Reasons to NOT Work with a Financial Advisor

Today’s Prep:

Are there any good reasons to skip out on working with a financial advisor? We talk through some funny ones on today’s show.

(Click the featured times below to jump forward in the episode)

Equipping Points:

We often talk about why you should work with a financial advisor, but today we’re going to do something a little different and discuss the reasons you might not want to work with a financial advisor. We have a bit of fun with it on today’s episode of the Retirement Ready podcast.

You may be someone who spends a lot of time researching on the internet. If you want to put the time and effort into it, you can take the more complicated route on the internet. Are you a big fan of DIY? Some are great at it, whether it comes to renovating your home, losing weight, or financial planning. But, in many of these cases, we still end up asking for help to work through the emotional decisions. A financial advisor brings a coaching element to your financial decisions so that your emotions don’t get the best of you.

Perhaps you want to work until your final days. You love what you do and can’t imagine needing to ever retire. Working is great if you want to, but you never know what might happen to your health. It’s nice to have the option to work if you want to or to volunteer, but having the retirement savings in place gives you the flexibility to make that decision for yourself.

Do you like relying on the government for support? Sure, Social Security, Medicare, and other aid is available. But realize then that you are at their mercy. You want the ability to be self-reliant instead of dependent on the whims of the government and what funding is made available.

Maybe you don’t want to leave anything for your kids. This is always an option, and many choose to live their retirement the way they want and leave whatever’s left. If you’re going to leave something though, you want to do so correctly.

We all have the tools to invest, but remember that the value of an advisor is a relationship with someone who is going to keep you on task with your plan. This allows you to enjoy your retirement without the added stresses about money.

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

[1:03] You’ve already mastered the internet.

[3:36] You like to DIY.

[5:25] Maybe you want to work until you die.

[6:56] You want to rely on the government for support.

[9:32] You hope your kids get nothing.

Today’s Takeaway:

That’s what an advisor can help you with: keep you on task with your plan to make sure that you still make wise decisions.

-Eric Peterson

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Retirement Lifestyles

January 26, 2023

Retirement planning is so much more than simply having enough money socked away. Social activity, hobbies, skills, physical activity, and routines are all big components of your life now and likewise, should be in your retirement.

Read More

Good Intentions and Financial Advice

January 19, 2023

How can you use your money wisely? Eric answers three questions that range from short-term travel plans to long-term estate planning decisions. While it’s good to be a good steward with your money, remember what it’s really there for.

Read More

Mailbag: Should I Invest Unused Travel Funds Into Something More Practical?

January 12, 2023

How can you use your money wisely? Eric answers three questions that range from short-term travel plans to long-term estate planning decisions. While it’s good to be a good steward with your money, remember what it’s really there for.

Read More

Desire to Retire

January 5, 2023

Are you dreaming of retirement? We talk through the different levels of desire people have in regards to retirement. Some can’t wait to cross the finish line and others have no plans soon to walk away from their jobs and careers. Depending on where your desire lies, here’s what you can be doing to prepare for the future.

Read More

Retirement Lessons From Disney World

December 29, 2022

Ready to reminisce about the happiest place on earth? Or maybe you have plans to visit Mickey in the new year. On today’s show, we talk through some of the classic rides you can find at Disney World and what they have in common with your financial plan.

Read More

Naughty or Nice? Financial Advisor Behaviors

December 21, 2022

Do you think your financial advisor belongs on the naughty list or the nice list this year? Eric talks through a few scenarios that financial advisors may face to set the record straight on whether it is nice or naughty. If you come across a similar situation, hopefully, this will shed some light on reasonable expectations clients should have with their advisors.

Read More

Mailbag: Where Should I Withdraw My Retirement Funds?

December 15, 2022

In retirement, even if you’ve saved more than you’ll need, there are still a lot of questions that come up as you make wise decisions about what to do with your money. Eric answers three questions from retirees on how to best navigate what they have and how to rest easy in retirement. If ever you have a question for Eric, feel free to reach out!

Read More

Year-end Roth Conversions

December 8, 2022

As we start to close out 2022, what are the things we should be doing with our finances? Is now the time to do a Roth conversion? Depending on your situation, you may want to con-sider it before the ball drops on New Year’s Eve. Eric explains how a Roth conversion works, what the benefits are, and why you’ll want to talk to your advisor about whether you should do one right now.

Read More

Inheritance 101

December 1, 2022

An inheritance isn’t something you experience every year, so when it does happen, there are a lot of details to understand. We talk about some of the questions surrounding inheritances. Eric also shares the most common mistakes and how you can avoid them.

Read More

Mailbag: Do I Have Too Much in Cash?

November 22, 2022

When people are in retirement or closer to retirement, the accessibility of money goes up. So, what does that mean when you have to take out RMDs? How do you know if you have too much money in the bank? Talking through this with an advisor might help you make the right next steps with your money. We also talk about what mistakes people are prone to make if they try to DIY their retirement planning without a financial advisor.

Read More

Leave a Comment