What to Look for in a Financial Advisor

On this episode of A Wiser Retirement Podcast, Casey Smith and Brad Lyons, CFP® talk about what to look for in a financial advisor when building a legacy plan. It’s important to understand that your advisor should be working in the client’s best interest, and not selling products. They also give us an update on current inflation numbers for the last year and tips for how investors should be approaching the situation.

Listen on Apple Podcasts or watch on YouTube:


Tips for Building a Legacy Planning Team

When you start building your legacy plan, you need to form the right team of professionals. Choosing the right financial advisor is an important part of that. A financial advisor can guide you through steps that will ensure that your assets are protected when passing them to the next generation.

Choosing the Right Financial Advisor

The barrier to entry to be a financial advisor is sadly very low. What’s most important is the type of company the advisor is working for. There are two main types of financial advisors, those who sell stuff, and those who give advice. A fiduciary, fee-only financial advisor is legally obligated to work in the best interest of the client. You will likely get more comprehensive advice from a fee-only advisor since they do not accept any commissions or fees based on product sales.

There are a few questions you should ask the advisor you are interested in working with. Are you fee-only? Are you a fiduciary? Will all of your recommendations and advice be in my best interest? How can I know you are trustworthy? How is your firm structured to ensure that you are trustworthy?

Creating a Legacy Plan with a Financial Advisor

A financial advisor should be looking at the entire picture when helping you create a legacy plan. They need to be thinking long term because implementing these types of plans are not a one and done thing. These plans last for years, and should have a 3, 5, 10 and 20 year strategy in order to either utilize assets or work their way out of assets.

What about a CPA and Estate Planning Attorney?

Some firms have CPAs and Estate Planning Attorneys in house. Other firms, like ours, have a trusted network of CPAs and Estate Planning Attorneys that we refer clients to and work with on a regular basis. We coordinate and work with these other advisors to help our clients with crafting their legacy plan.

Download our white paper on “7 Steps to Leave a Financial Legacy”


0:30 Inflation Update

6:15 Are We Entering a Recession?

10:19 Build a Legacy Planning Team

14:00 Choosing the Right Advisor

20:00 Growing Your Legacy Wealth

25:00 Questions to Ask an Advisor


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

Learn more about Brad Lyons.


Twitter, Instagram, Facebook, LinkedIn, and YouTube.

Learn more about A Wiser Retirement podcast and access previous episodes.

By Published On: July 18, 2022

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