By Tom Carr, CFP®
If you think most financial advisors are more or less the same, think again. Beyond the numbers, a relationship built on trust, understanding, and shared goals can go a long way in helping you develop an investment strategy that works for you.
According to recent research, clients most value the following attributes in their financial advisors:
- Frequent, proactive communication
- Personalized investing guidance
- Matching client needs with services provided
It seems that a strong personal connection plays as big a role as financial performance in the best client-advisor relationships. The research also suggests that solid relationships between clients and advisors are key to positive, long-term collaborations.
At Gould Asset Management, relationships are core to our business, and trust is at the heart of our relationship with each client. Here’s why your relationship with your financial advisor matters.
Your Relationship Is About Managing Money…and Much More
A strong relationship between you and your financial advisor is built on trust and understanding. That trust can lead to a more comprehensive plan and more personalized advice. Thorough and customized financial planning can result in a portfolio that meets your investment needs.
Initially, you might wonder why you and your financial advisor spend time discussing more than just money management. For example, your advisor might ask about your health, housing, or retirement plans. You might even chat about your upbringing, family, hobbies, and personal values.
But think about it this way: The more a financial advisor knows about you, the better you can work together to tailor strategies to your goals.
A thoughtful financial advisor does more listening than talking. This personal attention to the details of your life is a good sign the financial advisor cares about you and is looking out for your interests.
Why Your Personal Relationship with a Financial Advisor Matters
Trust between you and your financial advisor offers benefits in both directions. The more you lean on your financial advisor for financial guidance, the more your advisor can use their skills and experience to find strategies that deliver on your goals.
Here’s what to look for in a personal relationship with your advisor:
Trust and Comfort
A financial advisor who provides open, honest, and clear communication can build trust and comfort with a client. You should feel understood and supported by your financial advisor. This level of comfort can provide you confidence when making decisions.
Quality Advice
A financial advisor who understands more about your values, goals, and personal life can provide customized guidance. While there are no guarantees with investing, a tight alignment between the investor’s objectives and the advisor’s guidance could offer advantages.
Behavioral Coaching
Financial decisions can be emotional, especially in volatile markets or during a life change.
When you trust your advisor, you can rely on them to steer you clear of making calls based on emotions and encourage you to stay the course of your financial plan. You’ve learned you can depend on and trust your financial advisor, and your advisor can offer reassurance about your decisions.
Focused Planning
When you and your financial advisor are well attuned to one another, a financial plan focused on your goals can naturally follow. Whether your goal is building wealth, retiring in comfort, providing for the next generation, or supporting a charity, a financial advisor who understands what you believe in and want to do can build a better financial plan.
A financial advisor who gives quality advice, understands and caters to your needs, and provides emotional support adds significant value to your relationship.
Find a Financial Advisor
If you need help meeting your financial goals, let’s talk. We’ll introduce you to our financial advisor and client service teams, which work together to deliver personal client service tailored to your unique circumstances and desires.
To schedule a meeting, call (909) 445-1291, email contact@gouldasset.com, or request a meeting on our website.
About Tom
Tom Carr joined Gould Asset Management in 2002. He is a partner and chief compliance officer for the firm. His primary responsibilities include compliance oversight, portfolio management, investor reporting, and relationship management with clients and financial advisors. As a portfolio manager, Tom plays a lead role in the fixed income area and has been instrumental in establishing and maintaining Gould’s high level of client service. Prior to joining Gould Asset Management, he was a senior investment specialist with Charles Schwab & Co., where he provided financial planning and investment advice for nine years.
Tom has a BA in Management Science from the University of California at San Diego and holds both the CERTIFIED FINANCIAL PLANNER™ (CFP®) and Accredited Estate Planner® (AEP®) certifications. He has served as treasurer for the House of Ruth, a non-profit organization that assists women and children affected by domestic violence. He also is a member of the board of directors of the Estate Planning Council of Pomona Valley, the board of the Inland Empire Estate Planning Seminar, and the consultative board of Pomona Catholic High School. Tom is an avid sports fan and enjoys cycling, running, and golf. To learn more about Tom, connect with him on LinkedIn.