Finding the Right Advisor

Peter Katevatis - May 08, 2015
There are many different professional advisors working for numerous firms, so how do you find the right one that fits your needs?  Over the last decade, the world of investment advice has changed substantially and blurred the lines in the financial i

There are many different professional advisors working for numerous firms, so how do you find the right one that fits your needs?  Over the last decade, the world of investment advice has changed substantially and blurred the lines in the financial industry of who you need to contact to meet the needs of your investment portfolio today and for future planning.

 

The bankers, traditional stock brokers, financial planners, mutual fund dealers, life insurance salespeople, even some accountants have all become some form of Wealth Managers.

 

Canaccord Genuity has been at the forefront of this change growing from a traditional stock brokerage firm in 1950 to becoming a truly global independent wealth management firm.  With our local expertise and global reach you can access the right investments without having to deal with large institutional pre-packaged product.

 

Canaccord Genuity Wealth ManagementKatevatis Wealth Management

 

The firm you work with is important, but the true key to your financial happiness is based on the relationship you have with your Advisor.  If you are getting the service you desire with the right balance of professionalism and caring, you are in the right place.  If you are not, you must ask yourself the following questions:

 

  • Do I have the same values as my advisor?
    • This will ensure your ethics and beliefs will translate into your investments
  • How is my advisor compensated?
    • Traditional Commission fees
    • Monthly fees
      • Compensated for asset growth
      • Tax benefit
  • Do they have a professional designation?
    • This seems obvious, but many planners operate without a license or regulatory oversight
  • How does my Advisor communicate with me?
    • Is everything by mail (fax, really?) or can they be reached in more modern methods? (cel phone, email, text message, instant message, social media)
  • Do I like my Advisor?
    • You should enjoy talking to this person.  You are working together and life is too short to spend time with people you don’t like

 

The good news is that there are many individuals out there looking for you.  You can talk to a trusted individual (accountant, lawyer, colleague, friend, etc) to get a referral or search online.  Focus on people who are genuine, connected, and experienced.  Google maps can help you find someone nearby which can also make life simpler when it comes to meetings and portfolio reviews.

 

If you want to keep your banking, investments, and insurance needs all separate, you can work with different firms to get a broader suite of services and opinions.  But if you only want one monthly statement for all your financial needs, ask your bank for a referral to speak to a branch advisor.

 

The reality is that you don’t have to use the advisor you inherited from your mother or father… take the time to build the right relationship.

 

Today’s advisory environment has changed substantially over the last decade.  Many individuals are surprised to see advisors take the time to get to know you better and offer a heightened level of service.  This also means that each advisor has investment minimum size accounts which varies greatly with each individual.

 

Don’t settle.  Take the time to meet several different advisors before you make your decisions.  I speak for many of my colleagues, “We are happy to help if the fit is right.”