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?

 

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?

 

Today’s Takeaway:

[spp-tweet tweet= “When you’re looking at preservation and distribution, you’re looking at income planning, tax reduction strategies. You don’t want to take on the same amount of risk as when you were accumulating.  –Eric Peterson“]

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

Financial Wisdom from Mark Twain

June 13, 2024

In the latest episode of the Retirement Ready Podcast, Eric invites us to explore the timeless wisdom of Mark Twain and how it applies to modern financial planning. Mark Twain, known for his wit and keen observations, offers quotes that are surprisingly relevant to today’s financial landscape. Eric takes these quotes and translates them into practical advice for those planning their retirement.

Read More

Understanding Bonds in Today’s Market

June 6, 2024

Are bonds really the safe investment we’ve always been told they are? What percentage of assets should a retiree or pre-retiree hold in bonds? In today’s episode, Eric addresses some of his most frequently asked questions about the world of bonds…

Read More

Understanding Your Financial Statements

May 30, 2024

Financial statements can often feel like a foreign language, filled with jargon and numbers that seem to have little relevance to your everyday life. However, understanding these documents is crucial for effective retirement planning. In the latest episode of the Retirement Ready Podcast, Eric breaks down the essentials of reading and interpreting your financial statements.

Read More

From Graduation to Retirement

May 23, 2024

This one goes to the grads! Whether you know someone graduating high school, college, or even preschool, graduation marks a new stage and season in life. Similarly, retirement is a new chapter in life. It’s a time of change, celebration, and sometimes, uncertainty. On today’s show, we talk through the similarities between leaving school and entering retirement.

Read More

401(k) Mistakes

May 16, 2024

Your 401(k) likely plays a major role in your retirement savings. That’s why it’s important that it’s set up and functions in the way that’s most beneficial to you. Following our last podcast about beneficiary mistakes, now we focus on common mistakes people make with their 401(k).

Read More

Beneficiary Mistakes

May 9, 2024

In this episode of the Retirement Ready Podcast, Eric guides us through the critical yet often overlooked details of beneficiary designations. Learn the simple yet vital steps to prevent beneficiary blunders that could lead to unnecessary headaches for your heirs. Eric calls these errors “low hanging fruit” because they’re easy to fix yet can save your family from future heartache.

Read More

How Emotions Can Impact Your Retirement Plan

May 2, 2024

Dive into the world of financial emotions in this episode with Eric Peterson. Discover how greed, fear, hope, and pride can make or break your investment strategy. Eric unravels the complexities of managing emotions to ensure a secure and enjoyable retirement.

Read More

Retirement Planning Statistics

April 25, 2024

Retirement is closer than you think, but are you ready? With a staggering number of people lacking confidence in their retirement savings, Eric shares the misconceptions people have and what mistakes can derail someone’s financial future. Many people feel inadequate when it comes to what they have saved in their nest egg, uninformed about the pitfalls of target date funds, and unprepared about the reality of leaving the workforce earlier than expected.

Read More

Mailbag: Should I Fire My Broker?

April 18, 2024

Navigating life’s financial crossroads can be tricky, especially when it involves your financial future. In this episode of Retirement Ready, Eric addresses these complex issues head-on. How do you best evaluate your broker and your investment performance against the S&P 500? Eric says a lot of that comes down to setting expectations and understanding the risks. Then, Holly wants to know what to consider before making a midlife career change.

Read More

Putting It Off

April 11, 2024

We are all guilty of procrastinating from time to time. Financially speaking, though, this can get you into a lot of trouble. Let’s talk about the areas where it might feel better to kick the can down the road.

Read More

Leave a Comment