When it comes to your retirement planning, what are you paying for? Who is working on your behalf? Are you being kept in the loop? Does your financial advisor always work as a fiduciary?
When looking for retirement planners in Greenville, SC, taking a little extra time to ask these simple questions could save you a lot of money in the long run. Here’s why:
This question may sound simple, but an investor is not always told the whole story when it comes to fees.
New to Global View, it’s refreshing to see that transparency is a priority here, because at many financial firms, it’s not. In fact, it’s one of the reasons the advisors at Global View came here – they have experience working at large firms, where hidden fees, commission-based conflicts of interests and quotas are the norm.
I too came from a big-name firm – my first experience in the financial services industry was with Morgan Stanley, where I supported clients along with advisors on the company’s technology platforms and fixed income trading desk. Now a paraplanner at Global View, I’m very excited to be on the client-facing side of the industry, where I get to connect with clients on a personal level and help them plan for their future.
I moved to Greenville with my husband, Kyle, after living and working in Manhattan for six months on a project with JP Morgan Chase. I worked on process improvements and implemented policies and procedures while transferring the operations of a team from New York and establishing teams in Dallas and Columbus. I also worked as a general securities principal, reviewing legal documents and ensuring compliance was being adhered to for JP Morgan Chase in Columbus, OH. Before that, I earned my business management degree from Lee University in Cleveland, TN.
In other words, I’ve worked for a few firms and have seen a few things.
Global View is a fee-only fiduciary provider, which means that Global View never receives a commission. You pay a disclosed fee the same way you would pay a lawyer. And as a full-service firm, we can help with many common financial concerns, such as estate planning, tax-saving strategies and investment management.
It’s sad, but not all firms offer these combined services for an upfront, transparent fee.
When looking for retirement planners in Greenville, SC – for the first time or if replacing a financial advisor who you are currently working with – make sure to ask about fees. And get the answers in writing. If an advisor tells you that his or her services “are free,” beware!
Many people are in financial denial. They’re “fine.” They’re “not in too much debt.” They “got this.” But do they?
When a financial advisor shines a light on these same people’s finances, a lot of truth comes out. When a team of financial experts can shine a light, even more can be uncovered.
As the newest member to the Global View team, I am excited to help our clients see the big picture and help them plan for the dreams they want. Working as a paraplanner, I help our advisors, in-house accountant, estate attorney and retirement specialists in a team approach. This gives clients extra coverage – they aren’t waiting and relying on the decisions of one person. This also helps eliminate even the perception of a conflict of interest.
When searching for a financial advisor to work with, find out who exactly will be working on your account. Sometimes, you may interview an advisor, but he or she will not be your point of contact or even involved with your account.
Communication can be the key to client peace of mind. When you don’t hear from your advisor, you don’t know what’s going on with your retirement. And this can be dangerous. You don’t want to assume that your retirement planning is being taken care of and find out when it’s time to actually retire that you don’t have the funds to support the lifestyle you had hoped to live when you are no longer working.
Annual reviews are strongly suggested, but your plan should also be reviewed when any life-changing event occurs, such as a marriage, divorce, birth of a child or loss of a loved one. These situations can change your beneficiaries, financial situation and even future goals.
You should also be aware of what’s going on with the market, whether there are new laws that could affect your plans or if there are any changes within the firm you are working with. If your firm is changing hands, for example, it’s important to know who will now be working on your account and if previous business practices will be continued by a new advisor.
Financial jargon can be confusing. You don’t need to get a degree in finance to properly plan for your future – the team you hire should provide the expertise that you need. But you may want to know the basics. So ask your advisor how and when you will hear from him or her.
Research a firm you decide to work with. Do they have a regular blog? Can you sign up to receive regular newsletters? Can you access your account online? Can you contact your advisor when you have a question? These are all important questions and will affect how you feel about your financial plan.
The term “fiduciary” is an important one, especially when it comes to your financial advisor. When an advisor follows the fiduciary rule, you know they have a legal obligation to work in your best interest.
It’s unfortunate, and makes things confusing, but anyone can call themselves a “financial advisor.” What everyone can’t claim to be is a fiduciary. This mistake costs investors billions of dollars.
Always ask an advisor you are considering working with if he or she will always act as a fiduciary when working on your account. If not, I suggest you look for someone else.