Wealth Column: Tips for getting more out of your adviser
Even if you’ve worked with your adviser for a long time, you might feel as though you are treading water. Here are some tips for maximizing your relationship
So, you took our advice.
You did the work of identifying a seasoned financial adviser, had your introductory meetings, filled out all the paperwork. Now what?
It’s one thing to have an adviser. It’s another thing to use your adviser, working with them to set and achieve your financial goals. Even if you’ve worked with your adviser for a long time, you might feel as though you are treading water. Here are some tips for maximizing your relationship.
Transparency is key
Finances are personal. They represent the choices you have made, good and bad, with the fruits of your labor. It’s normal to feel insecure. Maybe you aren’t so great at budgeting. Maybe you spend more than you should on your favorite hobby.
Don’t be afraid to ask questions
A lot of people are a little intimidated by advisers. They don’t want to appear unsophisticated or financially irresponsible. You shouldn’t worry.
Think of it this way. Google knows more than you could ever know about pretty much any topic. That’s a good thing, right? That’s why you turn to Google when you want to know why the leaves turn colors in the fall, or how long your Thanksgiving leftovers will keep in the fridge.
Who knows? You might stump us. In that case, we have resources and experts at our disposal to get you the answers you need.
Have clear goals
One thing we cannot do is read minds. We also don’t want to give you a cookie cutter financial plan. Having goals doesn’t necessarily mean knowing which investment vehicles you want to utilize or knowing exactly how much you want to have at age 66.
Keep open lines of communication
We appreciate our proactive clients. Especially in these tumultuous times, we want to hear from you and understand your concerns. Make it clear whether you prefer to talk by phone, email or remote meeting. Ask questions and be honest about your concerns.
Remember, your adviser is a partner for life. You don’t need to impress us or make us happy. We’re happy when you are achieving your financial goals.
Bruce Helmer and Peg Webb are financial advisers at Wealth Enhancement Group and co-hosts of “Your Money” on News Radio 830 WCCO on Sunday mornings. Email Bruce and Peg at firstname.lastname@example.org. Securities offered through LPL Financial, Member FINRA/SIPC. Advisory services offered through Wealth Enhancement Advisory Services, LLC, a registered investment adviser. Wealth Enhancement Group and Wealth Enhancement Advisory Services are separate entities from LPL.