about $14 trillion in IRAs, $33 trillion overall in retirement accounts in the US." Henry Yoshida

Why are financial advisors more likely to quit on a Friday before a 3-day holiday week?

How much do finanical advisors at the top tier wirehouses actually make? How are their bonuses calculated?

With decades of financial advisor experience under his belt, Henry Yoshida outs the secrets of the world of financial advisors on The RazReport. How they plan their moves from one wirehouse to another, how they manage and grow their customer base, and how they monetize their network.

"Just so you know, when you start at McDonalds and you're 16, you don't even start on the burgers, you start by cleaning the kitchen. You don't actually cook any food. That's a promotion." Henry Yoshida

"People introduce me as a FinTech entrepreneur. I think of myself probably much longer as a financial advisor" Henry Yoshida

Tune in to listen to the world of financial advisors, lucrative profit margins and the war of AUMs (assests under management).

Episode Summary:

On this episode of The Raz Report, Jason Raznick speaks with Henry Yoshida, Co-Founder and CEO of Rocket Dollar. Before Rocket Dollar, Henry was the founder of venture capital-backed robo-advisor fintech platform, Honest Dollar which was later acquired by Goldman Sachs.

Yoshida started out his career as as an intern under Bill Clinton one term after the "most famous intern in history." Eager to learn to the rules of money making and after his family had a bad experience with a financial advisor, Yoshida started working for BoA Merrill Lynch as a financial advisor with a focus on 401k and retirement funds.

After a decade of experience and surviving 2 financial crises, he he quit BoA Merrill Lynch and started his own investment firm, MyGroup which was then acquired by CAPTRUST.

Now at Rocket Dollar, Yoshida manages ~$0.5 billion in retirement funds with a 20 people team and helps everyone access savings to follow their dreams.

Hosts:

Jason Raznick

Twitter: https://twitter.com/jasonraznick

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