Having a good financial advisor is a major part of organizing and maintaining your wealth, but all too often, people get frustrated with the advisor-client relationship because their advisors are only in the business for the money.
In many cases, you won’t just meet with a financial advisor once and never see them again. You’re more likely to build a long-term relationship with your advisor and visit them routinely to discuss changes in your estate and financial situation. For this reason, you want an advisor who will not only work for and with you, but who also truly cares about you and puts effort into helping you achieve your financial goals.
If your advisor doesn’t do these things, you may want to consider finding one who cares more about you as an individual.
Understands and cares about your challenges and goals
Does your financial advisor make an effort to understand both your entire financial picture and your goals and challenges for the future? If your advisor truly cares, they will put in the time and energy to get a clear idea of what sort of things you’re struggling with and what you envision your financial future to be, as well as connect with you on a deeper level about those things.
If your advisor cares for you, they won’t be cold and unfeeling. They will be warm, open and understanding of your financial challenges and dreams and find solutions to help you achieve them.
Additionally, think about whether your advisor follows up with you about those challenges and goals and asks about your progress. These things are major parts of your financial situation and deserve attention.
Works to educate you
Another sign your financial advisor truly cares for you and your financial success is that they put in the time to educate you. Too many financial planners spout financial terminology at clients and expect them to keep up, which makes the client reliant on their advisor and doesn’t help them take charge of their financial futures.
“Education is a crucial component of every good financial advisor’s work,” says Samuel Rad, a financial advisor in Los Angeles.
You should leave your advisor’s office feeling confident about the things you discuss—not confused—and feel like they put in the effort to help you understand your own portfolio. This way, you know your advisor is working to help you, not just providing a service for a fee.
Doesn’t just talk money
Finally, is your financial advisor all about the business, or do they show signs of really caring for you as an individual outside of what’s in your wallet? Of course, you don’t want to waste your financial advisor’s or your time, but you and your financial planner should be able to have casual conversations about things outside of your estate and portfolio.
It should be pretty obvious if your financial advisor is only interested in the money, not their clients. Do they ask about your kids, or how your recent vacation went? That attention to life outside your portfolio shows that they are invested in you as a person, not just dollar signs.
When selecting a financial planner in Los Angeles, you obviously want to find someone with experience, expertise and wisdom to share. But given the importance of your finances, you don’t want to work with someone who talks to you like they are a teller at a bank. Make sure you’re working with someone who values you, puts effort into your discussions and will work to help you overcome obstacles and achieve your financial dreams.