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The First Financial Consulting Podcast

The First Financial Consulting Podcast

Written by: Greg Welborn Scott Sommers Danny Beckwith Chad Germann John Griesinger Chris Siraganian
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Practical financial insights from the advisors at First Financial Consulting, covering the questions, decisions, and strategies that can help you make more informed choices about your financial future.2014-2026 First Financial Consulting Podcast Economics Leadership Management & Leadership Personal Finance
Episodes
  • Fiduciary vs. Broker: What’s the Difference?

    Fiduciary vs. Broker: What’s the Difference?
    Oct 9 2026
    Financial advisors and brokers can operate under different regulatory standards, compensation structures, and service models. Greg Welborn explains what investors should understand about fiduciary advice, brokerage relationships, fees, conflicts of interest, and the questions to ask before choosing a financial professional.Episode NotesWhat does it really mean when someone says they’re a fiduciary—and how is that different from working with a broker?In this episode, Greg Welborn of First Financial Consulting looks at some of the important differences between investment advisers and brokers, including how they are regulated, how they may be compensated, the types of services they provide, and the potential conflicts investors should understand before choosing an advisor.A fiduciary investment adviser has a duty of care and a duty of loyalty that apply across the advisory relationship. That means the adviser must act in the client’s best interest and cannot subordinate the client’s interests to its own.Broker-dealers operate under a different regulatory framework. When making securities recommendations to retail customers, they are subject to Regulation Best Interest, which requires them to act in the customer’s best interest and address conflicts of interest. The scope and timing of those obligations, however, differ from the fiduciary duty governing an ongoing investment-advisory relationship.Greg also discusses why compensation matters. Financial professionals can be paid in several ways, including asset-based fees, hourly or flat planning fees, commissions, or combinations of these methods. Understanding exactly where an advisor’s compensation comes from can help you identify potential incentives and conflicts before entering into a relationship.The episode also explores the distinction between fee-only and fee-based advice. Fee-only firms are compensated directly by their clients and do not receive commissions for selling financial products. Fee-based firms may receive both advisory fees and certain forms of transaction- or product-related compensation. Understanding the difference can make it easier to evaluate how an advisor is paid and where potential conflicts may exist.Beyond compensation, Greg emphasizes the importance of understanding the depth of the relationship you are actually receiving. Investment management alone is different from comprehensive financial planning that considers retirement cash flow, taxes, Social Security, Roth conversions, estate planning, liquidity, risk management, and other areas of your financial life.Cost is another factor worth evaluating. Even relatively small differences in investment expenses can compound over long periods of time, so investors should understand both the cost of the investments being recommended and the compensation being received by the professional making those recommendations.Greg also discusses risk in broader terms than simply assigning someone a label such as “moderate” or “aggressive.” A good planning process should consider how an investor may actually react during significant market declines, what level of liquidity may be necessary, and whether the investment strategy is likely to remain sustainable during difficult periods.Toward the end of the episode, Greg provides several questions investors can ask when evaluating a financial professional:In what capacity will you be working with me?Are you acting as a fiduciary throughout our advisory relationship?How exactly will you and your firm be compensated?Do you receive commissions or other third-party compensation?How do you approach investment costs and taxes?How do you define and manage investment risk?What does “comprehensive financial planning” mean at your firm?Who will actually be responsible for my relationship and financial plan?What happens if my primary advisor retires or leaves?Can I review your Form ADV, Form CRS, fee schedule, and examples of the planning work you provide?Understanding these questions can make it easier to compare firms based on more than titles or marketing language and determine what type of advisory relationship best fits your needs.Topics discussed in this episode include:Fiduciary financial advisorsInvestment advisers vs. brokersRegulation Best InterestFiduciary dutyFee-only vs. fee-based financial advisorsAdvisor commissions and compensationFinancial advisor conflicts of interestInvestment fees and expensesComprehensive financial planningTax-aware financial planningInvestment risk and liquidityQuestions to ask a financial advisorForm ADV and Form CRSChoosing the right financial advisorTimestamps00:00 — Fiduciary advisors vs. brokers02:09 — How advisor compensation can affect advice03:58 — How fee-only financial advisors are compensated05:30 — Understanding fee-based advice07:35 — Questions to ask about compensation and conflicts08:29 — Why investment costs matter10:03 — Products, taxes, and planning depth11:38 ...
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    18 mins
  • When Is the Best Time to Do a Roth Conversion?

    When Is the Best Time to Do a Roth Conversion?
    Oct 7 2026

    When is the right time to do a Roth conversion?

    It’s a question that comes up frequently, but the answer isn’t as simple as waiting for a particular tax rate or assuming that a Roth is always better than a traditional retirement account.

    In this episode, Greg Welborn of First Financial Consulting explains how to think about Roth conversions as one part of a broader retirement and tax-planning strategy.

    Greg begins by comparing the different places investors can hold their savings: Roth accounts, traditional tax-deferred retirement accounts such as IRAs and 401(k)s, and regular taxable investment accounts. The decision isn’t simply whether to use a Roth—it’s how each type of account fits into your overall financial plan.

    A Roth conversion generally involves moving assets from a traditional IRA, 401(k), or other eligible pre-tax retirement account into a Roth account. The taxable portion of the conversion is generally included in income in the year of the conversion. In exchange, future qualified withdrawals from the Roth may be tax-free.

    That creates one of the central questions in Roth conversion planning: Is it preferable to pay taxes today or potentially pay them later?

    Greg explains that comparing your current tax situation with the tax situation you expect in the future is an important part of that decision. If you expect to face significantly higher tax rates later, paying tax on a conversion today may be attractive. If you expect your future tax rate to be substantially lower, converting today may be less compelling.

    But tax rates aren’t the only consideration.

    The amount of time the assets can remain invested in the Roth can also matter. A longer investment horizon provides more opportunity for assets to compound within the Roth structure, which can increase the potential value of the tax-free treatment over time.

    The broader investment strategy matters as well. Different accounts can play different roles within a retirement plan, and decisions about what assets to hold in each account should be coordinated with your time horizon, liquidity needs, risk tolerance, future income needs, and overall tax strategy.

    Ultimately, Roth conversion planning is not a one-dimensional decision. The appropriate strategy depends on your current and projected income, future tax exposure, investment horizon, retirement income needs, and the other accounts and planning tools available to you.

    Rather than making a Roth conversion simply because tax rates appear attractive today—or avoiding one because you hope rates may fall—the decision should be based on how the conversion affects your overall financial plan over time.

    Topics discussed in this episode include:

    • What a Roth conversion is
    • Roth vs. traditional retirement accounts
    • Paying taxes now versus later
    • Current and future tax rates
    • How investment horizon affects Roth planning
    • Tax-free growth and qualified Roth withdrawals
    • Roth conversions as part of retirement planning
    • Coordinating taxable, tax-deferred, and Roth accounts
    • Why Roth conversion timing is personal
    • Lifetime tax planning

    Timestamps

    00:01 — Why Roth conversion timing matters
    00:31 — Roth, IRA, or taxable account?
    01:29 — How a Roth conversion works
    02:20 — Paying taxes now versus later
    03:41 — Why your investment horizon matters
    05:17 — Why Roth conversion decisions are personal
    05:47 — Avoiding one-size-fits-all Roth advice

    Learn more about First Financial Consulting: Best order to Withdraw Assets for Retirees

    The information discussed in this episode is intended for educational purposes only and should not be considered individualized financial, investment, tax, or legal advice. Everyone’s financial situation is different, and the strategies discussed may not be appropriate for every investor.

    First Financial Consulting is an independent, fee-only fiduciary financial advisory firm providing comprehensive financial planning and investment management services.

    Learn more about First Financial Consulting:
    https://firstfinancial.is/
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    6 mins
  • What Is High Net Worth Financial Planning?

    What Is High Net Worth Financial Planning?
    Oct 6 2026
    High net worth financial planning involves more than simply managing a larger investment portfolio.As assets grow and financial situations become more complex, decisions involving investments, taxes, estate planning, businesses, real estate, and future generations can increasingly affect one another.In this episode, Greg Welborn of First Financial Consulting explains what high net worth financial planning is, how it differs from traditional financial planning, and some of the challenges families may encounter as their wealth grows.Greg begins by discussing who may benefit from a more comprehensive wealth-planning approach. This can include families with significant investment assets, business owners, executives with equity compensation, people with concentrated stock positions or multiple real estate holdings, and families facing increasingly complex estate-planning decisions.One of the most common problems is uncoordinated advice. High net worth families often work with several professionals, including financial advisors, accountants, estate attorneys, bankers, and insurance professionals. Each may provide valuable advice within a particular specialty, but recommendations made independently can sometimes conflict with decisions being made elsewhere in the financial plan.Greg explains why high net worth planning can benefit from having someone act as a financial “quarterback”—developing the overall strategy and helping coordinate the different professionals involved so that investment, tax, estate, retirement, and family decisions are working toward the same goals.The episode then looks at two real-world planning examples.In the first case study, a couple approaching retirement had approximately $6 million in investments. Their retirement projections indicated that only part of those assets would likely be necessary to maintain their lifestyle, while the remaining assets could potentially be positioned for children and grandchildren.Rather than treating everything as one investment portfolio, Greg discusses using an investment policy statement to identify different goals, time horizons, target returns, risk levels, and liquidity needs. Assets intended to support retirement could be invested differently from assets intended for children or grandchildren decades into the future.That distinction allowed the retirement assets to emphasize liquidity and risk management while longer-term family assets could pursue different growth objectives. It also opened opportunities for coordinating investment decisions with longer-term tax and Roth planning.The second case study involves a family with investment accounts, substantial real estate holdings, and a privately owned business. In this situation, the issue wasn’t simply generating enough retirement income—it was considering how continued growth of the business and real estate could affect the family’s future estate and their ability to eventually transfer those assets to their children.Greg discusses how advanced planning strategies, including family limited partnerships and dynasty trusts, may be considered when appropriate to help address estate-planning, asset-protection, and multi-generational goals. These strategies are highly dependent on the family’s circumstances and require careful coordination with legal and tax professionals.Ultimately, high net worth financial planning is about coordinating the different pieces of a complicated financial life. Investments, retirement income, taxes, businesses, real estate, estate planning, and future generations should not be treated as completely separate decisions.Topics discussed in this episode include:What high net worth financial planning meansWhen traditional financial planning becomes wealth planningCoordinating multiple financial professionalsLifetime tax planningEstate and legacy planningInvestment policy statementsMatching investments to different financial goalsRetirement liquidity and investment riskPlanning for children and grandchildrenBusiness and real estate ownershipMulti-generational wealth planningFamily limited partnershipsDynasty trustsChoosing a financial advisorThe role of a fiduciary wealth advisorTimestamps00:00 — What is high net worth financial planning?00:50 — Common high net worth planning mistakes02:04 — Coordinating multiple financial professionals03:38 — Tax planning and high net worth families07:09 — Case study: Planning investments for multiple generations09:39 — Using an investment policy statement13:00 — Case study: Business, real estate and estate planning15:00 — Family limited partnerships and dynasty trusts16:34 — Choosing objective financial advice18:38 — When high net worth planning may be appropriateLearn more about First Financial Consulting: High-Net-Worth Financial Planning The information discussed in this episode is intended for educational purposes only and should not be considered individualized financial, investment, tax, or legal ...
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    21 mins
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