191 - What Your Financial Advisor Should Be Doing

I’ve been married to my wife for 27 years. That’s a long time! I have noticed that there has been a rhythm within our relationship over the years where, as we have become more comfortable with each other, we begin to become disengaged. Not disengaged in a spiteful way but simply not as focused as a team. This happens in any relationship whether it be a parent and a child, the relationship between spouses, or even between you and your advisor. Listen to this episode of Retirement Answer Man to hear my tips for staying on track in your relationships and keeping your advisor on the same page. An advisor in Colorado Springs has allegedly stolen millions from clients. This financial advisor seemed like a great person. There was no past history of dishonesty or crime and no red flags seemed to pop up. It seems very easy to be fooled into a bad relationship like this one. Are there ways you can stay on top on the relationship and catch the red flags if they arise? There certainly are and I will outline 4 steps you can take in your relationship with your financial advisor to keep the relationship healthy. Pursuing purpose in retirement On this episode of Retirement Answer Man, I’ll interview a friend of mine, Jeff McManus, who is turning his passion into an income stream he can benefit from during retirement. Jeff is the director of Landscape services to the University of Mississippi. He has a wealth of horticultural knowledge and has found joy in applying it to his career. Now, as he is nearing retirement and thinking of the future he is applying that knowledge in unique ways to grow opportunities for himself in retirement. Listen to this episode to hear his story. Don’t wait for Retirement to pursue your joy, start now! My books are finally here!! I’ve been working on my book for about 4 years and I just got the call that it is ready. Since I contractually have to buy 2500 copies I decided to have them all sent to my house so I could see what that many books looked like. I didn’t rationalize it, I just dove in and ordered them. They arrived on 2 pallets and have taken over a room of my house. It's been so fun looking over them and signing them for friends and family and even for the delivery lady. Is there something you think will bring you joy? Are you waiting for the perfect moment? Are you waiting for retirement? Don’t! Jump in now and experience the joy, don’t wait until it is too late. Tune in to this episode to hear all about the book delivery. This time of year is a great time to get on the same page with your financial advisor. As we near the end of the 4th quarter a great opportunity to refocus is presented. Take the chance to have a quarterly meeting with your advisor and refocus on your goals and make sure you both are on the same page. Trust me, you don’t want to begin the new year without being unified on your savings and the direction of your retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:33] It’s easy to become disengaged after many years of marriage. [1:00] Constant vigilance is needed to keep a good relationship of any kind. [1:40] The same goes for your relationship with your advisor. HOT TOPIC SEGMENT [3:25] An advisor in Colorado Springs has allegedly stolen missions from clients. [4:00] The longer a relationship continues the more likely you are to become disengaged and draw apart. [6:00] If you have quality meetings with your advisor you will have a better idea of what is happening with your money. [6:30] Keep it formal. [7:00] Have an agenda. [7:50] Have an agreed upon plan. [9:30] Make sure your goals are mutually agreed upon and addressed in order of importance. PRACTICAL PLANNING SEGMENT [12:05] One baby boomer is making a change and living his dream! [14:50] We all want some measure of control and freedom in our life. [17:00] Cultivate a culture of teamwork and collaboration and grow a mutual passion. [19:27] Setting up a passion and source of income you can devote yourself to during retirement. [23:19] A vision for retirement. [25:19] Get your foot in the door of your passion. THE HAPPY LAB SEGMENT [28:15] My book is finally here!! [29:11] Hear about the delivery ladies response in Six Shot Saturday [29:30] What can you do that may not be practical but will bring you joy. TODAY’S SMART SPRINT SEGMENT [29:54] It’s nearing the end of the 4th Quarter. Make sure you have a 4th Quarter meeting to stay on track. RESOURCES MENTIONED IN THIS EPISODE Ask a question Work with Roger 3-Video Series: 5 Minute Retirement Makeover Roger’s retirement learning center The Retirement Answer Man Facebook page Get Jeff’s book here on Amazon