The relationship with a financial advisor is one that you need to feel comfortable with and have trust in. How do you find the right person? A lot of people can do a good job for you but we’ll explain the qualities and characteristics you absolutely need from an advisor.
On This Episode:
If you’ve found our website, you’re either working with a financial advisor already or thinking about doing that. Regardless of which side you’re on, finding a person that fits your needs and can help you reach your goals is a big step towards your retirement success so good on you for moving that direction.
We obviously feel our services will meet or exceed of the expectations you have for a Las Vegas financial advisor, but it’s important for us to make sure you wind up in a relationship that fits you regardless of who that might be. That’s why we wanted to use this episode of the podcast to talk about how to find the right financial advisor and we’ll get help from Cornerstone Partner and Co-Founder Kyle Kirwan to do that.
The first question we want to answer is what services should this person be providing you? Some people specialize in certain aspects of the planning process but lack experience in others. Truthfully, your advisor should be able to help you with every area of planning and that should be your expectation.
That person should also be acting in your best interest for every decision and investment. Nevada recently passed a fiduciary rule which makes this a priority for everyone, but make sure the person you’re working with meets this standard. Transparency needs to be mandated in any relationship you have with an advisor.
The next thing to consider is that planning really happens in two stages: accumulation and distribution. If you meet with someone that only focuses on getting you to retirement but not coming down the backside of the mountain, then that’s a problem. Most of the mistakes that get made in plan happen while distributing the wealth. What gets you to retirement isn’t going to be the same thing that gets you through it.
We’ll also talk to those that currently have an advisor but might be thinking about a change. What signs can you be looking for to determine whether you have the right advisor?
It’s a big decision and we understand how important your money is. No one is going to care about it as much as you are so make sure you carefully determine who you want to trust your retirement with.
Let the purpose of your money dictate its position. Where we put the money really depends on the goals you have. – Jammie Avila
0:58 – Why are we talking about this topic?
1:43 – What kind of services should your advisor be providing you?
4:01 – Is it important that your advisors know many different areas of investing?
6:43 – An important law Nevada passed recently.
8:37 – Are there any signs that you might need a new advisor?
10:49 – Accumulating wealth and distributing that wealth are two different phases of planning.
14:42 – What can go wrong if you work with the wrong advisor for too long?
16:28 – What gets you to retirement isn’t going to get you through retirement.
17:20 – How can you determine if an advisor has the right philosophy and approach?
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ABOUT YOUR HOST
Jammie is the host of the Cornerstone Retirement Blueprint Podcast. Before launching the podcast, Jammie created and co-hosted the longest-running local Las Vegas financial news show on AM radio for five years. He’s the Managing Partner and Co-Founder of Cornerstone Wealth Management. He and his wife, Danielle, have been married for more than 20 years and have four children: Jace, Alexis, Mya and Ashton.
Check out this article to get to know Jammie some more.
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