Episode 138

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Published on:

10th Apr 2024

How to Fire Your Financial Advisor (for Those Who Don’t Like Confrontation) | E138 Tess Waresmith

You’ve been pouring into your personal finance education and you’re starting to feel more empowered to manage your investments. You might have even played around with online calculators and realized how much that 1% advisor fee is really costing you. But years ago, when you were less confident and didn’t know better, you hired someone to help you with this. They grew into someone you call a friend and although you know the math and feel capable of handling your investments on your own now, you’re having difficulty cutting ties.

It’s not easy to break up with someone especially if they have treated you well, answered your phone calls, and have been sending you an annual Christmas card.

But I help you with the hard things and it’s time. With this in mind,  how can we make this a smooth process, set ourselves up for success, and respectfully and professionally break up with our financial advisor? Well, that’s today’s conversation.

To help me unpack this topic, I invited on Tess Waresmith. Tess is a financial coach that helps people feel confident with investing. But this wasn’t always the case. After socking away a ton of money working on cruise ships after she graduated, Tess hired a financial advisor to help her turn her savings into real wealth. But after some bad advice and other financial mishaps, Tess lost $80,000 and had to reset. Through a lot of self-education, she learned how to invest on her own through simple, yet effective methods.


In this episode, Tess shares the math behind the real cost of a financial advisor. She shares an easy step-by-step process for breaking up with your advisor and how to handle objections if they push back. We also talk about when it might be appropriate to hire help and who might be the right person for that situation.


Let’s get into it. I hope you enjoy my conversation with the aerial aerobatic and high diving financial coach…Tess Waresmith.


Key Takeaways:

  • How much a 1% advisor fee costs you over 40 years
  • How to compare your advisor’s performance against the average
  • A step-by-step process for breaking up with your advisor
  • Responding to objections from your advisor
  • Financial situations that might require professional help and who to hire
  • Simple definitions of common financial jargon


Mentions:

Free Guide: 26 need-to-know investing terms: https://www.moneyconfidentcoach.com/optin1656350743725


More of Tess:

IG: WealthWithTess (https://www.instagram.com/wealthwithtess/)


More of The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

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About the Podcast

FI Minded - Financial Independence Without the Extremes
Achieve Financial Independence & Have Fun Doing It
Pursuing financial freedom, a work-optional lifestyle, or early retirement often leads to the same questions: “one more year,” “do I have enough?” “what does life actually look like after this?”

FI Minded helps you think like someone who’s already financially independent so you can make smarter decisions about how you work, spend, and live.

From Coast FI and Slow FI to lifestyle design, career transitions, healthcare, and self-employment, each episode explores the real decisions behind building a flexible, work-optional life…without burnout, over-optimization, or missing out along the way.

We cover:
* Smarter ways to reach financial independence (without burnout)
* Designing a flexible, work-optional lifestyle
* Coast FI, Slow FI, and enjoying your time along the way
* What life actually looks like after FI (and how to prepare for it)
* The tradeoffs behind big money decisions

Make progress toward financial independence while actually living your life.

Some of our past guests include Carl Jensen (1500 Days), Jeremy Schneider (Personal Finance Club), Nick Loper (Side Hustle Show), Andrew Giancola (The Personal Finance Podcast), Jordan Grumet (Earn & Invest), Rachael Camp (Work Optional), Jillian Johnsrud (Retire Often), Sean Mullaney (FI Tax Guy), Jill Sirianni (Frugal Friends), Jackie Cummings-Koski (Catching Up to FI), Joel Larsgaard (How to Money), Cody Garrett (Measure Twice), Jesse Cramer (Personal Finance for Long-Term Investors), Jess (The Fioneers), Chris Hutchins (All The Hacks), Diania Merriam (EconoMe), Andy Hill (Marriage Kids Money), Fritz Gilbert (Retirement Manifesto), and and others helping you rethink how to approach financial independence.
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