How to Work With a Financial Advisor
March 12, 2019
Description:
Your financial advisor is your partner in working toward a sound financial future. Here’s how to get the most from this important relationship.
Synopsis:
No matter what your level of investment experience or sophistication, you may benefit from developing a relationship with a financial advisor. Why? Because a qualified financial advisor is trained to analyze your personal financial situation and prepare a program designed to help you address your financial goals and objectives.
Financial advisors are often trained as accountants, lawyers, insurance agents, or stockbrokers — all professions that have a relationship to different aspects of your financial well-being. Because of this association with another profession, a financial advisor frequently will specialize in a specific type of financial planning, such as retirement planning or estate and trust planning. While their experience and qualifications often vary, financial advisors (also called financial planners or financial consultants) can earn various professional designations that can boost their credibility and your confidence.
Most people can benefit from professional guidance when they venture into the complex and confusing world of managing their financial affairs.
A financial advisor will be able to assess your risk tolerance, analyze your resources and current asset allocation, take into account your tax liability, and make investment recommendations in the form of a written financial plan that will help you to pursue your goals. The plan may help ensure that your current and future assets are used to their best advantage given your current financial situation and your financial goals.
How to Work With a Financial Advisor
A flurry of new investment products, the emergence of global investing, the shift from company-funded pension plans to employee-driven retirement plans (like 401(k) plans), and uncertainty about Social Security have all contributed to the increased need for qualified financial advice. No matter what your level of investment experience or sophistication, you may benefit from developing a relationship with a financial advisor.
What Is a Financial Advisor?
A qualified financial advisor is trained to analyze your personal financial situation and prepare a program designed to help you address your financial goals and objectives. It might be helpful to think of your financial advisor as a kind of doctor for your financial health.
Financial advisors (also called financial planners or financial consultants) can earn certifications or designations by completing accredited courses of study. Two of the most common are the Certified Financial PlannerTM (CFP®) certification, which is awarded by the Certified Financial Planner Board of Standards Inc., and the Chartered Financial Consultant® (ChFC®) designation, which is awarded by the American College of Financial Services in Bryn Mawr, PA. There is also the Registered Financial Consultant (RFC®), which is a designation awarded by the International Association of Registered Financial Consultants.
Financial advisors are often trained as accountants, lawyers, insurance agents, or stockbrokers -- all professions that have a relationship to different aspects of your financial well-being. Because of this association with another profession, a financial advisor frequently will specialize in a specific type of financial planning, such as retirement planning or estate and trust planning. Financial advisors are usually compensated in one of three ways.
They may:
Charge a fee for their time and service but sell nothing.
- Give free advice but charge a commission on transactions involving investment products such as mutual funds, stocks, bonds, and insurance products.
- Charge both a fee and commission on transactions.
- Although all three methods of compensating financial advisors are popular, some people prefer to simply pay a financial advisor for services provided, in much the same way you would pay an accountant or a lawyer for advice.
Benefits of Working With a Financial Advisor
Most people can benefit from professional guidance when they venture into the complex and confusing world of managing their financial affairs. A financial advisor will be able to assess your risk tolerance, analyze your resources and current asset allocation, take into account your tax liability, and make investment recommendations in the form of a written financial plan that will help you to pursue your goals. The plan may help ensure that your current and future assets are used to their best advantage given your current financial situation and your financial goals.
Building a Good relationship:
Knowing what to expect from your financial advisor can help establish a long and prosperous relationship. Here are some questions to ask to establish a working relationship with your advisor.
- What is your educational background?
- What (if anything) did you do before becoming a financial advisor?
- Do you offer specific or general recommendations?
- Will you help to implement these recommendations?
- Do you offer financial advice on non-investment issues, such as estate law or accounting?
- If so, at what point would you bring in someone else to help?
- How do you keep in touch with your clients?
- Do you initiate annual reviews or should I?
Building a Relationship
Many events may be catalysts to seek financial help, such as planning for retirement or establishing a college fund or even changing jobs, but once you have established a relationship with a financial advisor, you will probably find a number of other ways you can benefit from working with him/her.
At your first meeting, you and your advisor will identify your financial needs and investment goals.
Although it sounds simple, this can be harder than you think. Your advisor will be able to ask you the right questions to help you to determine what your goals are, just in case you aren't sure yourself.
To prepare for your first meeting, call your advisor and ask what specific documents and information you should bring. These may include essential documents such as wills, copies of insurance policies, pension information, and investment account statements. In addition, you should be prepared to answer or at least discuss the following questions:
Retirement
-- When do you plan to retire? In what style do you expect to retire? Do you have any retirement savings?
Income and Savings
-- What is your current income and rate of savings? Do you anticipate a change in jobs, leaving a job to stay home with children, or starting your own business?
College
-- Do you have plans to fund or help fund your children's education?
Disasters
-- Are you prepared for the unexpected? If you lost your job, had a serious accident, or contracted a serious illness, would you be prepared financially?
Estate Planning
-- Do you have a will? Have you considered the tax implications of transferring your estate to your heirs?
After you and your financial advisor have established your investment goals and objectives, your advisor will create a plan for you and review this with you. Among the objectives, the plan may include making sure you have sufficient insurance, that you have cash reserves to meet unexpected financial needs, and that specific short- and long-term goals are provided for. The plan may also involve reallocating some or all of your assets into more suitable investments that fit your risk tolerance and your investment goals. In addition, the plan will recommend where to invest future assets (regular savings or lump-sum payments) and how much you will need to save to achieve your financial goals.
After you and your advisor have agreed on a plan of action and implemented it, all you need to do is schedule annual financial reviews to make sure the plan works to your satisfaction and that none of your goals have changed over time. And if you have major changes or events in your life, keep your financial advisor informed of these. Some examples include a change in marital status, the birth of a child, a change in income, or receiving an inheritance.
Taking Charge
To work successfully with a financial advisor, you need to build a solid relationship based on trust and mutual respect. And most important, you need to be involved. Often, the least successful relationships are those in which the client is not very involved.
By deciding to consult a financial advisor, you have begun to take charge of your finances. A professional financial advisor will help you identify your investment goals and create a plan that may help achieve them. In the years to come, your advisor can become a trusted friend and confidant. And together, you will have implemented a strategy to that seeks to maximize the earning power of your assets so that they are working toward creating a more confident financial future for you.
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Fear is Good By Peter Mullin Investments climb a wall of worry. From November through the start of December 2024, fear was nowhere to be found. There were signs of euphoria. Folks wondered why they hadn't dug deeper into the darlings of 2024. Here is one reason why we don't (and probably shouldn't): What goes up 15% can go down 15%. What goes up 40% can go down 40%. Then the new year came around. And this last week, China said it beat the US in AI engineering – at just 3% of the cost (VentureBeat, 2025). I joined a conference call on Wednesday to chat about this DeepSeek AI. I raised skepticism. I called back to how China has a habit of grandiose stories. Read this story about the Chinese real estate bust: China's Economy Is Burdened by Years of Excess. Here's How Bad It Really Is . (WSJ, January 1, 2025). Something that is different is the fact that this DeepSeek is open source. That means that anyone should be able to look at it and see how it operates. Is it as good as they claim? We will see. However, we can also anticipate further disruptive announcements in the years ahead. AI will expand. I remember an investment outfit telling a tale of how they were impressed by the Chinese real estate market over 12 years ago. It was incredible, they said. They were building droves of huge apartment complexes. And people could only move in once the entire development was rented. They said the demand was huge as folks joined a lottery to come from rural farmlands to the urban areas. At least, that is what they said. AI For Us Common Folks Two words that we common folk think we do not know a lot about might be "AI" and "semiconductors." Admittedly, I am not writing programs for these large companies. But I know what the vision and goals of them are. I have used them quite a bit. I want to be able to keep up with them so I don't have to rely on my 9-year-old to teach me. AI is the ability to train a computer or machine to think and compute like the human brain, except with massive efficiency. It might take you hours to research and book your vacation online today. Someday soon you may be able to book your whole vacation by telling a program a few key data points. You will get it for the optimal price and according to your preferences. AI may also add a few surprises that you find you enjoy while on vacation. I could run this letter through AI and ask it to sound different. (But I won't. I enjoy writing. And our voice comes through in our writing.) But AI is most certainly combing through my published words online and learning from them. Semiconductors are the power lines and transformers for data. They keep the computers clicking – fast and cool. Computers can run hot. And the more data you drive from the computer the hotter it can get. Imagine rubbing two sticks together to start a fire by hand. That was the 1980's for computers. Now attach one of those sticks to a drill and add a butane torch. Investment Implications I have heard the innovation song before. Read my take on the word on my blog here . Here is what happened this past week. I view this from the psychological side of money management. The self-off in technology may have been overdone. But it was also overdue. If stocks climb a wall of worry, then we need a wall in front of us to climb. That wall of worry seemed to be worn down to rubble on the back of two incredibly strong years of growth. After getting a health gut-check, we can dig our heels in, retest our convictions, and carry on. So, if investors were lucky enough to sidestep some of the quick, violent pullbacks on the AI investment space, they might want to revisit. And consider adding to the space at reduced prices. Because I don't think the AI story is done. Three things I think about when it comes to US Tech Leadership: #1. First, realize that tech stocks are not the only place to invest our hard-earned money. But also recognize that tech companies are the heavyweights in the US equity markets. #2: Moore's Law: Every two years, the capacity for a semiconductor DOUBLES. What are semiconductors, you ask? They make our phones, TVs, and computers – and all connected things work. #3. Jevons Paradox: Our first thought is that making something more efficient will decrease prices and demand. But the reverse is true. More folks are using computers today than they were in the 1980's. And they cost a whole lot less. The CEO of Microsoft just tweeted about Jevons Paradox in response to the Chinese AI story that appears to have caused a bump in AI-centric stocks. ______________________ Peter Mullin is an independent financial advisor registered through LPL Financial. He serves clients from his offices in Minnesota and states across the country. Investing involves risks including the possible loss of capital. The opinions voiced in this material are for general information only and are not intended to provide or be construed as providing specific investment advice or recommendations for any individual security. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. All indexes are unmanaged and cannot be invested into directly. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment. All performance referenced is historical and is no guarantee of future results. Because of their narrow focus, investments concentrated in certain sectors or industries will be subject to greater volatility and specific risks compared with investing more broadly across many sectors, industries, and companies.
After August : Assertive Action “The pessimist complains about the wind. The optimist expects it to change. The leader adjusts the sails.” - John Maxwell I sent an update out weeks ago on a Friday in August. I subject line read: "Things are about to get interesting." That turned out to be prescient. It has helped me respond assertively for clients. Much of what seems like a routine, annual unwind in stocks appears to be occuring. The geopolitical saber-rattling in the Middle East and US Election have likely contributed to the latest unwind. Remember September "Overall, we expect volatility to remain elevated in the coming months as the market waits for more clarity on the economy and a better seasonal setup (as a reminder, September is the worst month for stocks)." - LPL Research September is infamous in market history for being a low or washout month. We can read that and be concerned. Or we can be ready to respond accordingly. This sort of choppy environment is the price of admission. We put up with mood swings and fears. I remind clients of facts and things that we can control when questions and concerns arise. The method of investing in an uncertain environment is still the same. We review the facts of the situation we are in. I listen to your input as a client and human. I emphasize how a strong dependency on your money to live comfortably will impact how we invest. Especially, in the near term. And then we execute our strategy. If we are nearing a retirement date or major purchase we can look to increase or add to our short-term, ultra-low risk portion of our portfolio. It is worth saving the graphic below if you become concerned when a portfolio draws down more than a bit. Portfolio mood swings are the price of admission—there is no such thing as a free lunch. Thank you, Peter Mullin
Listen to this update here: Listen here Welcome to Mullin’s Market Minutes, where I decode the numbers behind the news. I’m PETER MULLIN, and today, let’s dive into the current market landscape with a quick update. No matter who clinches the White House this November, markets have shown they can still move upwards. The more dominant factors in history have been geopolitical events, such as wars. What is more positive is having a balance of power between the House of Representatives, Senate, and the White House.
Money In: Money Out Spend time learning about what money will come in. Then study what goes out. Study your primary checking account. Look at the past 12 months. This can give you a good idea of what goes out. Live below your means Good habits tend to follow us around. It’s never too late to start. Be careful to spend less than what comes in. Also, enjoy that mocha once in a while. Remember, It’s Always Something Dentist bills, car repairs, appliances…you will always have surprises. Keep an emergency savings reserve that is sufficient for you. Don’t Rationalize Be mindful the next time you make a significant purchase. Too often we buy first and justify later. Marketers are aware of this human behavior. Do research, write out a pros/cons list, and then wait before buying. Two Things: Cost of Living & Taxes The price of stamps, bananas and healthcare keep increasing. Much money that comes in during retirement is taxed. This is a key reason to learn now how taxes and inflation will affect the value of your money throughout retirement. Invest Accordingly Compounding and math can work in your favor. Consider adopting a long-haul mentality. Importantly, know what to expect. Delegate what you don’t have the time or passion for – like investing. Inquire about costs, best practice, and how available your money will be. You Can’t Fit Everything on a List Your circumstances are unique. Your strategy ought to reflect this. *** The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Investing involves risk including loss of principal.
KNOW THE BENEFITS OF REGULAR INVESTING Focusing on the long term can pay off for investors. Whether the goal is saving for a house, college, retirement or a legacy, making a long- range plan—and sticking to it—are important parts of an investment strategy. Yes, flexibility has its place. For example, investors who take the time to review their goals and strategy at regular intervals can make deliberate adjustments based on changing circumstances. But sudden changes based on an emotional response to news reports may not be the best course. When the market turns lower, sticking to a long-range plan can be a challenge to even the most seasoned investor. By arming themselves with information, though, investors may be better equipped to ride out tough markets, and even benefit from them. Dollar-Cost Averaging Regular contributors to a retirement plan already use a strategy called dollar-cost averaging, many without even realizing it. Dollar- cost averaging simply means investing a fixed amount regularly, regardless of market conditions. Here’s how it works: Mutual funds are priced using share values. Investors buying shares of a mutual fund become partial owners of the fund. As contributions go into the fund each week or each pay period, more shares of the fund (full or partial, depending on the amount contributed) are purchased. If the market remained constant, the same weekly contribution would always buy the same number of shares. But the market keeps moving, and dollar-cost averaging takes advantage of those ups and downs. In a down market, each share costs less, so the number of shares grows faster if the contribution amount stays the same. The shares accumulate more slowly in an up market, when the price per share is higher. Over the long term, the share price tends to level out. The concept of dollar-cost averaging is shown in the chart below. By investing $100 a month for five months, based on the illustration below, as the price per share and number of shares purchased fluctuates, $500 purchases 75 shares at an average share price of $7.20. Taking Advantage of Market Movements During periods of extreme market fluctuations, dollar-cost averaging investors may have more return potential. The more frequently the market dips, the more opportunities there are to buy at lower prices. In this way, the investor’s account can accumulate many more shares of the fund that may benefit from future up markets. Making regular contributions is one important factor in successful long-term investing. You should consider your ability to continue purchasing through fluctuating price levels. By making a plan, sticking to it, and taking advantage of dollar-cost averaging, investors are following a widely used strategy to work toward their investment goals. Dollar cost averaging involves continuous investment in securities regardless of fluctuation in price levels of such securities. An investor should consider their ability to continue purchasing through fluctuating price levels. Such a plan does not assure a profit and does not protect against loss in declining markets. This material was prepared by LPL Financial, LLC. This material is for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material. Securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC. LPL Financial and Mullin Wealth Management are separate entities. Tracking #1-05365584 (Exp. 03/25)
Peter Mullin, a financial advisor at Mullin Wealth Management in Central Minnesota, today announced that his achievements have been recognized with inclusion in LPL Financial’s Ascent Club* for 2024. This distinction celebrates a select group of advisors on ambitious growth trajectories, who have achieved excellence in financial guidance.
5 Oversights of High Income Earners
In the final days of 2022, Congress passed a new set of retirement rules designed to facilitate contribution to retirement plans and access to those funds earmarked for retirement. The law is called SECURE 2.0, and it is a follow-up to the Setting Every Community Up for Retirement Enhancement (SECURE) Act passed in 2019. The sweeping legislation has dozens of significant provisions; here are the major provisions of the new law. New Distribution Rules Required minimum distribution (RMD) age will rise to 73 years in 2023. By far, one of the most critical changes was increasing the age at which owners of retirement accounts must begin taking RMDs. Further, starting in 2033, RMDs may begin at age 75. If you have already turned 72, you must continue taking distributions. However, if you are turning 72 this year and have already scheduled your withdrawal, we may want to revisit your approach.1 Access to funds. Plan participants can use retirement funds in an emergency without penalty or fees. For example, 2024 onward, an employee can take up to $1,000 from a retirement account for personal or family emergencies. Other emergency provisions exist for terminal illnesses and survivors of domestic abuse.2 Reduced penalty. Starting in 2023, if you miss an RMD for some reason, the penalty tax drops to 25 percent from 50 percent. If you promptly fix the mistake, the penalty may drop to 10 percent.3 New Accumulation Rules Catch-up contributions. From January 1, 2025, investors aged 60 through 63 years can make annual catch-up contributions of up to $10,000 to workplace retirement plans. The catch-up amount for people aged 50 and older in 2023 is $7,500. However, the law applies certain stipulations to individuals with annual earnings more than $145,000.4 Automatic enrollment. In 2025, the Act requires employers to automatically enroll employees into workplace plans. However, employees can choose to opt-out.5 Student loan matching. In 2024, companies can match employee student loan payments with retirement contributions. The rule change offers workers an extra incentive to save for retirement while paying off student loans.6 Revised Roth Rules 529 to a Roth. Starting in 2024, pending certain conditions, individuals can roll a 529 education savings plan into a Roth individual retirement account (IRA). Therefore, if your child receives a scholarship, goes to a less expensive school, or does not go to school, the money can get repositioned into a retirement account. However, rollovers are subject to the annual Roth IRA contribution limit. Roth IRA distributions must meet a five-year holding requirement and occur after age 591⁄2 to qualify for the tax-free and penalty- free withdrawal of earnings. Tax-free and penalty-free withdrawals are also allowed under certain other circumstances, such as the owner’s death. The original Roth IRA owner is not required to take minimum annual withdrawals.7 SIMPLE and SEP. 2023 onward, employers can make Roth contributions to savings incentive match plans for employees (SIMPLE) or simplified employee pension (SEP).8 Roth 401(k)s and Roth 403(b)s. The new legislation aligns the rules for Roth 401(k)s and Roth 401(b)s with Roth IRA rules. From 2024, the legislation no longer requires minimum distributions from Roth accounts in employer retirement plans.9 More Highlights Support for small businesses. In 2023, the new law will increase the credit to help with the administrative costs of setting up a retirement plan. The credit increases to 100 percent from 50 percent for businesses with less than 50 employees. By boosting the credit, lawmakers hope to remove one of the most significant barriers for small businesses offering a workplace plan.10 Qualified charitable donations (QCDs). 2023 onward, QCDs will adjust for inflation. The limit applies on an individual basis; therefore, for a married couple, each person who is 701⁄2 years and older can make a QCD as long as it remains under the limit.11 The change in retirement rules does not mean adjusting your current strategy is appropriate. Each of your retirement assets plays a specific role in your overall financial strategy, so a change to one may require changes to another. Moreover, retirement rules can change without notice, and there is no guarantee that the treatment of specific rules will remain the same. This article intends to give you a broad overview of SECURE 2.0. It is not intended as a substitute for real-life advice. If changes are appropriate, your trusted financial professional can outline an approach and work with your tax and legal professionals, if applicable. 1. Fidelity.com, December 23, 2022
2. CNBC.com, December 22, 2022
3. Fidelity.com, December 22, 2022
4. Fidelity.com, December 22, 2022
5. Paychex.com, December 30, 2022
6. PlanSponsor.com, December 27, 2022
7. CNBC.com, December 23, 2022
8. Forbes.com, January 5, 2023
9. Forbes.com, January 5, 2023
10. Paychex.com, December 30, 2022
11. FidelityCharitable.org, December 29, 2022 The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2023 FMG Suite. 1-05355879
I keep a magic 8-ball near me at the office, and I pass them out to clients as a lighthearted reminder to embrace uncertainty. The price we pay as investors is uncertainty. Over time, prudent solutions, and pragmatic optimism just seem to work. I think the biggest risk this year will actually be geopolitical; that being the potential for a broader war in the Middle East. Some facts I follow have had me anticipating some short-term portfolio turbulence. Though nothing to be surprised by. The Presidential election year is upon us. Scroll below to find a chart that shows how the stock market did under different presidents. Major historical events seem to drive markets more than the president sitting in office. Think globally when it comes to investing.
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Well it’s the end of the year. I just searched on Google for “market outlook 2018.” I came up with a little over 58-million “results.”
So should you be investing in stocks in 2018? The quick answer: It’s likely a prudent part of your portfolio. But it depends on your circumstances, right?
It’s apparently popular to throw your hat in the ring.
A mantra that you hear among disciplined professionals is to “stay the course.”
Then you hear “sell high, buy low.”
Who’s right?
The relief of a disciplined strategy is that it can be tailored to you. And tailor we think you should.
Yes, it’s possible that an investor may not utilize stocks in their portfolio at all. Or you may decide to go “all in” with a diversified stock portfolio.
(Side effects from tailoring a strategy may include increased confidence & persistence, apathy toward daily market reports, and increased focus on what really matters.)
Let’s begin with the “Why” of investing for you. Then you can request 15-minutes on the phone discuss your “how.”
So “Why Should You Invest”
Life changes and our “why” of investing ought to transform with life. Some invest for sport – they like the risk/reward of investing – they’re in it for the thrill. I don’t hang with this crowd.
Most of us ought to invest for things we want. Our money & our goals are serious. By investing in a diversified portfolio we can pursue things we want.
1. Living A Comfortable Retirement: Retirement is a noun. It’s up to you to really design and live a retirement that reflects you.
2. Purchasing a Home: Home is a place to live. It can take a down payment.
3. Passing an Inheritance on to Family:
4. Student Loan Shield: This idea is important for many Millennial graduates. Student loans can dominate your budget. But instead of accelerating those payments, what if you paid your required payments, and then invested the additional money that you were going to pay against your loan balance?
5. Emergency Reserves: You probably have read that it’s prudent to keep a relative healthy amount of cash in your checking/savings. Once you’ve achieved that, then you can consider investing additional funds. Go a step further and consider a non-retirement account for you and your house. You can spend this on cars, vacations or use it just as described in #4.
The Dow Jones has seen positive results, so far, in 2017. It’s unusual and sort of uncomfortable as the independent financial advisor. Why is it uncomfortable?
What would sting & linger longer? Finding $20 in the parking lot? Or finding a $20 parking fine on your windshield?
We’ve been finding a lot of metaphorical “$20’s” (i.e. “positive results”) in our portfolios this year. So the second we find a parking fine (or a few in a row) we’ll be sure to ask if stocks are still the right place to park our money.
Complacency can work against us, Dear Clients. Just keep recalling your long-haul strategy and your “why” of investing.
***
Peter Mullin is an independent financial advisor registered through LPL Financial. He lives in Rogers, MN with his family. He was born and raised in St. Cloud, MN. Mullin Wealth Management is located in Waite Park, MN.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Investing involves risk including loss of principal.
There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
All performance referenced is historical and is no guarantee of future results.
All indices are unmanaged and may not be invested into directly. No strategy assures success or protects against loss.