Whether you’re looking for your first financial advisor or considering your options, there are some easy red flags to look for. We discuss three today that can help you feel confident in your advisor. Plus, we run through some problem-solving scenarios and bust out the financial dictionary for an acronym you might not be familiar with.
Want to save time? Click the timestamps below to jump ahead to specific spots in the episode.
What You’ll Learn:
If you’re on our site, you’ve probably considered using a financial advisor or already have one that you work with to build your retirement portfolio. It’s an important decision that can help you generate the nest egg you need to rest easy after you retire.
That’s why we wanted to identify a few of the red flags you need to look out for when you decide to work with a financial advisor. In today’s episode of The Money Wisdom Podcast, Joel Johnson lays out three easy things to watch out regardless of whether you already have an advisor or you’re searching for one. Knowing about these red flags will give you confidence in the person managing your future and keep you from worrying about your investments.
While that’s the core of this episode, we also delve into some problem-solving scenarios by giving real-life examples from our past clients. We hope that listening to these will help you in the event you face something similar.
But we start this episode off with a ‘Getting to Know You’ question for Joel and a short discussion about investing in technology stocks like Netflix after the huge gains we’ve seen over the past decade.
Here’s a full list of the main topics on this episode of The Money Wisdom podcast (Just click on the timestamp to jump to the specific clip):
[0:49] – Getting to Know Joel: What’s your favorite fast food?
[2:00] – Netflix stock has produced incredible returns, but how should we approach investing in this industry moving forward?
[4:23] – How we position you to generate enough income to outpace inflation and survive a recession.
[5:16] – Some red flags to pay attention to when looking for a new financial advisor.
[7:10] – How do you know when an advisor is using a one size fits all approach on you?
[8:21] – Beware of an advisor that recommends products without learning much about your needs.
[10:19] – Your financial advisor doesn’t communicate with you very often.
[12:22] – Here’s the bottom line to all of these red flags.
[15:25] – Quote of the Week deals with buying and selling stocks.
[16:52] – Financial Dictionary: What does JTWROS mean?
[18:16] – Problem solving scenario #1: Guiding someone through a forced retirement.
[20:20] – Problem solving scenario #2: Someone that no longer enjoys their job and wants to get to retirement quicker.
[21:22] – Problem solving scenario #3: A real example of a tax-related issue that Joel and his team had to help navigate.
“Remember, most of you that we deal with that are our clients, you don’t want us to make you rich. You want us to keep you from being poor. And that’s what we really get paid for as financial advisors that specialize in working with people that are recently retired or getting ready to retire.”– Joel Johnson, Money Wisdom Podcast
3 Related Items & Resources:
- Four Questions to Ask When Interviewing an Advisor
- Things You Can And Should Control in Retirement
- 6 Things You Need to Have on Your Retirement Planning Checklist
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Thank you for listening!