Ep. 410: Why Hire A Financial Advisor And Not Listen?

We want to answer your questions about money. Email us and you may hear yours on the air: askpete@petetheplanner.com

This week on the Pete the Planner Show, Pete and Damian get right down to business!

Remember: In the first six months of 2021, we’re going to make over five families’ financial lives, LIVE on the air! WE’RE GIVING AWAY FIVE FREE HEY MONEY, MEMBERSHIPS to walk with them across six months telling their stories about their struggles in personal finances. Check us out!

No time to listen?  Here’s a preview of what happened and when:

Show Notes:

MAILBAG QUESTION 1: [2:40]

  • “How do I find and evaluate a fee-based planner? What questions should I be asking? What are your views on a fee-based relationship with a planner? Most really want an Assets under Management type of relationship. I want to establish a long-term relationship with one. We are a middle-aged frugal couple with good nest egg. My background is in finance and economics. We’ve managed our own with Vanguard for years. I would like second opinions, but I’m not excited to pay based on AUM.”

    • Pete: This is on of the reasons why we started “Hey Money.” We are definitely pro-financial advisor, here.
    • Damian: Advisors who manage AUM fees, think: “When you do better, we do better.” To be sure you understand, advisors’ time is worth something for the benefits they offer.
    • Alternative business models are popping up, so check out XY Planning Network


HEADLINE SEGMENT: [13:40]

  • Why would you hire a financial advisor and then discard the advice they provide you? Maybe this doesn’t work in all circumstances, sure. But in this complicated world of finance and economics, why is it that “nah, I’m good” tends to happen?

You’ve got to hear this whole chat. There’s just too much not to miss! There might be something you can think about in your own situation.  — click PLAY below for the full show.


Before you go, give your personal finances a facelift. Peep our personal guidance platform: Hey Money.

 

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