Unreasonable Requests to Financial Advisors

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Today’s Question:

Have you ever asked one of these unreasonable requests to your advisor? What’s so wrong about these questions?

Click on the timestamps below to jump to specific topics. 

Confidence Corner

What kind of unreasonable requests do financial advisors hear? Have you ever uttered one of these phrases? Nathan talks through what is and isn’t possible when it comes to financial planning.

You may be tempted to say, “I want a bigger return without the risk.” Instead, realize that investments come with risk. Understand what your timeline is and what kind of risk you can handle. Be disciplined, diversify, look at your expected returns and standard deviations to get the returns you want and need.

Do you wish your advisor had lower or no fees? Think about what your advisor provides for that management fee. You want someone who can actively manage your accounts and work alongside you throughout the year. More than portfolio advice, you want to work off of a financial plan.

When it comes to taxes, you’ll always have to pay them. There are strategies you can implement though. What strategies do you have in place? Are you aware of the taxes you will pay and when?

While your financial advisor is there to guide you, you shouldn’t expect them to just do it all for you. You have to be a part of making the plan and making the decisions. It’s customized to your situation and your goals, so you can’t have a plan without being a part of the process. What do you want to do with your future?

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

[1:48] – “I want a bigger return with little or no risk.”

[5:18] – “Can you reduce your fees?”

[9:10] – “How can I get out of paying taxes?”   

[11:47] – “Can you just do it for me?”

[15:07] – What does participation look like when financial planning?


A Point Of Wisdom:

You’ve got to be disciplined; you can’t be changing things around all the time. You’ve got to diversify it right, look at your expected returns, look at your standard deviation. All of those things will help you.

-Nathan O’Bryant



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