Episode 53: Things Nobody Says To Their Financial Advisor

Today’s Prep:

Financial advisors hear a lot of crazy things when it comes to managing money. But do you want to know what they never hear? Have you said any of these things to your advisor?

(Click the featured times below to jump forward in the episode)

Equipping Points:

Over the years, advisors hear a lot of things from their clients when building a retirement plan and financial portfolio. Some people have wild ideas or others are incredibly cautious when it comes to managing their money. But what are the things that advisors never hear? And why is that?

On today’s episode of Cover Your Assets KC, David Dickens talks about the things clients never say and what they say and do instead.

After years of contributing, no one has told David they regret putting money into a Roth IRA. If you have earned income, Roth IRAs are a terrific way to say for retirement. Another great option? Find out if your company offers a Roth 401(k), which really helps you save tax-free for retirement. There are several key benefits that come with having a Roth IRA. Are you taking advantage of these?

Very few people wish they had spent more when they were working. When estate planning, there may be different strategies for how to distribute money or even disagreements between a couple on how to best spend it. But having a strong plan and saving for the future wins out in the long-run.

When it comes to life insurance, those who receive it after a death do not feel the high sum provided is insulting. There are lots of good reasons to own life insurance. Young families are left in a lurch without life insurance. But high-income earners may also consider life insurance to be able to withdraw tax-free income. Others who are getting ready to accept a pension may consider accepting it under different terms if they use excess money to buy life insurance.

No one has ever said they want to overpay their taxes. What you pay in taxes, you can be efficient with it or sloppy. Most people want to pay every dollar that you legally owe, but not a penny more. Do you have the proper planning in place to make that happen?

Listen to the full episode to hear David talk about why no one says these phrases to an advisor or click on the quotes below to hear more.

[0:56] – “I regret putting money into my Roth IRA.”

[1:45] – What are the key benefits of having a Roth IRA?

[2:49] – “I should have spent more and saved less over the years.”

[4:14] – “Getting a life insurance payout was insulting.”

[5:49] – “It makes me feel patriotic to pay more taxes than I have to.”

[6:58] – “I love the market corrections, 2008 was my favorite year of all time!”

Today’s Takeaway:

Additional Resources:

PODCAST: Keys to Diversifying Your Portfolio

PODCAST: Are You Working With The Right Financial Advisor?



More From David:

The host: David Dickens

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