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4 Tips for Building a Strong Professional Relationship With Your Financial Professional

4 Tips for Building a Strong Professional Relationship With Your Financial Professional

February 16, 2024

Choosing a financial professional is a major decision. Finding someone you trust enough to manage your money and your future may feel like a nerve-wracking choice. Fortunately, by doing some preliminary research and asking tough questions, you might find someone who is a decent choice. Here are four tips to help you build a strong relationship with your financial professional.

Express Your Concerns

When it comes to finances, there is no “one-size-fits-all” strategy. Your financial professional should act in your interests. This responsibility means you need to be open with your financial professional about what motivates you, what worries you, and what you want in the future. Once your financial professional knows more about you, creating a financial plan that works for you may be easier.

Set Boundaries and Expectations

A mismatch in expectations may be one of the quickest ways to destroy a professional relationship. Before hiring a financial professional, discuss your needs, desires, and communication styles. Are you happy with quarterly updates or want a more frequent consultation? How much power do you want to give your financial professional to make transactions on your behalf? When do you want to sell a particular stock or investment? By setting clear expectations at the outset, you might avoid miscommunication.

Ask for Feedback

Your financial professional’s job is to evaluate your needs and desires and determine an appropriate way to manage your finances to work toward your goals. The more relevant information you provide your financial professional, the more useful the advice they might provide. Ask for feedback from your financial professional to see whether there is anything you might do or any information you may provide to make the job easier. Be comfortable doing whatever it takes to create a stable working relationship with your financial professional.

Don’t Be Afraid to Ask Questions

Although your financial professional helps manage your portfolio, a good financial professional should share information with their clients and help them understand the investments in their portfolio. Even if you want a hands-off approach to the management of your assets and investments, it is still important to know what is going on with them. By asking questions and checking in periodically, you may help your financial professional assess what is most important for you and maintain some level of control and knowledge about your financial assets.

 

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

This article was prepared by WriterAccess.

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