Welcome to part two of our three part series, Shrewd Decisions, where we’ll explore how to choose the right advisor For You. There are thousands of advisors out there and we are not created equally. Have you ever had a bad experience with a doctor or have to hire a second tradesman to fix someone else’s mistake? You’re making decisions that will impact the lives of you and your family. This point that cannot be understated. You deserve expert advice and can’t afford to rely on anything less.
It’s important to first appreciate how important your choice of advisor is. You’ll share your experiences, hopes and dreams, fears and feelings. They need to get to know you deeply and will be involved in many important life decisions. If you’ve ever had an advisor who didn’t take a sharp interest in you and your family—you had an inadequate advisor.
“For You” is a critical part of the equation. You are unique and choosing the right advisor is not unlike dating… You have minimum requirements to get a conversation started but beyond the tangible factors is who feels right, who do you trust and who makes you feel safe.
Myth: Advisors do not get emotionally connected with clients.
Truth: You deserve an advisor you feel comfortable opening up to. Advisors who fail to develop an emotional connection are missing a key element of a successful relationship.
Myth: Investment management is the core of a good advisor relationship.
Truth: Your values, goals and aspirations are the core of a good partnership with an advisor. All recommendations, including investments, should be made with the sole intention of improving the likelihood of achieving your goals.
Myth: Your financial plan and investments should be similar to your friends.
Truth: You are unique, with your own set of values, beliefs, goals, concerns, etc. Your plan must be custom tailored to your situation.
If you don’t have a high level of confidence and trust in your advisor, it’s time to reevaluate the relationship.
The more direct part of the equation is making sure your advisor has the necessary expertise, experience and held accountable to the highest standard of care. Below are links for two external resources to help you evaluate advisors:
Questions to ask your potential financial advisor:
How do you get paid and what am I paying for?
Are you accountable to a fiduciary standard?
Is it possible you might leave and I’ll get assigned to another advisor?
Are you a Certified Financial Planner (CFP®)?
Do you recommend any proprietary products?
At FWI Wealth Management, we believe in goals-based financial planning, that begins with getting to know you far beyond a risk questionnaire. We are fee based planners who treat our clients like Family. Learn more about what we do and how we do it.