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:
It’s your money. I want to make sure you’re comfortable with what decisions you make for your retirement.
-Eric Peterson
Related Resources:
Retirement Planning: It’s Not As Easy As It Looks
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Planning for Kids, Grandkids, & Your Future
As many nearing retirement age are discovering, adult children and grandchildren can significantly influence financial strategies, making it crucial to understand how to navigate these relationships effectively.
Read More
Financial Planning Conversations for Couples
This episode is focused specifically on that planning we do with couples with insights on how we help them navigate tricky conversations about money and retirement.
Read More
Is Your Retirement Based on Wishful Thinking?
Many people fall into the trap of wishful thinking when it comes to what they expect will happen in retirement, but a successful retirement isn’t built on hope and assumptions.
Read More
Spending With Confidence in Retirement
Eric shares strategies to help retirees enjoy their savings while ensuring financial security.
Read More
Watch Out For These Financial Half Truths
Eric pulls back the curtain on some of the most common financial half-truths that many retirees and investors encounter. As someone gearing up for retirement,
Read More
Answering Common 401K FAQs
The 401k is the most common way that people save for retirement, which is why we get a lot of questions on the show and in the office about this employer-sponsored plan.
Read More
Mistakes People Make When Choosing An Advisor
When you’re ready to start working with a financial advisor, how do you find the right person to help you reach your financial goals?
Read More
Financial Lies We Tell Ourselves
We all tell ourselves little white lies from time to time. But when it comes to our finances, these “little lies” can have se-rious consequences.
Read More
The Stress That Comes With Retirement
Eric discusses why this phase can be so daunting and offers strategies to ease the transition.
Read More
Finding Financial Silver Linings
Throughout our lives, there will be times when the markets rise and times when we experience downturns. Largely, we don’t have control over the circumstances we’re dealt, but we do have control over how we respond to those situations.
Read More