Return to Blog

Hiring the Right Financial Advisor

On this week's episode of the Wiser Roundtable Podcast, the team discusses everything you need to know about hiring the right financial advisor.

Listen on Apple Podcasts or watch on YouTube:

SUMMARY:

The team begins the podcast by discussing how to go about hiring the right financial advisor. There is a low barrier to enter the financial advising industry, and it is important to do diligent research when searching for a firm or financial advisor.

Why are Annuity Sales Bad?

Annuity sales are not something we recommend. Those who sell annuities guarantee that the investor won't lose, but there is no guarantee that the investor will make anything either. Those who sell annuities bank on individual investor's fear or pain of losing. Annuity returns are not near as much as returns from traditional investing. Annuity salespeople benefit and make money by selling annuities.

What to Ask a Prospective Financial Advisor

  • Do you have relationships with firms that you earn revenue from that you might use to make recommendations to a prospective client?
  • Are you independent?
  • Do you custody assets or are assets held at another firm?
  • How are you being compensated?
  • Have you ever had any sanctions against you?
  • How many clients do you have?
  • Do you have any professional designations?
  • What is your educational background?
  • Are you a Fiduciary?
  • What services can I expect from you?

Financial Advisor Compensation

Compensation is an important part of the relationship between the financial advisor and the client. Firms are typically fee-only or commission based. Wiser Wealth Management, for example, is a fee-only, fiduciary firm. A fee-only financial planner is paid by a set fee or a percentage of the assets under management. A financial planner that is commission based (or fee-based) is compensated from commissions made through financial transactions and by using products.

BrokerCheck is an excellent resource when researching financial advisors.

TIMESTAMPS:

0:40 Bad Financial Advisors

8:37 Why are Annuity Sales Bad?

12:28 Researching Advisors and Firms

23:50 Financial Advisor Compensation

LINKS:

Learn more about Casey Smith and connect with him on Twitter.

Learn more about Brad Lyons.

Learn more about Matthews Barnett.

CONNECT:

Twitter, Instagram, Facebook, LinkedIn, and YouTube.

Learn more about the Wiser Wealth Management Roundtable podcast and access previous episodes.

Wiser Wealth Management, Inc. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Happy Birthday to Kylie, our Marketing Assistant! Kylie works hard behind the scenes on our website, podcast, social media, and so much more.

Meet Daphne, our Financial Planning Intern. She is studying Finance at The University of Georgia. We are excited she's joined us for the summer!

https://conta.cc/3Ov1Fub

Your Medicare premium is affected based on which tax bracket you fall within after age 63. IRMAA is your income-related monthly adjustment amount. Watch today's video to learn more about how IRMAA works.

https://conta.cc/3zK9WGw #irmaa #medicare

The big question is, will we have a recession in 2022? Watch this video to find out!

https://conta.cc/3Mz2z7D #recession2022 #recession
https://youtu.be/45TvHaZf4z4#recession2022

Happy birthday to LJ our Video Production Manager! LJ works behind the scenes producing all of our podcasts and videos that we post every week. 🎉

Company

Services

Client Access

Firm Information

Schedule a Meeting
678-905-4450[email protected]
Google Rating
5.0
Based on 71 reviews
js_loader