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Money Guy Show

How to Know If Your Financial Advisor is Working Against You

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.62.8K Ratings

🗓️ 2 June 2017

⏱️ 51 minutes

🧾️ Download transcript

Summary

is your financial advisor working against you
In this episode of The Money Guy Show, we walk you through five red flag warnings that your financial advisor may not be representing your best interests. Tune in to learn the ways in which a financial advisor may be working against you and what you can do to protect yourself and your finances.

Transcript

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0:00.0

You take the hard step of creating a plan for your financial future and you figure,

0:03.6

you know what? I need a financial advisor. But what happens if your financial advisor

0:09.7

is actually working against you? Tune in today, Morgana help protect you from making that mistake.

0:15.4

It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,

0:22.3

investing, taxes. You've got financial questions, he's got financial answers. It's Brian Preston,

0:29.3

the money guy. So Bo, this is one of those things. I sometimes, we've been doing this over 11 years

0:35.9

now. I just assume something that we talked about two months ago and it's just knowledge for everyone

0:43.2

that's part of the money guy family. And then I come in and share ideas with you and it's so

0:48.4

interesting. We normally live and let other people live. We try to stay out of other people's way.

0:54.7

We don't ever, you probably notice the tone of the show is we don't pick on a lot of people.

0:58.8

We don't try to preach necessarily. But then there's things that happen. And you're just like,

1:06.0

wait a minute, it's starting to build up. In the last two to three weeks, Bo, we have seen at least

1:14.9

three horrible examples of where hiring a financial advisor instead of being this next level,

1:23.0

taking, we always talk to you about taking your relationship to the next level. We do this with

1:27.3

the thought that you can always vote with your feet and that you're going to stay a clone of our

1:32.0

firm because we make you addicted to the process. You like the results. It's no different than going

1:37.6

to the gym, hiring a personal trainer. And you like that you have turned yourself into a better

1:43.6

version of yourself. We do the same thing to your finances. But what if you go and you hire a

1:49.8

financial advisor and then you find out, and the advice they're giving me is just straight up

1:54.8

crummy. I mean, I can't think of a better way to put it. And we've seen this in the last three weeks.

2:00.0

I mean, I've got several of how many we have here. I should probably count on this before the show.

2:04.9

We've got one, two, three, four, five. That's good. Five's a good number. If it's not three,

...

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