Today’s Prep:
When you see a financial advisor, do you want them to always tell you “you’re right” or do you want someone to coach your through your financial plan? Let’s talk about when the customer isn’t always right when it comes to financial planning.
Equipping Points:
Even though you are the customer when you’re a client of a financial planner, the phrase “the customer’s always right” doesn’t always apply. Just like when you go to a doctor, you’re there to receive expert advice and guidance.
There are times when an advisor needs to give feedback. An advisor might ask you, “Why are you in the market?” That’s where some of the planning comes into play. The reason you turn to an advisor is for the plan and coaching, not for the transaction of moving an investment from one place to another.
When experiencing market volatility, you might think you want to pull out of the market suddenly (or go in more). An advisor is there to coach you through your decisions. They make sure your plan works for you and help you avoid making emotional decisions.
What kind of feedback and guidance are you getting from your financial advisor?
Listen to the full episode or click on the timestamps below to hear a specific segment.
0:47 – Is the customer “always right” in financial planning?
3:29 – When should an advisor push back?
5:14 – Market volatility or financial trends may trigger sudden new ideas, but are they good ones?
6:51 – Consistent coaching can help you with long-term goals.
Related Resources:
What To Do With Unexpected Extra Cash & Other Mailbag Questions
Finding Predictable Income Sources in Retirement
What’s The Difference Between These Important Financial Terms?
Today’s Takeaway:
[spp-tweet tweet= “With investments, you can do similar things on your own. You can buy a stock or sell a stock on your own – it’s the planning that you are searching for. The reason you’re going to a financial advisor is because they know stuff you don’t know. –Eric Peterson“]
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Do You Have These Blind Spots In Your Retirement Plan?
Many people can have a couple of “blind spots” so to speak when it comes to their retirement plans. Do you worry you may not be accounting for everything you might need for your retirement? Then today’s episode is perfect for you!
Read More
Inside Out: How We Can Look at Finances Through the Characters of Pixar’s Latest Flick
There can be a lot of emotions when it comes to investing and planning for retirement. And what better way to discuss those emotions than through the characters of Pixar’s latest film, Inside Out 2?
Read More
The Importance of Preventative Care
Preventative care isn’t just for your health; it’s essential for your financial well-being too. By consulting a financial advisor early and often, you can avoid financial distress and make informed decisions that lead to a secure and fulfilling retirement. Many people will put it off for fear they will be told something they don’t want to hear or because of the perceived costs of financial advisors.
Read More
Preparing for Retirement like Noah’s Ark
Financial planning involves a lot of planning ahead, much like Noah did when he started building the ark long before the rain began. This metaphor serves as a powerful reminder that proactive planning is essential for weathering financial storms. Eric highlights that while we can’t predict events like market crashes or global pandemics, we can prepare for them by stress-testing our financial plans.
Read More
Retirement Income
When planning for retirement, one of the most critical aspects to consider is your income. But what does this mean, and how can you ensure you have enough income to cover your needs and desires?
Read More
Retirement Checklist
Retirement is a significant milestone that requires careful planning and preparation. In today’s podcast, Eric shares a comprehensive checklist to ensure you’re fully prepared for your golden years.
Read More
Financial Wisdom from Mark Twain
In the latest episode of the Retirement Ready Podcast, Eric invites us to explore the timeless wisdom of Mark Twain and how it applies to modern financial planning. Mark Twain, known for his wit and keen observations, offers quotes that are surprisingly relevant to today’s financial landscape. Eric takes these quotes and translates them into practical advice for those planning their retirement.
Read More
Understanding Bonds in Today’s Market
Are bonds really the safe investment we’ve always been told they are? What percentage of assets should a retiree or pre-retiree hold in bonds? In today’s episode, Eric addresses some of his most frequently asked questions about the world of bonds…
Read More
Understanding Your Financial Statements
Financial statements can often feel like a foreign language, filled with jargon and numbers that seem to have little relevance to your everyday life. However, understanding these documents is crucial for effective retirement planning. In the latest episode of the Retirement Ready Podcast, Eric breaks down the essentials of reading and interpreting your financial statements.
Read More
From Graduation to Retirement
This one goes to the grads! Whether you know someone graduating high school, college, or even preschool, graduation marks a new stage and season in life. Similarly, retirement is a new chapter in life. It’s a time of change, celebration, and sometimes, uncertainty. On today’s show, we talk through the similarities between leaving school and entering retirement.
Read More