How To Know Who To Trust With Your Finances

August 1, 2019

The Principle:

How do you make sure to protect your hard-earned money? Get help from a financial professional you trust. But how can you be sure they are trustworthy?

(Want to jump ahead in the episode? Click the featured times below to skip to a specific section.)

 

Honest Takes:

Whether you make an average annual salary or millions each year, it’s important to find someone you trust to help you manage your money. Just ask Adrian Peterson, the Washington Redskins running back who is being sued for owing $5.2 million. While we don’t know all of the ins and outs of the case, his lawyer says the athlete put his trust in the wrong people. 

So how do you find someone who is trustworthy? Sometimes it’s not just about working with a “nice guy” but someone who can answer the tough questions. And if you are still uncertain, check to see if an advisor has any disclosures (or complaints) filed against them.

While a financial advisor can help point you in the right direction, you don’t want to blindly follow them. You may even want to get a second opinion. Finding a fiduciary who is not simply selling you products, but actually presenting you with products that suit your needs is key.

That way, when you get to retirement, you can feel confident that your resources are in place when you need them instead of facing any surprises. Then it’s just a matter of how to spend your time.

Listen to the entire episode or click the timestamps below to hear a particular section.

[0:15] – Adrian Peterson, Washington Redskins running back, being sued for failure to pay $5.2 million loan.

[1:18] – His lawyer says the athlete trusted the wrong people.

[2:30] – New clients of Brian left an advisor who had apparently had six disclosures.

[3:59] – Sometimes it is good to get a second opinion.

[4:38] – Anybody who is a professional in another field is focused on that first, so a financial advisor can help.

[7:05] – Not everybody is looking for the protection of an annuity.

[8:00] A fiduciary finds the appropriate products for their clients.

[9:18] – You need to educate yourself where you can.

[12:03] – How do you plan for adjusting to not working in retirement? 

 

Today’s Truth:

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The Host:

Brian Bowen – Contact