Today’s Hack
If you’re shopping around for an advisor or looking for a new professional to work with, what red flags do you need to be aware of? There are a lot of financial gurus out there, but we want to make sure you have one you can trust. With volatility in the market, many of us are realizing the benefits of working with a professional and not everyone will be the right fit for you.
The advisor that works with anybody and everybody.
A new advisor is likely to take on any clients that come their way as they build their experience and name in the industry. But on the other hand, an advisor that works with anybody and everybody may not have the specialized knowledge or dedicated time to give your portfolio the attention it needs.
If you’re a growth-oriented investor this kind of advisor may be an okay fit. Although, if you’re edging close to retirement you want someone that can work more closely with you.
The advisor that only focuses on good news and is certain about the market.
While it’s nice to hear from an advisor that the market will bound back, sometimes we want to know the nitty-gritty. How much money are we looking at losing? What are the repercussions in the short term and long term?
The advisor that uses unnecessary jargon.
You should never walk away from a meeting with your advisor confused. If you don’t feel comfortable asking them to break down your plan in terms you can understand, you may need to rethink your relationship with them. Don’t ever be afraid to question them.
[2:09] – Spotting red flags
[2:44] – Works with everyone
[6:25] – Good news and certainty
[10:35] – Too much jargon
[15:02] – More talking than listening
A Quotable Moment:
“My goal isn’t to give you all the answers you want to hear. I’m hear to tell you, as a fiduciary, my personal and professional opinion.”
-Phil Putney