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
Financial Lessons from Aesop’s Fables
Think fairy tales are just for kids? Think again. The secrets to lasting wealth may be hiding in stories you heard at bedtime.
Read More
Periodic Reviews: Tailoring Financial Advice to your Personality
Ever wondered if your financial review truly reflects who you are and what matters most to you?
Read More
Bad Investor Habits to Break Now
Today, Eric breaks down the habits that can turn good intentions into bad investing outcomes.
Read More
Your First Year of Retirement: Don’t Screw It Up
Today, Eric shares the do’s and don’ts of entering retirement and explains why the first year is one of the most critical times in your financial life.
Read More
Debunking Retirement Myths: Smarter Strategies for Your Future
Eric breaks down some of the most common misconceptions about retirement planning and reveals what it really takes to build lasting financial confidence.
Read More
Mailbag: Life Insurance, Housing Decisions & Handling Extra Income
When it comes to retirement, every financial decision counts- but some are more complicated than others. In this episode, Eric tackles listener questions about three real-life retirement scenarios.
Read More
What Golf Teaches Us About Retirement
Golf and retirement may seem worlds apart, but the lessons from the course fit perfectly into financial planning.
Read More
Famous Last Words: Retirement Phrases That Can Cost You
Retirement planning has its own version of those phrases and believing them can lead to painful consequences.
Read More
Retirement Planning Is Harder Than It Looks
Retirement planning often looks straightforward from the outside, but as Eric explains, many decisions can be harder to make than they appear. In this episode, Eric and Marc break down some of the most common challenges retirees face.
Read More
Not All Advisors Are Created Equal
The financial world is crowded with titles- advisor, broker, planner- and it isn’t always clear what those labels mean for your retirement. In this episode, Eric breaks down the critical differences between brokers and fiduciary advisors, using simple analogies to show how each approach your money in very different ways.
Read More