How To Find A Financial Advisor
Finding a trustworthy financial advisor often feels daunting. Everywhere you look, from banks to online platforms, there seems to be someone offering financial advice. I'm Sean Kernan, and with over 20 years of experience in the industry, I've dedicated my career to navigating this complex landscape.
My podcast, "How To Find A Financial Advisor," aims to demystify the process and guide you toward making informed choices.
The financial industry is crowded with professionals from various backgrounds. These range from insurance agents and bankers to accountants and even family members, each offering their own perspective on your financial planning.
Through my podcast, I help you understand who you can trust and why. It's crucial to separate the good advice from the bad, and that's where I come in.
Having supervised other financial professionals for most of my career, I have seen the inner workings of the industry. This experience has given me a unique vantage point on what makes financial advice truly valuable.
On the podcast, I draw on these insights to clear up common misconceptions about financial advisors. We delve into everything from determining if you need one at all to spotting warning signs that should make you reconsider your choices.
Our discussions are straightforward and aim to cut through the noise. With every episode, you'll gain clearer insights into what a reliable financial advisor should offer. The goal is to empower you with the knowledge to choose wisely.
Each episode tackles a different aspect of finding a financial advisor. We explore how to evaluate their credentials, understand their strategies, and align their services with your financial goals. This is essential for anyone looking to secure their financial future.
"I love learning about the good, the bad, and the ugly of financial advice" is more than just a saying for me. It's a professional mantra that drives the content of this podcast. By sharing both positive experiences and cautionary tales, I help listeners navigate the complex world of financial planning.
Listening to "How To Find A Financial Advisor" is like having a seasoned expert guide you through a maze. My aim is not just to provide answers but to equip you with the right questions to ask. This ensures you engage with financial advisors from a position of strength and knowledge.
We also discuss the practical side of financial advising. This includes how to effectively communicate with your advisor and set realistic expectations. Understanding these dynamics can significantly enhance the advisor-client relationship.
Join me, Sean Kernan, on this journey through the financial advisory landscape. Whether you’re establishing a new financial plan or refining an existing one, this podcast is your guide to doing it right.
Tune in to transform your approach to choosing a financial advisor. With each episode, you'll move closer to finding someone who genuinely cares about your financial interests.
Episodes
29 episodes
What does "I am a fiduciary" even mean?
Sean defines "fiduciary" with a little help from the Eternal Source of Truth - Wikipedia. Then he talks about financial advisors who are or aren't fiduciaries, and what that means for you.
Stay tuned -- new stuff coming soon!
Guess who's (almost) back, guess who's (coming) back? Back again, almost back, almost back, almost back.... Stay tuned for new episodes very soon!
The FASTEST and EASIEST way to confirm that your financial advisor is NOT running a scam
Sean recounts a thread in one of his Facebook groups where a member was dealing with a case of fraud, and didn't know where some of his money was. Sean recommends asking two questions: Who holds my money? and Who prints my statements?
How to check a financial advisor's public disciplinary history
Sean wants you to know how to check up on your potential financial advisor — because you need to know as much as possible about the individual — using a tool called BrokerCheck.
What if I am wrong? DIY wills gone wrong
Sean and Ben often ask themselves if they're actually helping their clients, or if they may have made a mistake. Ben had a client who was certain he could handle his estate planning needs on his own, without Ben. Spoiler alert: He didn't. ...
If your financial advisor only recommends annuities, they aren't a financial planner or advisor
Sean explains why someone who specializes in pushing annuities could be dangerous for your financial well-being — and the three red flags you need to be aware of.
When you should definitely NOT invest in an annuity!
If you want to invest in an annuity, you need to have a solid reason to use this long-term financial vehicle. And you should definitely have a financial advisor helping you determine if the annuity is your best option, or if another type ...
Why you would want a CFP financial advisor — and 3 reasons it may not matter as much as you think
Sean talks about why you may or may not want to work with a Certified Financial Planner as your financial advisor. A CFP license holder might be the best advisor for you. But does it really make a difference?
Pros & Cons of working with a newer financial advisor
Sean gives you the ups and downs of hiring a less-experienced financial advisor.
When you would NOT want a fee-only financial advisor
Sean discusses the situations when you want a financial advisor who's paid on commission, and why fee-only shouldn't be a hard, fast limit for you.
How to Think About Costs
Sean and Ben chat about a simple question with a complicated answer: How much does it cost to do a Roth conversion? There are many ways to answer "How much will this cost?" and they can become overwhelming .
How to upgrade your financial advisor — at half the cost and twice the value
Sean discusses why you may be unhappy with your financial advisor and what to do in that situation. He's happy to help you navigate finding a new advisor who's a better fit for you.
Dirty little secrets of financial advisor compensation models
Sean shares five secrets some financial advisors don't want you to know about in regards to their fees.
The WRONG questions to ask a potential financial advisor
Sean talks about questions that you absolutely do not want potential financial advisors to answer without asking a dozen questions back at you.
The 80/20 rule
Sean and Ben discuss the 80/20 rule, or the Pareto Principle. Italian economist Vilfredo Pareto observed in 1906 that 80% of the land in Italy was owned by 20% of the population. He looked at other nations and saw that the ratio was the same.&n...
Beware of must-have lists for your financial advisor
Sean addresses common must-have ideas around hiring a financial advisor, and why they can make you miss out on your ideal advisor.
Financial Advisor Fees - a surprisingly simple question to see if you're a good fit for an advisor
Sean discusses the simple question to ask potential financial advisors, to see if they might be a good fit for you.
How to get 18 potential fit financial advisors in 24 hours
Sean brings up a case study of a relatively young couple looking for financial advisors. He can help you find financial advisors who could be a good fit for you. Don't hesitate to reach out!
The secret of interviewing a potential financial advisor
Sean discusses the super secret question you should ask any potential financial advisor. In fact, it's so secret, he mentions it 20 seconds into the episode!
Compared to what?
Sean and Ben talk about the dangers of asking "Compared to what?" In Dallas in summer, it's hot. "Compared to what?" Compared to Alaska? Jupiter? your normal temperature? A refrigerator? The heart of a volcano?
Why would you pay a 1% per year AUM financial advisor fee?
Sean explains specific fee structures and what they mean for your investment. For example, if you have $1.8 million in assets under management (AUM), you're paying $18,000/year in fees.
How do I ask my financial advisor what my fees are?
Sean gives you advice about questions you should ask your financial advisor about their fee structure. It Includes not only how much the advisor earns, but also how much is paid to your investment vehicles, transaction fees, and more.
Financial Advisor Fees - a surprisingly simple question to see if you're a good fit for an advisor
Sean talks about how to approach your potential financial advisor's fees. It's important to initiate this conversation early in your interactions to understand how the advisor is compensated. Understanding their complete fee schedule will...
How to Make Perfect Short-Term Predictions
Sean and his colleague, Ben, discuss making short-term predictions - which people have no logical way to make. Even certified financial professionals can't predict whether the stock market is going to be up, down, or flat six months from now.&n...