I often have clients turn to me after having worked with an advisor that didn’t help them further their financial goals. In most cases, they lost money. Some of that can be attributed to market factors, but much of it can be attributed to the advisor’s knowledge, dedication to his or her clients, and the level of responsibility and care used in investing your money. To see if your advisor is a good fit for where you are right now, ask yourself these questions:
- What does your advisor really do for you? What services does he offer?
- Did your advisor sell you mutual funds? If so, how often are they reviewed and updated to keep up with your changing financial goals and retirement time line?
- How were the stocks and bonds selected in your portfolio? How often are those products reviewed and by whom?
- Is your advisor really a financial planner with your long-term financial health in mind, or is he or she just trying to sell you products to earn a fee or commission?
- How often does your advisor contact you to discuss your portfolio and any changes that might be necessary?
- Does your advisor discuss financial goals with you and really work with you to achieve those goals through solid financial planning, or is the general goal just to grow your assets?
- How is your advisor getting paid? Is your portfolio charged a management fee or are you paying commissions on products you purchase?
- Is your advisor earning his or her paycheck, or simply plugging your finances into a standard formula based on some data about your income, risk tolerance and proposed retirement date?
The bottom line here is that this is your hard-earned money, and you need to protect it to guarantee your retirement income and to reach other financial goals. Ask yourself if your advisor is helping you to do that. If not, please contact me for a free, no obligation consultation. I’ll review your portfolio and show you how you can grow your investments to ensure a stable, reliable retirement income.