Listen to how ordinary people built extraordinary wealth – and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Rachel Cruze, John Delony, George Kamel & Jade Warshaw.
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In today’s complex and fast-paced world, many of us rely on financial advisors to help us make important decisions about our money. Whether it’s planning for retirement, investing in the stock market, or managing our savings, a good financial advisor can provide valuable insight and guidance. However, there’s always a lingering question in the back of our minds – can we really trust our financial advisor?
It’s a valid concern, especially considering the numerous cases of financial advisors taking advantage of their clients for personal gain. The financial industry is rife with stories of advisors recommending high-fee products, engaging in illegal or unethical practices, or simply providing poor advice that leads to financial ruin for their clients. So, how can we be sure that our financial advisor has our best interests at heart?
First and foremost, it’s important to do thorough research before choosing a financial advisor. Look for advisors who are registered with credible regulatory bodies, such as the Securities and Exchange Commission (SEC) or the Financial Industry Regulatory Authority (FINRA). These organizations have strict rules and regulations that advisors must adhere to, and they provide an extra layer of protection for investors.
Additionally, take the time to check the advisor’s background and credentials. Look for any disciplinary actions or complaints filed against them, and verify their qualifications and experience. You can also ask for referrals from friends, family, or colleagues who have had positive experiences with their financial advisors.
Once you’ve selected a financial advisor, it’s important to maintain a healthy level of skepticism. While it’s essential to trust your advisor, it’s equally important to verify the advice they provide. Don’t be afraid to ask questions and seek a second opinion if something doesn’t seem right. A good advisor will be transparent about their recommendations and will welcome your diligence in ensuring that you make informed decisions.
Communication is key when working with a financial advisor. Make sure that your advisor takes the time to understand your financial goals, risk tolerance, and overall financial situation. A trustworthy advisor will work with you to create a personalized financial plan that aligns with your objectives and will provide ongoing support and guidance as your circumstances evolve.
It’s also wise to keep an eye on your investments and be aware of any suspicious activity or irregularities. Unfortunately, financial fraud and misconduct can happen, so it’s crucial to stay vigilant and report any concerns to the proper authorities.
Ultimately, the decision to trust a financial advisor boils down to a combination of research, intuition, and ongoing communication. While there are certainly risks involved, finding a reliable and trustworthy advisor can provide invaluable peace of mind and support in managing your financial future. By taking a proactive approach and staying involved in the decision-making process, you can greatly increase the likelihood of a positive and beneficial relationship with your financial advisor.
Great video! I really do have a question. For someone with less than $10,000 to invest, how would you recommend we enter the crypto market? I am looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally. What’s your take on this approach?
I feel like they didn't know what questions to ask, and he didn't know what information to give. He kept calling the IRA a "Roth" but didn't specify whether his 401k account was also a Roth. He should just roll over his accounts in kind, Roth stays Roth, traditional stays traditional.
Great advice on seeking a second opinion from a trusted (fee only) fiduciary. I would add speaking to a tax professional when moving any money around as well.
Absolutely no one should care or have more concern about your retirement as your the one that saves and invested to get you to that point. You own the portfolio from the beginning with your first dollar saved till death. Reading and learning is the lifelong goal to knowing and managing your money. Keep control over the situation let no one take control of you or your money. Fee only advisors.
This was good advice! If you have to call a radio show to understand what your advisor said, they don't have the heart of a teacher
I noticed you didn’t ask if he had a “Roth” 401k. But, smart move on telling him to get a second opinion!