Podcast Summary: Jill on Money with Jill Schlesinger

Episode: Expanding What’s Possible With Money
Date: October 3, 2025
Host: Jill Schlesinger, CFP®
Guest: Jana Davis, CFP®, Partner, Abacus Wealth Partners

Episode Overview

This episode focuses on demystifying the financial advice industry, highlighting the value of comprehensive financial planning over mere investment management. Host Jill Schlesinger welcomes certified financial planner Jana Davis—a former news producer turned advisor—to discuss what consumers should truly expect from their financial advisors and how “expanding what’s possible with money” means much more than just growing investments. Together, they explore fiduciary duty, pitfalls of DIY approaches, the emotional aspects of money decisions, and how to find the right advisor for one’s needs.

Key Discussion Points & Insights

1. From Newsroom to Financial Planning (04:06–05:07)

• Jana Davis’ Journey:
  • Started as an ABC News producer; left to find more fulfillment.
  • Personal experience seeking financial advice (for buying a house) exposed her to commission-based sales instead of authentic advice.
  • Transitioned to fee-only financial planning to make a difference.
  • Quote: “Giving people a peace of mind is my whole goal in life.” — Jana Davis [05:03]

2. Defining Fee-Only and Fiduciary Advice (05:21–06:03)

• Fee-Only Explained:
  • Advisors are compensated solely by client fees, not product commissions.
  • The advice remains unbiased, aligned with clients’ best interests.
  • Quote: “If I suggest you get life insurance, it’s because I really think you need it, but I don’t sell it.” — Jana Davis [05:30]
• Fiduciary Responsibility:
  • A fiduciary must always put client interests ahead of their own or their firm’s.

3. Asset Management vs. Holistic Planning (06:10–08:25)

• Jana distinguishes routine investment management from true financial planning.
• Investment management should serve a broader, personal game plan.
• Quote: “Asset management is a means to an end to this thing called financial planning.” — Jill Schlesinger [07:25]
• Both agree: If you’re only receiving investment management for your fee, you’re missing crucial value.
• Memorable Moment: Jana jokes, “Then leave,” about advisors who only manage money [08:18].

4. The True Power of Financial Planning (08:47–10:38)

• Purpose-Driven Advice:
  • Money management needs context and explicit goals.
  • Advisors add the most value by listening and crafting adaptable plans.
  • Quote: “Money needs a purpose before I know how to invest it for you.” — Jana Davis [08:36]
• Jill’s Reflection: Many financial milestones stem from good planning, not superior investments or market timing.

5. When to Move On from an Advisor (10:38–11:35)

• Key Question to Consider:
  • “What about your money keeps you up at night?” — Jana Davis [10:38]
  • If you can’t sleep over your finances, reconsider your advisor relationship.

6. DIY Investing: Pitfalls and Realistic Self-Assessment (11:35–14:10)

• Jana has evolved from advocating hourly, DIY advice to recognizing its limitations.
• Quote: “We are terrible, naturally, at investing. When the markets go down, we want out. When they’re up, we want to buy in more.” — Jana Davis [12:35]
• Life is dynamic, tax laws change, and so should your planning—DIY often misses critical, ongoing analysis.

7. “Work Optional” and the Emotional Side of Planning (15:37–19:41)

• Not Retirement, but “Work Optional”:
  • Jana reframes retirement as “work optional life,” helping clients transition from earning a paycheck to funding life from their savings.
  • Quote: “Congratulations, you’re hired. I will be sending you your paycheck. Now go have fun.” — Jana Davis [17:35]
• Emotional and Behavioral Aspects:
  • Emotions and past money stories impact financial decisions for everyone, regardless of wealth.
  • Advisors function part-therapist, part-planner.
  • Quote: “You have an issue with money because you’re either an overspender, an over saver, you have a scarcity mindset, or you’re one of those rock stars that thinks it’ll all just work out in the end.” — Jana Davis [19:09]
• Jill compares effective financial advice to therapy: the advisor’s job is to uncover what truly matters to the client.

8. What Makes a Good Planner (& What Clients Should Ask) (22:53–25:48)

• Investment strategy is crucial but should never overshadow planning.

  • Continuous rebalancing, tax-loss harvesting, and efficient portfolios are important “behind-the-scenes” work.

• Questions to Ask Prospective Advisors:

  1. Are you a fiduciary?
  2. How are you paid?
  3. What does planning work look like with you?
     • “Ask your advisor... What looks like a success?” — Jana Davis [24:51]

• Abacus’ Philosophy:

  • Focus on impact investing, philanthropy, and generational planning.
  • Not focused solely on beating benchmarks like the S&P 500.

Notable Quotes & Memorable Moments

• Jill (about investment management-only advisors):
  “If they just manage your money and aren’t talking about planning, that’s not enough.” [08:25]

• Jana (about emotional side of advice):
  “They don’t teach you the therapy side of it in CFP school.” [21:12]

• Jana, on why ongoing planning matters:
  “Life doesn’t happen in a linear fashion.” [13:04]

Important Timestamps

• Jana’s background and move to financial planning: 03:24–05:07
• Explanation of ‘fee-only’ and ‘fiduciary’: 05:21–06:03
• Why asset management is not enough: 06:10–08:25
• Key question: ‘What about your money keeps you up at night?’: 10:38–10:40
• DIY investing pitfalls: 11:35–14:10
• Work optional concept and behavioral finance: 15:37–19:47
• Advisor selection: What to ask: 23:43–25:48

Final Thoughts

This episode encourages listeners to look beyond surface-level investment advice and seek planners who provide holistic, purposeful, and empathetic guidance. Jill and Jana agree: money management is best when it’s personal and continuous, and finding the right advisor is as much about chemistry and values as it is about credentials and performance.

If you find yourself questioning the value you’re receiving from your advisor, revisit the questions and concepts discussed here, and don’t hesitate to advocate for the planning and guidance you deserve.