When we help ensure that people’s financial lives are Truly Cared For®, we usually think about how we help them plan, invest, protect and give, but that doesn’t always address the reasons that people hire us. Planning, investing, protecting and giving are more about the “what” of how we serve people. In terms of “why” we believe that people choose to hire a financial advisor, let’s explore the areas of competence, coaching, convenience and continuity.
1 – Competence: Financial advisors acting in your best interest as fiduciaries should be trained in all areas of your financial life. They should help you understand how today’s economic realities may affect your asset allocation or investment choices. Or perhaps you are missing out on estate planning opportunities that the recent market volatility has created. Maybe you need help to create a steady stream of income from your investments if you aren’t taking home a paycheck anymore. Or perhaps you are concerned about how much of your money you are keeping and need help being more tax-efficient.
2 – Coaching: A good financial advisor can help educate you about your options while not pushing any hidden agendas that arise from conflicts of interest. And in times such as these, you can also lean on someone to help manage your emotions, like fear and greed, that can cause you to make choices that aren’t in your long-term best interest. Sometimes the most beneficial thing an advisor can do is to help you avoid costly mistakes
3 – Convenience: No matter who you are, you only have so much time in your day. A financial advisor can help you keep more of that time allocated to the things you enjoy most. When it comes to managing your financial life, he or she can help you achieve valuable efficiencies, by providing access to, or an introduction to, professionals who have expertise in such disciplines as tax, legal and insurance.* And when it comes right down to it, would you rather be thinking about tax loss harvesting, rebalancing your portfolio, and whether you are missing planning opportunities, or would you prefer thinking about the legacy you want to leave by spending quality time with those you love?
4 – Continuity: If you have been managing all the aspects of your financial life on your own, you may be wondering what it would look like to find a financial advisor that can assist you with all that work. And that’s a big change. You may have lots of questions about “who does what” and “what can you expect.” Those are great questions to ask when you are ready to look for help. We believe that folks who come to us after doing things on their own enjoy the peace of mind they may receive in knowing that their families will be cared for by a team who understands their values and will be there for the long haul.
When looking for a long-term partner in caring for your financial life, think how you would leverage that relationship in the areas of competence, coaching, convenience and continuity. This framework should be helpful in your search for the right advisor.
*Please Note Foster Group does not serve as an attorney, accountant or insurance agent. Foster Group does not prepare estate planning documents or tax returns, nor does it sell insurance products:
PLEASE SEE ADDITIONAL IMPORTANT DISCLOSURE INFORMATION at www.fostergrp.com/disclosures. A copy of our written disclosure Brochure as set forth on Part 2A of Form ADV is available at www.adviserinfo.sec.gov.
| Marcus Iwig, CFP, CPA, MAcc