Partnering with a trusted advisor can help accelerate your financial well-being and provide peace of mind. But how do you find an advisor that is right for you?
There are many reasons why you would choose to work with a particular real estate, home loan, insurance, or financial advisor. But here are five reasons why you don’t need to work with that advisor.
Why you don’t need to work with that advisor
Reason #1: You feel obligated because they are family.
Working with an advisor who is a friend or family member can be great! But you shouldn’t feel an obligation to choose them.
I have several clients who are family. But I’ve also had family members decide they didn’t want to work with me. That’s okay, too! As an advisor, I don’t have an expectation that someone should be my client strictly because I’m family.
Reason #2: You feel bad because you already started talking with them.
Establishing a new relationship with a trusted advisor often involves talking with a handful of potential advisors. Hiring someone to invest your money or choosing someone to provide a mortgage loan is a big deal. Talking with a few people isn’t a bad idea.
So just because you started talking with someone doesn’t mean you are obligated to ultimately work with them. You want a trusted advisor that is providing a great service. If there is another advisor that will be a better fit, go ahead and choose that person.
Reason #3: They are your parents’ advisor.
This is one I hear more often when people are looking for a financial advisor. An advisor who has been a great fit with your parents doesn’t mean they will be the best fit for you. They might have a niche or focus that doesn’t fit with your stage in life.
Reason #4: You’ve been working with them for a long time.
Loyalty is in an advisor/client relationship is a great thing. But you shouldn’t be working with an advisor just because you’ve been working with them for a long time. If there are reasons you feel like another advisor will better serve you then it’s okay to look at moving your relationship. I’ve had clients that have left after working with me for several years because another advisor might be a better fit. Advisors (me included) will probably be bummed but we understand.
Reason #5: Their first offer wasn’t their best offer.
This is one we see frequently in the home loan industry. Because Stewardship Mortgage is set up in such a way to offer great deals to our clients, we often see a competing advisor lower their price or offer a lower rate after they’ve seen our terms. But do you really want to work with an advisor who didn’t start by putting their best foot forward?
Why you should work with that advisor
There are many reasons why you end up choosing an advisor, and a sense of obligation shouldn’t be one of them. Instead, choose an advisor that you trust, has expertise for your situation, and provides great service at an honest price.