When you work with a financial advisor, is the customer always right? What if your ideas don’t match? Who is really in charge when it comes to your money and your financial plan?
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You’ve heard the phrase, “The customer’s always right!” The question is, is that a true statement when it comes to building your financial plan? Is that the attitude you should have when working with a financial advisor?
Consider the recent market volatility. Maybe you felt you needed to get out fast or maybe you decided instead to be more aggressive with your accounts. Having an advisor to talk it over with to give thoughts and suggestions allows for someone to guide you when you’re doing something that may hurt your plan or your goals.
If you don’t build something on purpose, your plan may lack direction or success. So, you may ask about investing in the latest trend or industry based on the market. But listening to your advisor may give you a better understanding on why or why not a given investment works. Remember, you are going to see them because of their knowledge and expertise in the financial world!
Lastly, make sure to keep your plan long enough for it to work the way it’s supposed to. If you are constantly changing your plan or switching investments, you will not be able to build upon a long-term success.
Listen to the full episode with the player above or click on the timestamps below to hear more on a specific segment.
[0:42] – What’s open and what is still closed during the pandemic?
[4:13] – A financial advisor’s job includes giving some pushback and feedback.
[8:05] – You need to understand how each piece of your plan fits together.
[9:41] – Know the difference between a good plan and gambling.
[13:07] – When you work with an experienced professional, allow room to hear their advice.
[14:41] – Carefully consider the details of various elements in your estate plan and insurance needs.
[16:29] – You need to have long-term strategy instead of constant changes.
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