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:
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
What to Know About Retiring Today
When you work with a financial advisor, you aren’t just talking about money. Saving for your retirement also includes thinking about what kind of retirement lifestyle you want to have and what you need to keep in mind for the long-run. Do you want to work, by choice? What kinds of expenses will you have and how are they different in retirement? Is your money going to last for 30 years of retirement? Eric has seen his clients through all of these decisions and shares what to keep in mind about retirement.
Read More
Common Pre-Retiree Tax Mistakes
Let’s talk about the different tax mistakes retirees are prone to make. Between changing rules and a lot of financial documents to manage, you’ll want to avoid these tax mistakes. Eric talks us through where people get tripped up and why. What you pay in taxes can make a significant impact on your nest egg, so be sure to work with a financial profes-sional who can help you navigate them in retirement.
Read More
What Is Your Financial Personality?
What kind of personality do you have when it comes to money? Before you put together a financial plan, it’s important to understand the way you think and approach money. We talk through a few different personalities Eric commonly sees and how he advises them. Whether you are spending whenever you get a good excuse to or more of an intentional spender, it’s good to be cognizant of how you handle it and what possible downfalls you may face.
Read More
Investing Strategies by Profession
From teachers to engineers, there are a variety of people who work with Eric and his team to build a solid financial plan. Those in similar professions tend to have similar mindsets when it comes to finances. We discuss what similarities Eric sees across different industries and how he approaches each of them. Do any of these relate to you and your financial mindset? Find out what strategies a financial advisor might suggest pursuing.
Read More
Life Insurance 101
While no one really likes to talk about it, life insurance can be an important part of your financial plan. We talk about why people cringe when they hear the term, who most needs it, and why you might want to reconsider your preconceived notions about it. Life insurance sometimes gets a bad rap, but it can be a powerful tool. If you care for someone else and you hate taxes, look at life insurance.
Read More
Financial Wisdom from Ron Swanson
Today, we take some quotes from the gruff but beloved Parks and Recreation character, Ron Swanson. He’s got a lot of dry sarcasm that can be hilarious, and surprisingly, can teach us a thing or two about financial planning.
Read More
Outdated Financial Strategies
Some of the strategies of yesteryear might not be the right strategy for you today. We talk through different financial strategies people have used and what makes the most sense for your financial plan.
Read More
What Is Non-Correlated Income?
The term might sound fancy, but non-correlated income doesn’t have to be confusing. Ask, which one of these is not like the other? In retirement planning, you want to have some income that is not dependent on something else, such as the stock market.
Read More
Fact or Fiction: Financial Situations in Retirement
We play a game of fact or fiction when it comes to these five financial statements. Eric explains which one is which and shares why these ideas are true or false. As you make a financial plan, it’s crucial to base it on facts and reality so you can best prepare for retirement.
Read More
Avoiding Possible Financial Disasters
No one wants to find themselves in a financial disaster. Having a plan is a great way to start. On today’s show, we talk about simple strategies that can make a huge difference in your financial future.
Read More