8 Things To Know Before Hiring a Financial Advisor
06/04/20 • 25 min
Rick Bloom thinks money looks better in your pocket than it does anywhere else. With that in mind, today we discuss the 8 things to know before you hire a financial advisor.
- How is the advisor paid?
- Is the advisor a fiduciary?
- Does the advisor use an independent custodian?
- Who regulates the advisor?
- Which investment vehicles are the advisor using?
- Who is the advisor's typical client?
- Don't be fooled by firm names.
- Don't get caught up in alphabet soup of initials.
Additionally, make sure your advisor is someone you can communicate with.
As always, Rick answers email questions from listeners regarding:
- Paying off mortgages,
- 401k values
- Rollovers and Required Minimum Distributions
- Roth Conversions
Got a question for rick? Email him at [email protected]
Resources:
Bloom Asset Management website: http://www.bloomassetmanagement.com/
Rick Bloom thinks money looks better in your pocket than it does anywhere else. With that in mind, today we discuss the 8 things to know before you hire a financial advisor.
- How is the advisor paid?
- Is the advisor a fiduciary?
- Does the advisor use an independent custodian?
- Who regulates the advisor?
- Which investment vehicles are the advisor using?
- Who is the advisor's typical client?
- Don't be fooled by firm names.
- Don't get caught up in alphabet soup of initials.
Additionally, make sure your advisor is someone you can communicate with.
As always, Rick answers email questions from listeners regarding:
- Paying off mortgages,
- 401k values
- Rollovers and Required Minimum Distributions
- Roth Conversions
Got a question for rick? Email him at [email protected]
Resources:
Bloom Asset Management website: http://www.bloomassetmanagement.com/
Previous Episode
8 Opportunities To Look At Now
Today, Rick looks at 8 financial opportunities for you to consider in the current financial climate.
- Flexibility in health care accounts, switching members or plans
- Moratorium on federal student loan payments through September 30
- Refinancing your mortgage with lower rates - what you need to look at to see if it's right for you.
- Cutting back on your distributions if your spending is down.
- Tax Loss Harvesting
- Roth Conversions
- Online Banking - where interest rates can differ
- The stock market is on sale!
Also, Rick answers some listener emails.
Got a question for rick? Email him at [email protected]
Resources:
Bankrate Website: https://www.bankrate.com/
Bloom Asset Management website: http://www.bloomassetmanagement.com/
Next Episode
7 things you should do now that we are in a recession
We are officially in a recession. Today, Rick Bloom takes a look at the historical context of recessions. Then, we run through seven things you should do in our current climate.
- Cash flow and net worth statements
- Reducing household expenditures
- Evaluate your Life insurance
- Reducing debt
- Having an emergency fund
- Have an estate plan
- Look at your portfolio
As always, Rick answers listeners emails. Today, we talk about emergency funds in short term bonds and using banks as trustees.
If you have a question for Rick Bloom, you can email him at [email protected]
Resources:
Bloom Asset Management website: http://www.bloomassetmanagement.com/
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