Tips for Avoiding Bad Financial Advice: Insights from Thiago Glieger of RMG Advisors

An Army financial counselor has been sentenced to years in prison after being convicted of defrauding Gold Star Families. This case serves as a stark reminder for members of the military and their families to be cautious when selecting a financial adviser. Tom Temin, host of The Federal Drive, recently spoke with Thiago Glieger of RMG Advisors, who shared valuable tips on how to avoid falling victim to bad financial advice.

Glieger highlighted the importance of staying on top of account statements and being vigilant about any unauthorized transactions. He emphasized the need to question any distributions or actions that seem suspicious, especially in accounts like TSP or IRAs where disbursements should not occur without proper authorization.

The conversation also touched on the dangers of overly promising investment opportunities, such as those that seem too good to be true. Glieger advised against falling for products that guarantee unrealistic returns and encouraged individuals to ask deeper questions about how investments work and how they align with their financial goals.

When it comes to selecting a financial adviser, Glieger stressed the importance of working with fiduciaries who are legally bound to act in their clients’ best interests. He recommended asking potential advisers about their fiduciary duty and their approach to financial planning beyond just investments.

The discussion also delved into the complexities of retirement planning, tax considerations, and the value of regular communication with a financial adviser. Glieger suggested meeting with advisers multiple times in the first year and maintaining regular contact throughout the year to address any financial concerns or questions that may arise.

Overall, the conversation with Glieger served as a valuable resource for military families and individuals seeking financial guidance. By being proactive, asking the right questions, and working with trusted fiduciaries, individuals can protect themselves from falling victim to fraudulent financial schemes and make informed decisions about their financial future.