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

Should I Keep My Life Insurance Policy + Other Mailbag Questions

April 2, 2020

If your life insurance policy goes up after you turn 60, you may wonder if it’s still something
worth paying for. Or maybe you’ve just received an inheritance and don’t know what to
expect when it comes to taxes. Eric answers three questions from the mailbag this week.

Read More

Making Home Renovations and Protecting Your Retirement Income

March 26, 2020

Are you wondering how to pay for a home renovation in retirement? Or, are you concerned about the market volatility with retirement a few years away? Eric answers three questions from the mailbag all related to making wise decisions regarding money in retirement.

Read More

Life Happens: How Will Your Financial Plan Be Impacted?

March 19, 2020

We all know at one point or another something is bound to happen that can throw off your financial plan. How will you address these possible scenarios when it comes to your financial plan?

Read More

Don’t Mistake Good Intentions for Sound Financial Advice

March 12, 2020

Can you tell the difference between good intentions and bad advice? Sometimes, even people who are truly trying to help can give you bad information and cause you to question your financial decisions.

Read More

Stages Leading Up To Retirement

March 5, 2020

Life isn’t just “before retirement” and “after retirement” when it comes to your financial plan. There are several stages leading up to and through retirement. Which stage are you in?

Read More

5 Frequently Asked 401k Questions

February 27, 2020

Do you have a question about your 401(k)? There’s a good chance you’ve wondered about at least one of these five frequently asked questions when it comes to your 401(k).

Read More

What You Should Know About Leaving an Inheritance

February 20, 2020

Estate planning is just one piece of a comprehensive retirement plan but it’s an important one because you only get one opportunity to get it right. The problem is many individuals have very little experience with inheritances and often make mistakes when handing them down or receiving them. Let’s try to change that today by informing you about inheritances and the steps you need to take.

Read More

Reasons Why People Don’t Retire

February 13, 2020

Why would someone put off retirement? Are there valid reasons to wait, even if you are of retirement age? Today we’ll look at the reasons that we often hear and the meaning behind what is said.

Read More

Financial Advisor Green Flags

February 6, 2020

How do you know if you’ve found the right type of financial advisor? What is most important when looking for someone to work with who will create the right types of financial strategies for where you are in life?

Read More

Understanding The SECURE Act, Part 2: Stretch IRAs

January 30, 2020

In part two of our series on the SECURE Act, we talk about some of the downsides to the changes. Eric explains the stretch IRA and what impact the SECURE Act made on it.

Read More

Leave a Comment