Financial advisers — the choice
Hi Terry,
I listen to you on WGN often and love your straightforward advice. My question is about choosing a financial planner. I talked to an investment advisor at JPMorgan yesterday and he was very informative and helpful. I’m just wondering if having an investor advisor that is connected to a commercial bank is a good thing? The one off putting thing he did was introduce me to his mortgage person and suggest a meeting with him to refinance.
Thank you for help
Terry Says
Please read this first: https://www.terrysavage.com/pam-krueger-wealthramp/
You instinctively knew that this advisor is compensated not only on the fees they may charge you, or commissions on products you invest in, but on generating business for other parts of the bank!
I ONLY recommend dealing with a FIDUCIARY, fee-only financial advisor. And the only way I can be sure my readers are dealing with this type of advisor is through the Wealthramp service provided by Pam Krueger. She and I think along the exact same lines on these issues. (Listen to our podcasts, linked in the article above.)
She will match you personally with a carefully-vetted fee-only FIDUCIARY — or give you a chance to interview several of them, until you find a “click.”
There are good, honest, intelligent people in all aspects of financial planning. But I’d prefer to start with someone who is 100% on my side.
