Working Remotely With A Financial Advisor
I’ve been working remotely with clients for years.
A natural evolution, I found it to be both cost-effective and time-efficient but also ideal for my clients. The pandemic accelerated the trend where advisers work with clients remotely. I believe it’s here to stay.
Uh John, what is a “remote advisor”?
Simply put it’s an advisor that doesn’t live where you live. Zoom didn’t invent the virtual meeting but they made it relevant, even preferred, and the pandemic only accelerated it’s adoption.
While it’s immediately obvious that remote advisors can increase convenience, there are two major reasons why working with a remote advisor will remain long after the pandemic is gone:
- It’s more cost-effective
- You can work with a specialist
First, remote advisors save you money.
Let’s assume you drive to your advisor’s office….it’s likely in a nice building in a pricey location with a receptionist to greet you, take your coat and offer a beverage, and, then, lead you to a well-appointed conference room.
What they don’t do is hand you the bill for all of it. But they should. Because you’re paying for it.
In the 2000’s, when I started at UBS, the firm took $.60 of every $1 a client paid for my services: Class A midtown office space, glass offices, expensive furnishings and a gaggle of “vice presidents” throughout the organization.
None of it tangibly benefited the client.
A well managed remote advisor has lower expenses. Most will pass along those savings to their clients. I know I do.
Second, you can hire an advisor that specializes in clients like you.
With over one-hundred and fifty-thousand “financial advisors” in the United States your choice of advisors are endless. No longer limited by geography, working remotely means you can find and work with a specialist.
If you needed heart surgery, you wouldn’t seek a general practitioner, you’d want a cardiologist!
But don’t worry, it’s easy to narrow down your choices when you have specific needs.
Are you a newly minted graduate needing help with your debt and savings strategies?
Find a specialist!
Are you a young couple with dual incomes, a new home, and young children but want to save for college and retirement?
Find a specialist!
Are you less than 10 years from retirement and want to maximize your retirement income and minimize your retirement risk?
Find a specialist!
Don’t settle for the advisor down the street, focus on finding someone that’s right for you!
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Please Note: Speak to your tax, legal or financial advisor for specific advice about your particular plans and situation.
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John R. Bubello is an investment advisor representative of and offers investment advisory services through Compass Retirement, LLC, a registered investment adviser offering advisory services in the State of Connecticut, State of Florida, State of North Carolina and other jurisdictions where registered or exempted.