SFP Retirement My Way Q+A, The Right Advisor?

| April 01, 2021
Share |

Jen, in Southborough Ma, wants to know if she is with the right advisor for her?


How will you know if you are with the right advisor?

  • Everyone’s situation is different, and the decision on when to retire will be unique to them.
  • Just because an advisor works for one person that does not mean that it will work for everyone.
  • Some people are better suited for going it alone and managing their own assets if they enjoy the idea of going at it alone.
  • Everyone has a different vision of retirement, and your advisor should share your beliefs and values around it.


How often should we be meeting?

  • Some advisors prefer to meet with their clients once a year, and that is adequate for many people.
  • Other advisors like to take more of a hands-on approach to retirement planning with their clients, in order to better address concerns and opportunities as they arise.
  • There is no right or wrong approach, it is solely up to the individual to see what approach fits best.
  • Another aspect to consider is if your risk comfort aligns with the advisor’s approach.


What advice does Ryan have for people that are trying to decide if they are with the right advisor?

  • Make sure that you connect well on a personal level before anything else.
  • Then, make sure that your comfort with risk and volatility aligns with the advisor’s philosophy on risk.
  • Ask to see worst case projections to see how you would fare under a market crash.
  • Also, make sure that how the get compensated is 100% transparent so that there is no confusion or frustration down the road.


On this edition of Summit financial partners question answer with Ryan Skinner, Ryan receives a question from listener Jen. Jen asked Ryan if she should consider looking for a new advisor and how do you know if you are with the right advisor?

She also mentions that although her returns have been good, most of her friends that manage their own money have also had good returns. So how does someone know if the advisor is responsible for the good returns or if it is just a result of a good market?

Ryan gives Jen some key points to think about when deciding which advisor is best for her. The first thing to consider is if you get along with your advisor on a personal basis. Connection is extremely important because this will be the person that is guiding you over the next phase of your life, Retirement. Ryan meets with his clients at least twice a year to review, not to mention all the social and educational events that SFP Holtz. So, if you are going to spend that much time with people that you need to make sure that you get along and enjoy each other ‘s company personally.

The second thing to consider is how often you want to meet your advisor. Some advisers only like to do check inns or reviews once a year. Ryan says that there is nothing wrong with that approach to retirement planning however he feels that it is not in the best interest of the client to do things that way. If your advisor does not meet you on a regular basis to discuss what is going on than it is more difficult to address potential problems or to capitalize on potential opportunities.

The last thing to consider is what is your advisers’ approach or philosophy on risk. It is extremely important to make sure that your risk tolerance or financial objectives coincide with that of your advisers. If your advisor has an aggressive approach to the markets and you are a play it safe type person that that will cause a lot of undue stress and anxiety for you. When your goals align with your advisers’ approach to the markets it can make for a much more enjoyable and peaceful relationship going forward.

Share |