Ep 15: The Customer Isn’t Always Right When It Comes To Financial Planning

If you work with an advisor, are you expecting expert advice or are you expecting to be the one who is right all the time? It’s a relationship of trust as you make wise decisions together, but you might not always be “right” when it comes to making financial plans.

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The Game Plan

Perhaps the phrase “the customer is always right” applies when it comes to the food industry or retail, but does it ring true for financial advisors?

When you come to meet with a financial advisor, you’re wanting to get feedback and advice. For example, with the recent market volatility, some clients wanted out of the market while some wanted to jump back in more aggressively. Advisors are there not to tell you you’re always right, but to coach you and help you make wise investment decisions based on your goals.

You may have ideas on certain funds or trends you want to invest into, but be prepared for advisors to talk it over with you and possibly give pushback. There’s a difference between making sound investments and gambling. Are you making wise decisions?

Consider your strategy, especially when it comes to different products you feel hesitant to buy. Some resist buying life insurance or long-term care. What is your plan? All of this goes into your portfolio, so if you don’t have coverage then you need to know where that money would come from if needed. Understanding your long-term goals and sticking with your plan will pay off in the long-run.


The X’s & O’s

Check out the timestamps below to skip around to specific topics on the show.

[1:20] – What is open right now under current restrictions?

[3:27] – If the customer is “always right” then do you need an advisor? 

[7:34] – What if you are set on a certain trend or investment?

[9:21] – What if you don’t want to spend money on something like life insurance or long-term care coverage?

[11:23] – Are you really listening to the professional advice from an expert?

[12:50] – Follow-through is key.

“You want to have an investment plan that you understand. You have part of it for long-term, part of it for intermediate term, and part for short-term. That’s how you’re going to have a successful retirement and successful investment plan.”

– Dale Tondryk

More To Explore

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Join us in this episode of The Retirement Playbook podcast as Dale dives into the essential financial matters you need to address throughout the calendar year. He provides valuable insights into maximizing retirement contributions, managing required minimum distributions (RMDs), and making strategic financial moves to optimize your retirement savings.

Financial Therapy

Financial discussions and retirement planning can come with many emotions. From counseling couples with differing financial views to providing support during challenging life events such as divorce or medical issues, financial professionals wear many hats, including the role of a therapist. In this episode, Dale discusses the impact of having a financial professional guide you through life’s most stressful moments.

Ep 88: The Retirement Lifestyle

We’re taking a quick break from the Xs and Os of retirement finances today. Instead, we’re going to talk about some other important pieces of forming your retirement lifestyle. Join us as we discuss staying busy, the significance of social connections after you’ve stopped working, and maintaining your physical and mental health throughout retirement.