More than Just a “Nice Person”

August 11, 2022 / Eric Peterson /

Today’s Prep:

Financial advisors are people who want to get along with, but you probably want more than just a nice person. We talk through what you should expect with a fiduciary and when you should get a second opinion.

Equipping Points:

When you work with a financial professional, you may feel inclined to work with them because they are a nice person. We all tend to have loyalty to someone who we connect with, but what if they aren’t doing the job well? When is it time to get a second opinion?

Eric meets with a lot of people who are looking for a second opinion. It doesn’t end up being as painful as you think it might be. A second opinion might show you the kind of risk you’re taking with your retirement plan or point out tax liability you aren’t aware of.

Are you constantly waiting to hear back from your advisor? Maybe they are nice, but if you aren’t able to get ahold of them (unless they are selling something), maybe they aren’t the fit for you. If you work with a fiduciary, your fee includes time with them and you have access without being rushed.

You might like the person who has been giving you general financial advice. But what happens when you get to retirement age and need a specialist? Accumulation is easier whereas the distribution side is more complicated. A specialist can help you stress-test your plan and answer the tough questions.

Listen to the entire episode or skip ahead using the timestamps below.

0:47 – Working with a “nice” person?

2:06 – A lot of people ask for a second opinion.

6:08 – Is the communication lacking?

8:51 – Are you working with the right specialist?

Today’s Takeaway: