The Confidence You Need
My newest clients sought out my services because they lacked confidence in their current advisor.
As I recount the addition of recent new clients, I find myself somewhat amused (at their current adviser’s expense in these cases) for many of the reasons they were not confident and remained uncomfortable.
A few of the contributing reasons….
The adviser, apparently not confident in his investment approach, deployed three different portfolio allocation approaches plus a small annuity all within the same one account. I guess, in an effort to appear “diversified”?
This is also-know-as “If I keep it confusing, the client will think I am smart.”
The client, 12 years away from retirement and requiring growth, was confused on why the adviser had the client primarily invested in bonds.
This is also-known-as “I may be busy with my other clients, generally clueless or working on my golf game.”
The client felt the adviser wasn’t interested in talking through their budgeting concerns or debt strategies.
This is also-known-as: “Just give me the money you have, I don’t make money helping with that.”
The adviser did not address the concerns of the female spouse, nor even speak to her directly.
This is also-known-as: “I’m clearly intimidated by prudent questions from a successful woman.”
The client was uncomfortable with as the adviser supplied a Microsoft Word document as a means to detail the “success” of the client while with the adviser.
This is also-known-as: “Hi, Mr. Madoff, can you explain the need for a “hand crafted” statement?
(By the way: I helped this client recover hundreds of thousands of dollars from their previous “advisor”.)
Friends and acquaintances: There are thousands of financial advisers out there.
If you aren’t confident in your current adviser, get a second opinion. You need to find someone that is interested in working with someone like you, communicates effectively, employs a comprehensive yet straightforward approach and takes an active interest in your success.
If you are still nervous about talking to an advisor read my Retirement Planning Terms Explained post here.
Photo by Fabian Blank on Unsplash
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.