The number of people using a financial advisor has grown from 28% to 40% in just a few short years. More than ever before, people are entrusting their financial lives with financial professionals. This is great news for the financial industry and should offer increasing value to investors as well. But what happens if using a financial advisor is actually working against you and your financial success? Do you know what to watch out for?
In this episode of The Money Guy Show, we walk you through five red flag warnings that your financial advisor may not be representing your best interests.
Tune in to learn the ways in which a financial advisor may be working against you, and what you can do to protect yourself and your finances.
- The significance of the Fiduciary Standard and what it means to you, the investor
- How to spot unnecessary redundancies in your investment portfolio
- The role annuities play in your retirement plan, and when you should question their appropriateness in your portfolio
- Ways you may be taking on more risk than the situation warrants
- Why you need a personalized financial plan, and why you should be skeptical if every solution your financial advisor recommends is the same (regardless of your financial problem or goal)
- What CHURNING is, why you shouldn’t be experiencing it, and how to identify and report it
- What errors of omission are and the difference between passive investing and ‘set and forget’ investing
- How to find a qualified financial advisor for your needs
Resources mentioned on the show:
- Finding a financial advisor: https://www.napfa.org/
- Report CHURNING: https://www.sec.gov/oiea/investor-alerts-bulletins/ia_excessivetrading.html
Tune In and Go Beyond Common Sense with the Money Guys
This show would not be what it is today without the support of our wonderful listeners. We strive to continue making the show better and your feedback is an important part of that process.
If you have any questions/suggestions/comments/concerns (or just want to say hi!), feel free to reach out to us: [email protected] and [email protected]. You can also join the conversation on Facebook or connect on Twitter @MoneyGuyPodcast.
If you enjoyed this episode, be sure to join our community! You’ll get immediate access to 15 of our most recent shows, plus you’ll get future podcasts delivered straight to your inbox so you can get in on the action right away.