Our Advisor Has Stopped Returning Our Calls

Summary

Summary of "Our Advisor Has Stopped Returning Our Calls" – Ramsey Everyday Millionaires

Release Date: May 5, 2025

In this compelling episode of Ramsey Everyday Millionaires, hosted by the Ramsey Network team—including Dave Ramsey, Ken Coleman, and Rachel Cruze—a listener named Dina shares her troubling experience with her financial advisor and seeks guidance on navigating her investments amid market uncertainty. The hosts provide insightful analysis, practical advice, and reinforce foundational wealth-building principles to empower listeners facing similar challenges.

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Listener's Concern: Unresponsive Financial Advisor and Questionable Investment Advice

Dina's Situation ([00:44] - [02:19])

Dina, a 54-year-old part-time worker married to her 60-year-old husband, approaches the hosts with concerns about their current investment strategy. Together, they have approximately $1.8 million invested primarily through RBC Wealth Management. Recently, their investment manager issued a memo titled "On Bubble Watch," predicting a severe market correction. Following this, Dina moved $200,000 into an annuity offered by Jackson National Life Insurance Company, which provides a guaranteed 5% option rate over five years. Dina's financial advisor has become unresponsive, making it difficult for her to seek clarification or express her concerns.

Key Excerpts:

• Dina ([01:05]): "We're invested with RBC Wealth Management. The bulk of our money... I was wondering if, A, that was the correct move, and B, what are you seeing in terms of what we should be doing long term, given our age."

Hosts' Analysis: Questioning the Advisor's Actions and Strategy

Ken Coleman's Perspective ([02:19] - [04:49])

Ken Coleman critiques the advisor's decision to shift a substantial portion of Dina's investments into a fixed annuity. He emphasizes the importance of maintaining a long-term investment strategy, particularly for individuals around Dina's age. Ken likens the stock market to a roller coaster, advising against making hasty decisions based on short-term market movements.

Key Excerpts:

• Ken Coleman ([03:38]): "No. I mean, no, I would. I would not do this. I would unwrap whatever you just did."
• Ken Coleman ([07:02]): "Those who stay are going to win. They're going to win big."

Rachel Cruze's Insights ([02:46] - [08:34])

Rachel Cruze echoes Ken's concerns, highlighting that financial advisors often receive significant commissions from selling annuities, which may conflict with clients' best interests. She underscores the unpredictability of the stock market, noting that guaranteed rates like the one offered by Jackson National are enticing but may not yield the best returns over time.

Key Excerpts:

• Rachel Cruze ([03:21]): "I don't think that was the right move."
• Rachel Cruze ([07:32]): "Life events... it's just this ride. And the fact that he went on, like, this drama mode as an investment professional is not one that I would."

Core Insights: Upholding Long-Term Investment Strategies and Choosing the Right Advisor

Staying the Course ([04:49] - [07:45])

The hosts collectively stress the importance of adhering to a disciplined, long-term investment approach. They caution against reacting to daily market fluctuations and fear-based advice, which can lead to detrimental financial decisions. Ken and Rachel advocate for investors to remain committed to their investment plans, as history has shown that markets tend to recover and grow over time despite short-term volatility.

Key Excerpts:

• Rachel Cruze ([05:26]): "A lot of people do annuities out of fear. It's a fear-based type of investment because it's a guarantee and all that."
• Ken Coleman ([06:38]): "Those who stay will be the big winners in this deal."

Selecting a Trustworthy Financial Advisor ([05:40] - [08:27])

Addressing Dina's predicament, Ken and Rachel advise her to seek a new financial advisor who aligns with Ramsey's principles of transparency, responsiveness, and fiduciary responsibility. They recommend using Ramsey Solutions' SmartVestor platform to find qualified advisors and suggest interviewing multiple candidates to ensure a good fit. The emphasis is on finding an advisor who communicates effectively and prioritizes the client's long-term financial health over sales commissions.

Key Excerpts:

• Ken Coleman ([05:40]): "I think you'd be looking for a new person. I really would. And I would go to ramseysolutions.com, click on Smartvestor Pro and go do your own search for somebody."
• Rachel Cruze ([06:04]): "Ask... and ask, that's it."

Conclusion: Empowering Investors Through Informed Decision-Making

The episode concludes with a reaffirmation of the core Ramsey Network ethos: building wealth through disciplined saving, smart investing, and avoiding debt. Dina's experience serves as a cautionary tale about the importance of selecting the right financial advisor and maintaining a steadfast investment strategy despite market uncertainties. The hosts encourage listeners to educate themselves, remain patient, and seek professional guidance that genuinely serves their financial goals.

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Notable Quotes with Timestamps

• Ken Coleman ([02:19]): "The stock market's like a roller coaster. You only get hurt if you try to get off in the middle of the ride."

• Rachel Cruze ([03:21]): "I don't think that was the right move. I don't know why. He's having some drama moments."

• Rachel Cruze ([05:26]): "A lot of people do annuities out of fear. It's a fear-based type of investment because it's a guarantee and all that."

• Ken Coleman ([07:02]): "Those who stay will be the big winners in this deal."

• Rachel Cruze ([07:32]): "Life events... it's just this ride. And the fact that he went on, like, this drama mode as an investment professional is not one that I would."

• Ken Coleman ([08:07]): "Those things are designed to freak you out in the first place."

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Final Recommendations

For listeners experiencing similar issues with unresponsive or questionable financial advisors, the Ramsey Everyday Millionaires hosts recommend:

1. Evaluate Your Current Advisor: Assess whether your advisor aligns with your financial goals and demonstrates reliability and transparency.

2. Seek Multiple Opinions: Utilize resources like ramseysolutions.com and the SmartVestor platform to consult with multiple advisors before making decisions.

3. Stay Informed and Committed: Maintain a long-term investment perspective, resist panic-driven decisions, and continue to educate yourself on sound financial practices.

By following these guidelines, investors can better navigate financial uncertainties and work towards building lasting wealth.

Transcript

[Dave Ramsey]

This episode is brought to you by SmartVestor. Connect with an investing pro near you at RamseySolutions.com SmartVestor all right.

[Ken Coleman]

Oh, is it Dina or Dinah? I'm gonna guess. Oh, I'm gonna go. Dinah. We'll see. Dinah and Boise. Dinah or Dinah? What is it?

[Dina]

Either one. But it's Dina.

[Ken Coleman]

Dina.

[Rachel Cruze]

So close. Have you gotten that your whole life?

[Dina]

Yeah. It's okay.

[Rachel Cruze]

Sorry, Dina.

[Ken Coleman]

I'm sorry. My gut told me. Dinah. I don't know why, but I. My. I apologize, but it's Dina. And we know that going forward.

[Rachel Cruze]

We know that.

[Ken Coleman]

How can we help?

[Dina]

Well, I sent in a question a few weeks ago. My husband is 60 and I'm 54. We have current investments with. Am I allowed to say the name of the company that we're managing? Our money?

[Ken Coleman]

I think so. James. Is she allowed to say. It's up to her. It's up to you.

[Rachel Cruze]

Am I?

[Ken Coleman]

Yeah. Go for it. It's very exciting.

[Dina]

We're invested with RBC Wealth Management. The bulk of our money. Okay. We have about 1.8 million in various funds. My husband is still working. I work. I used to work corporately and I retired, but I work half kind of part time right now. And just wondering. We got a letter from our investment manager about a month ago saying that he was a little bit worried about the economy. And he sent us a memo. The memo is called On Bubble Watch. And it was basically outlined a severe correction coming up that he was predicting. And so just wondering. It's been a little bit hard to get ahold of him. We finally did meet with him, and we moved about $200,000 of our money into Jackson National Life Insurance Company for a guaranteed five year, 5% guaranteed option rate. And I'm wondering if, A, that was the correct move, and B, what are you seeing in terms of what we should be doing long term, given our age.

[Ken Coleman]

Old? That's what we've been teaching forever. The stock market's like a roller coaster. You only get hurt if you try to get off in the middle of the ride. Tell me about this insurance policy. Is that whole life.

[Dina]

No, it's not.

[Rachel Cruze]

What is it?

[Ken Coleman]

Yeah. What is the Jackson?

[Dina]

More like an annuity. Jackson National Life Insurance Policy.

[Rachel Cruze]

And just so you know, a lot of financial advisors get paid great commissions on annuities.

[Ken Coleman]

Oh, yeah.

[Rachel Cruze]

Throwing that out there.

[Ken Coleman]

Yeah. I think he took advantage of the headlines. He took advantage of the headlines.

[Rachel Cruze]

Kind of a tear. I mean, honestly, people that try to predict what's going to happen as a Financial advisor. You're. They're supposed to be the stable ones as customers. We're the ones that are supposed to be freaking out. We're the ones that are calling them, being like, oh, my gosh, what do we do? And most of them would say, yeah, just, you gotta ride it out. You gotta ride it out. Now, I understand with your age, you know, that it brings up more concern of urgency because you guys may be needing some of this money. Is your husband gonna stop working anytime soon?

[Dina]

No, he doesn't really have any plans. Probably another five to ten years.

[Rachel Cruze]

Okay. Yeah. I mean, no, I would. I. I am not doing that kind of move with my money. We are doing the exact same thing we've always done. Ken, are you doing anything different with your investments?

[Ken Coleman]

No.

[Rachel Cruze]

So I have to say, I don't.

[Ken Coleman]

Even look at it. Yeah.

[Rachel Cruze]

So, Dina, like, no. I mean, I. Yes. I don't. I don't think that was the right move. I don't know why. He's having some drama moments and. Yeah, I mean, I think. Yeah. I mean, the market hasn't done great. This. You know, it's going down. But it popped up today.

[Ken Coleman]

I mean, as I sit here and look at it right now, I mean, we're approaching almost 400. 400 points today. I mean, it's going to go up.

[Rachel Cruze]

It'S going to go down.

[Ken Coleman]

I mean, I look at it at the end of the year. That's what I do now. I pay attention to the news every day. But as far as looking at my performance, I'm looking at the end of the year. I see where it's at. I know what the stock market has said over time. And it's like this guy throws out an opinion, but if you press him on it, he would have had to show you. If you said, all right, show me how the stock market has performed over the last 30, 40, 50 years. I think Rachel's nailed it. I think that there's fees here. I think he can sell himself on this advice to you. He made a nice chunk of change for doing this. You guys have a good amount of money. Set that aside. That 1.8 million, if you just let it hold, it is going to keep growing. And I would not do this. I would unwrap whatever you just did. I'm not an expert on what that looks like, but I don't think that's doing you any favors, that amount of money over there.

[Rachel Cruze]

No. I mean, a lot of people do annuities out of fear. It's a fear based type of investment because it's a guarantee and all that. But you're getting 5%, which, again, we can't predict the market. But last year, 2024 and 2023, it was like 20. I mean, it was just. It was insane. And so I'm not saying it's going to do that. This year it may go down, and it probably will, because on average, anywhere from that 10 to 12%. So some years are 5, 6, 7%, some years are 20%. Like, it's just this ride. And the fact that he went on, like, this drama mode as an. As an investment professional is not one that I would.

[Ken Coleman]

I think it's manipulative, it feels like, to me.

[Rachel Cruze]

But he may really believe it. I mean, he may have read something and he has made up his mind that what's going to happen? But that's the problem. He doesn't know. And so there are two things that.

[Ken Coleman]

Stick out to me in this. One, bad advice, and two, hard to get a hold of. I think I'd be looking for a new person. I really would. And I would go to ramseysolutions.com, click on Smartvestor Pro and go do your own search for somebody. Meet with two or three people, say, what would you have done? I'm not kidding. I would date two or three different people and then get a phone call.

[Rachel Cruze]

With them and ask, that's it.

[Ken Coleman]

And I want somebody who's responsive to me. That irritates me for you. Especially when they send out something that's.

[Rachel Cruze]

Designed to scare you that looks like they probably send it to everyone. 100.

[Ken Coleman]

That was a blanket deal. And so anyway, I. I would. I would. Well, I already said what I would do. I. I think you need a new person. Get with somebody that explains stuff to you in a way where you go, okay, I now understand what's going on, and I can make my own decision. And they, to Rachel's point, they are steady. They just give you the facts.

[Rachel Cruze]

Yeah. They're supposed to be the calm ones. When we met with our financial advisor that he, you know, we were laughing because he's like, yeah, if it dips for more than two to three days, they get calls. People be like, what's happening with something? And they're like, we have to talk people off the ledge all the time that you just, you know, do you.

[Ken Coleman]

Know why I like the dips? Or when a month is down, Dina? I love when it's down for a month because I know that I'm still buying, and that means I get More.

[Rachel Cruze]

Than what you have. And I get it out of that account.

[Ken Coleman]

I, you know, those who stay are going to win. They're going to win big. And to borrow a phrase from my beloved Michigan Wolverine football team, there's a sign in the locker room. It says, those who stay will be champions. And I think we can borrow that for investing. Those who stay will be the big winners in this deal. And by the way, this is not our opinion. You just go do your own research on the stock market and the returns over the last 50, 60 years.

[Rachel Cruze]

Just go do the research through all different. Right. Life events. I mean, that's September 11th. That's the recession. I mean, you go through different presidents, Republican, Democrat. I mean, you know, you go through it all and it's just like, let's just see, see how it's been.

[Ken Coleman]

And by the way, Dina, not that you need to hear this, I think you're a very, very informed person. But I'll share this with you. There's a very big difference between how the stock market performs day in and day out, week in and week out, and what the actual economy is. And some people see the headlines on the Dow and they're like, oh, it's like, no, no, no, no, no, no.

[Rachel Cruze]

That's not job reports. That's not housing market.

[Ken Coleman]

Those are people that are prospectively. These are the people that are buying in, selling. They have their own individual agendas. It is not a direct reflection of the economy. So when it's down, ignore it. I think the best thing we could do is don't pay attention to any financial headlines.

[Rachel Cruze]

Yes, it's.

[Ken Coleman]

Those things are designed to freak you out in the first place.

[Rachel Cruze]

If it bleeds, it leads. They will lead with the scary stuff.

[Ken Coleman]

Man, that's a good one. That's an oldie, but that's an oldie.

[Rachel Cruze]

Oldie but a goodie.

[Ken Coleman]

I like that. All right. I know what Rachel and I are doing. We're going to go check our stock and we're going to go. We're hoping no matter what it's doing today, I don't know about you folks or call. We're gonna win in the end because we stayed.

[Dave Ramsey]

Thanks for tuning in to Ramsey Everyday millionaires, need help with your investments? Connect with a smartvestor [e-mail] smartvestor or click the link in the show notes. Ramsey Solutions is a paid non client promoter of participating pros. Learn [e-mail] SmartVestor.