How to get the most from your relationship with your Financial Advisor

January 03, 2022

How to get the most from your relationship with your Financial Advisor

Engaging a financial advisor is one of the best decisions you can make to give yourself the highest probability of achieving the financial goals for yourself and your family.  But what are some keys to maximizing the relationship between yourself and your financial professional?

Number one is honesty.  Expect to have an open and honest conversation about the goals you have and about your current financial situation.  Many of us have made financial decisions that did not work out as planned and maybe even moved us further from financial independence.  Sharing these moments can be difficult but will help your advisor formulate the correct plan for you.

Second, key is being open minded.  In todays world, we are bombarded with free financial advice and strategies.  We often times bring those to the table for our advisors.  These strategies are usually made to the general public and may not be right for you.  In working with a financial professional directly, the solutions prepared will be customized to your situation.  Being open to alternative ideas is a key ingredient to having a successful relationship with your advisor.

Next, discussing what type of service you would like is always important.  Most financial professionals will lay out a model of service appointments for you on an ongoing basis.  Some clients only want to hear from their advisor once per year, others may want monthly meetings.  Discuss what you have in mind regarding your service preferences that will make you feel confident about the progress being made toward your goals. 

Lastly, focus on collaboration.  Selecting a financial advisor is a part of establishing your financial team.  Accountants, attorneys and others may also be included.  When ideas and issues are brought to the table, bring those to your financial advisor.  As the person most closely aligned to your success, discuss the impact these ideas will have on your plan.  A qualified advisor will give you perspective that no other professional is able to do.  Collaboration is a key ingredient to a successful relationship that leads you to your financial goals.