Is Your Financial Advisor Making One of These 5 Costly Mistakes?

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Most financial advisors are good at what they do — but that doesn't mean you're getting everything you're paying for.

The problem usually isn't incompetence. It's unclear expectations and unasked questions that keep the relationship stuck on investments when it should be comprehensive planning.

In this video, Erik Goodge, CFA, CFP® outlines five costly blind spots that come up again and again — and the specific conversations you need to have with your advisor to fix them:

Tax Return Reviews — Your advisor should be looking at your full tax picture, not just your portfolio. Missed credits, overlooked deductions, and planning disconnects hide here.

Pay Stubs & Employer Benefits — 401(k) match details, vesting schedules, mega backdoor Roth access, HSAs, stock options, and payroll deductions are all planning gold mines that often go unexamined.

Tax Projections Before Big Decisions — Business sales, concentrated stock sales, option exercises, Roth conversions, gain/loss harvesting, retirement timing, and large charitable gifts all demand proactive tax modeling — not after-the-fact surprises.

Household-Level Asset Allocation — Your allocation should be evaluated across all accounts and both spouses, not account by account in isolation.

An Articulated Portfolio Philosophy — Every holding should have a clear purpose. If your advisor can't explain why it's there, you probably have an overlapping, cluttered portfolio.

These conversations won't happen on their own — you have to initiate them. Start by bringing one topic to your next meeting. Get the most out of your financial planning and wealth management relationship so you can retire successfully.


00:00 Top 5 Costliest Advisor Mistakes (and a Checklist to Fix Them)
01:07 Set Expectations: Investment Management vs. Comprehensive Planning
02:13 Mistake #1: Your Advisor Never Reviews Your Tax Return
05:08 Mistake #2: Ignoring Pay Stubs & Employer Benefits (401k Match, HSA, Mega Backdoor)
07:18 Mistake #3: Run Tax Projections Before Big Moves (Roth, Options, Business Sale)
10:00 Mistake #4: Household-Level Asset Allocation (See the Whole Picture)
11:56 Mistake #5: Demand a Clear Portfolio Philosophy (What Each Holding Does)
14:24 Wrap-Up: How to Start the Conversation + Download the Question Checklist

This video is for informational purposes only.