How a Closer Partnership with your Financial Advisor Can Lead to Better Returns
“How can I be a better client to my financial advisor?” is not the question most investors ask themselves. Usually it’s just the opposite: “How can I get more out of my financial advisor?”
We’re all looking for the best advisor, someone who treats our money with the same care (or more!) they treat their own nest egg. Someone who makes decisions in line with our guidance, our plan, and our personal risk tolerance. Someone who is on top of both our life situation and the market situation.
That’s the end goal of any partnership with a financial advisor. In light of that end goal, let’s look at that first question again. A different, but similar, version this time: “Does having a closer partnership with my financial advisor lead to good investment decisions?”
We believe that it does. In two key ways:
Access: Life moves fast, as do the markets. Your goals, your life situation, and your risk tolerance can all change faster than a quarterly review with a financial advisor can account for. Having consistent access to your financial advisor is therefore essential to adapting your strategy when things change. Access creates trust, promotes teamwork, and makes adaptability easy. And it works for both sides of the partnership. Great advisors make themselves accessible. Great investors are clear on their goals and are willing to share them. They are also willing to develop the trust necessary for a strong partnership.
Perspective: We talk a lot at Coign about avoiding emotional investing and always making investment decisions in light of a long term plan. Overreactions to temporary market conditions can put long term plans at risk. This is where a good partnership with your financial advisor can make a difference. Advisors understand the fluctuations of the market, and can keep perspective about financial decisions, helping you stay on your long term plan.
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