Skip to content

Financial Advisor Green Flags

Today’s Prep:

How do you know if you’ve found the right type of financial advisor? What is most important when looking for someone to work with who will create the right types of financial strategies for where you are in life?

(Click the featured times below to jump forward in the episode)

 

Equipping Points:

We’ve all heard to look out for red flags–whether that be in relationships with a friend or partner or with a financial advisor. But what about the good things? What are “green flags” we should be looking for when it comes to working with a financial advisor?

Financial advisors work in the world of finances, but there are still specialists within the field. Eric breaks it out into two different life stages in order to find the right financial advisor.

When you are first getting into financial planning, you are more in the accumulation stage. You need more insurance, debt management, and maybe saving for college funding for your children. Maybe you have a young family to care for or maybe you are just saving for the future.

Once you hit a certain point in your financial journey, your focus shifts from accumulation more toward preservation and distribution. You want to know about income and tax reduction strategies. Your concerns change and you are thinking more about estate planning. The strategies are different, which is why you need to figure out what phase you are in to find the right financial advisor to work with. Eric and his team are best suited with clients in or near retirement.

Past finding the right type of advisor you need, what traits are important? Trust and sincerity are key to be able to build a rapport with the right advisor for you.

Listen to the full episode or click on the timestamps below to learn more about finding the green flags in a financial advisor.

[0:47] – What do you want in a financial advisor?

[1:16] – There are different types of advisors and what they do.

[1:44] – When you are younger, you are in the accumulation stage.

[2:34] – Then, you are looking at preservation and distribution and need an advisor to support you.

[3:59] – You want to be able to trust your financial advisor.

[6:13] – Sincere means “without wax” which is real.

 

Related Resources:

What Holds You Back From Breaking Up With A Financial Advisor?

7 Deadly Sins of Financial Planning

Can Financial Planning Be A DIY Job?

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Grading Your Financial Competency

July 9, 2020

How would you grade yourself on your financial competency? Are you at the top of the class or falling behind? Find out on this episode.

Read More

Mailbag: When Should I Take Social Security?

July 2, 2020

Are you wondering how much longer you really have to wait before claiming Social Security? Or are you looking to find the perfect financial advisor but haven’t found them yet? Eric answers three questions from the mailbag in this week’s podcast.

Read More

Financial Lessons Learned from the Farm

June 25, 2020

Whether you are growing some backyard tomatoes or have 100 acres of farmland, what are some financial lessons to be learned? You don’t need a green thumb to understand these financial principles.

Read More

Financial Truth Bombs

June 18, 2020

Need someone to tell it to you straight? On today’s episode, Eric gives four financial truth bombs that might change the way you think about your financial plan and your portfolio.

Read More

Outdated Financial Rules

June 11, 2020

What financial rules are worth following and which ones need an update? On this episode, we discuss several known financial rules to see which ones are dated and which ones stand the test of time.

Read More

How To Mess Up Your Retirement Plans

June 4, 2020

How can you know your retirement plans are what they should be? What thoughts and assumptions can ruin your retirement? One thing’s for sure–you don’t want to mess it up!

Read More

The Customer Ain’t Always Right In Financial Planning

May 28, 2020

When you see a financial advisor, do you want them to always tell you “you’re right” or do you want someone to coach your through your financial plan? Let’s talk about when the customer isn’t always right when it comes to financial planning.

Read More

What To Do With Unexpected Extra Cash & Other Mailbag Questions

May 21, 2020

While many are hitting hard times financially, maybe you are among the few who are doing well and trying to make the most of it like Grace in Ames. Eric gives some advice on what to do with extra cash as well as answering two other questions from the mailbag.

Read More

Coronavirus Update and a Look at Interest Rates

May 14, 2020

When you retire, it’s important to set up several sources of income, particularly predictable income. What are some forms of reliable income and what streams of income are more vulnerable? We’ll explore the options and help you determine if they might work for you.

Read More

Finding Predictable Income Sources in Retirement

May 7, 2020

When you retire, it’s important to set up several sources of income, particularly predictable income. What are some forms of reliable income and what streams of income are more vulnerable? We’ll explore the options and help you determine if they might work for you.

Read More

Leave a Comment