Today’s Hack:
Every decision you make in regard to your finances goes a long way to determining how much you’ll get to enjoy retirement, but using the correct advisor will have a big impact on your planning process. Despite that, investors will often make excuses for working with someone that doesn’t fit their needs and goals. Let’s talk about some of the common excuses that are used.
Other Retirement Facts:
Have you ever had second thoughts about the financial advisor you work with or wondered if you need a second opinion on your retirement plan? If so, you aren’t the only one. Whether life changes or your portfolio just isn’t doing what you want, the advisor you’re working with might not fit anymore.
It’s okay to look around and see what options are available to you. The wrong move is to make excuses for your current situation and risk putting your retirement in jeopardy. That’s the focus of today’s Phil’s Tax Hacks podcast as we’ll identify some of the common excuses people use.
Find out why these scenarios aren’t ideal for any investor, and what you need to do if you feel like any of these are relatable to your retirement. How you save and invest will determine what kind of life you get to enjoy so make sure your best interests are the priority.
This episode will also begin with reaction to the news headline about Uber delivering food by drone and a mailbag questions about advisors.
Stick around until the end to learn more about Phil.
0:45 – Phil just got back from a family vacation.
2:05 – In the News: Uber now experimenting with food delivery by drone.
3:47 – Email question: How important are some of the letters that some advisors have after their name? I don’t know what most of those mean.
6:18 – Main topic today: why we make excuses for sticking with the wrong advisor.
7:03 – Excuse 1: My portfolio has done okay the last several years but my advisors a nice person and I don’t want to rock the boat.
8:48 – Excuse 2: I don’t really understand a lot of what my advisors says to me and I’m usually confused after my meetings but money isn’t really my thing anyway.
11:24 – Excuse 3: We don’t get together for reviews and they don’t return my calls, but I’m a generational client and they’ve been servicing my family for years.
13:30 – Excuse 4: The person you work with doesn’t specialize in retirement planning but you’ve stuck with them because you have a long relationship.
16:27 – Getting to Know Phil: Who’s someone that always makes you laugh?