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The Truth About Finding and Working With a Financial Advisor

Laura interviews Tom Meyer to discuss who really needs a financial advisor. Find out when it's the right time to hire a financial professional, how much money you should have, where to find one, how they're paid, and how to know you've found someone who's the best fit for your situation.

By
Laura Adams, MBA,
October 26, 2016
Episode #471

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How, why, and when to work with a financial advisor is a question that comes up frequently from Money Girl readers and podcast listeners. For instance, Allison C. says:

“Aloha Laura! I am writing to you from the beautiful island of Maui! I am currently on my honeymoon with the most amazing man and I am so excited to start this new chapter in our lives together. I have been listening to your podcast over the past year and have learned so much!! I appreciate your quick tips and insight into the financial world as it is not easy to navigate.

I currently have a financial advisor and realized that I have no idea how they are making money and what fees they charge. Could you talk about important questions to talk about with your financial advisor before you decide who is best for you?”

Thanks for your question, Allison, and congrats on your marriage! I’ve done a few shows about finding the right advisor, but thought you might like to hear from an actual insider today.

So I interviewed Tom Meyer, who is the CEO of Meyer Capital Group located in Marlton, NJ. MCG is an independent fee-only investment management and financial planning firm dedicated to helping their clients build wealth through a consistent and disciplined process. 

Before Tom took a leadership role in the company, he started out in 1982 working with clients and managing investment portfolios. The firm was founded in 1963 by his grandfather and they manage hundreds of millions of dollars for clients all over the U.S. and even in other countries.

[Listen to the interview using the audio player in the upper right sidebar of this page or on iTunes, SoundCloud, Stitcher, and Spotify]

I think you’ll enjoy our conversation and come away with a better understanding of what working with an advisor is like. We cover:

  • Do you have to be wealthy to work with an advisor—how much you need 
  • Whether you should work with an advisor if you already have a retirement account 
  • How your goals determine who you should work with
  • Balancing investing with paying down debt 
  • How financial advisors get paid 
  • What questions you must ask a potential advisor 
  • Where to find and vet an advisor in the first place

See also: How to Find the Best Financial Advisor or Expert

How Do Financial Advisors Get Paid?

Keep reading for three ways financial advisors and investment brokers get paid for their advice.

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