Watch Out For These Red Flags When Working With A Financial Advisor

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?

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

 

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:

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

What Goes Into a Customized Financial Plan?

October 15, 2020

Why should you have a customized financial plan? What do you need to consider and what goals help you build an outline for your plan? Join us as we talk about what goes into the process of setting someone up for a secure future.

Read More

Things That Don’t Matter…Until They Do

October 8, 2020

Certain financial documents might seem like they can be put off for now. But when you need them, it’s important to be prepared ahead of time! Do you have all of these things in place?

Read More

Uncommon Sense in Financial Planning

October 1, 2020

When common sense isn’t followed, what does that look like? What common sense should we adhere to when it comes to financial planning?

Read More

Visiting the Financial Doctor

September 24, 2020

We’ve all been to the doctor at some point, so how is it like working with a financial advisor? We compare the similarities on today’s podcast!

Read More

Mailbag: Should I Withdraw from an Old Annuity?

September 17, 2020

When is a good time to withdraw from an annuity and what should you know ahead of time? Eric answers this and two other questions from the mailbag in this week’s podcast.

Read More

Heard It Through The Grapevine?

September 10, 2020

From million-dollar retirement benchmarks to presidential election fears or predictions, have you heard these through the grapevine? Eric shares what he thinks about these three financial rumors.

Read More

Is This Retirement Fact or Fiction?

September 3, 2020

Ever hear something and think, could that be true? Some of these financial concepts are fact and some are fiction–do you know which is which?

Read More

Are You Flirting with Financial Disaster?

August 27, 2020

You might feel great about where you stand financially but there’s a chance you could be flirting with disaster. We’ll tell you about three key areas where people make mistakes in their planning that can end up causing major financial problems in retirement.

Read More

How To Pack Your Financial Suitcase

August 20, 2020

When you go on a trip, a lot of times it helps to refer to a packing list to make sure you have everything. When putting together a financial plan, do you have everything in order? Let’s talk about what you need to put into your financial suitcase.

Read More

What Is Your Retirement Mindset?

August 13, 2020

When it comes to retirement, where are you at? If you’re getting closer to retirement, it may help to understand your current mindset in order to know how best to proceed.

Read More

Leave a Comment