Questions? Call the delightful Anna at
704-366-5776 ext. 289

Avoid these five tragic mistakes when searching for the right financial planner for your retirement goals.

You’ve verified the financial planner’s education and certifications, gotten the compensation arrangement in writing and denied access to your accounts. Now don’t make these:

  • 1.

    Choosing a generalist over a specialist.

    No service provider can be all things to all people and still be effective. The requirements of a 20- or 30-something just beginning the journey of financial planning differ greatly from the needs of a 50- or 60-something. The best financial advisors have honed their skills for a particular client at a particular stage of life.

  • 2.

    Giving access to your accounts.

    The reason Bernie Madoff’s $65 billion Ponzi scheme worked is because he had access to his clients’ accounts. Recent laws now try and prevent a Madoff repeat, but it’s still up to you to keep control. If your advisor is the trustee of your trust, can write checks for you or you don’t get quarterly statements from a third-party custodian, your advisor has custody of your money and you should beware.

  • 3.

    Not getting compensation terms in writing.

    How your financial planner gets paid can greatly influence the products he recommends to you. For instance, a commission-only compensation arrangement could mean the advisor is making recommendations based on financial products that pay the highest commission to him. You want a someone who works under a fee-based compensation arrangement, and be sure to have that in writing.

  • 4.

    Being persuaded by comments like “I outperform the S&P …”

    Such statements may or may not be true in the short term; but in the long term it is outrageously difficult to achieve returns that outpace the market average. What’s more, it means exposing your wealth to much higher risk.

  • 5.

    Ignoring poor “chemistry” or bad rapport.

    The best financial planner/client relationships are built upon open, candid communication. That can only happen when both parties feel at ease with one another. A good financial advisor is interested in your family, your goals and any life or work events that can affect your plans for retirement.

Schedule your no obligation chat with Ryan.

You can profit immediately and assist our preparation by sharing some information and submitting the form below. Ryan has a $150 debit card to enjoy a fine dining experience at either The Palm Restaurant in Charlotte or The Pump House in Rock Hill, South Carolina.

  • This field is for validation purposes and should be left unchanged.
Ryan PoterackFor more than 25 years, Ryan Poterack, founder and CEO of PCA, has specialized in guiding his clients to the retirements they envision. You don’t get there by evading the tough questions. In fact, to build the trust necessary for a successful relationship, advisors need the courage to ask some tough questions of their own.

Ryan Poterack has the courage to ask very thoughtful questions and the humility to listen intently which creates a relationship dedicated to achieving your retirement goals.