Is Hiring a Financial Advisor Hurting Your Investment Returns? (#91)

Financial Advisors Say The Darndest Things

Episode Summary: In this episode of "Financial Advisors Say the Darnest Things," host AB Ridgeway delves into the question of whether individuals truly need a financial advisor. Drawing upon biblical principles of stewardship, Ridgeway addresses common misconceptions and uncertainties Christians may have about managing their personal finances and investments.

Key Takeaways:

1. Biblical Guidance on Finances: Ridgeway emphasizes the importance of aligning financial decisions with biblical teachings on stewardship, debt management, leaving a legacy, and planning for retirement. By exploring what the Bible says about these topics, listeners gain insights into how to navigate their financial journey with faith-based principles.
2. The Role of Financial Professionals: Ridgeway highlights the role of financial advisors and planners in assisting individuals with their financial goals. He explains the process of working with a financial professional, from sharing financial information and evaluating recommendations to funding accepted recommendations.
3. Continuous Learning and Mastery: The episode underscores the concept of continuous learning and mastery in the financial industry. Ridgeway encourages both listeners and financial professionals to embrace the duality of intelligence, acknowledging that there are always new concepts to learn and master in the ever-evolving landscape of finance.
4. Importance of Trust and Transparency: Trust and transparency are emphasized as essential components of the client-advisor relationship. Ridgeway stresses the importance of being comfortable sharing financial details and speaking up when in disagreement, emphasizing that financial professionals are there to provide guidance while respecting clients' autonomy.
5. Clarifying Terminology: Ridgeway addresses common misconceptions about financial terminology, particularly distinguishing between financial advisors and financial planners. He emphasizes the need for clarity in communication to ensure clients understand the services provided and how advisors are compensated.

Quotes:

1. "As much as I know, as much as I've been in the industry over a decade, I've heard a lot of concepts over and over and over again. But at the end of the day, I am still mastering my craft because somebody had once told me that if you're not growing, you're dying."
2. "So you got to understand that as humans, we are only going to take advantage of the options we are aware of."
3. "You are not giving up your autonomy. You are not giving up your power. You are not giving up your freedom to choose. You are asking a professional for additional guidance so you can make the best decision for your family."

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.