Before you begin your search, ask yourself: Why am I looking for a financial advisor? Perhaps an event, like a big promotion, the sale of your company, or an inheritance, means that you are now working with a significant amount of money and you want some investment and tax advice. Or, after reading this book, you may realize that you need a clear plan so you can avoid your own retirement fail. The reasons are always personal and are often specific to your situation.
Knowing your motivation, you can now start the search process. What makes a client-advisor relationship successful? What are the key criteria you should consider? What do you do to make the relationship special? Following are seven key characteristics of a great advisor-client relationship. (At the end of this section you will find a checklist you can use as you start your search.)
You Trust the Advisor
Trust is table stakes, or the necessary basis of your relationship. Your wealth advisor is going to be one of the key people who will have knowledge of, and even some control over, your family's financial well-being. When meeting with a potential advisor, listen to your head and your gut. What is the overall feeling you get? Do you feel that this advisor has a passion for excellence as well as a high level of integrity and professionalism?
Of course, it is difficult to assess trust in a single meeting, but listen for the motives of the advisor. The advisor should be interested ...