Building an Enduring Relationship with Your Financial Advisor

Developing a strong working relationship with your financial advisor is critical in helping to ensure financial confidence. While selecting an advisor with financial acumen and the requisite industry credentials is critical, it’s often the strength of the relationship that will likely determine your overall satisfaction with your advisor. While every situation is different, there are a few common themes that can help you develop a more enduring relationship with your financial advisor.

Be honest about your circumstances

In order for your advisor to truly help you, he or she needs to have all the facts. For many people, that can mean opening up about past financial failures, credit issues, current debt, spending behaviors, family matters, and more. While this can be difficult at first, it’s a critical step in developing an honest and open relationship with your advisor, while providing your advisor the facts they need to help you. If you’ve been working with the same advisor for years, its important to keep them apprised of any changes in your circumstances – good or bad. Remember, your advisor is there to help, not judge.

Share your values, hopes, and dreams

Developing a relationship that transcends your financial life can be one of the main drivers of a successful relationship for you and your advisor. Sharing what’s important to you, your core values, and what you ultimately want from your wealth can go a long way in deepening your relationship with your advisor, helping to establish trust on both sides. Sharing personal stories about your children, grandchildren and friends is a good place to start. While establishing trust can take time, it’s important that you remain open to sharing your goals and aspirations, and the important moments in your life.

Communicate your expectations

It’s important that you let your advisor know your expectations for the relationship. Tell your advisor what you need help with and what a successful relationship looks like to you. Let him or her know how you like to receive communications and how often. Be specific about what you’d like to see in reports, what you want from quarterly meetings and other interactions. Ask your advisor plenty of questions along the way and pay close attention to his or her responses. Gaining an understanding of your advisor’s specific traits and behaviors can help to align expectations and make for a more harmonious relationship.

No matter how long you’ve been working with your advisor, there’s always an opportunity to improve your communications to create a deeper, more meaningful relationship. Establishing and developing an open, honest dialogue with your advisor may be one of the most important steps you can take toward gaining financial confidence.

At Southwestern Investment Group, we place great value on the personal side of our relationships, always seeking new and better ways to serve our clients. We invite you to learn more by contacting one of our advisors today.

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