Skip to content

What Holds You Back From Breaking Up With A Financial Advisor?

Today’s Prep:

Breaking up is hard, but sometimes you stay in a relationship too long for the wrong reasons. Is your relationship with your financial advisor working as it should? Or are you using some of these common excuses to stay with the wrong advisor?

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

 

Equipping Points:

Have you ever felt it was time to break up with your financial advisor but stick around anyway? There are a lot of reasons why people stay with an advisor, even when they don’t feel like it’s a good fit. On today’s episode of the Retirement Ready podcast, we talk about what those reasons are and why they aren’t a good excuse to stay with someone who isn’t helping you meet your goals.

You may think, “My advisor seems nice, so I feel bad switching to someone else.” But you have to remember, you need someone that is looking out for your best interests. Because ultimately, this is about your money and your future.

After meeting with your advisor, if you feel confused and unsure of what’s happening with your money, that’s not a place you want to make financial decisions in. You want to have both confidence and trust in an advisor. Starting with education is an important part of Eric’s process and should be one that you focus on with your advisor as well.

Also keep in mind: your advisor may have limitations if they are working for a company and not for you. If they are selling certain products that are limited to one company, then your best interests are not what is being prioritized.

If you’re working with a financial advisor, service is what you’re paying for. Regardless of what brought you in initially, if you aren’t getting the service and strategy you need, it’s time to find the right advisor.

Listen to the full episode or click on the timestamps below to hear more of the common excuses.

[1:40] – My portfolio hasn’t done well, but my advisor seems nice.

[3:49] – I know them through…a family friend, college, a neighbor, my parents.

[4:24] – I feel confused after meeting with my advisor.

[7:49] – I get a birthday card, but don’t get good communication otherwise.

 

Related Resources:

How To Handle Financial Pain Points in Retirement

How To Ask Better Financial Questions

 

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

Understanding The SECURE Act, Part 1

January 23, 2020

What is the SECURE Act? And how does it impact your retirement plans? We’ll outline some of the major changes you need to be aware of in this two-part series.

Read More

Retirement Savings Options: IRA Contributions & Roth Conversions

January 16, 2020

What happens if you’ve maxed out your 401(k) contribution limit? When is a good time to make a Roth conversion? Eric answers three questions from the mailbag this week all pertaining to the options you have when it comes to saving for retirement.

Read More

Making The Right Decisions When It Comes To Real Estate

January 9, 2020

Are you considering making a move this year? When it comes to home buying or selling decisions, there are a lot of factors to consider. Eric answers a few questions from the mailbag related to real estate.

Read More

Fortune Cookie Proverbs For Your Financial Plan

January 2, 2020

The message inside a fortune cookie may bring you more fortune than you think if you apply those proverbs in your financial plan. Let’s look at four fortunes and how it applies with your financial decisions.

Read More

Facing The Final Decade Before Retirement

December 26, 2019

The last few years leading up to retirement can have a significant impact on what your retirement actually looks like. This is when you start making the decisions and plans you’ll actually implement in a few years. Are you ready?

Read More

A Message For The Good Savers

December 19, 2019

Maybe you are great at saving and putting away money toward retirement. Is that enough? Find out three areas where a bit more strategy and behavior modification may come into play with your savings and investments as you enter into retirement.

Read More

What Flying Can Teach Us About Retirement

December 12, 2019

Any time you fly in a plane, there’s a lot going on as you travel to your destination. How does this relate to your financial plan? We compare the experience of flying to preparing for retirement in today’s episode.

Read More

7 Deadly Sins of Financial Planning

November 26, 2019

Like in all areas of life, it’s important to be cognizant of your blind spots and sinful tendencies. When it comes to the seven deadly sins, how do those apply in your financial plans?

Read More

Let’s Play Financial Jeopardy

November 21, 2019

Financial for 200! Financial for 400! Are you ready to match the questions with the statements like in Jeopardy when it comes to your knowledge of financial terms? Which of these currently impact your retirement plan?

Read More

Getting Your Health And Wealth In Shape

November 14, 2019

Are you feeling yourself slide into a bit of a rut? Need more tone and discipline in your life? Getting your body in shape can look a lot like getting your finances in shape.

Read More

Leave a Comment