Tip of the month: Strengthening your relationship with your financial advisor

Emily Franco in Wealth Management 14 February, 2019

Written by: Emily Franco, CFP® | Financial Advisor

There are plenty of articles and websites dedicated to providing people with dating and marriage advice. These sources share tips on how to move in with someone, when to introduce them to your parents, and how to deal with a significant other’s quirky behavior. However, another relationship worth looking to improve upon is the one people have with their financial advisor.

Here are some ways investors can strengthen this important relationship:

Communication is key. It’s crucial to have an open line of communication with a financial advisor. In meetings with your advisor, don’t hold anything back. Make it known what your goals are. This way, your advisor is completely aware of what you’re looking to get from this professional relationship and can create a strategy custom to you and your financial future.

Listen to each other. Like any relationship, it’s important for advisors and clients to listen to each other in order to learn and grow. Listening to the information and thoughts of each person will help build a stronger and more successful partnership.

Don’t be afraid to ask questions. Investors should be comfortable enough with their financial advisor to ask them questions. At the beginning of the relationship, asking questions will help investors gauge if the advisor is a fit for their needs. In addition, asking questions throughout the relationship will help them stay up-to-date on how their advisor is working on their behalf. Also, don’t be afraid to ask uncomfortable questions, like how an advisor gets paid and what their fees are.

Trust is an important part of the relationship. Although it can be nerve-racking, it’s important for investors to remember that trust is a crucial part in the advisor-client relationship. It’s like going to the doctor. The more you trust and tell them, the more they’re able to help and pinpoint a remedy or solution. Everything an advisor does should be in the best interest of the client.

It’s important to treat the relationship you have with your advisor much like any other important relationship in your life. Remember that you both want this relationship to be productive and by being open, honest and not afraid to ask questions, you’ll get the most out of your advisor and be on your way to a successful financial future.

About the Author:

Emily Franco, CFP®
Financial Advisor
Fort Pitt Capital Group, LLC
680 Andersen Drive, Pittsburgh, PA 15220
(412) 921-1822 | efranco@fortpittcapital.com

Join Our Newsletter

Receive updates from our blog, retirement plan industry events & news, media appearances, and the latest on Fort Pitt events.