As much as I try and paint the picture of how awesome it is to work with a financial advisor, there are a few unpleasant things that come with the territory—I know, I know, hard to believe.
We definitely try to make the experience as pleasurable as possible, but sometimes it just isn’t always rainbows and unicorns. We can be a little annoying at times asking for all the information we need. Difficult discussions come with the territory, and critical decisions have to be made about one's financial life—and that means sacrifices might have to be made in order to achieve one's goals.
However, it is all for a reason. If we’re good at our job as a financial planner, then everything won’t always be hunky dory—and that okay, that’s life and some things aren’t always picture perfect. So, let’s take a look at some of the worst things you might have to experience when working with a financial advisor.
Yes, we can be a little annoying, but we’re only trying to do our job, and it’s always for the right reason. In order to complete a comprehensive financial plan, we need a lot of information and documents. For some, these are very easy to produce, but for others, it can be a bit more of a struggle.
We don’t mean to be annoying, but we’re only trying to do our job to ensure we are 100% clear on our client’s financial picture. If we aren’t or we’re simply guessing, then we’re really not working in our client’s best interest. As a fiduciary, it’s imperative we always have all of the information first before making any decisions.
I apologize in advance, but it truly is for the greater good. It’s part of the gig, and if I have to be a little annoying in order for you to take action and do the right thing, then you’re darn right I’m going to do it.
That’s right, believe it or not, but we can do everything for our clients. We do absolutely everything we can, but there are always going to be items that the client will have to take care of themselves. When it comes to requesting financial information, it has to come from the client’s mouth.
While we are happy to help and sit with the client when requesting this information, they still have to be part of the process. There will need to be some effort and time on their part, but I can assure you it’s pretty painless.
Whenever money is involved, difficult discussions will have to take place. While you might look at this as a negative, I actually look at it more as a positive. The reason being is you would most likely never have this difficult discussion with yourself or partner in the first place if you weren’t working with a financial advisor.
We are the ones who bring up and facilitate these types of discussions. Comfortable or uncomfortable, these discussions are always for a reason. From these discussions come important decisions that have to be made.
I feel like I just heard this somewhere. Again, while many of you will think of this as a negative, I look at it as a positive because these difficult decisions would probably be avoided at all costs—kicking the can down the road—if you weren’t working a with a financial planner.
Having to make a tough choice is never fun. But, making the call sooner rather than later could save you a lot of money and heartache in the end. In order to be successful in your career, tough decisions have to be made and it’s no different in your personal financial life.
While I wish I could provide all of my services pro-bono, I do run a business, and in order to run that business, we do have to get paid. Sorry, but that’s just the way it is and, believe it or not, that’s how every for-profit business operates…even the one you work for.
Certainly, we’re cognizant of costs and recognize the irony of spending money to save more/make more money, but the value is certainly there. Most of the time with our clients, we can make up the cost of a financial plan within the first 12 months. Examples include a higher interest rate for savings, better allocations of investments, tax savings through more efficient accounts, reducing homeowners/auto insurance premiums, utilizing the best cashback credit card, etc.
So, there you have it. A quick list of some of the worst things you’ll experience about working with a financial advisor. All in all, they’re not too bad and, for the most part, they’re relatively quick and painless. Hey, it’s always with your interests first!
NextGen Wealth, LLC is a registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor, tax professional, or attorney before implementing any strategy or recommendation discussed herein.
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