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I Advice - The Right Financial Advisor for You
Whenever we throw something away, whether in the garbage can, the compost, or the recycling, it can smell terrible. Rotting organic matter smells especially badly. But it can also become rich compost for fertilizing the garden. The fragrant rose and the stinking garbage are two sides of the same existence. Without one, the other cannot be. Everything becomes a part of the garbage. After six months, the garbage is transfor
Today's financial services client has to be incr
Jewels are the woman's best keep desires, the urge to look beautiful and exquisite is every woman’s dream right from the age when she puts her steps to adolescence. Each and every phase of her life is shared and lived with the ornaments. Doesn't matter which taste and design she chooses starting from simple, stylist to overly gracious shimmering, Jewelry is every girls fantasy and somewhat they all reach out for that grac
That's a great question – one I get asked all the time. But, the question I often sense lurking well below the surface is one far more rarely asked, if ever. That question is, ... “Who is the right advisor for me and my family?”
Slick slogans and fancy websites aside, one thing is sure. It's way harder than ever before to determine who's who in the financial industry and answer that question.
Just a few short years ago there were clear differences between financial service firms, their representatives and the services they offered. Banks existed to help consumers save money or get loans. Stock brokers worked for wirehouses and broker/dealers and sold securities. Mutual Funds sold shares directly or through their own sales representatives. And, insurance companies sold insurance through their agents.
Today, once clear lines have evaporated. Now, there is one broad, and somewhat murky, financial services sector populated with many types of financial service providers and many types of financial advisors. The relaxation of industry regulations, industry consolidation, the subtle, and ongoing, shift from transaction based business to fee based business, and the trend toward small independent firms has produced a whole new playing field. Most firms, large and small, and their advisors now offer a vast mix of products and services from banking to investments, tax planning, insurance, financial planning, you name it. So, it's no surprise that consumer confusion exists.
Today's financial services client has to be incr
It's absolutely essential that you find a way to differentiate your business in a meaningful way. I know I talk about this all the time, but it's that important.What if you interviewed a handful of clients and asked them this question: "What's the ONE word you would use that best describes what we do well?" Is it fast, attentive, welcoming, creative, cheap, cool, techie, smart, caring? One word is tough, but you ne
Slick slogans and fancy websites aside, one thing is sure. It's way harder than ever before to determine who's who in the financial industry and answer that question.
Just a few short years ago there were clear differences between financial service firms, their representatives and the services they offered. Banks existed to help consumers save money or get loans. Stock brokers worked for wirehouses and broker/dealers and sold securities. Mutual Funds sold shares directly or through their own sales representatives. And, insurance companies sold insurance through their agents.
Today, once clear lines have evaporated. Now, there is one broad, and somewhat murky, financial services sector populated with many types of financial service providers and many types of financial advisors. The relaxation of industry regulations, industry consolidation, the subtle, and ongoing, shift from transaction based business to fee based business, and the trend toward small independent firms has produced a whole new playing field. Most firms, large and small, and their advisors now offer a vast mix of products and services from banking to investments, tax planning, insurance, financial planning, you name it. So, it's no surprise that consumer confusion exists.
Today's financial services client has to be incr
We've all had them, those poorly illustrated guides to putting a retail product together or instructions on how to use a new piece of electronic equipment. What gives? For those of us who are mechanically challenged, this can be really frustrating. The world of electronics holds a special frustration for many, such as setting up a piece of computer equipment, for example. Once learned, they are usually not that bad, but i
Today, once clear lines have evaporated. Now, there is one broad, and somewhat murky, financial services sector populated with many types of financial service providers and many types of financial advisors. The relaxation of industry regulations, industry consolidation, the subtle, and ongoing, shift from transaction based business to fee based business, and the trend toward small independent firms has produced a whole new playing field. Most firms, large and small, and their advisors now offer a vast mix of products and services from banking to investments, tax planning, insurance, financial planning, you name it. So, it's no surprise that consumer confusion exists.
Today's financial services client has to be incr
Many not-for-profits provide valuable programs within the communities that they serve. Often these services are provided to individuals and families who may not be able to afford these needed services. Therefore, in order for the not-for-profit to raise the needed financial resources they have to engage in an aggressive fundraising program.Some of these fundraising efforts can include asking for outright donations,
Today's financial services client has to be incr
*Diversity refers to the broad mix of people currently or soon to be a part of your organization. It exists whenever you encounter anyone who has a view of the world, or "paradigm", different from your own. **Managing diversity is a deliberate effort to create a work environment that allows these differences to contribute equally to the common goals of the organization.Managing div
Today's financial services client has to be increasingly more diligent in understanding what services they are buying and from whom. My advice? Ask questions. The more questions the merrier. “Do NASD Series 6 licensees differ from Series 7 licensees?” “Do the various designations thrown about the industry make a difference?” “How much experience should an advisor have?” “Does the type of firm an advisor works for make a difference?”
For starters, see the CFP Board's 10 Questions to Ask Your Planner. Then, formulate your own questions based on what concerns you.
Through asking questions and taking note of the answers, you'll begin to understand the parameters of the industry, it's players, and it's representatives. You'll also learn the limitations of any particular firm or advisor, what services you really need, and what type of advisor client relationship may serve you best.
But, there's more.
A wise financial advisor once told me, “It's not passing a test that makes a great advisor, it's what's in that advisor's heart that makes a great advisor.” That's something that has stuck with me. Training, expertise, and experience aside, great advisors really care about their clients.
So, when I'm asked that great question, I always get around to answering by saying the right advisor for any client is the one who harmonizes with the vision you have for your life, the one you and you
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