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How to Get the Most out of Working with Your Advisor

How to Get the Most out of Working with Your Advisor

Building a positive relationship with your financial advisor can have an incredibly positive impact on how you grow your wealth and your attitude towards investing. Advisors have an intimate understanding of your financial needs and situations so maintaining this relationship and making it fruitful is something that is sure to add to your financial wealth. Part of building this relationship is understanding each other’s responsibilities and strengths, and evaluating them accordingly.

Remember that the key to a good relationship with your Advisor is, as with any relationship, openness and honesty. Let your Advisor know your likes and dislikes, your goals and objectives, and your servicing requirements. If anything falls short of your expectations, let your advisor know right away. You will be surprised with just how quickly your advisor caters to your requests. After all, it is in everyone’s best interests to service you the way you want to be serviced.

The other key to maintaining a solid relationship with your advisor is setting the right expectations. You and your advisor should devise at the beginning of every new year what each other’s expectations and responsibilities are to be. Your responsibilities may be to keep your advisor up to speed with respect to your goals, comfort levels, and financial situation. Your advisor’s goals may be to provide certain performance reports on a stated frequency and perhaps their value be based on beating a particular benchmark that you both agree is appropriate. Remember though that the metrics or expectations themselves aren’t nearly as important as simply having them and setting them in advance so that there is a clear and objective way of measuring your satisfaction.

In the end, building a solid and long term relationship with your advisor provides the same types of benefits as the compounding effect of interest, the longer you stay invested, the more fruitful each year becomes.