A Financial Advisor For Me

Your goal when looking for a financial advisor : you would like to find a GREAT financial advisor.
There are certain basic characteristics that one should expect a financial advisor to have – honesty, empathy, competence, experience, being appropriately qualified and one who would be willing to be your advocate at all times.
How does a person go about finding a financial advisor? Typically, people start by asking their network of family and friends, peers, colleagues and business partners. Some peruse through listings and advertisements or rely on personal wisdom and knowledge of the financial industry. Based on the gathered information from different sources, research, assessing the reputation of an advisor or firm and finally by interviewing a financial advisor, most people conclude whether a financial advisor can do a great job for them.
However, many people fail to recognize that there is a personal relationship dimension that one should consider when hiring a financial advisor. If one wishes to develop a long term, successful and rewarding partnership with a financial advisor, one needs to delve deeper into the motivations and expectations on both sides.
Depending on your stage in life, your circumstances and level of wealth, a particular type of relationship may be most appealing to you. There are three different financial advisory models today that have fundamental differences in the way the advisor-client relationship is structured (*). The following table can help you decide.
What would you like your advisor to do for you? Check on the box that best describes your expectations of your advisor.
Your ADVISORSales ModelAdvice ModelPartner ModelOn InvestmentsSells you a great productInforms you about attributes of particular investmentsListens & focuses onyour desires and needs before recommendingOn The ProcessTACTICALProvides Buy and Sell recommendations COMPREHENSIVEProvides planning, investment management servicesSTRATEGICDefines priorities and Executes the best fit solutionOn Financial PlanningHas a specific PropositionHas a Planning ProcessHas a Turnkey System to Create OpportunitiesOn FocusHas a Short Term FocusHas an Annual FocusHas a Lifetime FocusOn StyleFEAR BASEDPoints out the big mistakes you may be making, advise on tactics and toolsOPTIONS BASEDProvides you with multiple options to achieve your goalsVISION BASEDInspires you to define your overarching mission and visionInsightsLimited insightsShares personal insightsHelps you gain insightsCompensationTransaction oriented -Trades value for commissionFee Oriented -is paid a fixed amount per plan or workRelationship oriented-gets paid for wisdomThe ApproachIs IndividualisticDelegates work to expertsIs a Leader of an integrated TeamOverall relationshipOne DimensionalProduct orientedTwo Dimensional service & process orientedMultidimensional and IntimateCommunicationInform to Solicit salesProvide ConsultationPromote Reflection & Results
The Sales model is typical of who is commonly called the insurance or stock broker. The advice model is usually the forte’ of smaller independent fee based advisory firms. However, it is estimated that less than 100 firms fall under the emerging Partner Model in the US today.
If you are looking for a financial advisor in the US, tell us the Advisor Model that is the best fit for you right now and we would be glad to assist you. Contact us by email: Darren.laporte@gvfinancial.com. On the Subject line, please include: A Financial Advisor for Me.
*The structure and contents of this article are built upon the foundation of “advisor styles grid” by T. Fithian & S. Fithian. 2007. “The Right Side of the Table”. Special thanks to Todd Fithian, CEO of The Legacy Companies, Boston who has generously granted permission to use his work for this article.
Disclaimer:
GV Wealth Insights is a publication of GV Financial Advisors, Inc. Registered Investment Advisors based in Atlanta, GA. The contents of this production are for informational and entertainment purposes only and is not intended to or should not be relied upon to provide any accounting, tax, investment or legal advice. Different types of investments involve varying degrees of risk and there can be no assurance that any specific investment will either be suitable or profitable for an investor’s portfolio.
Past performance is no guarantee of future results. Opinions and views offered constitute our judgment based on current financial market conditions and trends and should not be construed as investment advice and are subject to change without notice. Material offered is for informational purposes only and not intended as an offer or solicitation for the purchase or sale of any financial instrument. Please contact your financial advisor prior to making any investment decisions.

A Financial Advisor For Me

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