How do you know if your financial advisor is a bad fit for you? What about an advisor that you’re thinking about working with? What red flags should you be looking out for?
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Transcript:
Marc Killian:
How do you know if your financial advisor is a bad fit for you? What about an advisor that you're thinking about working with? Are there some red flags to be on the lookout for this week on Plan With The Tax Man? We'll highlight five of those to keep an eye on.
Hey everybody, welcome into the podcast Plan With The Tax Man here with Tony Mauro and myself, Mark Killian, to talk about some red flags to hopefully you're not ignoring or at least be aware of. And we'll dive into that this week here, Tony, as we're getting pretty close to Thanksgiving. How you doing, my friend?
Tony Mauro:
I'm doing good. Getting ready for the holidays myself and getting ready, well with the staff, for the year-end.
Marc Killian:
Okay. Yeah, well, I mean, it is a busy time of the year for everybody. And so maybe if you are shopping or thinking about doing something, making a change, some red flags to maybe be aware of. So we'll run through a few of these for folks, see if we can help them out. Let's start with the whole cookie cutter conversation, the one size fits all approach. Obviously at this point it's become cliche. Every advisor says you need a specific strategy for your situation, but it really is true because there are still some of those big box places out there that just try to jam everybody into the same kind of thing.
Tony Mauro:
There is. I have more and more conversations with clients about this, and you're right. All of us advisors, everybody knows that we all do the same thing. But I think too many of us, if they're going with this one size fits all approach, I think we're doing a disservice to the clients. So I think if you are a person out there looking for an advisor, you want to ask about what is your approach for your clients and what do you do with them and how do you do it a little bit?
Because for us, we like to start, and I just had a conversation with a tax client yesterday about we don't want you to come to us just for us to have you do say a Roth IRA. And we just manage the money. You're paying us, so we want to provide some value. We want to get to know you, we want to develop a plan and help you through the plan. So I would definitely ask those questions and don't be afraid to do that because that's what's going to determine if they're a good fit for you or not.
Marc Killian:
Yeah, exactly. And every situation's a little bit different, certainly. And there's certainly universal things that do affect us all. But just kind of trying to jam everything into one style that 20 people walk in the door and they try to put them all in the same overall portfolio and approach. And maybe that's the key word right there, Tony, is that a lot of times these big box places, they're really talking more about the portfolio management and things of that nature versus a holistic retirement strategy.
Tony Mauro:
They are. And we don't spend a lot of time on that because I don't want to say we don't feel it's important because it is. But that's secondary to really what you want to do and where you want to get to because we can figure out that part of it later. And there are so many choices that we'll find something there. I don't like to lead with that and talk about performance and this and that because I don't think that that is the first thing we should be doing.
Marc Killian:
Yeah, you're talking about relationship and life planning, if you will, a little bit, more than just portfolio building at that point. Most of us have built one. Sure, we still want to manage things and then stay ahead of the inflation and keep going, but you're talking taxation and social security optimization, there's just all these other pieces that go into it. So that's where the customization truly does come into play. All right. That's the first one, Tony. How about the communication aspect? So also sometimes a knock on some of those places is, well, okay, they got me set up and I never hear from them after that.
Tony Mauro:
Yeah, I hear that a lot. I really do from clients, and sometimes it can go several years. And to me, I always ask them, well then they're not really, in my opinion, your advisor. There's somebody that is maybe managing your money or at least supposed to be watching it, but most fiduciaries, we have an obligation to at least meet with you once a year. But we try to do that more than once a year, even if it's just a phone call or a Zoom call
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