Do You Know Your Advisor’s Specific Biases?

Do You Know Your Advisor’s Specific Biases?

Let me be the very first to admit that I’m biased. Oh, yes, I definitely am! I know that a lot of guys and gals in my industry claim they’re not biased, and you’d therefore benefit by consulting with them instead of us, the biased financial professionals. But you don’t take that claim seriously, do you?

Dictionary.com defines bias as a particular tendency or inclination. In other words, it’s simply a mindset, viewpoint, or tilt.

At our firm, as a nonnegotiable matter of policy, when we meet with potential clients for the first time, we explain our biases. It may initially sound strange to people, but they always thank us – even when they don’t sign on as clients. The philosophy behind this “weird” policy, if you will, is that we understand we’re definitely not supposed to be all things to everyone. I mean, even if we wanted to be, that wouldn’t happen in a million years. While many in our industry proudly claim that status, we wholeheartedly admit that we stand for certain things, which naturally means we oppose other things. That’s just how reality works.

So let me ask you this: Is there even the remotest possibility that any professional in the personal finance industry would not have any bias of any kind? Not on this planet, I’d say. 

Here’s the more important question: Do you know YOUR advisor’s biases – or the biases of whomever/wherever you’re getting your financial advice? Or are you in one of those situations where you’re receiving the subtle message that they don’t have any?

I hope that’s not the case for you because, to be blunt, if your financial counselor, the radio/TV financial guru you’re listening to, or the financial magazine/articles you’re reading tell you that he/she/they don’t have any biases, you need to see that as the brightest red flag. Apparently, he/she/they are either clueless or dishonest – I’m not sure which is worse.

Here’s the thing. Bias is not a dirty word! We all have them. So before you decide to follow anyone’s guidance to plan your retirement, of all things, make sure that you know – and understand – exactly what their tendencies, inclinations, mindset, and viewpoints are! It’s for your own good – and you’ll thank me later.

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Contact a professional at Laser Financial Group to set up your complimentary, no-obligation consultation and learn about your options for creating a retirement plan that's tailored to your needs and goals. Call us TODAY at 877.656.9111 or visit us on the Web at LaserFG.com.