What’s the Value of an Advisor?

The Principle:

Are you getting all the advice and planning you should when you meet with an advisor? More than just investments, you should get a comprehensive strategy.

Honest Takes:

On today’s episode of the podcast, Brian talks through the different ways an advisor can help guide you through your plan. Are you getting the advice and strategy you deserve? What kind of fees should you expect?

The SECURE Act eliminated the stretch IRAs of the past, but now a new publication is requiring RMDs with inherited IRAs. What are RMDs? What does this look like when you inherit an IRA? If you have an estate plan, is now the time to meet with an advisor to rework it? Brian runs through some numbers on what this plan amounts to. The RMD (or required minimum distribution) force you to pay the tax on that income. Is there anything you can do about this? What kind of protection can you provide to your portfolio?

When you meet with an advisor, you should gain some understanding about your finances. A good advisor will educate you and give you things to think about. What are your values? When do you want to retire? Do you financials support those goals? Together with your advisor, it’s worth coming up with a good strategy to achieve success in retirement.

An advisor has to get paid, but you may be surprised by how low the fees really are for what you’re getting out of it. Is your advisor just investing? Or are they in all seven areas in a financial plan: retirement planning, investment planning, estate planning, tax planning, tax prep, gifting strategies, and insurance management? Make sure you’re getting a comprehensive plan for what you’re paying.

Listen to the entire episode or click on the timestamps below to skip to a particular segment.

[0:12] – New publication requires RMDs with inherited IRAs. 

[4:56] – What can you get out of an advisor meeting?

[6:10] – What are the fees?

Today’s Truth:

“You’re not getting a retirement plan, you’re investing. Investing and a comprehensive retirement plan are completely different–not two different things, but that’s just a part of retirement.”

Brian Bowen


The Host:

Brian Bowen – Contact