MyMoney Online, Personal Finance with Warren Ingram

Why are you still paying an advisor when your investments are not growing?

Your investments are not growing – why are you paying your financial advisor?

Is there an actual benefit in paying for advice, or should you go it alone?

Eight out of 10 small investors with a good advisor retire with enough money, according to research by Vanguard (the world’s largest index investor).

Vanguard research also shows investors with good advisors achieve 3% more growth in their investments than those who are unadvised.

The key outtake?

You need a good advisor (and a bad advisor is worse than having none)!

pixabay.com

Arabile Gumede (in for The Money Show’s Bruce Whitfield) asked personal finance expert Warren Ingram (Galileo Capital) how to tell if you have a good advisor.

Ingram gave this handy checklist:

  • In difficult times, your advisor motivates you to remain invested.

  • Your advisor pushes back when you instruct her to chop and change your investments when you're unhappy.

  • She tells you what you need to hear (not what you want to hear).

  • You know what she charges for her services.

  • You see her at least once a year.

For more detail, listen to the interview in the audio below.

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