Yesterday, I wrote an article about the different compensation structures for financial advisors. Another way to know if your financial advisor is working for you is the end result of his follow-up calls. When I call a client, I always make sure that there is an added value for the client. There are 3 major reasons why your financial advisor should call you:
#1 To Offer To Make More Money for You
The main purpose of having a financial advisor is to have someone looking for opportunities while you are working. There are tons of ways to make more money on different things. For example, your financial advisor can offer you:
– A better product for your investment strategy. As the financial industry evolves faster than our brains can understand, there are often better investment products on the market. One shouldn’t jump from one fund to another all the time. However, if you have reach the required amount to gain access to a better investment solution, your financial advisor should be the first one to call you and make sure you benefit from this opportunity.
– Tax strategies that decrease the tax bite. Sometimes, a simple transaction can help you earn a few thousand on your next tax refund.
– To offer a better rate on fixed income. By doing a CD ladder or offering a municipal bond instead of a certificate of deposit, you can earn a better yield without necessarily taking more risk.
#2 To Help You Save Money
This is probably the area where there is a lot of room to improve for many financial advisors. How many times do we realize as clients that we are paying too much for something? Wouldn’t it be nice to have someone suggest switching products before we realize what is going on?
There are plenty of ways to save money with financial services:
– Bank account fees
– MERs on investments
– Mortgage and other lending rates
– Appraisal and lawyers’ fees
– Account merging to reach minimum amounts required for more sophisticated solutions
#3 To Help You Save Time (time IS money, isn’t?)
When someone shows me a trick to save time and become more efficient, that person gets a lot of my attention! So if your financial advisor can help you save time by navigating through the sea of red tape in the financial world, this can mean a lot.
There are always “better” ways to do things. Your financial advisor should be aware of the most productive and effective way to do your financial business. By saving a few minutes or hours here and there, you will be able to do a lot more interesting things with your time.
So, if your financial advisor calls you to offer a new product or give you information, ask yourself: can make money, save money or save time with this phone call. If your advisor gives you good tips on a quarterly basis, you will continuously improve your financial situation ;-D
If he doesn’t do that, there is nothing stopping you from calling him and asking for more help 😀
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