On The Agenda:

Let’s talk about some of the red flags that people can look out for when they’re shopping for a financial advisor. Have you ever met with one of these types?

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Episode Show Notes:

On this episode of How Money Works, Craig and Jennifer Moser share some types of questionable financial advisors and how to avoid them.

The Guy with the Hammer

The old saying goes, “If the only tool you have is a hammer, then everything looks like a nail.”

If you’ve talked to an advisor for less than 15 minutes, and he already knows the perfect solution for you, that’s probably a red flag. There’s a good chance that’s the same thing he recommends to everyone.

Some advisors think everything is solved with an annuity. Check out their licenses and make sure they have them all.

The Oxygen Hog

If most of your initial conversation with an advisor consists of him talking about his company, his background, his credentials, and his favorite stories, that’s a problem.

In most cases, you should be doing most of the talking and the advisor should be doing most of the listening.

It’s OK to have some brief chitchat, but it should be all about you. If you’re working with someone like us, we should be focused on your goals, your needs and your future.

The Car Trunk Operator

Everybody has to start somewhere, and for some people in the financial industry, that place to start is driving around to see potential clients in their homes.

If you find yourself dealing with somebody who’s coming to see you, that can probably give you some clues about their level of experience and success in the industry.

An experienced, seasoned advisor should work for a solid business and be fairly busy.

Listen to the full episode or use the timestamps below to jump to a certain section. Thanks for listening.

Important Points:

0:26 – Hammer

3:50 – Hog

5:24 – Car trunk

7:25 – Empty suit

8:32 – Non-answerer

9:50 – Just give us your money

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