Independent Women

The Misguided Loyalty Myth

Joe Catanzarite, CFP

02 Nov 2025 — 3 min read

Wealth Myth #12: The Misguided Loyalty Myth

Joe Robbie, the founder of the Miami Dolphins, was a savvy, successful businessman and attorney.

Yet… after his death, due to poor planning, the team and stadium that Robbie built had to be sold (at fire sales prices) to pay…

…a $43 million tax bill.

Worse than that, the plan created FAMILY CONFLICT that destroyed sibling harmony.⁹

Robbie had an average plan for someone with average wealth. The tax could have been avoided with strategic planning!

The problem wasn’t that Joe Robbie didn’t have a plan.

The problem was that he didn’t upgrade his advisors and his plan as he became wealthier.

Off The Shelf Planning

95.2% of Americans have less than $1 million in investments.¹⁰

Off-the-shelf planning, advice and products are fine for the 95.2%.

Once you have accumulated $1 million dollars or more, you need upgraded advice, which means changing advisors for many people. For some, it means coming to grips with the fact that comprehensive, integrated wealth planning is not DIY (Do-It-Yourself).

Some find the thought of changing advisors hard, even when it’s in their best interest.

Some people think, “They were there when I didn’t have much money. And I trust them.”

Trust and capability are two very different things.

Loyalty is an honorable trait. Undying loyalty is a misguided and a costly misunderstanding of loyalty.

Grab a piece of paper.

Think about how long it has taken you to accumulate your money. And how much effort and expertise it takes to preserve and protect your hard-earned wealth.

Write down the names of WHO you are protecting and preserving your wealth for.

Look at the names on the page.

Is your advisor’s name on the page?

Unless you are related to them, I’m assuming they are not.

They may be your friend. They may be nice people. They may have helped you along the way.

BUT…

You don’t owe them.

You owe it to yourself and the people on your list to gain the very best advice.

1- Are they tactical or strategic advisors?

2- Do they have the capability and skill required to serve your needs at your current level of wealth?

3- Do they have the unbiased freedom to serve your needs exclusively; in other words, are they an employee of a financial product manufacturer or investment company so that THEIR PRIMARY LOYALTY is to their employer?

“But I like them,” you say.

I’m assuming you do… or you wouldn’t stay with them.

Think about this in terms of capability: Are all NFL players the same?

Don’t tell your grandson this, but only 1.6% of college players will play professionally in the NFL. Of the 1,696 who play in the NFL each year, only 106 (6.2%) make it to the Pro Bowl.¹¹

As you know, the difference in performance, skill and results is dramatic between an average NFL player and a Pro Bowler.

Misguided loyalty to your present advisor can cost you and your family a ton. In Joe Robbie’s case, it cost $43 million… and everything he worked to create.

The biggest roadblock to upgrading your retirement lifestyle

This may shock you.

When people seek me out, I quickly try to get a sense of one thing: Are they open or closed minded?

Closed-minded people don’t want their closed-mindedness challenged.

The more closed a mind is, the more blind spots there are.

The Open-Minded Person

- Open-Minded People say, “There is no monopoly on smart ideas!”

- Open-Minded People say, “There could be a better way! Trust and verify.”

- Open-Minded People say, “Informed action is my ally. Inaction can be costly.”

Another favorite quote from Jim Rohn is, “Don’t let your learning lead to knowledge, or you’ll become a fool. Let your learning lead to action, and you can become wealthy.”

I've covered 12 Wealth Myths. Infectious to a healthy retirement, if untreated.

Every one of these is avoidable.

Socrates once said, “Knowing is not the same as doing.”

If you’d like to see exactly how much these myths may be costing you in unnecessary taxes and lost lifestyle, let me walk you through our 21-Point Retirement Lifestyle Assessment.

Nothing to buy. Just clarity for you.

It’s up to you.

Let me help you gain greater clarity.

Schedule your Retirement Confidence Conversation to uncover: