Today's Hack

Financial advisors come in many different forms with varying degrees of experience, but every advisor you choose to work with should have a set of traits that will give your retirement plan the best chance of success. We’re going to take a look at five you should make sure your advisor or future advisor possess.

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Show Notes For This Episode

Today’s Hack:

Financial advisors come in many different forms with varying degrees of experience, but every advisor you choose to work with should have a set of traits that will give your retirement plan the best chance of success. We’re going to take a look at five you should make sure your advisor or future advisor possess.

Click the timestamps below to jump ahead in the episode…

Other Retirement Facts:

Finding the right advisor should be a priority for anyone that wants to build a comprehensive retirement plan that meets the needs of the individual.

With so many advisors out there, it might be difficult for you differentiate between office to office because many of the talking points can seem similar. But there are traits that every successful advisor will have and finding those in your next partnership will give you the confidence you deserve.

On this episode of Phil’s Tax Hacks, Phil Putney will explain why these five traits are essential: areas of expertise, trustworthy, likeability, good listener, and problem solver. A couple of those might not be obvious to you but Phil will tell you how they tie into finance.

We also had to get Phil’s reaction to the banana ‘art’ that sold for $120,000 before being eaten. There’s no way that was a wise investment, right? And we also make some time to answer your questions and it’s a perfect one for our main discussion today.

Check out the entire episode in the audio player above or click on the timestamps below to learn how to address some of these awkward financial conversations.

1:07 – In the News: A banana taped to the wall was sold for $120,000. Phil shares his thoughts on the purchase.

1:45 – Let’s break down the cost of this artwork versus what it was sold for before it was eaten.  

3:16 – Time to talk about traits an advisor needs to have. Be on the lookout for these things with your current advisor or someone you’re considering working with.  

4:04 – First trait: Areas of expertise – there are many stages of planning and you want someone that meets your needs.

5:43 – There are licenses that are going to determine where an advisor’s expertise is.

7:34 – Second trait: Trustworthy – so how can you determine whether an advisory has this trait?

8:38 – Third trait: Likeability – you want to enjoy the relationship.

10:39 – Fourth trait: Listening ability – an advisor should be meeting your goals and needs rather than pushing specific products.

11:53 – Remember that this is your retirement, not an advisor’s.  

12:59 – Final Trait: Problem-solver – is the advisor finding problems you might even know exist and helping you find solutions for your retirement needs?

15:41 – Email Question: Due to a mutual friend, I have a chance to work with an advisor who primarily works with accounts of $5 million or more. I don’t have that much but I’d love to get the advice of a big-time advisor. Do you think this is a good opportunity?

18:12 – Getting to Know Phil: Are you a Valentine’s Day kind of guy?

A Quotable Moment:

 

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