Feb 14, 2023
In this episode, The Annuity Man and Pam Krueger discuss:
Should you trust people not held to a fiduciary standard?
The advantage of buying a registered advisor
The mark of a great financial advisor
Two questions you must ask your advisor
There are a lot of self-described advisors working at brokerage firms or insurance companies. They are not necessarily bad people or bad advisors but work for a business model that has consciously chosen not to be held to the legal fiduciary standard.
Hiring an advisor who is held to a fiduciary standard is advantageous to a client. Anytime the client feels that the advisor has mismanaged their finances, the burden of proof will be on the advisor.
Humility is the x-factor in an advisor. A good advisor is not in it just to live off of their client’s money, but to offer their expertise for the client’s good.
Ask them first who are their typical clients and what they do for them. Then, ask them how their clients pay them. Relax and take your time, but go straight into business.
"Fiduciary is not a frame of mind. Fiduciary is not a mood you're in. A fiduciary standard is a legal standard." — Pam Krueger
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