“Honesty brings responsibility” – that’s what I heard on the radio today! And as I thought about that saying on my way into the office, I realized that too many salespeople saturates the financial services industry. Don’t get me wrong, I think salespeople are an essential part of any organization, but at the same time, the question in my mind is “what’s in it for them?”
If you’re going to disclose your entire financial picture, including your values, goals, assets and liabilities and delegate the creation and implementation of a tailored financial plan, you want to work with someone you can trust.
Someone who is both competent and caring, professional and proficient. Someone who wants more than to sell you a mutual fund, an insurance policy, or investment management services. Someone you can count on to keep the big picture in mind, the needs of you and your loved ones foremost, and the details of your personal finances confidential. What you want is a Trusted Advisor or an Investment Management Team that values honesty and moral integrity.
In your search for the right person, you may encounter three types of individuals: the “scientific” salesperson, the so-called consultant (who is actually a salesperson pretending to be a financial planner), and the genuine kind: the trustworthy and competent advisor. It’s unfortunate that they don’t hang a sign on their backs to let us know which group they fall into. Their titles are no indication, either. Stockbroker, insurance agent, financial planner, financial advisor, financial consultant, estate counselor, CFP, CFS, CIMC, CLU, ChFC: none of these labels is a clue. Neither is the big-name company they might represent. So you must assess each individual based on a set of characteristics and, ideally, recommendations from a friend, family member, or another advisor. The Trusted Advisor rarely advertises, makes cold calls, or direct markets, so you are most likely to find one by referral.
Oh, but they do write on blogs, to help you make an educated decision!
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