The Verus Team

Seeking Financial Advice

Written by: Derek Majkowski. Any opinions are those of Derek Majkowski and not necessarily those of RJFS or Raymond James.

What are you looking for when you seek financial and investment advice?

Let’s assume that “great returns with no risk” is not a realistic answer. As we often scribe, managing ones finances and investments is a perpetual balance of risk and return. A constant, if you will, of the process.

But let’s ask it this way. When seeking assistance with your finances and investments, what matters to you about the relationship you have with an adviser and firm?

While the question may not have been one that has received much attention for you, it is one that I like to broach with people.

Here are some examples of what I will ask:

Does it matter if the person you seek assistance listens to you, is competent, and trustworthy?

Are you seeking someone that is clear, communicative, and available?

Does it matter if they operate in an organization that has processes in place to help protect your money and provides a diverse range of products and services?

Does collaboration matter to you? Not just with crafting your personal plan, but also with the services you are seeking and how you pay for those services?

In essence, does price matter? Is it price for service, price for product, or both?

Does it matter if the advisor you seek is fairly compensated for the services and advice delivered?

Does having an advisor even matter to you?

Where else do you seek assistance with your finances and investments?

The answers to some of the above are pretty obvious as you can guess, but you would be surprised how several of them are not ones that people really consider, or even understand why they are relevant.

For example – is the advisor you use, or are considering, happy with where he or she is working?

This one catches a number of people off-guard, because it is not something that seems relevant. What difference does it make if he or she is happy?

Well – consider the service you receive when speaking to someone on the phone in customer service, or walking into an establishment where it is obvious the person does not want to be there. Are you receiving the best attention and service?

A lot has happened in the financial services industry over the past decade. Anumber of advisors have experienced changes with how they deliver service, and can receive internal pressure from the firms.

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