Category: Gary Scheer

Categories
Gary Scheer

Gary Scheer Wants You to Hold Your Financial Advisor Accountable

Gary Scheer Financial Advisor

As a financial planner with years of experience, Gary Scheer acknowledges that there are several reasons that individuals to take control of their finances consult a professional. In the ever-evolving landscape of the ongoing COVID-19 health crisis, Gary Scheer also realizes that there are plenty of reasons that people already consulting an advisor may decide that they are unhappy with the services provided to them. After all, just as the virus has impacted industry and our economy, it can influence our individual finances, decisions, and comfortability with our ongoing working relationships.

One reason that someone may decide that a financial planner is not a good fit for them is a lack of adaptability in their advice. This is typically emphasized when an individual’s financial situation has changed, but the advice that you are getting from your financial planner has not. Gary Scheer notes that there are many changes that could impact your financial reality enough to necessitate a shift in goals and strategy. For example, getting a sizeable inheritance, a divorce, or a costly medical diagnosis are all reasons that someone may need to reevaluate and update their plan. If your financial advisor has limited experience advising people that fit your profile, it may be a good idea to consult a professional that best fits your new needs.

Gary Scheer notes that some of the reasons one may want to switch financial planners are simple, yet equally crucial in reasoning. For example, many decide to change advisors because they are generally unhappy with the way that they do business. Gary Scheer knows that this can happen for several different reasons. An advisor may exhibit poor communication that makes the individual receiving advice feel uneasy. A lack of transparency is a similarly common reason for a person deciding that they are not satisfied with a financial planner. As a person receiving consultation, you want to feel as though your thoughts and feelings are valued and taken into consideration by your financial planner. Even if a planner gives advice that does not align with what you believe is the best course of action, a professional that is truly valuable will be able to explain the reasoning for their advice in a way that does not leave you feeling uneasy with your final decisions.

Perhaps the most crucial function of a financial planner is assisting with our financial goals both in the context of short and long term. With this comes the understanding that investments or decisions may, occasionally, miss their mark and not benefit in the exact way that we believe they will. If investments and strategies missing their mark becomes a pattern with a specific financial planner, however, it may be a good time to evaluate whether they are a good fit for you. Gary Scheer believes that a true financial planning expert will show their worth and, while not hitting financial goals may not fall squarely on the shoulders of an advisor if events occur outside of both of your control, this is should not be an excuse in the long term. If you find that you are not well on your way to attaining your financial goals after an agreed upon amount of time, you may be better off starting from scratch with an advisor that can create strategies more in line with your needs as a client.

Categories
Gary Scheer

Gary Scheer Discusses Common Investment Mistakes

In his time as a financial expert, Gary Scheer has seen a lot of successes as well as a lot of mistakes when it comes to operating in the market. While the learning curve for investing can be steep, he acknowledges that many of the mistakes that new investors tend to make are common ones that can be easy to avoid if one has maintained some cursory knowledge of the market. In this article, Gary Scheer discusses some of the most common mistakes in hopes that fledgling investors can avoid them on the road to a promising financial future.

Not Being Realistic

Gary Scheer realizes that some new investors have a tendency to believe that investing will solve all of their financial problems, which is especially the case when people fall prey to investment advisors that promise outsized (and unrealistic) returns. Those investing should realize that, while occasionally low-priced stocks can turn a small sum of money into a small fortune, this is not the norm and should certainly not be your expectation when investing. Gary Scheer consistently speaks to the need for investors to be realistic as it pertains to the performance of their stocks. Realistic goals are made possible by reviewing the performance of the stock up until the present and monitoring the performance of competitors that operate within the same industry. These performances may not be a promise of your own stocks but will give you a clearer idea of the stability or volatility of the market than unclear and overly optimistic whims.

Not Having a Plan

While most have some clear goal for their investment, whether it be stable supplementary income in retirement or otherwise, Gary Scheer recognizes that some budding investors may not have a proper plan. This could prove damaging for a myriad of reasons, but one of the biggest is that not having clear financial investment goals can lead an individual to chase one investment idea after another. This leads to investing without purpose, which will indubitably make it more difficult to maintain a well-diversified portfolio that properly suits your needs. Knowing your goals is also an important facet of risk management, as knowing why you are investing and how far off you are from your plan allows you to keep track of how much risk you can tolerate while on that path.

Not Properly Diversifying

Gary Scheer and other financial experts frequently speak to how diversifying one’s investments can save them a lot of trouble in the long run. The reasoning for this is clear, if or when one of your investments drops in value, the effects will be much less drastic for your portfolio if your money is spread across multiple different types of investments. Individuals that do not diversify their investments can find themselves in hot water because their interconnected stocks can easily drop in value at the same time during a stock market dive or period of volatility.

Categories
Gary Scheer

Gary Scheer Discusses the Qualities of a Financial Specialist

As a financial advisor with years of experience and a specialization in retirement planning, Gary Scheer has served as a resource for many looking for more information on the industry. While there is certainly a multitude of specialists in the space, Gary Scheer notes that the average individual seeking consultation is not necessarily aware of what to look for when seeking one out. In this article, Gary Scheer lists a few qualities of a financial specialist as well as questions that can be asked to verify one’s legitimacy.

One of the hallmark signs of a specialist is that they can focus on you and your issues. Gary Scheer notes that the best way to ascertain one’s focus is to spend some time with them and take note of their patterns. For example, if you have a conversation with a proposed specialist and you can’t get a word in, it’s likely that you are not working with a true expert. Any specialist worth their salt knows that they should not do much more than 10% of the talking but will also be able to prove their credibility via the content of their end of the conversation. Gary Scheer recommends making sure that a specialist, in conversation, is guiding you to speak about your needs and concerns rather than only focusing on what they can do. It is the responsibility of a specialist to help you determine your needs and their urgency in a clear and easily understandable manner.

Another key sign of a specialist is that they can and do assist people just like you. For example, if you have more than $1 million to your name, you have a list of issues that are unique. A specialist, in your eyes, would be someone that has the experience and the skills to service someone like you. To come to these conclusions, an individual looking for a specialist will need to ask a few key questions. For example, you will want to ask to know their specialty, see a sample zero estate-tax plan, and inquire what percentage of an advisor’s clients fit your demographic. You will also want to know the profile of their ideal client and how much an advisor has saved clients through financial planning. There are many specialists out there, but the term “specialist” is always going to be relative to what your needs and goals are both currently and moving forward.

Gary Scheer acknowledges that specialists are not only great at what they do, but they are also acknowledged all-stars within their profession. It is important to note that there is a distinction between even a major leaguer and an all-star. While a major leaguer may be great at advising and have proof to back it up, an all-star can be identified as an advisor that is published and acts as a professional resource to their peers. When trying to figure out if an advisor is an all-star you will want to ask a few important questions. For example, you will want to know where their articles have been published, if they have any books, and if they have any notable radio, podcast, or television appearances to date.