Take Stock of Your Financial Consultant Relationship

June 11, 2018

In some ways, there's no one who knows you as well as your financial consultant. But is your relationship with wealth management as good as it can be?

You don’t make your own clothes, cut your own hair, or do your own dentistry, do you? Sometimes it’s good to have a specialist on your side, and that’s certainly true when it comes to managing your finances. However, when it comes to finding a wealth manager, there’s another wrinkle—this person will end up knowing all of your personal financial information. That’s why finding a financial consultant is as much about a relationship of trust and longevity as it is about rate of return. Here are three things to look for when choosing a new wealth manager.

1. Smart Thinking: You need an financial consultant with good ideas for your financial plan—that much is obvious. Even better, look for one with a holistic, comprehensive approach and ideas tailored to your specific needs for not only investments but also mortgages, health care, higher education, retirement, and inheritance. A wealth manager who focuses exclusively on investments is not seeing the complete picture.

2. Availability: A financial consultant should be easy to reach when you have questions and willing to talk about your overall financial planning. You’re looking, ideally, for someone you trust who can provide counsel and guidance for decades, through a number of different life stations. If financial consultants are hard to reach unless they’re pushing new product offerings, that should raise a red flag.

3. Transparency: Good financial consultants are up-front about their experience and payment structure. Don’t be afraid to ask if they’ve handled clients with your background and needs before. Ask detailed questions about their fees and compensation structure. What if, for instance, you want to make a move that is good for your finances but that would cut down on their fees? How would they respond? If your financial consultant is paid based on a metric other than your best financial interests, who are they really working for?

Life Insurance Can Be a Personal Asset

While it may not seem obvious at first, life insurance is an important component of a well-rounded financial portfolio. There are many options to choose from, but by partnering with a financial consultant, you can find the right life insurance solution that affordably meets your needs and offers financial flexibility, growth opportunity, and cash value.


Sterling Wealth Services, through an alliance with LPL Financial, the nation’s largest independent broker dealer*, offers its clients a wide selection of investment products and services. Call (855) 359-2391 for more information. 

*As reported by Financial Advisor, April 2017. This information is not intended to be a substitute for specific individualized tax advice. Discuss your specific tax issues with a qualified tax advisor.

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