Skip to content

The Customer Ain’t Always Right In Financial Planning

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.

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

 

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:

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

Mailbag: When Should I Take Social Security?

July 2, 2020

Are you wondering how much longer you really have to wait before claiming Social Security? Or are you looking to find the perfect financial advisor but haven’t found them yet? Eric answers three questions from the mailbag in this week’s podcast.

Read More

Financial Lessons Learned from the Farm

June 25, 2020

Whether you are growing some backyard tomatoes or have 100 acres of farmland, what are some financial lessons to be learned? You don’t need a green thumb to understand these financial principles.

Read More

Financial Truth Bombs

June 18, 2020

Need someone to tell it to you straight? On today’s episode, Eric gives four financial truth bombs that might change the way you think about your financial plan and your portfolio.

Read More

Outdated Financial Rules

June 11, 2020

What financial rules are worth following and which ones need an update? On this episode, we discuss several known financial rules to see which ones are dated and which ones stand the test of time.

Read More

How To Mess Up Your Retirement Plans

June 4, 2020

How can you know your retirement plans are what they should be? What thoughts and assumptions can ruin your retirement? One thing’s for sure–you don’t want to mess it up!

Read More

What To Do With Unexpected Extra Cash & Other Mailbag Questions

May 21, 2020

While many are hitting hard times financially, maybe you are among the few who are doing well and trying to make the most of it like Grace in Ames. Eric gives some advice on what to do with extra cash as well as answering two other questions from the mailbag.

Read More

Coronavirus Update and a Look at Interest Rates

May 14, 2020

When you retire, it’s important to set up several sources of income, particularly predictable income. What are some forms of reliable income and what streams of income are more vulnerable? We’ll explore the options and help you determine if they might work for you.

Read More

Finding Predictable Income Sources in Retirement

May 7, 2020

When you retire, it’s important to set up several sources of income, particularly predictable income. What are some forms of reliable income and what streams of income are more vulnerable? We’ll explore the options and help you determine if they might work for you.

Read More

What’s The Difference Between These Important Financial Terms?

April 30, 2020

Do you know the difference between a Roth contribution and a Roth conversion? What about individual bonds and bond funds? Eric explains the difference between these important financial terms so you can decide what should be included in your financial plan.

Read More

The Fool’s Gold of Retirement Planning

April 23, 2020

Are you clinging to financial ideas that give you a false sense of hope? On this episode, Eric points to clear strategies for you to make wise decisions when retirement planning.

Read More

Leave a Comment