Is Your Advisor Giving You The Right Advice?

By |2021-07-05T23:05:43+00:00July 15th, 2021|401(k) Rollovers, Annuities, Financial Planning, Retirement Planning|

“If people would look carefully at their advisor recommended portfolio, they probably would find they are being charged an advisory fee by their advisor and then learn they are paying another fee in the mutual fund to have their money managed. Double fees.”  Jeff Wisuri

I cannot count the number of times I have sat across from folks looking for answers to securing their retirement.  When I ask them what their retirement assets are, most reply “in the stock market” but, very few know what they own. When I review their retirement statements, I usually find that they have various mutual funds, possibly some individual stocks and bonds, but rarely do they know what they own.  Most people put blind trust in a broker who charges them fees for managing their hard-earned money when they have no clue how competent their broker or advisor may be.

I have examined many retirement accounts statements over my career, and I find that most brokers have no clue which investments will perform better than others.  They usually pick mutual funds and tell their clients that they are now diversified, and their money should grow nicely. I’m willing to bet that these same brokers didn’t tell their clients to head for the exits in 2001 or 2008!  Many pre-retirees got caught with financial exposure, and many lost over 50% of their retirement funds in a matter of months.  Many of these pre-retirees then faced the grim reality of working for many additional years to get their retirement funds back to break even.

It seems to me; most brokers/advisors only take credit for the good times, rarely do they take credit for losses, especially large losses like 2001 and 2008.  I always remind folks who meet with me to discuss my “Safe Money” strategies to ask the following question to their broker/advisor only.

“Tell me, Mr/Ms. Broker, I entrust my retirement money to you. Can you tell me how much money my account would lose if the markets fell, say 50%?”  

That is a very fair and practical question to ask your broker/advisor.  If they cannot answer it, RUN and find a new one!  It’s your money; you have every right to know if your money is positioned way too aggressively, given your risk tolerance.  This is why I always advise folks to have at least 30% up to 50% of their retirement funds in a contractually guaranteed, no fee, no risk strategy.  I specialize in helping my clients sleep better at night, free of the nightmare we call the “Bear Market.”  My strategies allow your money to grow when the markets go up, lock in those gains and guarantee your principle will never lose a single dime!

If you are unsure of where your money is and how it is positioned, we need to talk.  I will happily review your brokerage statements and run a “Safe Money Blueprint” that will show you how to secure a stress-free retirement.





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