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)
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.
Check out some other recent episodes
Asking questions is always a good thing. The more you ask, the more you understand. But sometimes you don’t get the answer you need until you ask the right question. These four common financial questions are a bit better when they are rephrased and reconsidered.Read More
Do you know the difference between a financial myth and financial reality? When you make a plan for your future, you want to make sure it is based on what’s true. We’ll talk through four ideas to discover whether they are myths and real.Read More
What do you do when…? Eric answers three pressing questions from the mailbag in today’s podcast. Whether you are being thrust into an early retirement or are considering delaying retirement due to debt, financial advice from an advisor will set you in the right direction.Read More
Inside of a mutual funds, the actions of others can impact you. If a lot of people are trying to sell that mutual fund, the manager has to sell some stuff to meet the redemptions and that can negatively impact you.Read More
Some may think that retiring early is just a dream, but can you turn this dream into a reality? In this episode, Eric talks about the ins and outs of taking an early retirement. Find out when you can retire and whether you will actually want to stay retired.Read More
As you near the final months or years before taking the plunge into retirement, there are always a few details to work out and questions to ask. Eric answers a few questions from the mailbag about pensions, paying taxes in retirement, and deciding when to walk away from a retention bonus and just retire already.Read More
Some things are just out of your hands. In retirement planning there are a lot of things completely out of your control, but if you re-frame your thinking, there is actually something you can do about them. Eric talks through these four areas where you have an opportunity to prepare for the unpredictable.Read More