How to get the most value out of your advisor relationship
Here are some practical tips to consider as you begin your new relationship with your CALPRO financial advisor.
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What services do you provide?
What can I expect from you?
How often will we meet?
How are you compensated?
When will you contact me?
How often do we review my portfolio and its performance?
How often do we review progress toward my goals?
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You’d be surprised how often clients experience a financial, personal, or life change and don’t think to contact their financial advisor. It’s a good idea to get in touch with your advisor, especially in the following instances:
Personal or life changes, including:
● Marriage
● Divorce
● Birth or death in the family
● Lawsuit
Financial changes, including:
● Inheritance
● Significant debt repayment that may free up cash
● Work-related bonus or stock options
● Buying or selling property
Business changes, such as:
● Purchase or sale of a business
● Other business-related or large-flow expense
Estate planning issues, including:
● Long-term care
● Asset transfer
● Generational planning
● Estate taxes
● Charitable giving
● Business succession
● Trust formation
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The financial advisor/client relationship can be similar to a doctor/patient relationship. Success in both is based on mutual respect, honesty, and trust.
Before we meet, think carefully about the nature of the discussion and what you wish to accomplish. Prepare any questions you have in advance. During the meeting, take notes and ask questions until you are comfortable with a concept or suggestion. However, don’t feel compelled to reach a decision right away. I encourage you to discuss your questions and concerns with me before making a decision.
Remember, my job is to look out for your best interests and help you achieve your financial goals. Establishing a mutually open, honest relationship is an important step in realizing that goal.