Does your relationship with your financial advisor leave you feeling unfulfilled?
Do they say things like…
“There is no risk with this stock”
“You have to act now”
“Only I can get you into this investment”
“I guarantee you will earn 15% per year on this investment forever”
“This investment has no cost or fees to you” … huh???
An unfulfilling advisor can make all types of grandiose claims!
Do they say things that just might sound too good to be true?
If so, you may have forged a relationship with a less than stellar actor in the financial services industry. Or they might not be a great fit for you.
There is always some risk, others can likely get you into that investment, there are no guarantees of 15%, and there is always a cost somewhere.
But even if the advisor doesn’t make these outrageous claims, there are several other actions that they might take that suggest it might be time to look for a fresh set of eyes on your financial plan.
Unfulfilling Financial Advisors Sometimes Ignore Your Better Half
It is imperative that both parties in a marriage have their financial needs met in a relationship with a trusted financial advisor. There seems to be a pattern in the industry where a financial advisor forms a relationship with the male client and doesn’t forge that same bond with his wife.
We cannot tell you the number of times that we have seen a widow who wants to leave an advisor when her husband has died for exactly this reason.
She felt ignored during the entire financial relationship. So, when the husband passes, she seeks out a new partner to chart her future investment strategy.
This is not good.
If you find yourself in a situation where either you or your spouse feel ignored when meeting with any advisor, you should address it immediately.
Insist that you look for a new advisor or at least discuss this concern directly.
After all, it is both of your lives!
Financial Advisors Should Communicate Frequently
Have you ever had an advisor that just always seems too busy to return your calls?
Although it is true that a good financial advisor is probably busy, a great one is never too busy to return your calls. You need an advisor to give you the attention you need and deserve.
Into each life, some rain must fall – Henry Wadsworth Longfellow
If you are average, and nearly no one is, major life events or life quakes will hit you every 12 to 18 months. It is our sacred duty as your advisor to be available to help you guide your plan through each and every one of these relevant changes.
We take that duty very seriously.
Only through our firm’s constant contact can we stay abreast of your updated situation and modify your customized plan to meet your changing needs.
Unfulfilling Financial Advisors Might Sound Condescending
Every profession has jargon that individuals outside that industry just don’t understand.
This is definitely the case in the investment arena.
And we have seen many in the financial services industry make huge mistakes when communicating with clients. They get lost in the world they know and assume that everyone knows words and phrases. These phrases are only known by people that make investing their livelihood.
It can come across as downright patronizing or condescending. Or it might feel as if they are looking at you through their nose.
Look, you are likely not sophisticated with finance. And you shouldn’t necessarily know as much about the technical investment terminology as we do. It is what we know, and love. And it is our job, not yours.
You are likely working so hard in your daily life making a nice living in a field that we know very little about. And that is what makes you good at what you do.
It is our job to consult with you about your entire situation.
After getting to know you can we create a plan together that meets your needs. It is our job to explain why the suggestions are being made. And we will do so in a manner that makes sense to you.
If you don’t have that relationship with your advisor now, you might not have the right financial advisor for you.
An Unfulfilling Financial Advisor Gives No Advice
Another mistake we have seen with investment advisors is their inability to share their personal opinions about a particular move that a client expresses a desire to make.
After all, it is your money. You ultimately have the right to do with it as you please.
You might want to invest in pharmaceutical companies for yield, but we would feel obliged to offer our opinion. We might even offer a suggestion about a company that provides similar yields from the natural gas industry or a real estate investment trust.
Any advisor that fails to do this is doing a major disservice to you as a client. Any relationship with you and your financial life should have open communication that goes both ways. An advisory relationship should never be a one-way street with respect to communications.
The Most Unfulfilling Financial Advisors Put Their Interests Before Yours
Do you ever just feel like you are being sold a bad bill of goods?
We all need to earn a living. But talking with some advisors can make your head spin. It feels like they are constantly selling you the next “big idea” even though it doesn’t really fit your plan. It might not even feel like they even know you at all.
This is a big red flag…
This is typically seen when you are dealing with a financial advisor that earns commissions from the products that they sell. They are compensated not in an advisory capacity, but rather are rewarded by churning your account.
To combat this potential, it is important that you understand how your advisory firm is actually compensated. You should feel comfortable talking about this openly, especially with someone that has trust in your financial future and acts as your fiduciary.
At Dupree Financial Group, LLC we are not compensated on a commission basis. And we do it that way for just this reason. We don’t want to be rewarded for tasks that aren’t in your best interest…period!
So… Do You Have an Unfulfilling Financial Advisor?
Do you currently have a financial advisor that has any of those tendencies?
Are you not getting the feedback that you want and need from an advisory relationship?
Do you feel pushed into investments rather than taken on a journey to meet your ultimate comprehensive gameplan?
If you answered yes to any of those questions, you should contact Dupree Financial Group, LLC.
See what a difference a relationship with us can do for you!