Trust – A Top Ingredient for Success with Your Advisor

When it comes to working with a financial advisor, you may ask yourself “Is my money safe? Am I dealing with the right person?” You may also want to ask “Am I the right fit for this advisor’s practice?  Are we in alignment with one another?”

As you consider whether you can trust the advisor, you need to ask yourself “can the advisor trust you?”  Because trust is a two-way street.

You may not realize it, but the advisor you’re working with may also have similar questions: “Will my expertise be valued? Am I dealing with the right type of client?”

People don’t always appreciate what fiduciary financial advisors do.  In order to serve the personalized needs of each client, we put a huge amount of time and effort into advanced research, phone calls, and client education.

Trust and honesty are essential aspects of an engagement with any kind of professional, whether medical, legal, financial, etc. Your advisor cannot help you if you’re not truthful, honest and vulnerable. Yes, vulnerable – because you might need to talk about things you have never told anyone else. Furthermore, I’ve learned through my years of practice that client expectations can sometimes be unrealistic, which makes honest communication essential.

To get the most out of the advisory relationship, it helps to ask yourself, “Am I being upfront and honest about what’s going on in my financial life? Am I clear on my expectations?”

If trust isn’t there – on both sides – it will not be a successful advisory relationship. In addition, there must be a good match of values, such as integrity, collaboration, honesty, and commitment, between the client and the advisor.

TRAITS FOR SUCCESS

My focus is on the Gen X professional woman and over time, I’ve identified a number of characteristics that make for a successful working relationship. Do these traits sound like you?

• The professional is good at her job but too busy to manage her financial portfolio optimally.
• She knows when to hire expertise – because she has seen corporate boards hire people with different strengths and competences.
• Like me, she is the person in her friend group who everyone depends on to share important knowledge. She’s created her own network of expertise, is well respected, and projects an inner confidence.
• She does her research, using reliable sources. She knows that information is power and doesn’t look to Tik-Tok or other social media for financial advice.
• She is OK with relinquishing control of managing her portfolio and having all the answers.
• She is not trying to find the “Next Big Thing” or seeking to get rich quick. She respects the tried and true – time, effort, and consistency. (Here’s my blog post where I discuss this further.)
• She respects outside expertise and values the time it takes for her advisor to conduct “due diligence” and manage her portfolio. (See my interview with CNN, where I discuss due diligence.)
• She is ethical and honest: comfortable with sharing financial details, not looking to skirt her financial obligations, on the same page with her partner/spouse, forthcoming about what she knows and doesn’t know.
• She embraces two-way communication.
• She is a saver who wants to build and leave a legacy.

A successful engagement is one where you are open to receiving and taking advice and trusting that your advisor has thought long and hard about your situation, analyzed it to come up with specific strategies just for you. To learn more about my expertise and how I work with clients, please contact me to schedule a short chat. I look forward to building an advising relationship with you based on mutual trust and honesty.