Episode #26: Why You Should Hire A Financial Advisor

Today’s Prep:

Whether you feel like you can “do it yourself” or aren’t sure who to trust, there are a number of reasons  people are hesitant to work with a financial advisor. We’ll walk through a few common holdups and explain why you need the expertise of a dedicated financial planner for a successful retirement.

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

Equipping Points:

[0:52] Don’t Procrastinate

  • Procrastination is often the killer of a comfortable, successful retirement.
  • David shares two stories of people who procrastinated; one from saving and one from planning.

[2:45] Not Sure Where to Begin

  • Financial planning is not completely intuitive, nor is it commonly taught in school.
  • David shares an example of a couple without a plan in place or life insurance.
  • David’s team set up a baseline income plan for them as they started the process of retirement planning.

[4:31] Don’t Know What Questions to Ask

  • A lot of times, people ask us about pensions.
  • Sometimes, people don’t know Social Security will be taxable when they retire.
  • Why are Roth conversions easier for early retirees, especially before the age of 65?
  • Unless you’re in this business, you can’t possibly know all the questions or the answers.

[5:56] Retirement Planning Is Time Consuming

  • People spend more time planning their vacation than retirement.
  • Your advisor doesn’t have knowledge you couldn’t learn on your own. However, your advisor specializes in planning, so he or she has time to learn tough concepts. You don’t.
  • Your advisor dedicates time to your plan.

[7:37] Too Much Information

  • You hear a bunch of things on radio and tv, and there’s often conflicting information out there.
  • The more wealth you have, the more difficult it is to plan.

Today’s Takeaway:


More From David:

The host: David Dickens

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