The theme this week on the Retirement Quick Tips Podcast is: How To Fire Your Financial Advisor

Today, I’m talking about how to select a new advisor

• decide what type of investor you are (diy on your own, hybrid with some help and portfolio model or a robo-advisor, or full service working with a financial advisor
• choose an advisor/custodian - don't rely on fancy marketing. Interview each option you're seriously
• Questions to ask - did an entire weekly theme on this topic in May 2019. Here are 5 questions to ask potential new advisors:

• 1 question - are you a fiduciary at all times? Don’t hire an advisor who won’t or can’t be a fiduciary.

• What does your typical client look like? Many advisors only serve high-net worth clients, or have special expertise in working with a particular subset of clients - here at True North, we specialize in working with business owners looking to exit their business in the next 5-10 years. Be sure that your advisor specializes in and has other clients like you.
• How long have you been an advisor? Experience counts for a lot. I’ve been doing this for 15 years and I’m always learning something new. Don’t pick an advisor who graduated college last week. On the flip side, consider the age of your advisor. If they’re 70 years old, how much longer will they be around to manage your portfolio. If they are closer to retirement, that’s ok. Just make sure they still have some fire left in the belly and a succession plan in place.
• Who will be my day-to-day contact? Ideally, the financial advisor you worked with initially is also your ongoing advisor. But that’s not always the case. Ask to meet all the members of the team and how each of them will be involved with you after you become a client.
• What’s your investment philosophy? Make sure this is clearly articulated, makes sense to you, and is consistent with your goals.
• What are your fees? And just as important, what is the all-in cost of you managing my money? There are fees you pay your advisor, underlying fees for the investments you own, and often transaction fees as well. Be sure your advisor clearly explains the all-in cost, not just their fee, and make sure that fee seems fair and reasonable based on what they will be doing for you on an ongoing basis.

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.

Subscribe on Apple Podcasts: httpstr://apple.co/2DI2LSP

Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs

Visit the podcast page: https://truenorthra.com/podcast/

Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance