On Tap

When you work with a financial advisor, you’re likely coming to them for financial advice and expertise. But what about that saying, “the customer is always right”? Is that still true?   

What Matters

There’s the popular saying that “the customer is always right” but does that apply when it comes to financial planning? Afterall, you are hiring an advisor to coach you through your decisions, so does that still make the customer always right?

Lately with the market volatility, clients have wanted to reallocate or move out of the market. But the trick is knowing when to get out and when to get in, and the chances of being right on both is low. What’s the job of the advisor when this happens? How does the expertise of an advisor come into play?

If you are looking at particular funds or companies to invest in, ask the important questions to understand why. What are you trying to do with your money? Does this investment fit into your overall investment strategy? Or are you letting your emotions take over?

When it comes to things like life insurance or long-term care, it’s easy to think you don’t need it. But are you limiting your options that way? What is your replacement for these products if you don’t choose to use them?

If you’re looking at your fees, what are you actually paying? Is an investment with “no fees” better? Consider what it is you are doing and what you are trying to do. If your accounts seem to be down, does that automatically mean your plan is not working?

The Plan

Listen to the full episode or click on the timestamps below to hear a specific segment.

[1:42] – “I think I can time the market.” 

[3:19] – “I know what I want to invest in, just pick the funds for me.”

[5:04] – “I don’t need to spend the money on life insurance or long-term care.”

[6:35] – “The fees are too high!”

[8:23] – “My accounts are down right now, this isn’t working.”

 

 

Wealth Wisdom

 

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The Host

J’Neanne TheusContact – Call: (443) 718-6310