Hiring A Financial Advisor: The 6 Biggest Mistakes to Avoid

Retire Ready with Kyle Hammerschmidt

Summary
In this conversation, Kyle and Kolin discuss the mistakes people make when hiring a financial advisor. They highlight 6 key mistakes and provide advice on how to avoid them. The mistakes include ignoring the importance of tax planning, not having a strategic investment plan, confusing fee-based and fee-only advisors, focusing on investments before comprehensive planning, relying on big financial firms for guidance, and not seeking a customized retirement plan. The conversation emphasizes the need for a clear understanding that not all financial advisors are created equal and encourages listeners to make informed decisions when deciding to partner with a financial advisor.
Takeaways

• Not all financial advisors are created equal, so it's important to do thorough research and make informed decisions when hiring one.
• Tax planning is a crucial aspect of retirement planning that should not be ignored. It's important to have strategies in place to minimize tax bills and protect social security benefits.
• Having a strategic investment plan that focuses on income and cashflow is essential for a successful retirement.
• Understanding the difference between fee-based and fee-only advisors is important. Fee-only advisors are typically more transparent and have fewer conflicts of interest.
• Focusing on comprehensive planning before diving into investments is crucial. A customized retirement plan that considers taxes, income, healthcare, estate planning, and other factors is essential.
• Choosing a financial advisor solely based on name recognition or the size of the firm may not be the best approach. Consider working with independent firms that prioritize personalized service.
• Avoiding these common mistakes can lead to a more successful and fulfilling retirement journey.

Subscribe to The Retire Ready Weekly Newsletter
Get more information on The Retire Ready Academy
Looking for personalized financial planning? Visit our website
Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.