Bad Advice Most Advisors Give Retirees
Bad Advice Most Advisors Give Retirees by Zach Scheidt
“Zach, I decided to go ahead and put all of my money with this investment advisor who has been calling me…”
I cringed as I drove down the highway.
This past Friday, I was headed home from the airport after two weeks on the road. And with a few minutes of commute time to spare, I decided to call my old friend Ed.
Ed is a few years away from retirement. He’s got two boys who are starting to look at colleges. He has a modest amount of funds set aside for retirement and Ed needs for these funds to grow quickly.
I was worried that his new-found investment advisor would steer him into some risky areas of the market, and that my friend Ed would be hurt if the market pulled back.
In some ways I blamed myself…
You see, Ed’s a good friend of mine and he’s had my back when I needed someone to talk with in the past. We trade stories about raising our kids, and help each other think through situations as parents.
Fact is, I’d do anything to help Ed figure out the best way to invest his retirement account. Of course I can’t give individual financial advice, but I’ve often suggested that Ed subscribe to my research. Because that’s where I share my very best opportunities for building and protecting retirement savings.
I had been on the road the past two weeks and we hadn’t been able to connect. By the time I called Ed to reiterate my suggestion, he had already decided to pull the trigger and go with an investment advisor.
And I had no idea what this advisor was going to do with Ed’s retirement.
The Bad Advice Most Advisors Give Retirees
Today, when retirees (and future retirees) need to be more aggressive with their accounts, investment advisers usually recommend traditional — and flawed — strategies for boosting wealth.