Personally, I feel like there is too much information in the world and the information that gets the media’s attention is most likely not the information we need. My goal with this blog is to clear the mud about what a great advisor does by explaining how a fiduciary financial advisor can save you money. Remember a dollar saved is a dollar earned.
1. Knowing and using all your work benefits can save you money
If you are an employee and receive work benefits, your advisor should be looking over them. No company has the same benefits and they need to be understood so you can save money and maximize your life.
2. Know the costs of buying a house
Using the wrong mortgage company or lender can cost you unneeded expense. A fiduciary advisor will help you find the right lender. Also, they can help you understand the type of house you can afford, which is most likely less than what your lender approves you for.
3. Permanent life insurance isn’t probably needed
Whole or Universal life insurance should almost never be bought especially for someone in their 20s and 30s. Term life insurance can get you double the amount of insurance for half the cost.
4. In-house mutual funds come with a premium
Mutual funds from major brokerages like Edward Jones, Ameriprise Financial, American Funds and Wells Fargo are more expensive usually. A fiduciary financial advisor will be able to search the whole market that for a fund that may be cheaper and fit your needs better.
5. Annuities cost more than they give
Annuities are expensive; they limit your return, and give the salesman his biggest commission and also have fees for canceling them. Invest your money wisely and trust in America’s great companies.
6. A great quarterback can save you, the coach
Your advisor should be the quarterback of your financial team who pulls experts from different areas such as insurance, taxes and estate planning. This saves you time finding somebody you trust and possibly money depending on the expert.
7. Avoiding credit card takes away from future savings
If you are working with a financial advisor that is selling you a mutual fund or insurance policy, make sure you can afford it as most likely they are not checking your cash flow. Your credit card debt needs to be taken care before your start investing, period. This will save you money by not paying extra interest that you can pay off faster.
8. Guarantees may cost you money
My dad told me in college that the finest words of wisdom my grandma ever said were, “sh*t happens”. In life there are no guarantees, so don’t buy into a financial salesman’s pitch of a guaranteed return. Save your money and trust someone who is a caring fiduciary rather than a salesman offering a product from whatever company.
9. Limiting investment can cost you
Many Edward Jones or security licensed insurance agents can only sell their company’s products. Being limited likely means paying a premium price for the company’s name. There are cheaper investment options. A fiduciary financial advisor can help you find the right ones for you.
10. Your investing behaviors can cost you money
A study supported by many trusted companies shows that most investments do better than the investor. Investors buy and sell to much cutting into their return instead of being patient and letting the investment grow. A fiduciary advisor helps you stay accountable and can be your windshield to weather the storm of the financial markets.
Make sure you are working with someone that will help you save money not just make money. Let me help you earn a dollar by saving a dollar and letting that dollar make more dollars by investing appropriately.
Sign up below to join my email list where you will receive my insights directly to your mailbox and also learn more about my latest family adventures.
Steven LaFleur grew up in Rapid City, SD and after high school went to college at the University of Nebraska-Lincoln where he majored in finance and met his wife Kelly. After college graduation in 2013 working for the family business for three years Steven decided it was time to pursue a passion of his in helping people and their finances. Steven is now a financial advisor at True Measure Wealth Management in Omaha, NE. Steven and his wife Kelly have two daughters who keep them busy at all times of the day. Steven enjoys skiing in the mountains and also biking and golfing during the non-snowy months.