Most people trust their insurance agent. They take care of your insurance needs, so why not your retirement needs, right? Wrong! And thinking that might be one of the biggest myths out there.
Hi, I’m Bradford Ferguson with Halter Ferguson Financial and I get it. You trust your insurance agent for good reason. If you have a fire, flood, accident or theft your insurance agent is there to help you through it. They’re your life raft when you’re adrift at sea.
Investing for retirement is just as scary and you want someone to trust, so it’s easy to fall into that trap.
But an insurance agent makes their money from selling. They get their cut on the front end and if you find out later that the annuity or universal life insurance policy they put you into isn’t right for you, they keep their commission because your insurance agent is ultimately a salesman. And let me ask you, do you completely trust a salesman?
No, of course not. From cell phone to car shopping, they’re always looking for the upsell. So where should you go when you need help with your retirement? How can you get the help you need? You need to a financial advisor who puts your needs first. And guess what? There’s a term for that! Fiduciary!
A fiduciary is legally obligated to act in your best interest. You should also look for fee-only. There are no commissions when your advisor works by a fee, never by commission. They charge a percentage, often 1%. So the better you do, the better they do.
So let me ask you, do you still think an insurance SALESMAN is the way to go? Or are you less interested in being someone else’s big payday and more interested in finding someone who will act in your best interest?