TRANSCRIPT
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#94 - 7 Questions Every Woman Should Ask Before Hiring a Financial Advisor
Eric Blake: Retirement income planning is not just about looking at accounts over time. It is not just about your investments. It is understanding how everything works together, so your Social Security, your retirement accounts, your taxes, your other income sources, and how those decisions support the life that you want to live in retirement.
Welcome to another episode of the Simply Retirement Podcast, where we want to empower and educate women to live your retirement on your terms. I am your host, Eric Blake, practicing retirement planner with over 25 years of experience, founder of Blake Wealth Management, and I would not be the man I am today without the women in my life.
Joining me once again is Wendy McConnell. Wendy, how are you?
Wendy McConnell: I am good. Thanks for having me.
Eric Blake: Absolutely. So I am going to go ahead and push us forward into this episode because, number one, I think you might have some interesting thoughts as we go through it. But number two, it is something I am extremely passionate about.
So I know I am going to get into the weeds a little bit, and that is okay too.
Wendy McConnell: Okay.
Eric Blake: So today’s episode, and it is kind of interesting, was inspired by something that came up while I was actually a guest on another podcast recently. During that conversation, the host made an interesting comment. He is actually a male as well.
There is this stat that is going around quite a bit in the financial services world that 70 percent of women will change financial advisors within 12 months of losing a spouse. I think the stat is actually around a spouse passing away, but it has kind of gotten mingled in with divorce and all these other things.
So in general, probably reasonably accurate still. And there are a lot of reasons why that stat is realistic, and we will not necessarily get into that now. I have touched on that in a few other episodes.
But one of the things he suggested is that when women do change financial advisors, they will often intentionally seek out a woman advisor. To be completely clear, I do not doubt this happens because I know it does.
But what it got me thinking about is this. My business primarily focuses on working with women who are going through retirement on their own. It got me thinking that maybe the more important conversation is not necessarily who the advisor is, but what questions women should be asking before hiring a financial advisor or changing financial advisors.
So today what I want to do is share seven questions, I think, and again, this is my opinion, take it for what that is worth, but seven questions I think every woman should ask before hiring a financial advisor.
I am not the one to make this about telling you who to choose, but to help you feel more confident, more informed, and of course, better prepared to decide what is right for you.
Wendy McConnell: Sounds good.
Eric Blake: All right, so let us go with question one.
The first question is this. How will you help me make an educated and informed decision about working with you?
Before you hire one, I think it is important to understand whether that advisor has a clear, identifiable process for helping you decide if working together makes sense. And when is that decision to hire that advisor expected to be made?
When I talk about a process, I think we are talking about this. A thoughtful advisor should be able to explain what happens first, what is step one, what happens next, and then again, at what point will you be asked to decide whether to move forward with that advisor or not?
In other words, you should know whether that decision to hire is expected before the first meeting. Is it expected after the first meeting, or only after you have had time to think through the recommendations and ask questions? When exactly are you going to be hiring that advisor? When are you going to be making that decision?
I will share one example, what I call our Simply Retirement Roadmap process. This is not the only way to do it, but to me it clearly illustrates what an identifiable process looks like.
In our case, the first step is intentionally simple. It is a short 20 minute get to know you call. That conversation is not about selling or recommending anything. It is just an easy first step to help determine whether it even makes sense to continue that conversation and move to the next step.
Of course, for us, it is important that the determination is made together. It is not a one sided decision.
For example, if you are 45 years old and 20 years from retirement, maybe you are primarily focused on education for your children or paying off student loans, we are probably not the right fit. It is not that I do not understand those things. It is just not what we do every single day.
On the other hand, if you are 60 years old or older, maybe you recently lost a husband, received a life insurance payout, and now you have multiple IRA accounts to deal with. Maybe you are not sure about your Social Security options and just simply feel overwhelmed trying to put all these pieces together. That is what we do every single day.
So what is that process to help you make sure that you, as the potential client, feel listened to, educated, and confident about when and how the decision to move forward will be made?
Wendy McConnell: Okay, so you cannot be too young, but do not wait too long. Get in there.
Eric Blake: It is not about age. It is about finding the right advisor for your circumstances. As our firm focuses on women over 55 making decisions around retirement income, Social Security, and tax distributions, that is very different from someone in their 40s trying to figure out how to save for retirement or pay for education.
We will provide more clarity around that as we move through the next questions.
Now question two. How will you help me understand my options as recommendations are being made?
This does not mean you should not ask the advisor which option they believe is best. Of course that is part of their role. You may even be someone who says, just tell me what to do, and that is okay.
But what matters is how they arrive at those recommendations. A good advisor should clearly explain why a specific strategy was recommended, what other options were considered, and most importantly, how that recommendation ties directly to your goals, your values, your worries, and your concerns.
Asking this question also helps you see whether that advisor is truly listening.
If you ever get the feeling that the answer is basically you need to do this because I said so, or you feel dismissed when asking for clarification, that is your sign to grab your stuff and sprint out the door.
Wendy McConnell: Get going.
Eric Blake: It is 2026, and I know this still happens because I hear the stories. Unfortunately, our industry has failed women for many years. I think it is getting better, but we still have a long way to go.
You deserve explanations, not dismissals. Education, if that is important to you. You should not feel intimidated into making a decision or feel like you are in a sales process instead of a process designed to help you make an informed decision.
Wendy McConnell: Women tend to be very polite. They often feel like they have to say yes once they get into a conversation. I know for myself, if I start a process and feel like I have taken your time, I feel like I owe you. That is wrong, but a lot of women feel that way. So make it easy for them to make either decision.
Eric Blake: Exactly.
That is why, in our process, after we deliver recommendations, I tell prospective clients I do not want you making a decision today. I want you to take your time, digest what we have discussed, and then decide.
I hope this is the last time you ever have to make this decision. I do not want you having to make it again two years from now because expectations were not met.
All right, question three. What experience do you have working with women nearing or in retirement, especially after major life events like divorce or widowhood?
This can be hard to evaluate, especially if you have never gone through these situations before. But here is one way to gauge it.
Does the advisor demonstrate a strong understanding of taxes and Social Security, and how those two areas fit into your retirement planning?
Wendy McConnell: That is when your nerdiness comes in handy.
Eric Blake: Absolutely. We have done countless episodes on taxes and Social Security because these decisions are critical. Incorrect guidance in these areas can cost thousands of dollars over time.
You should feel empowered to ask questions here. If these topics are not addressed thoughtfully and in a coordinated way, that could be a red flag.
Now question four. How do you help clients plan for retirement income, including Social Security and how different income sources work together?
This is one of the biggest differentiators among advisors. Retirement income planning is not just about investments. It is about understanding how everything works together to support the life you want to live in retirement.
If after that discussion the picture still feels jumbled or unclear, that is important feedback for you.
Helping someone accumulate wealth is very different from helping someone turn that wealth into sustainable income. Retirement income planning is a different discipline. Tax law changes impact retirement planning. Social Security rules are complex. These areas require ongoing study and focus.
You want to feel confident that retirement income planning is a true focus, not something done occasionally.
Question five. Are you able to provide references from women who have faced similar concerns or life transitions?
If an advisor is not willing to provide references, that could be a red flag. Hearing directly from someone who has worked with the advisor can provide tremendous confidence.
Wendy McConnell: People love to recommend. Just look at Facebook posts asking for a hairdresser. Everyone jumps in.
Eric Blake: Exactly. Hearing from someone who has walked a similar path can make a huge difference. It is not about selling. It is about building trust.
Now question six. Once I have hired you, what happens next? How do you help me adapt when things change?
A plan is only as good as about the next 24 hours because something is going to change. Life changes. Markets change. The economy changes.
I compare it to a pilot’s flight plan. There is always plan A, but there will be turbulence along the way.
In our practice, we build guardrails into retirement income plans. There is an upper guardrail indicating when it may be reasonable to increase income, and a lower guardrail indicating when it may make sense to temporarily reduce income during turbulent times.
We review the plan in every meeting. Confidence during difficult times comes from preparation in advance.
Wendy McConnell: The one thing you can count on is change.
Eric Blake: Absolutely.
Question seven. What is your why?
Do not be afraid to ask your advisor why they do this work. Especially if you are working with a male advisor who focuses on women, it is reasonable to understand their motivation.
For me, this work is personal. I was raised by a single mother who is now facing many of these retirement decisions. She made a Social Security decision that likely cost her thousands of dollars, not because she is not smart, but because the information was not clear.
I think about my grandmother, who will be 91 in April. She has been a widow for nearly 30 years. At some point, most women will be making these decisions on their own.
Understanding your advisor’s why matters.
Wendy McConnell: Hopefully this is the last advisor you ever need.
Eric Blake: Hopefully.
Now, a bonus question. How do you get paid? What is your fee?
It is extremely important to understand how an advisor is compensated. But before focusing solely on the fee, understand the value you are receiving.
Ask yourself, am I confident that the value I receive will exceed the fee I am paying? And not just by a little bit.
Value can show up in many ways. Guidance during overwhelming decisions. Confidence in your strategies. Avoiding costly mistakes. Or simply sleeping better at night knowing you have a plan.
Wendy McConnell: Peace of mind.
Eric Blake: Absolutely.
Before hiring or changing a financial advisor, remember you are not just choosing a person. You are choosing a process, a relationship, and a way decisions will be made.
If something does not feel clear or right, take that information seriously. Ask more questions or consider looking elsewhere.
If you would like to walk through these questions in the context of your own situation, that is exactly what our Simply Retirement Roadmap is designed to help with. The first step is a short, no pressure get to know you conversation.
You can learn more at GetMySimplyRetirementRoadmap.com.
That is it for today’s episode. For all the links and resources mentioned, visit SimplyRetirementPodcast.com.
Until next time, please remember, retirement is not the end of the road. It is the start of a new journey.
Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.
All investing involves risk including loss of principal. Results will vary. Past performance is no indication of future results or success. Market conditions change continuously.
Information here is provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither Blake Wealth Management nor RFG Advisory guarantee the accuracy of third-party sources. The views expressed here are those of Blake Wealth Management. They do not necessarily represent those of RFG Advisory, their employees, or their clients.
This commentary should not be regarded as a description of advisory services provided by Blake Wealth Management or RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.