Caring for loved ones, investing money, or simply planning finances are more complicated than they seem. Major life events like moves, job changes, and childbirths can stress even the most prepared people.
Fortunately, financial advisors can make these circumstances much more manageable. But hiring a financial advisor is just the start.
As the most trusted financial firm in Kansas City, we know what to look for when it comes to staying on top of money. With that in mind, today we’ll discuss five easy but powerful ways to get the most out of a financial advisor.
The whole purpose of finding an advisor is to take advantage of their expertise. That said, their knowledge won’t help if clients don’t have specific goals in mind.
As with any important aspect of life, it’s crucial to have clear, actionable goals. Finances are no different; clients need to specify precisely what they want to accomplish. Is it simple budgeting and investing, or is it something more complicated like taxes or an extensive estate plan?
Knowing the answers to these questions can help save everyone time and ensure clients have the most success possible.
Find The Right Match
We wish we didn’t have to say this, but finding a qualified advisor to work with is the first order of business. Chartered financial analysts (CFAs) and certified financial planners (CFPs) who get paid by individual clients are ideal. These titles ensure that a person has mastered their discipline and knows how to work ethically.
Hiring someone reputable also reduces the risk of being sold a product rather than helped. On that note, it’s a good idea to steer clear of “advisors” that a company offers for free.
Clients feeling incompetent is also a red flag. The best advisors explain things clearly and strive to share their knowledge.
Be Honest and Open
It might be uncomfortable initially, but openness about finances is a core part of client-advisor relationships. Advisors are professionals whose job is to help. They make the environment to share details comfortably, but only if they have the correct financial information.
Honesty applies to emotions just as it does to numbers. Since money is inherently personal, it’s also vital to mention doubts, concerns, and anxieties about money. This isn’t to make people uncomfortable, but rather to provide actionable feedback, improve plans, and teach them more.
Be Willing To Listen
Specific goals are fundamental to financial planning, but so are curiosity and openness to suggestions. It might be discouraging at first, but it’s a surefire way to improve a financial plan constantly.
Another part of this is asking questions—often, and never with the attitude that they’re silly or unimportant. It bears repeating that advisors are there to serve their clients, so people should never hesitate to ask them questions.
Stay In Touch
Meeting at least once a year is the best way clients can reach their goals. Ideally, this meeting will cover the upcoming year’s financial strategies, a general overview of a person’s economic situation, and any substantial changes since the last session. It also helps make sure everyone has been doing their part.
Let’s Work Together
OWLFI is the preferred financial firm in Kansas City. We act as advisors and personal wealth managers while bringing various services to make our customers’ plans a reality.
Whether it’s with estate planning, investments, legal advice, insurance, or taxes, our experts are here to handle every aspect of your financial well-being.
We’re ready to help you plan for your financial future. Call 913-441-8380 or email firstname.lastname@example.org and get started today!