Things Your Advisor Should Be Doing

Today’s Prep:

Are you getting what you need from your financial advisor? What should you expect when financial planning?

Equipping Points:

What kind of decisions are you making alongside your financial advisor? How do you know if they are doing everything you need when it comes to creating and implementing a retirement plan? Eric talks through what you deserve from a financial advisor and how his team works with clients to meet their needs.

Any financial decision you make will ultimately have a tax ramification. Is your financial advisor talking you through the taxes and the impact to coordinate the correct approach? Some advisors avoid giving tax advice because either they aren’t allowed to or because they are afraid of offering the wrong advice. Consider the value of the planning you’re getting. Are you just getting investment management or full retirement planning?

When it comes to the fees, is your advisor paying attention to the fees in each fund? What are you truly paying? That will help you make the right decision. You want to get value for what you’re paying, but you have to first understand what it is you’re getting.

What kind of advisor do you have–one focused on the accumulation phase or someone focused on the preservation and distribution of funds? Which one do you need? Having an advisor that creates a retirement income plan for you in retirement and a coordinated approach will often make your money last longer. You don’t only want the money in retirement, but you want it coming from the right account.

Every year during a review, you’ll want to update the goals, income, risk, and goals in your financial plan. How will these impact you and your family? The income you need when you first retire is not the same as what you’ll need later on. This is why every year of your retirement you need a financial review. If you’re not getting that evaluation annually, you should find an advisor who does provide that level of service.

Listen to the entire episode or click on the timestamps below to skip to a particular item your advisor should be doing.

1:22 – A lot of places don’t factor in tax planning.

4:13 – We assume advisors evaluate fees on our investments. Are they?

6:23 – Is your advisor planning retirement income?

8:52 – Are you clarifying goals together?

 

Today’s Takeaway:

In the financial world, when you advise a client to make a financial decision, every financial decision has a tax ramification to it.

-Eric Peterson

Related Resources:

The Three Worlds of Money

Why Eric Loves Working as a Financial Advisor

What Goes Into a Customized Financial Plan?

More From Eric:

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

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