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Working With Your Advisor

It is important that you maintain a positive relationship with your advisor.  Here are some tips to help you establish and maintain mutually beneficial guidelines that will promote a positive relationship throughout your time with your advisor.


Be clear with all of your goals and objectives.  Disclosing your financial goals will aide in making certain your financial advisor has all of the information needed to best help you plan for you future the way you see it.  Be as detailed as possible with your hope for you financial future and the timeline that you expect to acheive your goals as well as the risks you are and are not willing to take in order to reach those goals.  You should also communicate any potential obstacles or financial changes that you anticipate that may impact your ability to reach your goals.


Establish expectations.  In order for an advisor-client relationship to be successful each party must agree to really listen to one another.  You need to keep an open line of communication about how often you expect to meet, the best way to stay in touch with one another (email, phone, in person, etc.).  All of these expectations need to be addressed at the very start of the working relationship.


At the end of each communication, agree on the next step.  Set dates and times for future meetings.  Be sure that there are no questions or concerns left unaddressed.


Understand the fee schedule.  Whether your advisor charges a flat rate based on a percentage of your assests under management, a commission from financial products they buy on your behalf, or a fee based on both a percentage of assests managed and products traded.


Keep your advisor informed.  Many life changes, both planned and unexpected, impact your finances.  Changes in employment, divorce, marriage, illness, death is information that your advisor needs to know as quickly as possible so the advisor can update your financial plan and give you advice based on updated information.

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