Ep 76: Mistakes to Avoid When Choosing a Financial Advisor

The View From The Pinnacle

Everyone wants to make the best decisions when it comes to their money and their future. In what ways can you avoid making mistakes when choosing a financial advisor?

Click the timestamps below to fast forward to certain points of the episode.

Thing’s You’ll Learn Along Today’s Journey

Choosing a financial advisor that’s the right advisor for you can be a challenge. On today’s episode of the podcast, we talk through mistakes people often make when trying to find a financial advisor to work with and how to avoid them.

When you ask how advisors get paid, that might feel uncomfortable. It’s a fair question though and important to understand how your advisor gets paid. If the advisor is afraid to answer this question, there’s a problem. Advisors get paid one of three ways: by commission, flat fees, or percentage-based fees.

While there are national brands that are well-known, that does not always mean it’s the best fit for you. Large institutions constantly promoting doesn’t make them better necessarily. When you meet with a local advisor, ask what the process is.

Advisors may talk through some strategy and financial jargon. If they do this, make sure you understand what they are talking about. Instead of just agreeing, stop and ask questions. Be excited about your plan while also fully understanding how you’re investing. What are the advantages or disadvantages to what they are proposing? 

When you work with someone, it’s important to pick someone with the right specialty. Just like when you go to a doctor or coach, you should work with someone suited to your needs and wants. As you enter into retirement, this is a key time to work with someone who is a specialist to make sure you have a custom plan for that stage in life.

Listen to the entire episode or skip ahead using the timestamps below.

[0:26] Sean’s getting ready for the holidays.

[1:43] How can you avoid making mistakes when looking for an advisor?

[4:27] Bigger is not always better.  

[6:58] Don’t pretend you know, ask questions.

[9:17] Work with the advisor with the right specialty.


Looking Back From The Mountaintop

“If you’re looking at a local firm, ask: what’s your process? How do you work with families to make sure a plan is put in place in our best interest?”

-Sean Lee

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