Expectations, Part 2 - What Should Your Advisor Expect From You?
March 28th, 2008 |What should your advisor expect from you? This question is not asked very often. The relationship does not just go one way. There has to be a two way conversation happening.
This is what is expected of a client:
1. Answer questions as fully as possible. You might feel like you are rambling or repeating yourself but be as clear and complete as possible.
2. Always clear up confusion if think your advisor has misunderstood your circumstances.
3. Check on your investments occasionally. This consists of a phone call just to see how things are going. This keeps the communication lines open.
4. If your circumstances change, tell your advisor immediately. You might even alert them in advance so that they can be ready with suggestions if they are needed. A raise, new baby, retirement, large purchase, location change, and employment change are all examples of when to alert your advisor. There are many more. When in doubt call them and tell them what is happening.
5. Understand your investment decisions. Your advisor wants each client to fully understand what is happening with the investments. Speak up if you are having any confusion.
6. Be honest. Your advisor is trying to help you the best they can. There is no need to fudge numbers or hide assets from them. They are not the IRS. They have seen it all and know how to help.
7. Your advisor expects you to tell them what you want of them. Have the expectations talk with them.
A client has expectations of their advisor. An advisor has expectations of the client. Having the expectations talk with solve many of the problems that occur when investing. If you are still unhappy after the talk then shop around. You deserve the best from your advisor and so do your investments.
