Ep 26: Traits Your Advisor Should Have

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.

Show notes and additional resources: https://philstaxhacks.com/podcast/ep-26-traits-your-advisor-should-have/ 

Today's rundown: 

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?