When considering a relationship with a financial advisor, there are many questions to ask. It may feel overwhelming. My hope with this article is to help folks feel a bit more informed, understood, in control, and ultimately more confident about the partnership they decide to choose. We have noticed that bringing on new client relationships spans a wide spectrum of experiences. Interestingly enough, many times folks come to us and share the following concerns -
- I haven't heard from my advisor in a while
- I don't understand a particular product or why I own it
- My portfolio has gone down and I don't understand why/I am concerned
- I don't understand the costs in my portfolio
Certainly, this is not an exhaustive list of client concerns, but it outlines some of the common things we hear. With this in mind, one of the many important considerations a client can make doing due diligence is asking a simple question, "What is this person's process?"
At Ellicott Mills Wealth Management, we try to simplify our process. Below is an example of what an annual review template looks like once the client plan is set up:
CLIENT REVIEW
· Financial Statement
Assets/Liabilities
Income/Expenses
· Goals
· Risk Tolerance/Time Horizon
· Asset Allocation/Diversification
· Performance
· Retirement Projection
· Protection-Life, Disability, LTC
· Emergency Cash
· Beneficiary Review
· Estate Plan
· Fees/Expenses
This list has been cultivated carefully and inspired by our planning-first approaching. Once we have reviewed these items with our clients, we feel comfortable recommending and managing an investment strategy that keeps each of these items in mind. Our goal is to review this framework at least annually with our clients or as their lives change to keep them on track to meet their goals and objectives.
Ultimate transparency is our goal! If you'd like to learn more about this process, please feel free to contact our office.
Together, we can work to keep you on-track towards your financial goals.
Request a consultation with me to learn more.
Read more articles by Harry Slade IV