Don't Break Up with Your Financial Advisor Without Listening to This

The Money with Katie Show

Money with Katie

Self-improvement, Education, Business, Investing, How To

4.8 • 1.3K Ratings

🗓️ 5 June 2024

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

We’ve all been there, roped into working with our uncle’s best friend’s financial advisor who charges a 1.5% fee for some inscrutable but seemingly important service. What do you do when you think it might be time to sever ties? And how do you reconstruct your financial life after breaking up? Reminder: We are not licensed financial professionals; this is not financial advice. Please do your own due diligence. Transcripts, show notes, production credits, and more can be found at: https://moneywithkatie.com/financial-advisor-breakup. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hey Fidelity, how can I remember to invest every month?
0:04.4	With the Fidelity app, you can choose a schedule and set up recurring investments in stocks and EDFs.
0:11.9	Oh, that sounds easier than I thought.
0:14.0	You got this.
0:15.0	Yeah, I do.
0:17.0	Now, where did I put my keys?
0:19.0	You will find them where you left them.
0:22.0	Investing involves risk, including risk of loss. them.
0:25.0	Investing involves risk, untold amount of time
0:44.9	wherein I'm gonna be the only person talking to you. So I know why did bad things happen to good
0:50.4	people? I'm your host Katie Addyitosen and I wanted to do an episode
0:54.6	about one of the more uncomfortable crossroads you might face on your
0:58.6	financial advisor.
1:20.0	I've counseled people all over the financial spectrum through such a change. From a retired relative who was paying more than 1% per year in fees for very little
1:27.1	professional intervention on millions of dollars to friends who saddled up the first
1:32.4	financial advisor who smiled in their
1:34.1	direction post-grad and now wonder what the hell their whole life insurance policy
1:38.4	and $8,000 Roth IRA is really doing for them. In the former example, the reason for a clean
1:45.1	break was pretty obvious because thanks to the 1% annual fee they were paying
1:49.7	around $1,700 per month in fees to their advisor. Someone who urged them to wait to
1:57.2	invest in the market during the end of the 2022 bear market warning them, hey, you
2:02.2	know it's still got a lot farther to fall.
	...

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