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By Terry Savage on January 06, 2024 | Financial Planning / Retirement

HI Terry,

I recently saw a financial advisor (fiduciary). He looked at all my assets, gave me a few suggestions ,and said to keep doing what I’m doing and that he couldn’t help me. A friend told me if you don’t have $500,000 in assets, a financial planner will not talk to you. Is this true? I have around $250,000 in investments and am 76 years old and also working part-time.

Terry Says

Well, it’s possible that he wasn’t interested because you didn’t have much money to invest — but at least he was honest. Or maybe you’re really doing a good job!
Did he ask you about your estate plan (will or revocable living trust)?
Did he discuss your income planning?
Did he ask about the RMDs you should be taking from your retirement account?

AND, did he put in writing that he is a FIDUCIARY — or just mention the word??

If he did all of the above, and you are well-planned and well-diversified in your investments, and if he charged only a small fee, you should feel pretty good about yourself. But if he skipped over the above, then yes he was a broker trying to gain assets and make money for himself. And you evaded a bad thing.

To meet with a true FIDUCIARY, FEE-Only planner even once, use this link:

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