Lt. Kaffee told Corporal Dawson at the end of A Few Good Men, “you don’t need to wear a patch on your arm to have honor”. Although this quote is from a fictional movie, I believe the message to be true in the retirement planning space as well. In the financial advising world, the patch is a license, or a designation, or a title. And honor, is doing the right thing. Being honest and transparent with your client, staying knowledgeable in your field, communicating appropriately and producing results, are all part of doing the right thing. Regardless of what patch you wear.
The key for consumers is choosing someone you like and trust, someone you find knowledgeable in the field, someone who is transparent and honest, someone who is out for your best interest, and someone who will answer your call (or be very responsive if not).
If you don’t value financial advice, or if you distrust financial advisors and registered reps, or if you don’t believe in paying fee’s or commissions for services, there are multiple ways to do it yourself. Be careful of the “experts” telling you someone must have a designation, or must be a fee-based planner, or must be this or that, it may be that they just “can’t handle the truth”. Some registered reps actually do the right thing, they provide on-going service, they produce results, and you will enjoy working with them.
Bottom line is do your research, ask for references, talk to your colleagues, and meet with the financial professional in person (or on zoom). If they have strong references, you find their cost competitive, they are genuine, knowledgeable and truly out for your best interest, then hire them to work your account. If not, then move on.
Thanks for reading and Happy Saving!
@jsc403b 