This Is How You Pick The Right Financial Advisor

This Is How You Pick The Right Financial Advisor

Listen to how ordinary people built extraordinary wealth—and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, George Kamel, Rachel Cruze, and John Delony.

[adamweah]

You just have to be aware of what you are doing, I am glad my fiduciary led me through the right paths, its been greens ⤴

[Nikich]

100% agree with understanding what you're doing before you invest. My old advisor didn't explain anything. He's gone now.

[BrandonMinguez]

Sounds like she wants a financial manager instead of a financial advisor. Regardless of who she interviews, one of the questions should always be to ask if they are a fiduciary!

[paulharsh]

So much free information online for self directed accounts that don’t have a 5.6% fee on each deposit and high expense ratios.

[larryhawes]

I've been losing more than $1000 a month with the current stock market but understand I'm in it for the long haul and have been buying lately.

[ieatpussy]

Put it in a Vanguard 500 and be done! No “advisor” can beat that strategy.

[lkjg]

The only sage advice from that call was "don't invest in anything you do not understand." An S&P Index fund should be your baseline and from there you can branch out into other areas once you gain knowledge.

[johnnyhoang]

Not sure when this was recorded, but says posted few minutes ago, a lot of people would be scared about losing $1k/mo. But in reality, the market the last 3 months has not done well, so if she has $1m and it’s $1k/mo, no big deal. If she has $50k and it’s $1k/m, that’s a big deal. But Dave is absolutely right, the idea of passing your money to someone else and hoping everything turns out ok is absolutely irresponsible.

[MusicPhrase]

My gut tells me she's clueless about investing and expects the stock market/her portfolio to go higher every month, every quarter, every year. And if it doesn't, then it's someone else's fault and time to blame.

[harrychufan]

Pick ones that are fiduciaries that let you buy low cost < 0.1% expense ratio index funds that will beat 90% of active mutual funds and that teach you along the way

Edit: and don’t pay a 5.75% front end load charge please. Don’t ever pay for an outdated front end load that just gets used for advertising and commissions instead of actually paying for your investments.

[hanymohd]

DAVE RAMSEY make living kickbacks, every caller ask to contact ELP, TAX PROFESSION, REAL ESTATE Agents

[tymowens]

Inexcusable for them not to call her back and/or answer her questions. However, investors often incorrectly blame market downturns on the advisor.

[JAT]

Learn to invest yourself. Lots of information out there to help educate yourself. No one cares more about your money than you do.

[littleripper]

She doesn't want to do any work despite the fact that this is her money, her life. Finances and investing isn't something you can just know nothing about, you sadly need to spend time researching and learning. Your financial advisor isn't going to spoon feed you.

[wesgander]

Guy at the bank probably gave her a list of board market ETF's that would have saved her tons of money in management fees, as well, as compound interest. Mutual funds are a way for advisor to live off your money.

[djpuplex]

Most people really mostly all people don't need any financial advice. Simple and steady. Two to three fund portfolio call it a day.

[saulgoodman]

Sounds like a fake call, for an ad for his ELP.

[rickchandler]

If she's not selling the investments, then she's not "lost" anything. Good on Dave to point out that she needs to take on the responsibility to learn what's going on.

[ebowalker]

I disagree with Dave. If you hire a professional to manage your money then you shouldn't have to. If you do then why hire them in the first place. If you hire a mechanic to fix your car do you fix it? No they do. Its the same thing. Some people can fix their own cars. Some people can manage their own investments. Good for them but not everybody can.

[ryanskinner]

Use the smart investor pros and ELP as they pay Ramsey for the promotion/designation, don’t get it confused. Marketing 101