Today’s Prep:
Maybe you know you want to work with a financial advisor but don’t know how to determine which one is best for you. Where do you start? What should you look for?
Equipping Points:
How can you tell if you have a financial advisor is the right fit for you? You might start by asking how they are getting paid. Sometimes those costs are not disclosed or advisors are compensated in different ways.
Commission-based transactions used to be more common but now fee-based structures are becoming more typical. Fees can be charged for the planning that you do. Paying fees, paying commissions, is not an issue if you understand it, and you’re getting value for what you’re paying. Advisors should get paid, but you should feel confident in what you’re paying and what you’re getting out of it.
You may wonder where to go: to a big-name firm or a small local firm. Eric explains that sometimes a smaller firm is with a larger financial institution on the backend. Peterson Financial Group is with one of the largest financial institutions in the world with Fidelity. That way you get the personalized service with a tremendous amount of value.
As you work with a financial advisor, you want to be able to trust them, but you also want to ask questions. It’s your money, so you should feel confident in what’s happening with it. Remember though that it’s more than just about creating a financial income. The advisor you work with is someone who can help you create a plan. Eric has an MBA but is constantly educating himself to stay on the cutting edge in order to better serve his clients. The power is in the planning.
Listen to the entire episode or skip ahead using the timestamps below.
0:47 – How do you know when picking an advisor if it’s the right fit?
3:31 – Big name is not always better.
5:52 – Ask for clarification.
7:51 – It’s not just about the financial income.
Today’s Takeaway:
“Paying fees, paying commissions, is not an issue if you understand it, and you’re getting value for what you’re paying.“
-Eric Peterson
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Retirement Lessons Hidden in Walt Disney Quotes
Sometimes the best financial lessons come from the most unexpected places. Walt Disney built one of the most recognizable brands in history, but some of his most memorable quotes offer lessons that extend far beyond theme parks and animated characters.
Mailbag: Working Forever, Safety Nets, and Target Date Funds
A lot of people think they’ll work forever, until life changes the plan. In this special mailbag episode, Eric answers listener questions about retirement timing, backup planning, target date funds, and how to think about risk as retirement gets closer.
The Financial Impact of Losing a Spouse
Losing a spouse is one of the hardest realities anyone can face, and it can create major financial changes that you may not see coming. In this episode, Eric walks through the potential financial impact of becoming suddenly single in retirement, including Social Security changes, tax surprises, IRA rules, beneficiary updates, and income planning challenges.
Old Accounts Could Be Costing You
Today, Eric discusses why old financial accounts deserve a second look. He explains how reviewing these accounts can uncover missed opportunities, improve efficiency, and help create a more coordinated financial plan.
Good Intentions, Bad Advice: Well-Meaning Advice Can Cost You
Not all bad financial advice comes from bad sources. Sometimes it comes from the people you trust the most. Eric breaks down how well-meaning input from family, friends, professionals, and even the media can lead to the wrong decisions.
When Life Happens, Your Plan Needs to Change
Life doesn’t always go according to plan, and your finances need to be ready when things change. Eric walks through some of the biggest life events that can impact your financial future and why each one is a moment to revisit your plan. The goal isn’t to predict every twist and turn; it’s to be prepared when they happen. A solid plan gives you the flexibility to adjust without losing confidence.
Challenging What You “Know for Sure” About Retirement
Mark Twain once said, “It’s not what you don’t know that gets you into trouble, it’s what you know for sure that just ain’t so.” How can this wisdom apply to retirement planning?
Questions To Ask Your Advisor
Eric walks through the key questions that can reshape how you think about your plan and explains how the right questions can lead to better clarity, smarter decisions, and a more confident path into retirement.
How the 24/7 News Cycle Hurts Your Portfolio
In today’s 24/7 news cycle, financial headlines are designed to grab attention, not guide smart decisions. The result? Decisions driven more by noise than by strategy. In this episode, Eric explores how media influence, emotional reactions, and misunderstood risk tolerance can quietly derail a financial plan.
Why Most Of Your Financial Goals Fail
Many people talk about setting financial goals, but far fewer people know how to set the right ones, or how to turn them into something that actually works in real life. Eric walks through how to create financial goals that are both meaningful and achievable. It’s easy to aim high, but if your plan isn’t realistic, those goals often fall apart before they ever gain traction.