If you currently work with a financial advisor, congratulations! You’ve taken a positive step towards your financial future. First and foremost, it’s important to work with someone you trust and with whom you feel comfortable. If you’re already happy with your advisor, that’s great. But if you aren’t satisfied with your advisor, here are three things to consider when choosing a new advisor.
Does Your Advisor Answer Your Questions?
An advisor’s service shouldn’t end when they hand you a financial plan or help you build an investment portfolio. They should also offer ongoing reviews, regular communication, and timely responses to your questions. You should feel comfortable reaching out to your advisor when you have a question or experience a new transition in life that impacts your finances.
At my firm, I am dedicated to putting client service first in my practice with my Client Bill of Rights. This includes providing three key elements:
- Objective advice and recommendations
- Education to empower
- Client-focused service and communication
Open communication, ongoing education, and objective advice are essential for building and maintaining a trusted relationship with your advisor.
Does Your Advisor Take a Multi-Generational Approach to Planning?
Ideally, your advisor takes a multi-generational approach to working with you, whether that’s working with your parents and grandparents or your children and grandchildren. This helps ensure there is continuity regarding planning and communication among family members.
Trust is a key factor and while you may trust your advisor, your children or other family members may not, especially if they haven’t met or worked with your advisor yet. If you introduce your family to your advisor and involve them in the financial planning process, they have the opportunity to build a relationship.
I strive to work with my clients’ children and grandchildren before they receive their inheritance for two reasons. First, when the money is in transition the trust between advisor and family is already established. And second, your wishes for their inheritance can be communicated, such as jump starting their retirement fund or putting a down payment on a house.
Is Your Advisor Experienced and Committed?
Experience is one piece of the puzzle when searching for an advisor. Just as you’d find an attorney, accountant, or any service professional who has experience, you’d want to do the same with your advisor.
But another important piece is an advisor’s dedication to and passion for their career. Your relationship with your advisor is personal, so ideally you will work with your advisor for the long-term. How long does your advisor intend on being an advisor?
I love what I do. I’ve been in this industry for 20 years and have seen multiple market cycles. You may not find many advisors with more than two decades of experience at my age. I plan on continuing in this career for many more years to come. I hope to one day transition my practice to my children and maintain it as a family firm.
This combination of experience and youth is valuable and may help my clients feel more confident that I will still be an advisor when it comes time for them to retire.
Choosing Your Advisor
Choosing a financial advisor is a very personal decision and you want someone with whom you feel comfortable around and enjoy working with. If you’d like to learn more about me, my services, and if I may be a good fit for you, I encourage you to give me a call or send me an email. We can meet over the phone or in person, and there are no strings attached. I look forward to meeting with you and learning more about your family and your goals.
About Mike Loo
Mike Loo is an independent financial advisor with more than 20 years of experience in the financial services industry. His mission is to provide a meaningful impact on the lives of clients and the people they care most about, help them make educated decisions with their money, and build a strong financial foundation for both themselves and their next generation. Mike is committed to meeting a high standard of excellence, taking the time to listen to clients’ needs, and designing strategies that aim to help clients save money and reduce debt. He seeks to fit a client’s investments into their life and educate them so they’ll understand their investments. To learn more about how Mike may be able to help, connect with him on LinkedIn, call his office at (949) 221-8105 x 2128, or email him at firstname.lastname@example.org.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Trilogy Capital, a registered investment advisor. Trilogy Capital and Trilogy Financial are separate entities from LPL Financial.