Broker Check

3 Most Common Comments We Hear as Financial Planners

| July 31, 2017
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Having interacted with hundreds of clients over the years, there’s a few questions we hear more frequently than others.  We decided it might be helpful to take a couple minutes to dive into the topics you’re talking about.

Without further ado…

  1. My fees are too high!
    As a whole, our industry could stand to be more transparent when it comes to fees. Sometimes, we speak with clients who don’t even know they pay fees on their 401(k). That being said, there’s no such thing as a free lunch. There are always fees, the question becomes whether you’re getting a good value for them. Just as if you got several quotes from a contractor, the lowest fee doesn’t always equate the best value.

    We suggest considering – in comparison to what are your fees too high?

  1. My account didn’t grow much last year…
    This statement is typically spoken by someone who defines their account’s success by year-to-year totals. In our opinion, accounts should be looked at with different benchmarks. To have years where the market does not rise all that much is common – we look at how your products are doing in relation to its peers.

    Our goal is income-based. Are you able to live the life that you’ve worked for, comfortably?

  1. I only hear from my advisor when he wants me to buy or sell a stock.
    Sounds like you aren’t seeing an advisor – you’re seeing a stocks and bonds salesman. In our industry, we call them brokers. That’s like going to a big-box home improvement store, speaking with a clerk, and referring to them as your architect. Your expectations of their role isn’t quite matching up with what they actually do.

    The main difference between an advisor and a broker is how they’re compensated.

If you’ve asked yourself these questions before and are still looking for answers, it may be time to sit down with your advisor. 

If you’re wondering whether you’re prepared for your financial future, or looking to set up an income plan for your own retirement, we can help. Set up an appointment with one of our advisors today to begin the conversation.

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