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These three lifestyle questions can reveal if your financial advisor cares more about their fees than you.
#1: Does Your Financial Advisor Communicate with You in Your Preferred Style?
You provide a lot of personal information to your financial advisor (FA). In turn, your FA should provide you with an even greater amount. Most importantly, your FA should communicate that information and their advice to you in a way that you understand.
Your FA should custom tailor their communication style to match yours. You should not need to change your style to match theirs.
You owe it to yourself to figure out if your FA is willing, or even capable of communicating with you in your preferred style.
Here are some ways you may prefer to take in information. Is your FA capable of communicating in these ways?
Using Creativity
- Explaining with analogies, metaphors and similes
- Visualizing the future
- Walking in another’s shoes
Seeing
- Picture “road maps”
- Flow charts
- Decision trees
Watching
- Webinars
- YouTube videos
- Online courses
Hearing
- Storytelling
- Experiences of others
- Case studies
Listening
- Podcasts
- Audio books
- Discussions
Reading
- Short articles
- Detailed research articles
- Books
Numerical
- Spreadsheets
- Graphs
- Step-by-Step Calculations
Just as important, has your FA asked you what ways you don’t like? Moreover, have you told them, but they still try to communicate with you in ways you don’t like?
There may be times when you should consider finding a financial advisor who is willing to communicate with you in your style. Perhaps consider finding a financial advisor who is a better fit for you and your style.
#2: Does Your Financial Advisor Try to Understand Your Values?
Our core values shape how we think and feel. They guide us in making decisions and taking action.
Does your FA ask you about your core values? Do they listen and pay close attention to what’s most important in your life?
Here are values often thought of as being core:
Here are 100+ more values to consider.
#3 Has Your Financial Advisor Offered to Help You to Write a “Life Purpose Statement?
Your Life Purpose Statement is your personal expression of what is most important and meaningful in your life. It can help you align your financial decisions and actions with your core values and life intentions.
We all need a reason to get out of bed each morning. A financial advisor who can help you write your Life Purpose Statement could help you gain clarity and confidence in making financial and life decisions
Personal finance is financial. More importantly, it’s personal. Your financial advisor should custom tailor their service to you as the unique person you are, with your own particular communications style, core values, and life purpose.
Also read, Resolve for the New Year: Take 3 Steps Today to Get Your Money’s Worth from Your Financial Advisor.
Let’s Have a Conversation:
Have you experienced communications mismatches with your financial advisor? How have you managed the mismatches? Have you created a life purpose statement?
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