Today's Best Financial Advice Has To Be About More Than Wealth

How do you know if your good at your job? How are you graded?


Financial advisors today have it easy if they are only
responsible is to make you money. The market is unbelievably
good. They could make you money and give you terrible
financial counsel.


 
Here's one major thing you need to be sure you are hearing from
your advisor today outside of growing your wealth: 

 


Making Money Is A Good Thing. But, Keeping It Safe Is A REALLY
Good Thing.


 


I have a HUGE pet peeve about financial advisors role. This is a
mountain top, that I'll stand on and shout until my voice is
gone. So, many people get it mixed up when evaluating if they're
with a good financial advisor.


 
Before you answer the question "How?" you need to answer
"Why?".  

How do you feel about your current advisor? Chances are you've
been with them for some time and likely feel pretty good.


The better question is why do you feel how you do.


 


Do you like your financial advisor because:


You've seen good returns on your investment?

You feel like you can trust them?

Your family and friends use the same person?



 


If you're getting a good return on your investment, that's not
enough to be happy with your investor! Everyone is having
HUGE returns!


 
Your golden retriever could have picked a good portfolio over
the past few years.

 
So, What Matters When Choosing The Right Financial Advisor
Today

 


Most importantly they must be a fiduciary. You have to know the
motivation behind their advice.
 


Check out: "How To Know If Your Advisor Has Your Best Interest In
Mind" for the scoop on fiduciaries.


 


If your advisor today isn't prepping you for a drop -- you need
to be concerned.
  Not everyone will agree with me, but, in today's
economic circumstances, you should base your opinion of your
advisor on how well they are preparing you for the bad
times not the good.

 


If the market dropped tomorrow can you tell me how much you would
lose?


We're sitting at the top. And it's a nice view, but we have to
accept the reality of what is coming. That is the job of
your advisor.
  Your financial advisor needs to be guiding you (and you
need to be asking them) about what is coming and how to prepare for
a drop. 

 


Don't let circumstances give you a false sense of security. 


 


It's an incredibly important time to be ready. Go and have the
hard conversation with your advisor.
 


I Don't have An Advisor And Want To Meet
One of the more common reasons I hear people want to switch
from their advisor are the fees...

We've talked about this before.


Fees? Are another pet peeve of mine that I will touch on briefly.


I recently met with someone and they were paying 1.5% fees to
their advisor. Plus, the mutual funds they were invest in were
class C mutual funds.


That means this person was paying over 3% in annual fees --
killing the growth of their portfolio.


 
Don't Overpay for Good Advice. Don't Accept Bad Advice. Don't
Equate More Money With Good Advice.

 


Ask a Question About My FinancesLearn More About Getting Good
Financial Advice + Meet Up 
Make The News Simple. Every week
we share how the biggest news stories practically impact your
financial future.  Email Address
Get
Started We make your
personal financial planning easy. Thank you!
Look out for your weekly tips hitting your inbox soon!