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Switching Financial Advisors: How to Find a Christian Advisor

Updated: Jun 15

Christian changing their financial advisor

In this episode, A.B. Ridgeway talks about the honeymoon period. The time after the relationship is built. It takes time to learn a person. Don't make your first impression, the only impression. He teaches you to continue courting your advisor and figuring out if it is a good fit or not.


retired couple reviewing their investments

 

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As Christians, we were taught to be good stewards over our tithing and giving to the less fortunate. But when it came to our personal finances and investing we were left clueless on what the Bible says. What does the Bible say about managing debt, leaving a legacy, investing, and planning for your retirement? Mr. Christian Finance answers these and many other questions because we want to teach you how to become rich and righteous!


Meet A.B. Ridgeway:


A.B. Ridgeway with his hands up

A.B. Ridgeway, MBA, CPWA®️ (info@abrwealthmanagement.com) is the owner and Christian Financial Advisor with A.B. Ridgeway Wealth Management. With a decade in the finance industry, his goal is to give believers clarity around the most confusing topic in the Bible, money, and tithing. A.B. Ridgeway helps tithing Christians become cheerful givers but unlocking their money-making potential, so they can prosper and be the great stewards of the wealth God has entrusted them with.


*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

Full Transcript (Not reviewed for accuracy)


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Welcome to Financial Advisor Say the Darnedest Things. I'm your host AB Ridgeway, owner of AB Ridgeway

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Wealth Management. If you're looking for faith-based financial advice that you can actually understand, then you have come to the right place.

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On this show, we demystify all the financial jargon that you may hear from your financial advisor.

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We leverage proven financial strategies, but use faith-based principles for guidance. And during this process

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we may pray for discernment so we can understand the things that work for us.

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This program is for the beginner. Those who want to learn about finances,

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but doesn't have the time or willingness to get a master's of business administration and finance,

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or sit through an eight-hour online course to figure out what a bond is.

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So if you're like the other millions of investors that wish they knew what the heck their advisor was talking about,

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be prepared to be prepared. So sit back and relax, not a fear driving, as we get this show started.

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Hey B, cue the music. Let's make this happen.

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I wanna go where the moon shines bright. I wanna dance under the stars tonight.

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Hello everybody, welcome back.

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This is the final episode of a four-part series called, How to Choose a Financial Advisor.

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The first part was called, Types of Financial Advisors,

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where we discuss robo-advisors versus online versus traditional.

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The second was, What do financial advisors actually do?

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Where we go over the different services that they may provide and what value a financial advisor may bring to you.

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Where we broke down the differences between services and how advisors actually get paid.

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The third was called, Can I Afford an Advisor?

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Where we break down some price points.

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If you didn't listen to those shows, you're really missing out.

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You may wanna go back and do so, because today we'll be wrapping things up,

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and I am going to talk about, I think I found a good advisor.

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But first, let's start off, as always, with the scripture of the day.

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1 John chapter 4 verse 1.

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Beloved, do not believe every spirit, but test the spirits to see whether they are from God.

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For many false prophets have gone out into this world.

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This is what AB Ridgeway Wealth Management is all about.

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We leverage proven financial strategies, but pray for discernment to know which path we should take.

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Everyone does not have your best interests in mind.

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Everybody does not act in the fiduciary capacity.

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If you have been following this series, then you know a fiduciary is someone who cares about you.

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And this scripture states that everyone you meet doesn't have your best interests in mind.

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This last podcast for this series will be a short one,

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as we review everything that we learned and apply it to choosing an advisor.

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So you think you found a good advisor.

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You have met with them or her.

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You spoke about your situation.

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You determined the services that you may need.

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And the fees look good.

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Now what?

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Well, to me, I call it the honeymoon period.

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There is a period where every advisor is nice and pleasant,

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and it usually lasts just as long as a regular relationship, about three months.

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After that point, the accounts are settled and the payments are coming in.

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This is when you figure out if that person really cares about you or your money.

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Just like in a relationship,

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after that point of meeting, getting to know them, after that three month period,

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do you really like that person?

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And it will really come out as you grow in the relationship.

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So by this time, you'll see if he or she is staying engaged.

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Does he still give you the same energy he did when you first met?

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Does he sound genuinely interested in your life?

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My clients will tell you that I am just as pleasant when we first meet as I am years later.

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Why?

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Because that is how I am.

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A person can fake it for a week or two, maybe even a month.

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But by the third month, that guard starts to come down.

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So just because you think you found someone good,

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doesn't mean that will be the case after this honeymoon period.

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Well, during this time, you should continue to observe your advisor.

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Listen closely to what he is saying to you and how he handles challenging situations.

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Is he a good communicator or does he just brush you off and tell you not to worry about it?

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Is he continuing to teach you and give you valuable information to you and your situation

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and not just market overviews?

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You want somebody who's going to break down why they did the things that they did.

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Now that you've had some time, let's go over some key takeaways from the series.

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And if you have a chance and need a quick refresher,

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go back and listen to those before going into your meeting.

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But one, a fiduciary is someone who cares about you and puts your best interest first.

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Two, a fee-only advisor is paid for the services he provides,

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and a fee-based advisor is paid by the commission of the investment products he sells.

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There are also hybrids to this model that do both.

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Three, assets under management are the market values of the assets

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that a firm manages on behalf of a client.

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Four, breakpoint, the price in which a management fee may be reduced once it is reached.

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Five, robo-advisors are cost-efficient but may have to pay a premium

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for a holistic plan with a human experience.

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Six, services will determine how much you pay and how.

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If you just need investments, a project-based fee may be worth it,

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but if you need comprehensive services, you may need to choose a better fee model.

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And finally, go with your gut.

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After you have put in an advisor through the process of evaluation that may take weeks or months,

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now it is time to pray to God for discernment.

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That is another thing this podcast is all about.

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It's about helping clients trust their faith in God to guide them in the right direction

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with good, sound financial information.

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If you made it this far, I want to give you a huge congratulations.

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As always, the best things that you can do is go out and speak with a financial advisor

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and get a feel of the environment.

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I can't remember who said this quote, but it says,

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If you want to learn to swim, get in the water.

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On dry land, there is no frame of mind ever going to help you.

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You have to go out there and get some experience.

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Sometimes the first person you meet is great and you can build from there.

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You really want someone you can grow with and is open-minded enough to understand

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that as your education level increases, your goals may change.

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You want someone flexible and understanding.

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I hope you enjoyed this series.

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I thought it was important to discuss these things before we dive into the financial issues

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because my goal is this.

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After choosing the right advisor,

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you would feel comfortable enough discussing these types of terms with them.

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Do I want you to try us first? Of course.

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But if you don't, that is okay too.

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Because if your advisor is not living up to your standards,

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we will always be here to serve you.

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And now, you know what to expect with us.

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I hope you've been blessed.

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As always, this episode was created by A.B. Ridgeway, owner of A.B. Ridgeway Wealth Management,

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a virtual and in-person fee-only advisor that believes that financial advice should be custom made.

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If you need help figuring out your finances, feel free to reach out to us at 337-414-3686.

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That number again is 337-414-3686.

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Or visit our website at www.abrwealthmanagement.com and schedule a free consultation.

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At our firm, we practice what we preach.

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So if you need more information or a better explanation of what you heard today,

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give us a call and we would love to have a discussion on how we can serve you.

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I'm A.B. Ridgeway and I'll see you on the other side of your blessing.

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A.B. cue the music.

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These people got places to go and things to do.

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I wanna go where the moon shines bright.

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I wanna dance under the stars tonight.


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