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Many years ago, even though I had little formal training, I fortunately had enough natural talent to be selected to be on my high school swim team. My first year on the team I usually placed pretty well in our meets – especially in my favorite strokes: back, butterfly, and freestyle. Because the competition wasn’t very great (at this point) my coach didn’t feel that he needed to work with me one-on-one during that first year. However, in my second year the competition started getting tougher and so it was time for my coach to start coaching. He gave me some ideas about how to improve the depth of my backstroke, how to make the breathing pattern in my butterfly more efficient, and how to reduce drag and waste in my freestyle stroke and we worked on these improvements at every workout. This coaching gave me the edge I needed to consistently improve my performance and keep me at the top of the field.
I would compare working with a financial advisor with working with any other type of coach (what’s your favorite: golf or tennis instructor, ski instructor, personal trainer, counselor?). Anyone can read a book, take a lesson, or watch a show about golf, tennis, swimming, what have you, and develop some level of competency at that activity. However, if you’ve ever had the desire to become more proficient at something you have probably enlisted the aid, guidance and insight of a professional. Investing your money is really no different. Especially for those that are naturally proficient, reading some financial books and watching some financial programs might be good enough – especially when the markets are cooperative. However, as the financial landscape has gotten more challenging and complex, it’s probably time to bring in the coach. A trained financial advisor can give you insights into what is happening in the markets, what sorts of strategies might work for you, how to assess the levels of risk you are comfortable with, and keep you focused on your long-term goals.
What I think you should look for in a financial advisor:
Works for a fee, not a commission – this aligns the advisor’s goals with yours
Is independent – doesn’t have in-house product to promote
Is fee-conscious – not just says it but shows you the strategy for doing it
Is accessible – does this person pick up the phone when you call and does this person call you with something other than a commissionable transaction? Can you stop by the office?
Is accountable – If you have given the advisor responsibility for selecting investment opportunities, who makes the ultimate investment decisions? Are those decisions outsourced to a third-party (for an additional fee) or does the advisor make them with you?
Works on an experienced, local team |
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