Six key factors of a strong relationship with your Financial Advisor.

Six key factors of a strong relationship with your Financial Advisor.

December 09, 2023


You work hard to provide you and your family with a secure financial future; So, when it comes to managing your money, it’s important to pick the right Financial Advisor. Picking the right team isn’t just about credentials, it’s also about finding someone who is going to be in your corner, fighting for you and your future every day. We have highlighted what feel are the most important factors in choosing the right Financial Advisor

  1. They Connect with You

Skill set, resources, ability, and motivation are all vitally important things to find in a financial advisor. Additionally, you can’t overstate the importance of having a strong personal bond, either. That’s not to say your advisor should become your best friend. But you should at least like spending time with them.

  1. They Really Know You

It’s one thing to know the balance of your account and the annualized rate of return. The real question you should be asking is if this person really understands you or if you’re just another account to manage. Do they understand what motivates you? Do they have a strong sense of your personal goals? Can they at least tell you the names of your kids? Make sure you’re more than just a number.

  1. You Really Know Them

Relationships are a two-way street, so it’s hard to have a strong relationship with your financial advisor if you don’t know anything about them or what motivates them. Ask them questions. Learn about what drives them to get up in the morning and go to work on your behalf. Once you learn more about your advisor, you’ll find you can better relate to the decisions they’re making on your behalf.

  1. You Hear from Them

Any good relationship is based on communication. That’s true in a marriage, true in a friendship and is certainly true in your relationship with your advisor. If the only time you hear from your advisory team is when you pick up the phone to call them, you’re not getting the service you need. If you’re not hearing from them, it’s likely they aren’t thinking about you and your needs. It’s better to be pestered by an advisor who’s looking out for you than it is to be ignored by someone who’s not.

  1. The Relationship is Mutually Beneficial

This is the easiest one on the list. Do you know how your advisor gets paid? Because if it is by selling you something, you’re likely just a customer. But if it’s through a program such as a fee-based platform where the advisor’s compensation is tied to your success or lack thereof, you know you’re sitting on the same side of the table as your team.

  1. They’re Not Overly Distracted

There’s a stereotype of financial advisors that includes a few too many rounds of golf a year. Golf isn’t necessarily a bad thing. But do you really want the person managing your money to be doing it from the golf course three days a week while you’re working hard to earn the money they’re managing? When you get to know your advisor, learn about his personal priorities as well. We all have personal lives – and should be able to enjoy them – but they shouldn’t supersede the focus on your portfolio.

In short, make a commitment to the relationship with your wealth manager. And make sure they’re committed as well. It will make your financial journey a much more pleasant experience.