Is Your Financial Advisor Right For You?

It’s okay to be selfish with your money when it comes to retirement planning. You’ve worked hard to earn and save so you need to have an advisor that puts your interests first. Let’s discuss the ways you might be able to tell when your advisor isn’t right for you. Plus, we’ll address the pessimism in the market and tell you how politics might impact your investments.

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Having a financial advisor to help guide you to retirement can be such a positive experience for investors, but that’s not always the case. Sometimes an advisor just doesn’t fit for whatever reason.

Often times we let personal relationships impact our decisions. Other times we might not want to deal with confrontation. These are two of the reasons we make when sticking with an advisor that doesn’t line up with our goals and needs. Ryan and Bob will share the most common reasons they hear for why clients stick with advisors that aren’t a great fit on this episode of the No Payne, No Gain podcast.

Don’t be afraid to sit down with your advisor and have a conversation if any of these reasons describe your situation. It’s your money and no one is going to care as much about it as you will so do what you feel is best.

We’ll also share the financial propaganda we found over the last week dealing with stock market reality versus pessimism and bonds buying riskier debt.

We’ll close out the show with two mailbag questions from listeners. The first asks about Brexit and the upcoming midterm elections and whether we should be taking any action to protect our portfolio. The second is about required withdrawals and the tax effects.

0:32 – Previewing everything coming on today’s show.

1:40 – Financial advisors: why it’s crucial you’re receiving the help and advice you need.

2:01 – One thing we hear a lot from clients is they like their advisor personally but their portfolio hasn’t moved much.

3:35 – Another thing we hear a lot is people don’t understand what their advisor is telling them but they blame their lack of understanding money.

4:50 – How often are you meeting with your advisor? Are they returning your calls?

8:04 – Financial Propaganda of the Week segment

8:25 – The headlines are all about stock market reaching an all-time high but more and more people are becoming bearish. It’s the lowest percentage of bulls in the last 20 years. But is this a good sign for stocks?

11:08 – A client story exemplifies the way we ignore the good and focus on the bad.

12:13 – Ryan found an article on bond funds buying riskier debt. Why is this happening?

16:16 – Mailbag time!

17:10 – Mailbag question: With all the headlines about Brexit and the upcoming midterm elections, what actions should I be taking to protect myself?

20:00 – Mailbag question: I just turned 70 and I’m about to retire. I started looking at how much I’ll have to start withdrawing. I’m going to end up having a higher income in retirement than I have working. Can they really make me withdraw that much?