Ep 22: Things Your Financial Advisor Should Be Doing For You
PlanningOn This Episode
Does your financial advisor look at your tax returns? What about the fees in your investments? We’ll explain how your advisor should be helping you.
Takeaways
There are certain things an advisor should do if they’re going to help their clients. But we find that a lot of people don’t get the kind of advice and service from their financial advisor that they should be getting.
In a lot of cases, the advisor is only managing the investments but not providing any guidance in other areas. On today’s Saving With Silverman podcast, Mark explains what a financial advisor should be doing.
Does your advisor review your tax returns? We review those. We don’t do tax returns; we do tax planning, which is different. We manage money in a way to try to minimize the taxes. It’s through a process called tax loss harvesting.
“We do review tax returns and look for some opportunities to maximize not just the money that you have but also try to minimize the taxes that you pay legally,” said Mark.
Does your advisor examine the fees and costs in your investments? Fees can be a tricky thing.
“You have to understand the true cost. Whether you see the fee or not, it’s there,” said Mark. “Nothing’s for free, and it’s important that you understand that.”
Listen to the entire episode to hear more. Click on the timestamps below to skip to a particular segment.
We do review tax returns and look for some opportunities to maximize not just the money that you have but also try to minimize the taxes that you pay legally.”
- Mark Silverman, CFP®
The Layout
Let’s get rolling with the first episode and you can use the timestamps below to skip around to specific topics.
0:57 – Reviewing tax returns
2:49 – Evaluating fees and costs in investments
4:00 – Discussing and planning retirement income
6:02 – Clarify target and goal for invested dollars
7:32 – Reviewing family goals and legacy plans
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