Oct 26, 2018
Learn why it’s important to have a plan and not react when the
market goes up or down. Discover some reasons why you may need to
look for a new financial advisor. Learn how major life events can
trigger the need for an advisor.
Main Questions Asked:
When is it time to look for a new financial advisor?
Who should I listen to when the market goes up or down?
What life events trigger the need for a financial fresh
Key Lessons Learned:
Whose Predictions Are Right When the Market Goes up or
- It’s hard to predict the market. Therefore, it’s important to
have a plan in place to protect and grow your assets when the
market goes up or down.
- We don’t know who will be right with their market predictions,
but we do know that having a solid plan can protect against
The Grass Being Greener on the Other Side
- Should I find a new financial advisor if my advisor makes a
mistake and costs me money? Most advisors wouldn’t admit they
made a mistake. If your advisor admits and corrects it, that is a
high level of honesty.
- My advisor’s business is too big, and I never talk to
him. This isn’t a reason to leave at all. Associate advisors
can do a great job. If you aren’t getting good service, then it is
time for an honest conversation.
- Should I leave my current advisor because I went to a
seminar and the new advisor is more entertaining and engaging?
No, unless you think they have a better handle on things than your
- I recently moved. Should I work with someone local?
This is personal. You don’t have to leave just because you are in a
- I lost a ton of money when the market crashed. Do I need a
new advisor? If this was a complete surprise, then you may
need a new advisor. Did your advisor prepare you for the chance of
Major Life Events that Require Financial
- A job change - Retiring or switching companies is a
big change. This is a time to assess whether you are track or not.
You also need to think if you should roll the money over or leave
it behind. Consider healthcare and your spouse’s situation.
- After a divorce - This is a situation where you start
over again with your assets. You should get someone involved before
the divorce to discover the things you should be thinking about.
You need to know how your pension will be split up, what you will
do about Social Security, and 401(k)s.
- Receiving an inheritance - Do I pay off my mortgage?
Do I path my debt? Do I set money aside for my kids and grandkids?
Do I need to set up a trust or put life insurance into that trust?
An inheritance needs to be a fresh start where you put together a
plan beginning with day one.
Links To Resources Mentioned
Money Map Retirement Review
Thank you for listening!