Real quick. You’re interested in hiring a financial advisor—one who’s held to a fiduciary standard by law, not some silly suitability one. You know you need help, but you just can’t make it happen because there’s resistance: No time, no real interest in digging into it, or you don’t know enough to explain to a loved one why you need it. “We’re fine, aren’t we?” She might ask.
OK, here are summaries of two calls I had yesterday with prospective clients that will help you gain some perspective.
The first one was with a prospective client whom was referred to me by a client I’ve been working with for twenty years. The two of them have been friends for 60 years. That was a great conversation lasting 45-minutes and could have easily gone longer as it was a comfortable exchange of questions and answers and life stories. The best conversations are like that and can only happen because there’s a level of trust already built-in.
In contrast, the other call was from a prospective client who wasn’t familiar with us. This call was more—bang, bang, bang—questions and answers about his eight-figure portfolio. The trust hasn’t been established yet. It can happen, though. It just will take more than three-quarters of an hour. But that’s my job.
Action Line: Finding an investment approach that’s right for you and your family is not intuitive. It takes work to find someone you feel you can trust. Then it’s a leap of faith of sorts. Keep putting in the work, and you just might realize, “This is the Way.”
Originally posted on October 22, 2020.
