{"id":14515,"date":"2023-02-28T15:28:00","date_gmt":"2023-02-28T21:28:00","guid":{"rendered":"https:\/\/johnsonwim.com\/?p=14515"},"modified":"2024-01-29T11:29:09","modified_gmt":"2024-01-29T17:29:09","slug":"ten-warning-signs-of-working-with-the-wrong-financial-advisor","status":"publish","type":"post","link":"https:\/\/johnsonwim.com\/ten-warning-signs-of-working-with-the-wrong-financial-advisor","title":{"rendered":"Ten Warning Signs of Working with the Wrong Financial Advisor"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"14515\" class=\"elementor elementor-14515\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-40a35f36 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"40a35f36\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5815c50b\" data-id=\"5815c50b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-12e53644 elementor-widget elementor-widget-text-editor\" data-id=\"12e53644\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Are you working with the wrong financial advisor? Is he still the advisor best qualified to help you meet your retirement goals\u2014and to do so with confidence and peace of mind? It\u2019s a crucial question, so we\u2019ve compiled a list of \u201c10 Signs You Might Be Working with the Wrong Financial Advisor\u201d to help you decide.<br \/><input name=\"gform_field_values\" type=\"hidden\" value=\"\" \/><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-09c96b7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"09c96b7\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1f56377\" data-id=\"1f56377\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f7d0ef5 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Is he still the advisor best qualified to help you meet your retirement goals\u2014and to do so with confidence and peace of mind? It\u2019s a crucial question, so we\u2019ve compiled a list of \u201c10 Signs You Might Be Working with the Wrong Financial Advisor\u201d to help you decide.<\/p>\n<p>1. Your advisor ignores your changing temperament<br \/>\nHave you asked your advisor to make your portfolio more conservative only to have him or her fight you on it? This is a major red flag. Most people want to invest more conservatively as they get older, and understandably so. If your advisor is pushing back, it could be because he isn\u2019t qualified to manage a truly conservative, income-generating portfolio\u2014or it could be because he has a financial incentive to keep your portfolio the way it is.<\/p>\n<p>2. Your advisor isn\u2019t a fiduciary<br \/>\nTo expand on the point above, have you ever felt as though your advisor doesn\u2019t put your interests ahead of his own? If so, it might be time to work with a fiduciary. A fiduciary is held to the highest regulatory standards of professionalism and accountability and is legally obligated to always put his clients\u2019 interests first.1 While all advisors are subject to regulatory rules and guidelines, not all are held to the standard of a fiduciary.<\/p>\n<p>3. Your advisor uses prefabricated, or \u201ccookie-cutter\u201d strategies rather than customized portfolios<br \/>\nMany brokers and advisors are compensated on a commission-only basis, which means they make money by selling \u201cprefabricated\u201d financial service products like stock mutual funds or bond mutual funds. These advisors often work for large, well-known companies. Some other advisors might receive a fee for punching your information into a computer to generate a \u201ccookie-cutter\u201d type financial plan for you\u2014one that includes a prefabricated product, for which they will also<br \/>\ncollect a commission.<\/p>\n<p>By contrast, an advisor who specializes in retirement income typically has no financial incentive to recommend a prefabricated product, nor does he believe in using computer-generated \u201ccookie-cutter\u201d strategies. His specialty is working with each client to help create a customized portfolio geared toward the client\u2019s situation, goals, and risk tolerance level.<\/p>\n","protected":false},"author":1,"featured_media":16507,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_theme","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[4,5],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ten Warning Signs of Working with the Wrong Financial Advisor - Johnson Wealth and Income Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/johnsonwim.com\/ten-warning-signs-of-working-with-the-wrong-financial-advisor\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ten Warning Signs of Working with the Wrong Financial Advisor - Johnson Wealth and Income Management\" \/>\n<meta property=\"og:description\" content=\"Are you working with the wrong financial advisor? Is he still the advisor best qualified to help you meet your retirement goals\u2014and to do so with confidence and peace of mind? It\u2019s a crucial question, so we\u2019ve compiled a list of \u201c10 Signs You Might Be Working with the Wrong Financial Advisor\u201d to help you decide.  1. Your advisor ignores your changing temperament Have you asked your advisor to make your portfolio more conservative only to have him or her fight you on it? This is a major red flag. Most people want to invest more conservatively as they get older, and understandably so. If your advisor is pushing back, it could be because he isn\u2019t qualified to manage a truly conservative, income-generating portfolio\u2014or it could be because he has a financial incentive to keep your portfolio the way it is.  2. Your advisor isn\u2019t a fiduciary To expand on the point above, have you ever felt as though your advisor doesn\u2019t put your interests ahead of his own? If so, it might be time to work with a fiduciary. A fiduciary is held to the highest regulatory standards of professionalism and accountability and is legally obligated to always put his clients\u2019 interests first.1 While all advisors are subject to regulatory rules and guidelines, not all are held to the standard of a fiduciary.  3. Your advisor uses prefabricated, or \u201ccookie-cutter\u201d strategies rather than customized portfolios Many brokers and advisors are compensated on a commission-only basis, which means they make money by selling \u201cprefabricated\u201d financial service products like stock mutual funds or bond mutual funds. These advisors often work for large, well-known companies. Some other advisors might receive a fee for punching your information into a computer to generate a \u201ccookie-cutter\u201d type financial plan for you\u2014one that includes a prefabricated product, for which they will also collect a commission.  By contrast, an advisor who specializes in retirement income typically has no financial incentive to recommend a prefabricated product, nor does he believe in using computer-generated \u201ccookie-cutter\u201d strategies. 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Is he still the advisor best qualified to help you meet your retirement goals\u2014and to do so with confidence and peace of mind? It\u2019s a crucial question, so we\u2019ve compiled a list of \u201c10 Signs You Might Be Working with the Wrong Financial Advisor\u201d to help you decide.  1. Your advisor ignores your changing temperament Have you asked your advisor to make your portfolio more conservative only to have him or her fight you on it? This is a major red flag. Most people want to invest more conservatively as they get older, and understandably so. If your advisor is pushing back, it could be because he isn\u2019t qualified to manage a truly conservative, income-generating portfolio\u2014or it could be because he has a financial incentive to keep your portfolio the way it is.  2. Your advisor isn\u2019t a fiduciary To expand on the point above, have you ever felt as though your advisor doesn\u2019t put your interests ahead of his own? If so, it might be time to work with a fiduciary. A fiduciary is held to the highest regulatory standards of professionalism and accountability and is legally obligated to always put his clients\u2019 interests first.1 While all advisors are subject to regulatory rules and guidelines, not all are held to the standard of a fiduciary.  3. Your advisor uses prefabricated, or \u201ccookie-cutter\u201d strategies rather than customized portfolios Many brokers and advisors are compensated on a commission-only basis, which means they make money by selling \u201cprefabricated\u201d financial service products like stock mutual funds or bond mutual funds. These advisors often work for large, well-known companies. Some other advisors might receive a fee for punching your information into a computer to generate a \u201ccookie-cutter\u201d type financial plan for you\u2014one that includes a prefabricated product, for which they will also collect a commission.  By contrast, an advisor who specializes in retirement income typically has no financial incentive to recommend a prefabricated product, nor does he believe in using computer-generated \u201ccookie-cutter\u201d strategies. 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