Advisors aren’t all the same. Besides charging different fees and performing vastly different services, some just aren’t very good at their job. So today we give you our top five clues that your advisor might not be right for you. By the end of the episode, you’ll have a much better idea whether the team you’ve hired or are looking to hire is up to the task of helping you make better decisions.
Before that, we dive into a headline about investors who are too bullish. How do good advisors help you rein it in? We’ll share some of the best practices one piece has to share and add in our own. Plus, we’ll dish out some of Doug’s delectable trivia.
Deeper dives with curated links, topics, and discussions are in our newsletter, The 201, available at https://www.stackingbenjamins.com/201
Enjoy!
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Our Headlines
- How advisors rein in overly bullish clients (InvestmentNews)
Joe and OG – TOP 5 Red Flags to Watch Out for in Your Advisor
Back by popular demand: another top 5! We have your back and Joe and OG share their top 5 red flags to be aware of when working with a financial advisor.
Joe’s Top 5
- Many advisors that are affiliated with big companies – they may not always have your best interests at heart
- No scheduled meeting cadence
- Pay attention to how the office feels – if something feels off, listen to your gut
- If an advisor uses a lot of jargon
- If an “advisor” leads with product and not process
OG’s Top 5
- Self-serving financial advisors
- No proactive communication
- Unable to clearly articulate how they get paid
- Unreasonably answered disclosure on Brokercheck
- Leads with product and not goals
Doug’s Trivia
- The city of Bologna is home to a time-honored Italian dish that to this day delights millions. What is the dish?
Want more than just the show notes? How about our newsletter with STACKS of related, deeper links?
- Check out The 201, our email that comes with every Monday and Wednesday episode, PLUS a list of more than 19 of the top money lessons Joe’s learned over his own life about money. From credit to cash reserves, and insurances to investing, we’ll tackle all of these. Head to StackingBenjamins.com/the201 to sign up (it’s free and we will never give away your email to others).
Other Mentions
- CFP TV Commercial, “DJ”
- FINRA BrokerCheck – look into your financial professional’s history
- CFP Board website
- SEC – Check Your Investment Professional
Written by: Kevin Bailey
Miss our last show? Listen here: A Beginner’s Guide to Re-Starting Your Student Loan Repayment Strategy (with Leslie Tayne)
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