The #1 Mistake People Make When They Use a Financial Advisor

Explore More Shows from Ramsey Network:

Ramsey Solutions Privacy Policy

[LucyAkira]

The problem we have is because Most people always taught that " you only need a good job to become rich. These billionaires are operating on a whole other playbook that many don't even know exists.

[maryfields]

40 years ago, when I was a new driver, and had to buy my own car insurance, my dad's insurance guy spent a solid hour teaching me about the ins-and-outs of auto insurance in language I could understand. He retired years ago, but I'm still buying my insurance from the company he worked for. I'll never forget how patient he was.

[DD-vkyy]

There should be a basic financial class in high school that everyone must take.

[francescadelight]

Great video Dave, one that folks really need to watch. I’m 50, retired a while at 45. I have 35% of my capital invstments in an IRA, 25% in index funds, and the balance spread across other investment accts, in cumulative of over $ 5M. I receive income from my rental properties too. Zero debt and all is going accordingly .

[kaylawood]

The pandemic has shown us just how quickly decades of planning, investing and saving can be completely upended. This could mean your current financial plan might leave you without enough money to last your retirement. A recent Vanguard study found that, on average, a hypothetical $500K investment would grow to over $3.4 million under the care of an advisor over 25 years, whereas the expected value from self-management would be $1.69 million, or 50% less.

[rescuelegacy]

"Heart of a teacher, not the heart of a salesman." Wow! Ding, ding, ding! Thank you!

[MrKage]

another HUGE mistake: Not asking if they are a fiduciary. Fiduciaries are legally required to act in your best interest, financial advisors aren't. Not all "smartvestor pros" are fiduciaries!

[williamfrederickiii]

Best lesson I ever learned was to happily admit my own ignorance and be receptive to learning from everyone.

[jamiehush]

I’m a software engineer. Every engineer should listen to Dave right now. It’s YOUR job to convince your boss to put time/money in a project. If they say no it’s YOUR fault for not explaining correctly. Ever since I adopted this attitude my career has excelled.

[mikeneeley]

I tell all clients no matter what professional you work with, if they talk down at you, if they get angry with your questioning, then you fire them asap. It's not our job to talk down at you. It's our job to educate and do what's in your best interest. That's how we stay in business and help people.

[alexkhassa]

Dropping truth bombs, like always. A lot of people need to remember that it's THEIR money. The advisor is a tool and a facilitator to help you achieve your financial goals! 👍👍

[jmmbarkovich]

I work in the investment industry, and the advisor with whom I work is most interested in educating potential clients, building relationships and learning potential clients' goals for investing. Our clients make us humble, our job is to serve our clients and celebrate their success.

[trwsandford]

Rule #1, only invest in things you understand.

[Redbull_]

I'm talking to a Financial Advisor from First Command and he is great at teaching me financial stuff. He used to be a history teacher so he likes to teach.

[UserNameAnonymous]

Your advisor should get excited when you're curious and interested in learning

[ImaITman]

Techno cussing....as an IT guy that's such a funny term. I love it.

[Ellison]

Thanks Dave!!! I'm glad to run into this video. I am struggling with people who's taking advantage of the elders and the disadvantages. It's rather frustrating and you're right they are so pushy and condescending. Unfortunately, I don't have time to help everyone.

[surfboy]

Dave has some good points but the most important thing you need to know is how your financial advisor gets paid. You may see a lot of the recommendations revolve around how they're paid.

[dolcevita]

“I got PHD in D.U.M.B” hilariously relatable 😂

[toes]

I'm in training to be an FA, and this is the best advice I've ever heard. And definitely something I'll embrace with my clients. THEIR MONEY!! THEIR PRIDE!! Make it easy for them and walk them thru the process and did I say make it easy? MAKE IT EASY!!!