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Podcast #16 — 3 Things You Should Know Before Choosing Your Financial Advisor

If you were looking to buy a new car or house, you would probably spend time researching different options so you can find the best fit for you. Why should finding your new financial advisor be any different?


Today, Jeremy Keil guides you through the process of finding the best advisor for you by sharing tips on how to sort the good from the bad and how to find an advisor who will offer you the guidance you need.


In this episode, you’ll learn:


  • Why it’s important to find out if your advisor is a fiduciary — and if they’ll be a fiduciary for you

  • The different certifications that 
    financial professionals may have and what they mean

  • Why you should understand how your advisor gets paid

  • And more!


Listen in now and get ready to create your research list that will help you find your next advisor!

Due to the complexity of state and self regulated organizations, along with the new Regulation Best Interest effective 7/1/2020 we have updated and corrected some of the statements made in the podcast. Please visit our Podcast Episode Page to view the updated transcript.

Resources:


Keil Financial Partners | 6 Questions Retirees Aren’t Asking But Should Be 3 Keys You Should Know Before Choosing a Financial Advisor  | BrokerCheck | Subscribe


Related Blogs & Podcasts



The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Keil Financial Partners. Keil Financial Partners is a part of the Thrivent Advisor Network, a registered investment advisor. The Content has been made available for informational and educational purposes only. The Content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning. 

Keil Financial Partners does not provide legal, accounting, or tax advice. Consult your attorney or tax professional. Representatives have general knowledge of the Social Security tenets. For complete details on your situation, contact the Social Security Administration.


Full Transcript 

Retirement Revealed Episode 16: 3 Things You Should Know Before Choosing Your Financial Advisor 

Are you ready to uncover your retirement solution? Learn more as Jeremy Keil and his guests guide you along the path of retirement and reveal the five steps you need to take to solve your retirement puzzle. Now onto the show! 

Aric Johnson: Hello and welcome to Retirement Revealed with Jeremy Keil. I'm so glad you're here today with us. Jeremy, thank you for being here as well because it would be really awkward if I was just sitting here in silence.   

Jeremy Keil: I suppose it wouldn’t be too much fun would it? 

Aric Johnson: Not at all, and I wouldn't learn anything. So I appreciate you being here, and I know that I'm going to learn a lot today. For you all listening in the audience, you're going to learn a lot because Jeremy's going to discuss three things you should know before choosing a financial advisor. I can't wait to dive into this because I've been working with financial advisors for a really long time. There are some really good things about a lot of advisors out there, and there are definitely some things we should be avoiding when looking at some financial advisors. 

Jeremy Keil: Yeah, exactly. I've been a financial advisor for 17 years, and one thing that just kind of blew my mind, especially when I first started out, is that no one seemed to interview when choosing between different advisors. You go kick the tires on a bunch of different cars, and you do a bunch of research. It seems like no one ever did that. Thankfully these days more and more people are starting to interview multiple advisors and dig into things a little bit more, but our goal here is to help you figure out three things you should know before choosing your financial advisor. We are trying to make it simpler for you as you're going through and picking that advisor. We are helping you understand what it is that you need to know ahead of time.  

Aric Johnson: Audience, please, as you're listening to this, write this stuff down, unless you're driving of course. You can come back to it later and do that, but write these things down because these are vitally important. There's a lot of things you should know about a financial advisor before you choose to work with them, but I know the highlighted three that Jeremy is going to be covering today are going to be the most important things that you really want to hit on. So where do we start today? What’s number one? 

Jeremy Keil: Yeah. For number one, we're going to talk about part of the problem, which is how do you find a bad financial advisor? How do you tell if someone's a bad or good financial advisor? 

Aric Johnson: You could throw a rock to find a bad financial advisor.  

Jeremy Keil: Yeah. It's tough. There is this guy Carl Richards, and I listen to a lot of his podcasts. It's funny. He talks about the secret society of real financial advisors. He jokes about the fact that it’s not like a bad financial advisor has “bad financial advisor” written on their business card. I mean, how easy would that be?  

Aric Johnson: That'd be nice. 

Jeremy Keil: Yeah. You meet someone. They say “bad financial advisor” on their business card so you know to stay away, and then you just go to the secret society of real financial advisors to go find them. If only it was that easy. We're going to start out with number one. Just real quick, Aric you were talking about writing these down. You don't even have to write them down. Go to our website keilfp.com. If you want to go directly there go to keilfp.com/whitepapers which will take you right to what we're talking about. You're going to be able to download this PDF which is about 15-20 pages about how you go through choosing a financial advisor. 

Aric Johnson: Okay, so I did not know that. That is a fantastic resource. We are going to go ahead and put the link in the show notes in the summary for the podcast itself, so if you're listening to this right now, when you get to a spot where you can take a look at the website, just pull up the summary notes on the podcast on your phone or on your computer. Click that link, and it'll take you right to that page. Fantastic. All right. I'm going to download it when we're done. I've got your notes, but I want to read the whole thing.  

Jeremy Keil: Yeah, it's well worth it. The first question has to do with the word fiduciary. The question is what does that even mean, right? A lot of people who are looking for financial advice finally hear of this word fiduciary. It's just unfortunate that no one really knows what that means, and a lot of advisors even advertise that they are a fiduciary, but what does that really mean when they advertise that? Here's a funny one. We were just talking about this a week ago about how there is even this designation called “Accredited Investment Fiduciary”. Someone had seen that, and I said that it just means you took a little test so you get to put these letters behind your name: AIF for Accredited Investment Fiduciary. Nothing wrong with getting some more education, but I was just talking about this in the office a week ago. Then I got an email from someone I know and trust. I like this guy. He’s a good adviser. He's definitely on the good advisor side, but he's an Accredited Investment Fiduciary. When you look at the bottom of his emails, it says that the Accredited Investment Fiduciary designation does not mean the holder is acting in a fiduciary capacity. 

Aric Johnson: What?  

Jeremy Keil: Yeah, all it means is that you took a test online. I went to their website, and it says it's a self paced online course that needs to be completed within 90 days of purchase. So it just kind of shows you right there that if you complete it within three months you get these three letters put after your name, but it doesn't even mean you're acting as a fiduciary.  

Aric Johnson: Yeah. Okay, I'm sorry. You know what that reminds me of? Right when you said that the first thing that popped into my head is how you can become a minister to conduct weddings online in 10 minutes. As long as you take this test and pay the $50 that we want from you or the $200 that we want from you, you can then be a minister without any of the training or thought behind it. It's just insane. It's just kind of an empty title.   

Jeremy Keil: Yeah. It can be in a way. I haven't looked into it further. The Accredited Investment Fiduciary designation could be a great thing. I don't know, but it's just so interesting to me that they say that you do not have to actually act in a fiduciary capacity. (update: there are many different definitions of the term, ‘fiduciary’ for example the SEC and ERISA have different definitions and requirements. While the AIF designation does not certify one is acting as a fiduciary, it does help advisors understand fiduciary best practices). It's just proving the point here that you can go to just about any advisor and say, are you a fiduciary, and they could probably say yes. We could get a little technical here, but I just want to explain that this has a lot of to do with who the advisor is reporting to, right? There's a place called FINRAwhich you report to if you're a stock broker, if you're selling and buying stocks for clients, and then there's a place called the SECand that's who the advisory reports to if they are an advisor (update: FINRA is a self regulatory agency, that is not a government entity, but does report to the SEC). So step one is you got to figure out, is my person that I'm looking to work with registered with the SEC because that's the only way to actually be registered as an advisor (update: some registered investment advisors may be under state jurisdiction and not be registered with the SEC)If you're only registered with a place called FINRA, that's only for stock brokers. That's only for people that are selling your stuff, so that kind of helps out a little bit to understand that there's two places that advisors report to in a way. But where it gets a little difficult is that most advisors are something called dual registered. They're actually registered with both, so when you walk in and you ask, are you a fiduciary? They could say yes, but really the big question is, are you going to be a fiduciary to me? Because if I walk in and you're registered with both places and the person says they're a fiduciary, when they are selling you an investment product, guess what? They're not a fiduciary for you right then. If they are providing you advice and you're paying them for the advice, that's a separate story and they are then a fiduciary, so it gets complicated. Even when people say that they're fiduciaries, you've got to figure out, are you actually a fiduciary for me? (update: on 7/1/2020 the SEC implemented a new policy called Regulation Best Interest which requires that brokers act in the best interest of their client when making the recommendation of any securities transaction or investment strategy) One step to do that is to go ahead and look at some places to find out, are you registered with a place called FINRA? That's for stock brokers and salespeople. Are you registered with a place called the SEC (update: or the state regulator)? That is for financial advisors. Or are you somebody that's registered for both, and honestly, most people are registered for both. So you have to then dig further and find out from that advisor, well, how are you treating me? Are you treating me like a salesperson or are you treating me like an advisor?  

Aric Johnson: Okay. This is really confusing. So if I ask the question are you a fiduciary for me, are they bound by any rules, regulations, or laws that require them to say, yes I’m a fiduciary for you or no, I'm not a fiduciary for you. I’m just a fiduciary. How's that work?   

Jeremy Keil: Yeah. I mean, it's not a problem until you get caught, right? But at least you're asking the right questions. You have to let them know, hey I'm looking into this and I'm making sure that if I want you to be a fiduciary, then I need to be in these types of accounts that are fiduciary. We're in a place called New Berlin, Wisconsin. There's about 70 financial advisors in the city, so there is a good number. 37 of them are both registered with FINRA in the salespeople area and the SEC in the advisor area. So the majority of the time when you're asking these questions you need to find out, okay, are you one of those folks? If so, are we working together in this fiduciary type of capacity? Then there’s 18 people that are brokers, so someone might tell you, I'm a financial advisor, but when you look them up, they're only registered with that one area called FINRA. They're not actually an advisor. They're only a salesperson. Thankfully, life can get a little bit easier if you work with somebody that is only registered with the SECThen you know for a fact when they are helping you with your investments that they are a fiduciary (update: while investment advisors are held to a fiduciary standard there is no guarantee that they will uphold that standard)They are only registered as a fiduciary with the SEC. What we looked into is that basically there's only two firms in our area that are like that way. Our firm's got a few of them, and then the other firm has got the rest of them. My firm and the other firm have chosen that we don't even want to have the conflict (update: while acting only as an investment advisor may reduce the conflict that come with investment sales commissions, other types of conflicts may arise)We don't even want to have the connection to the salespeople side of it. We chose to not even have that FINRA registration. That's called the Series 6 and Series 7. Now you might have heard of those registrations. We just got rid of that because we only want to work with people in this investment advisor type of capacity.  

Aric Johnson: Gotcha. All right. That's great information.   

Jeremy Keil: Here's a little bonus for you. Have you heard of the CFP for Certified Financial Planner? 

Aric Johnson: Yes. For the listeners, in my opinion the CFP is the toughest, most rigorous test and training program there is for financial advisors.   

Jeremy Keil: Yeah. There's no waiting 90 days and paying a fee just to get it. You've got to pass a bunch of tests. It takes you usually two or three years. You actually need 72 different areas of expertise before you can get that CFP. So the CFP was a good thing to get ahead of time. Make sure you work with a CFP, a certified financial planner. It's even better now because they've just changed their rules. If you want to call yourself a CFP, if you want to be associated with the CFP board, you have to pledge to the CFP board that you will act as a fiduciary at all times, even if the government doesn't require it. For those people that are registered as brokers, there are times where the government does not require them to be a fiduciary, but if they are a certified financial planner practitioner, they are someone who has pledged to the CFP board that they will act as a fiduciary at all times, even when they are not required to.  

Aric Johnson: That's fantastic.  

Jeremy Keil: Yeah, so it is definitely good to dig into how a fiduciary works with that advisor. Here's a little bit of a caution. We get people coming in and they've got this list of around 10 questions they've printed out from online, questions to ask a potential financial advisor. Number one is almost always, are you a fiduciary? When we say yes, they kind of fold up the list, put it away, and say, oh, sounds good. No. You had nine more questions. Please ask me those questions. They're important, and just having someone tell you, yes, I'm a fiduciary does not solve the problem. So it's good to ask more questions. What we're going to do next is talk about the second thing you have to know, which is how do I find an advisor who is good? That'd be great. That's what we're all looking for. Like we mentioned earlier, it's tough to do. It's not like you can just look at two folks wearing the same suit and say which one is good and which one is bad. We're not going to promise you here that we'll be able to find you that good adviser, but I think if you follow some of these different guidelines, you'll get a lot closer. You're more likely to find a good advisor than to end up with a bad advisor. So like we talked about before, if they work through the SEC and they have this investment advisor license, one way to look at that is to find out what their registrations are. It's called a Series 65 or a Series 66 (update: the series 66 is for someone who holds both the series 63 and 65. Also, the SEC doesn’t license individuals, only the firms they work for)That's an important thing. You can also look up people, and we're going to put another link in the show notes to get you to a place called Broker Check. You can look and see if anyone has ever complained about this advisor. You can see if they have judgements or settlements, which are pretty bad words. That means they were found to have done something wrong to the point where they may be even paying back money to some people. So you've got to look into this and find that out, and a lot of times you really need to know whether these people know what they're talking about. One of the ways to figure that out is to see what these designations are, right? One of them we mentioned already is the Certified Financial Planner (CFP®). Sometimes you're not necessarily looking for a full fledged planner. Perhaps you're just looking for an investment advisor. You want a top notch investment advisor. Well, there are a couple of them to look for. One is called the CIMA. That's the Certified Investment Management Analyst. That's a tough one to do. One that's even tougher is this thing called the CFA for Chartered Financial Advisor. If you thought the CFP was tough, Aric, that one is tough. Oh my goodness. It is light years of toughness ahead of the CFP. It's investment related. So if you're looking for more of an investment focus, you can look for the CIMA or the CFA. What if you're someone that is looking for a financial planner, but you have a specific need? What if you're just wanting to get some retirement advice? There are some designations out there for that. There’s the RICP. That's the Retirement Income Certified Professional. There’s also the RMA. That's the Retirement Management Advisor. There are people that have gone on and done some continued education. They care so much about their clients that they want to learn so much about specific areas that they've gone through and gotten these different designations such as the CIMA or CFA for investments and the RICP or RMA for retirement. So there's a lot of designations out there, and it's really worthwhile to look into them and find out if there are some legit ones. We talked about how you can maybe find some online really quickly. There are all types of them, and if you're someone who’s looking for help with long-term care insurance, there's one called the CLTC, the Certification for Long-Term Care. If you're someone who is a Christian and really wants to align your faith with your finances, there's one for that too: the Certified Kingdom Advisor. Now that's a tough one as well. That one takes a lot of study because you're not just learning the investments, but you're also learning how it applies to what the Bible says about money. So that's a nice one. That's a tough one as well too.   

Aric Johnson: Yeah. We love that one.  

Jeremy Keil: Yeah. If you're looking for a good advisor, look for those different things. Make sure they're registered with the SEC(update: or state, as an investment advisor). Make sure that they've got a CFP designation or maybe even one of these more special designations in an area that you really need. But then there are the bad advisors. How do you find one? You don't want to find one. You want to avoid them. This definitely doesn't apply to everybody, but when you're looking through and you're finding certain things, there might be some signs that perhaps maybe even if they're not a bad advisor, they just don't have the same level of expertise as some of these other folks. Usually you want someone with more expertise than less. Here's a couple of things to look for and find out. Are they only a broker, right? If they're not registered with the SEC, if they only have their Series 6, Series 63, or Series 7 licenses, they're not registered with the SEC. They're not doing investment advice (update: brokers are able to give investment advice, however they are not held to the fiduciary standard)So if that's what you want, then you need to avoid people that are only sales people and not investment advisors, and you've got to go into this place called Broker Check to look for things called settlements, judgements, sanctions, penalties, separations, and suspensions. We've talked to prospective clients, and they tell us about their current advisor. Things seem a little fishy, so we look them up on Broker Check. We've seen hundred thousand dollar judgements against prior brokers. We've seen brokers barred or suspended, and these are the folks that you're relying on for your investment advice. For one, they're not investment advisors. Two, they did something to the point where the government (update: any settlements, fines, censures, etc. are instituted by FINRA, which is a self-regulatory agency and not a government body) got involved. That's pretty bad. So you definitely have to go out there, check on Broker Check, and look for those words: sanctions, penalties, separation, suspension, barred, settlement, and judgment. Those things are bad things. Now, let me just tell you real quick about Broker Check. Anybody that sends in a complaint has a grievance that will show up on the Broker Check area whether it completely has merit or not, so sometimes I've met advisors and talked to them. I see what they're doing. I think these guys just aren't as credentialed. They just don't know as much as some other advisors. I check their Broker Check and there is nothing on it. I find other advisors and think, oh my goodness, they know their stuff. They're helping their clients. Then you go and take a look on Broker Check and they have maybe one or two things that are on there, but when you dig into it, you see that they're all dismissed. Back in 2000 and 2008 when the market dropped, a lot of people thought, oh, it must be my advisor’s fault. So when they wrote in a complaint, sometimes it shows up on that advisor's record. So you have to look and find out if the complaint was dismissed, in which case it has no merit and the advisor did nothing wrong. Otherwise there might have been some sort of penalty. Avoid the folks that had a penalty, right? You've got to do that.  

Aric Johnson: Yeah, absolutely.  

Jeremy Keil: So coming up here on the third thing, you have to figure out how an advisor gets paid before you hire them. You know how your accountant gets paid. You know how your plumber gets paid. Do you have any idea how your advisor gets paid? That's so important. You have got to figure this out ahead of time. Basically it comes down to three different ways. Either there's a commission because something got sold, or there's investment advice, which is usually like a quarterly fee when somebody is helping you with investments, or there's like a financial planning fee. It's kind of like a consulting type of situation. There's nothing wrong with any of them. Just figure out what you need and make sure that the way that your advisor's getting compensated lines up with that.  

Aric Johnson: Got it. All right. Jeremy, I know the process for how advisors get paid can be really, really complicated. I mean, there's all sorts of things to look at like percentages and points. There's all sorts of lingo or jargon that's involved a lot of times. I hope people take this seriously, and I know that those that listen to you consistently will because they trust your advice and they know that you're giving them good education on all these podcasts. So I'm going to say to the audience, if you have questions about what it means to have a commission, points, or different types of fees or fee schedules, I know Jeremy and his team would be happy to walk through that with you. If you're working with an advisor right now and you're not sure how they get paid or maybe you've been told but there's a lot of jargon that is confusing, please reach out to Jeremy and his team. I know that he will be happy to take a look at the documents and take a look at anything you need them to in order to help you figure out what's best for you. 

Jeremy Keil: Yeah, I'm looking forward to that. We do that all the time. When folks are coming in, they start talking about what they are looking for and then we ask them, well, how's it working right now with your current advisor? A lot of times there's a mismatch, and that's really where a lot of the issue happens. There's not anything wrong with commissions or a quarterly fee or consulting type of fee, it's just that there's a mismatch. So just real quick, if you want to buy term insurance, trade a stock, or buy a mutual fund, you're probably going to be paying a commission. There’s nothing wrong with that, but if you're looking for objective, ongoing investment advice, then you probably want to have an investment advice relationship, which probably means there’s some sort of quarterly fee that's being charged from your account. But oftentimes people are looking for guidance on some decisions that have nothing to do with specific stocks or bonds or mutual funds. You're probably looking for a financial planning fee or a consulting type of fee because you want someone that isn't getting paid based on what they recommend. So it really comes down to step one: figure out what you need. Do you need to just buy something? There’s nothing wrong with paying commission. Do you want investment advice that's objective and ongoing? Or do you want a financial planning type of situation where you want answers to questions that don't involve buying a certain stock or bond. You're asking questions like, when should I file for social security? What should I do with my employee benefits? How should I set up my estate? Those types of things, right? Figure out what you need, and then you have an idea going into it of what you're looking for. Communicate to this new advisor what you need. Ask them how they get paid. If you come and say, I need help with social security and setting up my estate strategy. Then you ask them how they get paid and they say, well, we get paid when you work with us. Well, that probably means that they're selling you something that doesn't quite align. Maybe look somewhere else. Or they might be kind of vague. They might say stuff like, well, you don't have to pay me. The company pays me to help you. Well again, they are probably selling you something, and they should actually be more truthful. The only reason the company has money to pay them is because they took a commission out of your investments, right? So they should be a little bit more outgoing there. I'm going to mostly blame the financial advisors because we're the professionals. Thankfully a lot of clients are now coming around and understanding this. When you have a plumber come over, no one expects him to do electrical work. He's not getting paid to do that. He's maybe not even licensed to do that, but people all the time come to me and say, oh, my investment guy is not helping me out with my pension and social security. He’s not calling me back. They are not calling you back because they made a commission on you four years ago. They're not helping you with social security and pension decisions because they’re not getting paid on that. They’re getting paid on investments, right? So if you want that planning type of advice and help on social security and pensions and figuring out how much you can live on in retirement, you just can't expect that from the person that's only managing your money or the person that sold you that term insurance 20 years ago, right? It's so unfortunate that it's so confusing, but our hope is after hearing more about this today, after going to our website keilfp.com and clicking on that “Resources” button and downloading this white paper so you've got a guidebook to help you be more educated, that when you're going out to find a financial advisor that you know a lot more about what it means to be a fiduciary and how to find a good one and that you understand how an advisor gets paid so that you can line up what you need with what you would be getting from that advisor.  

Aric Johnson: Jeremy, it's so funny that you said that. It completely triggered me for something that happened a decade or two ago almost. One of my friends got into advising. Well, we'll just call it that. I won't name the company. It is a very shady company that has a terrible reputation now. It's almost like a multilevel marketing type of company, and I'll leave it at that. So as a buddy of mine, we sat down and talked. I didn't have any term insurance at the time. I was more than happy to get term insurance because I was young and had a young family, so it was the appropriate thing for me at the time. I was more than happy to let my buddy get the sale. So I met with him and his manager, and we had a good conversation. I bought my term insurance, and it was a good deal. I felt it was a good deal for what I was looking to get. Then my buddy basically washed out of the program six months to a year later, and my account was switched to this other advisor. I got a letter, and I believe they said they were a financial advisor or something like that, but I never heard from them. Jeremy, I had never heard for them for years. The funny thing is I did finally hear from them, and it was three months before my 10 year term was about to expire. That's the only time they wanted to talk to me. They didn't want to talk to me about anything else. Oh, what about your planning needs? You know what? I probably had planning needs nine years ago when you took over my account, but since you didn't get the commission on that first sale, now all of a sudden you're interested in talking to me because you want to sell me something else. That was not a good meeting because I went in eyes wide open. By that time I knew a lot about advisors, and I called him on the carpet about it. I just said, the only reason you want to talk to me is because you want to make money off me now. You didn't want to help me out in the last nine years, so why are we talking about it now?  

Jeremy Keil: What worked out well is you kind of knew what you needed. You needed that term insurance. Like you said, there was nothing wrong with your buddy getting that commission from that. Where the danger comes in is when folks are saying, well, I need help with my investments and my planning decisions. Well, you're just not going to get that from the salesperson type of area. So you need to figure out exactly what you need. In that case you needed term insurance. That was great. You found someone that could help you provide it. They got paid a commission. But like you said, if you need that higher level type of planning, then you need to work with somebody who has the right registrations and education and who can hopefully prove it through a CFP type of certification. So we have a few key takeaways here for everyone. If you are wanting this higher level investment advice and financial planning, make sure you use a fiduciary. The way to figure that out is to find out through the SEC(update: investment advisors may be registered just with their state agency. They SEC database will have both SEC and state registered investment advisors). It is pretty easy to do that. We can put that link in the show notes: SEC Investment Advisor Public DatabaseIs this person registered through the SEC as an investment advisor? That means they have a Series 65 or 66. Find out if they are dual registered. Will they actually be working as a fiduciary to you when you're working together? One thing that'll help is if they have their CFP designation because they've got a great set of knowledge but they also have made that fiduciary pledge that the CFP is doing (update: someone who has passed the CFP® exam needs maintain that certification in order to be held accountable to the CFP Board standard of excellence. This requires ongoing continuing education and renewal through the CFP Board). Even beyond that is if you're trying to find an investment advisor or retirement planner, having one of those specialties like the CIMA or the RICP helps out too. Just be aware of the folks that are only registered as brokers because they can only sell you products. It's not too often that people walk through our door and ask, can you sell me a stock and get paid a commission? Nobody is really asking that anymore, so be aware of the folks that only do that. Even beyond that, there are some folks that don't even have their brokers license. They only have their insurance license. So when someone who only has their insurance license is trying to sell you an investment, I'm going to say run away because they are not even allowed to sell you investments, right? But that happens every so often where people are saying, oh, I can help you with your investments, and then we look into it and they only have their insurance license. They're just trying to do something different there so be wary of the folks who only have their brokers or insurance license. It's a little bit on you, right? It's on you, but thankfully there’s some places you can go to help you figure it out. Go to that FINRA Broker Check to see if there's ever been any issues with that broker before. Google the advisor. Sometimes people make the news, right? It's unfortunate, but go to the FINRA Broker Check, Google the folks, and do some research. This is a big deal. Make sure that you have someone that you trust and someone who knows what they are doing, whoever is helping you with your money.  

Aric Johnson: Yeah. Just going back to my story, find somebody that cares about you, that cares about your family, that cares about your plans, and that cares about your future. Honestly I can pretty much say that I don't think I've met somebody who's actually been through the CFP program that doesn't really focus on your family, desires, goals, hopes, and dreams because that's exactly what they have been trained to do. In my example, the person who took over my account had no interest in me, my family, my future, or anything until he thought he was interested in my wallet, right? He was interested in making some money from me. You will find out really quickly when you are talking to these folks and doing the research that Jeremy recommends just who exactly is in it for your wallet and who is in it for making sure that your needs, goals, family, and future are taken care of. That's my takeaway. It just drives me bananas when you have shysters out there who are just trying to make a buck, and they don't really care if it’s in your best interest or not.   

Jeremy Keil: Yeah, go interview multiple people. You'll get that feel for it. There are a few advisers that talk a certain way, and there are some other advisors that talk a different way, and you'll get a better feel for who is more interested in providing that advice to you in a fiduciary capacity.  

Aric Johnson: Yup. Jeremy, this is fantastic. What a wonderful podcast. Thank you so much for all of this great information. Again, the link to the white papers will be in the show notes as well as the Broker Check website, so you can take a look at those. 

Jeremy, any closing thoughts?  

Jeremy Keil: Yeah, we'd love to hear from you. We’d love to have you download the guidebook here so you can learn more about it. Just go to keilfp.com. Click on “Resources” in the top right. You'll get it right away.  

Aric Johnson: All right. Jeremy, thanks again so much for the conversation today and all of the information. To you the listener, I want to thank you for listening to the Retirement Revealed podcast with Jeremy Keil. If you have not subscribed to the podcast yet, please click the “Subscribe Now” button below. This way, when Jeremy comes out with a new podcast, it'll show up directly on your listening device. This makes it much easier to share these podcasts with your friends and family, and I'm going to challenge you. If you're talking around the water cooler with friends, on the golf course, or while you're having lunch and it comes up that they have a financial advisor while talking about the markets and everything that’s going on with the coronavirus, share this podcast with them so they can see if their advisor is the right one for them. Are they a CFP? Are they a fiduciary? It may surprise them that they're not, or maybe they've never even thought about that or asked those questions, so share this podcast with them. Let them know, hey, I heard some great information with lots of good resources. Take a listen and see what you think. Then come back together with them and have that conversation. See if they've changed their mind or if they are making any plans to change. Again, thanks for listening today. For everyone at Keil Financial Partners, this is Aric Johnson reminding you to live your best day every day, and we'll see you next time.  


Thank you for listening to the Retirement Revealed Podcast. Click on the subscribe button below to be notified when new episodes become available. Visit Retirement-Revealed.com to learn more. The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Keil Financial Partners. Keil Financial Partners does not provide legal, accounting, or tax advice. Consult your attorney or tax professional. Representatives have general knowledge of the Social Security tenets. For complete details on your situation, contact the Social Security Administration. Keil Financial Partners is a part of the Thrivent Advisor Network, a registered investment advisor. The Content has been made available for informational and educational purposes only. The Content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning.