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Want to retire early? Use an advisor not a distributor

5/9/2018

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There are many times in our lives when we consult experts; we go to the doctor when we’re sick, we hire a lawyer when we need legal advice, and we hire an accountant when we need our books putting in order. 

Let’s first look at a trip to the doctor’s office. We have a health problem, so we confide in the doctor about how we feel and the symptoms we’re experiencing. The doctor would then ask questions, examine you, and come up with a diagnosis of what’s causing your health problem. They would then prescribe a medicine, you pay the doctor a fee for their advice, then you go to buy the medicine from a pharmacy. 

But what if you went to see a second doctor, and instead of charging a fee, the doctor asked you to buy a particular medicine from a certain pharmacy? What if the doctor got a cut of the money you paid for the medicine? Which doctor would you rather visit? 
The first doctor, right? 

This is a great example of straightforward advice with no conflict of interest versus a conflict of interest, and an illustration of an advisor (the first doctor) versus a distributor (the second doctor). 
They are not the same. 
So what are the main differences between a distributor and an advisor? Kathy Waite, Saskatchewan Registered Retirement Consultant explains. 
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So the way they are paid is not the only difference between a distributor and a fee-only advisor. 

Many people don’t understand what the differences are, and they are often taken for a ride by an adviser who sells them a product based on the fact that it’s going to earn them more commission. 

Regulators need to protect investors to stop them being parted from their hard-earned cash that was supposed to give them a more secure future. 

Who would you rather have working for you, and taking care of your cash and your financial future?
My number 1 tip If you want to retire earlier, and have more money to enjoy your retirement, is to use an advisor not a distributor. 

Call me for a free 30-minute consultation to get the best no-nonsense advice that will help you achieve financial freedom. 

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    Kathy Waite 
    A compulsive reader with a million articles saved in her Evernote and Google book marks, known to drive round the block to read a billboard she missed, is sharing some of the best she sees here for you. 

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