Today’s Prep:
When you are working with an advisor, you want your relationship to be built on trust and quality expertise. But how do you know if an advisor is a bad fit? What red flags should you avoid?
Equipping Points:
If you are working with a financial advisor, you want to make sure they have your best interests in mind. Not only that, but you want their experience to work to your advantage.
So what does it look like when there are red flags in an advisor? How can you tell if they aren’t working in a way that most benefits you?
In this episode of the Retirement Ready podcast, we talk about four areas that may raise a red flag when working with a financial advisor. Think about what you want your relationship with an advisor to look like. What is their background? What is their expertise? Are they listening to your goals and vision for the future? What are you really paying your advisor for?
Hopefully this list of pointers will set you in the right direction when it comes to finding the right advisor for you. Working with a fiduciary is often a good place to start.
Listen to the entire episode for more or click the timestamps below to hear particular segments.
1:22 – A long resume might sound good at first when it comes to experience, but it’s not so good if they have moved around frequently.
2:50 – Review their license and see if there are any disclosures for an advisor.
3:49 – Figure out if the advisor is limited by certain licenses or if they are more of a salesperson.
5:24 – Are they selling something to you or are they a fiduciary?
7:28 – If there is very little listening on behalf of the advisor, you might get pushed into a sales tactic.
Related Resources:
PODCAST: 3 Questions You Should Ask a Potential Advisor
PODCAST: Why Retirement Planning Ain’t What It Used to Be
Today’s Takeaway:
“You’re paying us to look at your plan, to make sure everything is taken care of, see some of the changes on the horizon and address them ahead of time–that’s what working with a fiduciary is all about. –Eric Peterson“
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