Maximising the value from your Financial Adviser

Navigating the complex financial landscape is challenging. However, with the right Financial Adviser, you can optimise your investments and ensure a secure financial future. By understanding how clients often perceive missteps in their adviser-client relationship, you can leverage insights to get the most from your adviser.

Here’s how:

Prioritise Personal Connection:
It’s more than just numbers. Understand that your financial situation is deeply personal, intertwined with your life’s goals, dreams, and concerns. For a financial strategy to truly resonate, it must align with these personal facets. Ensure that your adviser is willing to invest time in understanding you beyond your financial statements. Share your aspirations and concerns openly, allowing them to tailor their advice more effectively.
Value Open Communication:
Your relationship with your adviser should be built on mutual trust and open dialogue. Instead of waiting for them to reach out, take the initiative. Regularly check-in, ask for portfolio updates, or simply discuss market trends. This proactive approach ensures you’re always informed and can make decisions with clarity. Plus, it reinforces the value your adviser provides by reminding you of the expertise and insights they offer.
Set Clear Expectations:
From the outset, establish clear goals and objectives with your adviser. Understand their approach to financial planning, the strategies they favour, and the rationale behind their recommendations. If you’re concerned about market volatility or potential returns, discuss these matters upfront. Setting these expectations early ensures that both you and your adviser are aligned in your financial journey.
Understand the Value Proposition:
Financial advice comes at a cost, but it’s essential to view this cost relative to the value received. Look for an adviser who offers more than just generic financial plans. Whether it’s unique market insights, comprehensive financial planning, or proactive strategies during turbulent times, make sure your adviser’s offerings justify their fees. If you feel there’s a misalignment, communicate your concerns, and seek clarity.
Schedule Regular Reviews:
Your financial situation, market conditions, and even life goals can evolve. This is why periodic reviews with your adviser are crucial. These sessions can help recalibrate your strategies, address new financial aspirations, or discuss concerns. It’s also an opportunity to assess the effectiveness of your adviser and ensure that the relationship remains beneficial.
Stay Informed and Open-minded:
The financial world is in a state of continuous evolution, with new tools, platforms, and investment opportunities emerging regularly. While relying on your adviser for expertise, it’s also beneficial to stay informed. This doesn’t mean you need to become a financial expert, but having a general understanding allows for more informed discussions with your adviser. Moreover, being open to new strategies or technologies your adviser might introduce can be a boon for your investments.

A meaningful adviser-client relationship isn’t solely the adviser’s responsibility. As clients, taking an active role in this relationship, communicating effectively, and understanding the underlying dynamics can significantly amplify the benefits. With the right approach, you can ensure that your financial adviser becomes an invaluable asset in your journey towards financial security. Remember, it’s a partnership – and like any successful partnership, it thrives on mutual trust, open communication, and aligned goals.

If this article has inspired you to think about your own unique situation and, more importantly, what you and your family are going through right now, please contact your advice professional.

This information does not take into account the objectives, financial situation or needs of any person. Before making a decision, you should consider whether it is appropriate in light of your particular objectives, financial situation or needs.

(Feedsy Exclusive)