It\\u2019s not a good things when the financial services industry is freaking out.

I mean really - these are people who are giving advice to you about your finances and retirement. Does it make YOU feel good when you see them freaking out? You might be wondering what in the world I\\u2019m talking about. It all has to do with a new regulation that\\u2019s being passed regarding how people who work in the financial services industry serve their clients and customers - and the people who have the most to lose because of this new regulation are those who haven\\u2019t been doing the best job all along. So\\u2026 there are plenty of people freaking out. You can get the details on this episode because I\\u2019m going to tell you about them. :)

Do you know what the term \\u201cfiduciary\\u201d means?

The new rule that\\u2019s causing such a stir in the financial services industry is aimed at making sure that people who are advising you what to do with your money are only able to directly benefit from the advice they give you when the advice is in your best interest. Serving a client in that way is serving as a \\u201cfiduciary.\\u201d In other words, these rules are trying to keep advisors from giving you advice solely because it will make them more money. That sounds like a good thing, right?

Why you should hold everything close to the vest when you begin a conversation with a financial advisor.

On this episode, I\\u2019m laying out a handful of tips that I suggest you take into consideration when you\\u2019re interviewing a possible fiduciary (financial advisor). I want you to find the exact right person, a financial artist who is able to help you reach your goals for retirement and a happy life. The first of those is that you should hold your details and your situation close to the vest at first. The reason? You want to find out from them who their ideal client is before you reveal much about yourself. When you\\u2019re able to do that you\\u2019ll know right away if they are describing you or not - and whether there could be some ways that the relationship is not a good fit. Find out more on this episode.

Has your financial advisor (or a potential advisor) jumped from company to company?

What\\u2019s the big deal if a financial advisor you\\u2019re considering has jumped from company to company? Well\\u2026 it could show that the person has functioned as more of a salesperson than an actual fiduciary who works in the best interest of their clients over the long haul. It\\u2019s not the only thing you should look at but it could be a tell-tale sign. As I walk through a handful of things you should consider when looking for a financial advisor you should write down a few things so you\\u2019ll know the right questions to ask when you need to have that important conversation.

Why somebody who is providing you financial services should have an optimistic view on life.

Think about this for a minute. What kind of advice will you receive from somebody who works in the financial services industry who has a pessimistic view of the world, or of life? They may be ultra conservative (not a bad thing, but possibly not a good fit for everyone). They may not be willing to make you aware of certain opportunities simply because they don\\u2019t think it\\u2019s a true possibility. Think it through\\u2026 there are lots of potential issues. On this episode I want you to follow along as I walk through some potential \\u201cred flags\\u201d when you start interviewing potential financial advisors. You can thank me later.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:28] Recommended things to do in Chicago and an amazing painting I saw there.
[2:35] Comparing the artist to the painter.
[4:00] How do you find the artist (perfect financial advisor) to help you manage your investments?

WHAT DOES THAT MEAN? SEGMENT

[5:08] Today\\u2019s word: Artist (when it comes to financial advisors).

HOT TOPIC SEGMENT

[7:32] Why people are freaking out in the financial industry: new fiduciary rules.

PRACTICAL PLANNING SEGMENT

[10:24] A few reasons you may - or may not - want a financial advisor.
[20:25] 3 guidelines to help you identify a great financial advisor.
[25:06] 15 questions you should use to interview a potential fiduciary.
[28:36] Why YOU typically do a poor job interviewing potential financial advisors.

RESOURCES MENTIONED IN THIS EPISODE

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

www.Finra.org - type in the name - get a report.

www.SEC.gov - look up professional and disciplinary history.

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