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 through YouTube:
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.
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.
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.
0:40 Bad Financial Advisors
8:37 Why are Annuity Sales Bad?
12:28 Researching Advisors and Firms
23:50 Financial Advisor Compensation
Learn more about Brad Lyons.
Learn more about Matthews Barnett.
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.