By Ralph G. Adamo, author of “Integrity @ Work: Using the Integrity Process To Find Your Financial True North”
If financial success is your desired long‐term direction as you progress through life, you must be able to develop a long‐term relationship with your financial advisor. We understand that placing your future in the hands of an advisor is not just a financial commitment but also an emotional one.
It’s important that you are a good fit with your financial advisor, both financially and personally. The advisor/client relationship should have the potential for developing into a close and intimate one over time. After all, you’ll be sharing your hopes, dreams, goals, and challenges, as well as your family’s future, with your advisor.
On a personal level, your advisor should be a good listener and ask many questions about you and your family. Conversations, plans, and processes should all revolve around you – not the firm, not the advisor, and especially not the firm’s revenue. A big part of an advisor’s job is to educate, so you should feel comfortable enough to ask questions throughout the process.
A good policy is to always understand, at least on a basic level, why you’re doing what you’re doing. We have found that informed clients make more confident clients because they understand alternative paths forward when presented with different options for their review and evaluation.
Most advisors are likable and personable people. Chances are you will like many of the advisors you interview, but avoid the temptation to choose an advisor based on chemistry alone. Your advisor will be your partner in success. It’s important that you choose wisely by being aware of what matters most in the relationship.
Although chemistry is important, it must be coupled with discernable competence if you hope to reach your financial goals. Many advisors rely on their relationship skills alone to maintain engagement with clients. We have found that this simply does not work long‐term. It is
inadequate for the work and sophistication required in the fully comprehensive planning process that business owners and professionals seek.
Now may be the time to peer through the lens of proficiency to honestly evaluate your current advisor’s skillset and philosophy, as well as the nature of your relationship. Are they meeting the standard you desire for yourself and your family’s financial wealth building?
If not, start utilizing the “what is possible” filter to find an advisor with a firm that can address the issues that are important to you and your satisfaction. You no longer have to accept what has been “adequate.” Many advisors meet these standards and more. Refrain from making your decision after just one interview.
A former leader at a previous firm once gave me a pearl of wisdom that I’ve never forgotten. I remember him saying that once you’ve met one financial advisor ‐ you’ve met one financial advisor. In other words, there is no template by which financial advisors are stamped out. You need to find the best available, and by the time you finish reading “Integrity @ Work: Using the Integrity Process To Find Your Financial True North,” you’ll know exactly what to look for.
This is a modified excerpt from the book “Integrity @ Work: Using the Integrity Process To Find Your Financial True North” by Ralph G. Adamo, now available on Amazon.
Ralph G. Adamo, CEO and Founder of Integrity Wealth Management, a comprehensive financial services firm committed to helping families and individuals achieve long-term financial success. Headquartered in Newport Beach, California, the firm offers a comprehensive service model, including investment oversight, tax reduction planning, family wealth planning, insurance planning, and collaborative services. To learn more, visit integrityiwm.com.
Ralph Adamo is registered with and securities are offered through Kovack Securities, Inc. Member FINRA/SIPC, 6451 N. Federal Highway, Suite 1201, Ft. Lauderdale, FL 33308. Tel: 954-782-4771. Investment Advisory services are offered through Kovack Advisors, Inc. Integrity Wealth Management is not affiliated with Kovack Securities, Inc. or Kovack Advisors, Inc.