Radio Show #112: Is your financial advisor worth his fees?

Do you need a financial advisor? Do you have one and can't determine whether it's worth the money? We tackle these questions and more on this week's show.

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Joe started the show with a great question: should he take a lump sum from his employer’s retirement plan or would he be better off receiving a monthly pension payment. There are lots of variables to consider in making this decision, so pay attention.

Dorothy and Sandi both have advisors, who are recommending an investment that is generating a fat yield. Gang when we are living in a zero interest world, any investment that is delivering outsized interest has risk—real risk!

Laura and Dick are each pondering how to evaluate their investment advisors. For some, it is well worth the money to work with a professional who will guide them. The trick is to make sure that you understand what the fees cover and whether or not it’s worth it for you. Check out NAPFA.org to find a fee-only advisor who will put your interests first!

An hourly advisor may be especially useful, when it comes to planning for aging loved one. Phil is trying to evaluate the options for his 85 year-old relative, which is in a nursing home.

Where should you put extra money? In Eric’s case, slap it down on a 6 percent student loan; for Bob answer is buying dividend paying mutual or exchange-traded fund; while Mary-Lisa needs to establish an emergency reserve fund.

Our 20-somethings are inspiring, because they are socking money away like nobody’s business. Ming is ready to start contributing to a 401 (k) – best to keep things simple, by using target date funds. Meanwhile, Myles wants to know how much money to put down on a new home purchase. He could plunk down half the purchase price and still have an emergency fund, but should he?

We round out the show with a few retirement plan questions from Eric, who is considering a purchase of commodities for his old 401 (k) (just say NO!); David, who needs to re-characterize an IRA; Terry, who wants to clarify the rules for beneficiaries of IRA accounts; and Liv, who wants to make sure her retirement plan is on track.

Thanks to everyone who participated and to Mark, the BEST producer in the world. If you have a financial question, there are lots of ways to contact us:

  • Call 855-411-JILL and we'll schedule time to get you on the show LIVE 
Radio ShowMark TalercioAnnuities, Financial advisors, Investments, lump sum vs annuity, NAPFA, Retirement, Social Security