Ep 41 | How This “Trusted” Financial Advisor F*cked Up Her Money
If you grew up trusting your parents’ financial advisor, you might assume you’re in good hands. But what if that loyalty is quietly costing you thousands?
In this episode, Priya Malani unpacks a real story of a “legacy” advisor who mismanaged a client’s trust fund for years, proof that what worked for your parents’ generation doesn’t work for today’s high earners. She breaks down how outdated investment frameworks can stall your progress, why blind trust isn’t a financial strategy, and what to look for in an advisor who actually understands your goals and lifestyle.
By the end, you’ll know exactly how to spot red flags, modernize your money strategy, and make sure your money’s growing with you, not stuck in the past.
Tune Into This Episode to Hear:
Outdated “family” advice can quietly cost you six figures.
Personalized planning isn’t a luxury, it’s the only way to grow wealth intentionally.
The right advisor builds a plan around your life, not your parents’ playbook.Blind trust is not a strategy; understanding what your want your money to do is.
Follow Priya Malani:
LinkedIn | Instagram | Youtube | Stash Wealth
Transcription
The F Word – Episode 41: How This “Trusted” Financial Advisor F_cked Up Her Money
Do you know who your financial advisor is actually working for?
Just because someone manages your family's money doesn't mean they're managing yours.
And just because someone's been around forever doesn't mean they
understand where you are or where you're trying to go, let alone help you get there.
Who the fuck am I to tell you what to do with your money?
My name is Priya Malani, currently managing millions of hard working dollars.
Enough for play.
Let's.
Talk.
Welcome to the F word smart money.
No.
Hey guys, Priya here.
Welcome back to The F Word, where I help you get your financial shit together in your 30s so you're not stuck playing catch up in your 40s.
Today I want to tell you the saddest story about a trust fund
kid.
I actually just found out about this a couple weeks ago.
It's the story of my friend's wife.
I'm gonna call her Charlotte for
the sake of the episode.
So Charlotte's parents had set her up with a trust, right?
Like a trust that was supposed to grow, but it didn't.
And it's not that there was a market crash.
It's not that she blew it all in
Birkins and every color.
It didn't grow because it was grossly mismanaged by the family's financial advisor.
Now, to be clear, this is the family advisor, someone her grandparents had hired decades ago, the guy who'd technically been managing her money for years.
The setup brings me to the real point of today's episode, which is do you know who your financial advisor is actually working for?
Just because someone manages your family's money doesn't mean they're managing yours.
And just because someone's been around forever doesn't mean they
understand where you are or where you're trying to go, let alone help you get there.
All right, so let's get into it.
So here's what happened.
My friend's wife had a Roth IRA opened for her when she was young.
Super thoughtful, right?
Her grandfather had hired a financial advisor decades ago, someone that had been tasked with opening accounts for all of the grandkids.
Great setup until a couple years ago.
While reviewing tax documents, my friend happens to catch just a glimpse of what the account holdings are in his wife's Roth IRA and he's like wait, what's going on here?
Turns out the portfolio was filled.
I'm smiling.
This is not funny.
But filled with bonds and underperforming assets for a person in their 30s.
I just want to pause here for a second and say this.
For those who don't know, a Roth
IRA is designed for long term growth.
You pay taxes upfront so your money can grow tax free and then
obviously you have access to it tax free in the future.
It is definitely not meant to be sitting in a sleepy portfolio full of conservative investments when for you retirement is decades away anyway.
They start digging over the past
two years during a bull market.
Mind you, the account barely broke even.
So why?
Because it wasn't invested for her or any of the grandkids.
It was invested for the grandparents.
And when they asked the financial advisor about it, he said something along the lines of, well we're going to need to complete an IPS.
Which basically means he didn't have one on file.
IPS stands for investment Policy
Statement.
It's like an industry requirement and it's a thing that outlines your goals, risk requirements, your time horizon, all the stuff you need to build a portfolio that actually makes sense for you.
So what happened?
Well he either used the grandparents IPS to guide the strategy or more likely he just never created one for the grandkids because from his perspective they weren't really his clients.
Although this is mind numbingly infuriating unfortunately.
I hate to say it but this kind of mistake isn't that rare.
See, the traditional wealth management industry was built to
serve one very specific kind of client.
Older wealthy people who are mostly focused on preserving their wealth and eventually planning for like withdrawal right on their retirement assets.
But they've already grown them.
That's not really the key.
Those advisors were trained accordingly.
They were not trained to talk about basic things like what do you want to do with that money, Take a sabbatical?
Start a business?
How to save while still spending
on the lifestyle you love.
What to do if your income is irregular or bonus heavy.
How to travel more, give more, enjoy more without the guilt.
Most advisors aren't bad people,
they're just giving advice through a lens that hasn't been updated in decades.
And that's the problem.
Because you are not a 65 year old about to retire.
You're in your 30s.
You're building wealth, yes, but
you're also building your life.
And if your financial plan doesn't account for that, if your investments don't reflect that, you're not actually planning.
You're just inheriting someone else's framework and hoping it works for you.
So let's just talk about what this reveals about the financial services industry, which is archaic, we know.
But I want to zoom out for a second because this isn't about 1 bad portfolio, A clueless financial advisor.
It's truly about a broken system.
Wall Street is a system where an
advisor is incentivized to gather assets, not really to understand their client in great detail.
And here's what I see all the time, hiring 30 somethings, people like you who are making great money, have solid savings,
maybe even a Roth IRA, maybe a taxable account.
They feel stuck.
They feel like they should be doing something smarter, but they don't know what.
That is when no one's helping them figure it out.
Again, most advisors don't serve people like you, not really.
They don't talk about your lifestyle.
They don't talk about your goals.
They don't model different timelines.
That's not how their business works.
It's why so many of our clients come to us saying things like, I
make good money, but I don't know if I'm doing the right things.
I feel like I'm afraid I'm leaving something on the table.
I know I'm doing fine, but it all feels kind of random.
And they're right because when you're working with someone who doesn't really know you or not working with anybody at all, it is random.
There's no plan, maybe just a portfolio.
And the big take away from my friend is that this can be the case even when your family is rich.
Rich.
So if this rings a bell, sounds remotely familiar, here's what I want you to look for when finding someone to support you financially.
And a good advisor for someone in their 30s starts with a plan,
not the portfolio.
Before they even talk about investments seriously, before they broach investing, they need
to ask you about your goals, your lifestyle, your values, your priorities, all the things.
What do you envision for yourself?
Then they customize your strategy.
This means they should be creating a plan for you.
Not your dad, not your grandfather.
Definitely not based off some generic template.
Another thing that you should really look for is someone who explains your trade-offs clearly.
If you're investing more conservatively than you should, they should show you what that means for your goals, right?
Like if it's keeping you behind,
instead of just letting you do that, they should educate you on
what you could be doing instead.
Too many people say to their advisor I don't like risk and then get stuck in a portfolio that is absolutely not suited for their goals.
OK this last one sounds kind of basic, but they should talk to you.
Not your parents, not your partner, you.
If they don't insist on having a
conversation with you, they're not advising you.
So when you're evaluating an advisor or thinking about asking
your current one better questions, make sure you're asking them things like, how do you build an investment strategy
that aligns with my actual life goals?
What kinds of conversations do you have with other clients in their 30s?
Because if their answer is vague, that tells you everything you need to know.
If this episode made you second guess the person who's managing your money or your family's good, that gut check is part of getting serious about your financial future.
The truth is, if you're not treated like a real client, your
goals are not being factored in, and no amount of blind loyalty or legacy relationships can make up for that.
That's your lost money and you deserve more than outdated advice, more than advice that was designed for your grandparents.
You deserve to know that your money is being managed in a way that aligns with your life now and in the future.
As for Charlotte, she fired her grandparents financial advisor which was really hard to do.
If you have a friend still letting their dad's guide take care of it, I really hope you send them this episode.
You might be saving them a six figure mistake and if you're not
a trust fund kid, but you're definitely ready to stop winging
it and start feeling in control.
Would love for you to like and subscribe so we can send more smart money tips your way.
Lastly, before I let you go, we've got a little tradition around here called Best Fight.
It's exactly what it sounds like.
I leave you with one incredible dish or drink.
You just have to try.
So this week I was at Hudson Clearwater in New York City and got their scallops with ver Blanc and shaved snow peas.
I got the appetizer size, but definitely should have gone for the main.
They were incredible.
So if you're in the area, West Village, definitely check it out.
We appreciate your support.
All right, thanks for listening to the F word.
See you guys next time.
Thanks for listening to the F word with Priya Milani.
If you like what you heard, hit subscribe wherever you're listening and leave us a review while you're at it.
Or approval junkies.
Don't forget you can find a ton of great resources, content, courses, and other freebies at Stash Wealth dot.
Com now for the capital F stuff our lawyers want us to say.
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Content presented.
It's for informational and educational purposes only and is not intended to make an offer or
solicitation for any specific security product, service or strategy.
Consult with a qualified investment advisor that's us before implementing any strategy
investing involves.
THE STUFF OUR LAWYERS WANT US TO SAY: Stash Wealth is a Registered Investment Advisor. Content presented is for informational and educational purposes only and is not intended to make an offer or solicitation for any specific securities product, service, or strategy. Consult with a qualified investment adviser (that's us) before implementing any strategy. Investing involves risk, including the loss of principal. Past performance does not guarantee future results. There…we said it.
