The Setup:

A lot of financial professionals aren’t always completely honest. It’s not that they intentionally want to mislead you, but there are talking points many brokers are given that aren’t completely true. Sometimes they might even believe these sentiments, but let’s discuss four statements that you need to be cautious about if you ever hear them from an advisor.

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Click the timestamps below to skip to a specific topic in the episode.

The Combination and Key Points: 

Financial advisors can be your greatest ally for retirement planning, but there are some professionals that aren’t always truthful. It’s a reality of a business that deals with money.

You might’ve had conversations with the type of professional we’re talking about. Landing a client is more important that providing transparency. Along the way, these brokers or advisors were given talking points that they use quite often to make it appear that all is well and accounts are only going up.

But you know investing isn’t that easy. If it was you wouldn’t be reading this blog because our website wouldn’t exist. We’d be on a beach somewhere living it up. Instead, there are ups and there are downs. The key is building a plan that can tolerate those downs and manage your losses. So you should always be wary if someone makes it seem like they have it all figured out.

On this episode of Unlocking Your Financial Future, Ben is going to identify four different statements that should raise a red flag should you ever hear them from an advisor. He’ll also explain why they aren’t true and what he discusses with clients when it comes to each of these specific areas.

And what’s the difference between a broker and what we do? Let’s discuss that as well so you have a better understanding of the type of person you need to be working with.

Thanks for listening to another episode of Unlocking Your Financial Future. We’ll talk to you again next week!

1:19 – Getting to Know Ben: Outside of your family, who is someone that’s had a significant impact on your life?

3:47 – Now let’s talk about lies!

4:17 – Let’s being with the difference between a broker and what we do.  

5:21 – Statement #1: ‘We have experts that can accurately predict market movement.’

7:24 – Statement #2: ‘Just look at our past investment returns and you can see we have a system that works in all markets.’

8:27 – Statement #3: ‘Your tax rate will be much lower in retirement.’

9:41 – Are there certain situations where your taxes could be lower?

11:06 – Statement #4: ‘It’s just a paper loss. Hang in there and you’re going to be just fine.’


Related Content:

Awkward Conversations With Your Financial Advisor – Part 1

Awkward Conversations With Your Financial Advisor – Part 2

Financial Planning Can Be Done by Anyone with Technology – Busting Financial Myths, Part 4