Dan Thompson: Common Mistakes Investment Advisors Make

http://www.BecomingYourOwnBank.com presents: Interviews with Dan Thompson, Financial Strategist.

What's one of the most common mistakes investment advisors make today?

"I'm not sure it's a mistake as much as it is a tradition, that most investment advisors talk to their clients inevitably talk about retirement plans and encourage their clients to participate in government sponsored plans such as IRA's and 401K's and so forth.

"The problem is that's become such a norm in our society that everyone seems to want to take advantage of these things right from the start.

"My particular stint says that is one of the things you should not be doing.

"The biggest reason is if tax rates are greater when you retire then when you were working, you kind of lost the battle.

"If we look at what's going on in the economy, what our politicians are trying to do, it's pretty safe to say that taxes are probably going to go up.

"If they do go up we're going to be in a world of hurt and all those people who put away money and had a tax deduction at, let's say a 25 percent tax rate, ultimately retire and are paying taxes at 35 / 40 percent, it actually cost them more and became a disadvantage for them to have the IRA or the 401K.

"There are better way to solve that retirement plan rather than using government sponsored plans."

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