It’s important to know what to expect from a financial advisor and in return, what your advisor will be expecting from you. A win-win relationship between yourself and your advisor is vital. To make this professional relationship profitable, there are a few expectations that should be met by both sides.
What can I expect from a financial advisor?
You can expect professional and competent guidance when making long-term financial decisions. A well-trained financial advisor will help implement a plan for building and growing your financial assets. Part of this plan is to make the time to show you how these financial decisions will impact your life currently and into the future. Together, you will analyze your financial goals and develop a workable plan for achieving these goals.
How will they know what is financially best for my family and our future?
Part of the dialogue you establish with a financial advisor is developing an appreciation for your present financial needs and future financial goals. The two of you are building a long-term professional relationship and part of that relationship is the ability to communicate your financial expectations, hopes and dreams.
Be prepared to explain your wants and needs for a retirement lifestyle, income/savings expectations, current and future educational needs and estate planning. It is your responsibility, as the client, to know your financial expectations. It is the advisor’s responsibility to develop a viable plan to turn reasonable expectations into reality.
What role do I play in directing my finances?
When you choose a financial advisor, you are choosing a professional who is trained to expertly grow your finances and make you money. On one hand allow them to do their job and on the other, it is important to monitor the progress of your finances. It is your right to ask for regular updates, reviews and progress reports. Regular communication with your financial advisor is vital to a successful working relationship. Part of your role in this communication process, is to keep your advisor apprised of major life changes such as marital status, employment changes, etc.
What if I just can’t build a relationship with my financial advisor?
It’s your money and you have every right to expect a productive and professional working relationship with your financial advisor. This relationship must be built on mutual trust, respect and two-way communication. Talk with your advisor about your dissatisfaction and concerns. If you cannot establish a positive and productive working relationship, it may be time to interview a new advisor.
A financial advisor plays an extremely important role in your financial life. The goal is to establish a relationship with your advisor based upon rapport, trust and respect. Your financial advisor does, after all, have a direct impact on your financial future!
**Please check with a financial professional before making financial decisions. This article is not intended as investment or financial planning advice.**
I recommend David Bach’s Smart Women Finish Rich because there is an entire section on choosing and working with a financial advisor. I've included a link to Amazon.com: Smart Women Finish Rich
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