Engaging with a financial advisor is significant for both the client and the advisory firm. Considerable time, effort, and resources are invested to ensure that this engagement is not only meaningful but also valuable. Once you’ve selected an advisor, fostering a productive relationship becomes crucial for reaching your financial goals. Based upon my years of experience as an advisor, here are some thoughts as to how to enhance your financial planning experience.
Engagement
Clients vary in how they engage with their advisors. Engagement isn’t just about monitoring investments; it’s about actively identifying and discussing planning issues. Some ways people choose to enhance their client experience include coming to meetings prepared with questions and utilizing tools and services available to them. For example, our firm offers a financial portal that many clients use to get a better understanding of their financial plan.  Successful clients are diligent about following through on agreed tasks and appointments, which ensures progress even amid life’s challenges.
Willingness to Learn:
Those who are willing to learn are able to grasp the risks of their financial plan and grasp the assumptions behind it. I have personally witnessed clients growing in confidence as they expand their understanding of the various aspects of their plan. They are often more flexible in making mid-course adjustments to their financial plan in order to better achieve their goals. Conversely, clients who assume they know everything often miss out on opportunities to deepen their financial literacy and focus on relevant financial issues.
Understanding Budgets:
A strong understanding of personal finances begins with a clear grasp of regular and one-time expenses. Regardless of the budget acumen the client initially starts with, those who invest time in creating and maintaining a budget develop a solid foundation for their financial plans. This process not only builds confidence but also aligns financial strategies with personal goals.
Looking to the Future
There is ongoing discussion about legislative changes that could provide more flexibility for individuals with disabilities. One proposed law, the ABLE Employment Flexibility Act, would allow employers to shift their 401(k) contributions directly into an individual’s ABLE account. This would enable employees to benefit from employer contributions without risking Medicaid eligibility. Unfortunately, this legislation has not yet been passed, so this option remains unavailable.
Articulating Goals and Values:
Successful clients can articulate their financial goals and personal values clearly. Through collaboration with their advisor, they identify what they aim to achieve and prioritize in life, including retirement plans and legacy aspirations. This clarity enables focused financial planning that conforms with their long-term objectives. For example, one client chose to make a significant charitable donation during their lifetime rather than waiting until after their death, following a discussion about their desire to meaningfully impact the lives of their beneficiaries.
These qualities—engagement, a willingness to learn, understanding of budgets, and clear articulation of goals and values—contribute significantly to a successful client-advisor relationship. Clients who can incorporate these characteristics are more likely to maximize the benefits of their engagement with a financial advisor, fostering a collaborative environment that supports their financial well-being.
Barry Jamieson
Disclaimer: The information contained on this blog is for informational and educational purposes only and should not be construed as professional financial advice. Investment decisions should be based on your individual circumstances and objectives. Before making any investment decisions, you should consult with a qualified financial advisor, tax advisor, and/or attorney to determine what may be best for your individual situation.
