Get the Most Out of Your Wealth Management Relationship

No one hires a financial advisor for wealth management help just for the fun of it. You hire a financial advisor to get results.. In our previous blogs, we have talked about questions to ask a potential financial advisor, and once you’ve found the right one for you, there are a few things you can do to get the most out of your wealth management relationship:

  • Make your goals and objectives clear – We all have different wealth management goals and objectives, and your financial advisor can’t help you reach those goals if they don’t know what they are. Make it clear what your goals are from the beginning. If you’ve found a good advisor, they will be able to tell you if your goals are attainable or not, and they will be able to come up with a concise financial plan for helping you to get where you want to be financially.
  • Take a leap of faith – If you have been handling your finances on your own your entire life, it can be difficult to give up the reins and trust someone else to provide you financial advice. However, if you can’t trust your financial advisor, you are just wasting your time and your money. It’s okay to ask questions and to clarify things, but if you’ve found a good financial planner, they will do right by you, your goals and your finances.
  • Don’t sweat the small stuff – The market is full of ups and down, and if you are going to let fear overtake you with every market gyration, then you may want to reconsider your wealth management plan. Your wealth manager is there to help you to reach your long term financial goals, and you are paying him or her to do so! So, if you are nervous, take a deep breath and remember that you have a financial planner working on your behalf.
  • Be upfront about your financial situation – Your financial advisor is there to help, so there is no point in skirting around your debt, poor financial decisions you’ve made in the past, unhealthy spending habits or a dependent family member. The more your financial advisor knows about your financial situation, the better they will be able to help create a proper wealth management and financial plan.
  • Tell them how you prefer to communicate – Do you love nothing more than a well-constructed graph? Do you hate talking on the phone? Are you unreachable on Tuesdays? Everyone has their own communication preferences, and the better your financial advisor knows your communication style, the better they will be able to serve you!

These are just a few tips that will help you get the most out of your wealth management relationship. A good financial advisor will incorporate asset management, financial planning, and retirement planning into your overall wealth management plan. We are here to help. If you’d like some help with your financial planning, click here to contact us now.