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)
[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.
- 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.