How Often Does a Financial Advisor Answer These Questions?

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Today’s Question:

How often do advisors see certain situations? Are you alone in your questions or are they common scenarios?

Click on the timestamps below to jump to specific topics. 

Confidence Corner

Ever wish you could be a fly on the wall in your financial advisor’s office for the day? How often do they hear certain questions? Or do you wonder if you’re the only one asking them? Nathan shares how often he experiences certain scenarios with clients throughout the day in today’s episode of the Financial Answer podcast.

How often do people say, “Can I retire tomorrow?” Setting up that financial plan for retirement, including how and when to make it happen is a conversation Nathan has with clients every day. But usually, it’s with a bit more advance planning than retiring starting tomorrow.

While people are going to see a financial advisor, how often do people choose to go against the advice they are paying for? The money belongs to the client, so ultimately, it is your decision what to do with your investments. Sometimes it’s worth asking “Why?” in order to better understand why an advisor is making a certain recommendation, especially if you disagree with it.

Do clients have a strong emotional response sometimes in their financial advisor meetings? How often do advisors see tears? This is more than just talking numbers, so it can be an emotional conversation when thinking about exciting opportunities or hard times.

How often does a client say they need a million dollars saved before retiring? Believe it or not, this is not some magic number, but a lot of people feel like it’s an important one to aim for. You should instead focus on what your retirement needs are, because that number could be way too low or too high depending on your situation.

Ultimately, don’t let any of these scenarios be a hinderance from working with an advisor you can trust. They’ve seen it all, and sometimes, several times per day. These are common questions and situations that your financial advisor addresses, which means they should be able to help you navigate through the answers.

But first, in the news, we talk about the millions in fines due after the Wells Fargo scandal and how the Coronavirus impacts us. Lastly, we answer a question from Andy who is wondering about selling his rental properties in order to pay off debt.

Listen to the full episode or click on the timestamps below to learn more about Nathan’s experience as a financial advisor.

[2:25] – In the News: Former Wells Fargo CEO John Stumpf to pay millions in fines.

[3:38] – How we respond to the market recently taking a bit of a dip, in part with the Coronavirus.

[5:16] – How often do people ask, “Can I retire tomorrow?”

[6:20] – How often do clients go against the advisor’s advice?

[9:16] – It’s good to challenge advisors to understand the reasons for their financial advice.

[9:49] – How often does a client cry?

[11:23] – How often does a client say they need a million dollars before retiring?

[13:48] – Mailbag: Should I sell my rental properties to pay off debt?



A Point Of Wisdom:


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