How to Evaluate (and Choose) a Financial Advisor
Stay Wealthy Retirement Podcast
Taylor Schulte, CFP®
2.4 • 606 Ratings
🗓️ 11 January 2024
⏱️ 23 minutes
🧾️ Download transcript
Summary
With over 300,000 in the U.S., finding a financial advisor is easy.
On the other hand, properly evaluating an advisor AND choosing the right expert to help with your unique needs is a challenging task.
To help, I'm providing an actionable framework for evaluating financial advisors in this episode.
I'm also sharing 3 critical things everyone should consider before entering into a new advisory relationship.
It doesn’t matter if you are looking for short-term help or a long-term relationship...if you're considering a financial advisor this year, you'll enjoy this episode.
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Transcript
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| 0:00.0 | Once again, getting finances in order is at the top of most New Year's resolutions list this year. |
| 0:05.3 | As a result, the beginning of the year continues to be a popular time for retirement savers to consider changing financial advisors or hiring one for the first time. |
| 0:14.2 | With over 300,000 financial advisors in the United States, finding a financial advisor is easy. |
| 0:23.6 | On the other hand, properly evaluating a financial advisor and choosing the right one for you and your family can be a more challenging |
| 0:28.1 | task. Welcome to the Stay wealthy podcast. I'm your host Taylor Schulte, and today I'm sharing |
| 0:32.5 | actionable steps to help you properly evaluate a financial advisor that you may be considering. More specifically, |
| 0:39.3 | what questions to ask yourself before beginning your search, how to find the background |
| 0:43.7 | history of an advisor and what to look out for, what a proper evaluation process looks like in |
| 0:49.0 | practice, and what non-obvious questions to ask. It doesn't matter if you're looking for a short-term advisor relationship to get a few questions answered, |
| 0:57.5 | or if you're in need of a full-service, long-term relationship I've got you covered today. |
| 1:02.4 | For all links and resources mentioned in this episode, just head over to you staywealthy.com forward slash 209. |
| 1:11.9 | Roughly one year ago, I published a five-part series on financial advisors. |
| 1:16.4 | I broke down everything from the different types of advisors to why you would hire one, |
| 1:20.4 | to the fees they charge, and resources for finding the right one. |
| 1:24.3 | If you miss the series or you want to revisit one or all of the episodes, |
| 1:28.0 | I'll link to it in today's show notes. And while I tried to cover as much as possible in that |
| 1:32.2 | series, I didn't go into great detail about how to actually evaluate financial advisors that |
| 1:37.3 | you may be considering. And not just scheduling a meeting or two and asking them some common |
| 1:41.7 | questions, but truly evaluating them as a professional |
| 1:45.1 | to determine if they're the right fit for you and your family. We're not talking about evaluating |
| 1:50.3 | a real estate agent here who may help you with one transaction. Hiring a financial advisor |
| 1:55.2 | who will be guiding you through major life events with major implications is a huge decision and i think the evaluation process |
... |
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