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Working with a Financial Professional:  Six Steps to Help You Get the Most Out of the Relationship

Working with a Financial Professional: Six Steps to Help You Get the Most Out of the Relationship

| November 16, 2020
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Would you trust your medical diagnosis to a casual acquaintance? Do you cut your hair or dry clean your clothes?  It makes more sense to pay a professional who has the expertise to deliver the appropriate results for some services.  A professional financial can help you build a sound estate plan designed to help you toward your long-term financial planning goals.  These six steps can help you locate and get the most out of this critical relationship.


  1. Choosing Your Financial Professional. One of the best ways to find a financial professional is through a friend or relative's referral. Your accountant or lawyer may also be able to provide you with a referral.  Since they come with a recommendation from someone you trust, referrals can help you feel more confident about your choice of a financial advisor.  You can also find a financial professional by attending an investment seminar or reading your local newspaper's business section. 


  1. Set Up a Consultation. Your first meeting is an opportunity to become acquainted with the financial professional and find out if you feel comfortable working together. You should make sure a prospective financial professional is a good match for your financial outlook and personality.  Ask the financial professional about the types of clients he or she is currently working with and try to evaluate if your financial objectives are well matched to their areas of expertise.  Follow up with questions about education, experience, and qualifications.  Before selecting a financial professional, you should feel confident that a prospective financial professional can accurately explain the financial arena and the benefits of different financial planning tools.


  1. Discuss Your Goals and Obligations. Your financial professional will need detailed information about you and your financial situation, philosophy, and risk tolerance to help you clarify your financial goals. Be candid about your income, debts, future obligations, current assets, and anything else that may impact your financial situation.


  1. Ask Plenty of Questions. The more you know about financial planning, the more control you have over your financial future. Use your financial professional as a resource.  Financial professionals have access to current information that can help you better understand their recommendations and your plan's performance.  And if you don't understand something, make sure to ask.


  1. Make sure they are Listening to you. Financial professionals can draw from years of experience and help you maintain a long-term perspective on your investment plan through good markets and bad.  But none of that matters unless they are listening to you, understanding your goals and dreams.   Ensure they are designing a plan that works for you, not just trying to sell you a product. 


  1. Meet or Speak Regularly. Your financial professional has the expertise and knowledge about financial planning but won't fully understand the details of your financial situation unless you share them. To keep your estate plan moving in the right direction, your financial professional needs up-to-date information on life changes that may have financial implications, including:
    1. Marriage or divorce
    2. The birth or adoption of a child
    3. The purchase of a home
    4. A change in your work status or that of your spouse
    5. Additional current financial responsibilities, such as college payments or care for aging relatives
    6. An inheritance or other financial windfall


Following these six steps can help you locate and have a successful relationship with a financial professional or just call us.

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