Welcome to episode 157 of The Retirement Years on Profit Boss® Radio! In this episode, we’re talking about what financial advisors actually do.
Perhaps you’re really starting to come into your own as an earner and thinking you could benefit from working with a financial advisor. Maybe you’ve met with several people who all call themselves financial advisors, but were surprised to discover that there was no consistency at all in what they did or the services they offered. You may also be wondering why so many advisors charge for their services in completely different ways.
If your initial research into the world of financial advisors has left you with more confusion than clarity, today’s episode of Profit Boss® Radio is for you.
A great financial advisor is someone who you can trust deeply – and who prioritizes your success above everything else. They should help you create a world-class investment experience uniquely suited for your needs, give you the tools to thrive in life, and help you create a legacy and estate that you’ll be able to pass on to the next generation.
So, do you want to know the most important questions to ask, the red flags to look out for, and what a great relationship with a financial advisor can do for you? Then you don’t want to miss this episode. Tune in to Profit Boss® Radio today!
Here’s what you’ll find out in this week’s episode of Profit Boss® Radio
- Why there’s so little consistency between people who call themselves financial advisors.
- Why I don’t like annuities – and why I don’t consider financial advisors who predominantly sell life insurance to be real financial advisors.
- The qualities to look for in a potential financial advisor.
- Understanding the difference between a fee-only and fee-based financial advisor.
- How to work with a financial advisor to create a world class portfolio that’s low cost, high performance, diverse, evidence-based, and built to weather market cycles.
- Why tax minimization, lifestyle coaching, insurance recommendations, and mortgage analysis can all be provided by the right financial advisor.
- What an empowering, meaningful cash flow actually looks like.
Resources and Related Profit Boss® Content
- Women’s Financial Freedom Month & The Ultimate Guide to Choosing a Financial Advisor
- Are You Getting The Highest Value from Your Financial Advisor? 3 Questions to Ask
- Considerations Before Hiring a Financial Advisor
Call for Listener Stories
Hey Profit Boss® Radio listeners! If you reach a financial goal you’re proud of, tell me about it! I will continue to share listener win stories throughout 2019. Remember, the Profit Boss® community is here to support you and that includes celebrating with you when you accomplish something incredible.
- If you crush a specific financial goal, I want to hear from you.
- If you’re thankful for something that has happened in your financial life or career, I want to hear from you.
- If you are making big financial or career plans, I want to hear from you!
Your financial success is possible and so many of you are already making that a reality! So, don’t keep your wins to yourself! Share them with me so that I can air them throughout the year on Profit Boss® Radio.
Email your audio clip to [email protected]. And we’ll be in touch if we plan to air your story. Thanks, ladies!
And let’s not forget that this show is powered by you and your stories and questions. Every month I’ll be doing an #AskHilary episode where I answer listener financial questions.
- So, what’s that top of mind money question that’s been pinging around in your brain?
- Where have you been stopped?
- What have you been arguing with your spouse or significant other about?
- What tip or tool aren’t you sure about?
- Do you have questions about saving? Spending? Budgeting? Investing?
Pick up your mobile phone right now. Yes, right now. And open your voice recorder app. Yep, go ahead and open that app and record yourself asking me that question. Just say your name, first name only is okay, and then what city you’re from, and then ask away.
Anything you want to ask. And once you’re done recording, export that beautiful little recording and email it to [email protected]. I can’t wait to hear your questions!
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Hilary Hendershott: Today we’re here to talk about what a financial advisor actually does. Maybe you’re just coming into your wealth and high earning years and you’re wondering, “Do I need one of these things called a financial advisor?” Maybe you’re confused about what a financial advisor does, because you’ve seen several people in their offices or maybe you’ve worked with people who call themselves financial advisors before, and there just wasn’t consistency between what this person did and what that person did. Or maybe you’re just overwhelmed by all the messaging that’s out there and wondering, “How the heck do I tell the difference between A, B, and C, different kinds of advisors, they seem to charge really differently, they seem to do really different things?” So, let’s talk about all of that. So, surprise, I really can only talk definitively about what my firm does because that’s where I spend all my time. I do intend for this show to be educational and consultative. And so, I want to say upfront, I don’t want this to be perceived as a 40-minute commercial for my firm. So, I’m going to speak in general terms. I’m going to give you the information that I have but, of course, I have to tell my own story. I can talk about what I do as a financial advisor. I do have lots of interactions with other financial advisors and where possible, I’m going to try to talk about some of the other things that other firms do.
First off, let me say that nearly everybody who calls themselves a financial advisor is going to have a solution for your investments, whether that’s market-based investments, meaning the stock market or whether that’s annuities and sometimes the underlying investments inside an annuity is in the stock market or its bonds. But ultimately, an annuity is a contract that you buy that takes money out of your financial ecosystem and puts it in someone else’s. I don’t use annuities in my practice. I don’t think that they’re a great solution. I think they’re expensive and low performing but that’s probably foddered for a different episode, in an upcoming episode. And some financial advisors who call themselves financial advisors actually just sell life insurance. In my opinion, that’s not a financial advisory tool. That’s a life insurance tool.
But ultimately, the term financial advisor, unfortunately, isn’t regulated. It’s a little bit up to you. It’s sort of buyer beware kind of a situation. In my opinion, if you’re looking for a financial advisor or considering working with a financial advisor, definitely work with a comprehensive advisor, someone who’s a fiduciary, someone who charges only fees and doesn’t earn commissions so that means fee-only, not fee-based. So, fee-based means they charge a fee and they earn commission selling you stuff that, in my opinion, you don’t need. I think that the story of the benefits you’ll get from working or could get from working with a financial advisor is best to hold high level so I’ll start high level and then I’ll get into some of the nitty-gritty details. And this is from the lifecycle of a client document that we put together. We call it our Platinum Client Services. Ultimately, my firm’s mission is that you thrive. We want our clients to thrive. We are totally committed to our client’s experience of optimism, competence, freedom, happiness, and peace of mind about their financial future. Imagine that. Imagine what it would take the kind of services and conversations and results that you’d need to really have that happen in your life and that’s what we are going to the mat to provide.
Our clients and their goals are the center of everything we do, as I say, we offer personal Chief Financial Officer services. So, we have to get to know you, your commitments, your family, your employment, your earnings, your history with money, and so that we can do for you what you would do for you if you knew what we know, right? That’s kind of the best situation, isn’t it? And so, ultimately, I want to delegate this aspect of my life. For me, it would be my health. I would love one person to take care of my health and do for me, what I would do for me if I knew what they knew. Now, that’s a lot of words, but I know you get what I’m getting at. We consider it our highest work to make it possible for our clients to fulfill on the things that are important to them, not to us. To them. So, we’re not here to foist our opinions or what we think should happen on people’s lives. Instead, we really get to know them and help them fulfill on their goals.
In order to do that, we provide comprehensive fiduciary financial advice. So, we intend our guidance to be empowering, consultative, conflict-free, customized, timely, understandable, actionable, and wisdom based. So, we use what we know from our combined almost 40 years of experience in the industry to help people avoid mistakes, to help people do what’s going to, in the most efficient way, help them fulfill on their goals.
We provide a world-class investment experience. So, a personalized portfolio implemented for you that’s low cost, high performing, well-diversified, evidence-based and appropriate for any market cycle. Imagine that in contrast to what you hear from the national financial news media is possible in investing. If you listen to the media or most financial advisors who speak publicly, you might not think that it would be possible for you to have an experience in investing that you consider world-class. That is what we deliver.
We also deliver tax minimization strategies. Did you know that a financial advisor can help you minimize your tax situation? So, we continuously review our clients’ financial picture and make recommendations to reduce their tax bill whenever and wherever possible. We do not prepare tax returns. Some financial advisors prepare tax returns and act as financial advisors. Now that’s fine, but that’s two different roles. Tax Preparation is a separate skill set from financial planning. Okay? So, I know some financial advisors do that so they’ll prepare your tax return for free or at very low cost because it’s a way that they can bring clients in. It’s an offer that they can make to the public. I have spoken with some advisors who do that. I think that they add a level of complexity in your financial life. They will say, “You know, I can prepare your tax returns.” So, basically, if you have a W2, if you have a W2 employment situation, or just simply 1099 with some simple expenses and you own your home, so you have mortgage interest that you try to deduct. Anything more complex than that, and many of the folks who are trying to act as both tax preparer and financial advisor, they kind of cut it off and say, “That’s beyond my scope of work.” So, my firm we don’t prepare your tax return, but we firmly believe that your tax bill should be minimized within the limits of the current tax law. So, it’s all aboveboard, but there are ways to plan and strategize to minimize your taxes and so we help people do that, whether that be advising on a Roth IRA conversion or make a backdoor Roth or a backdoor Roth or tax-managed investments or whatever that may be.
Finally, we assist our clients to leave a legacy. You have worked or you are working. You’re saving and you’ve really learned invaluable lessons and your time on the planet. Proper estate and legacy planning makes it possible for you to pass your resources and lessons on to your heirs and your community. How are you going to leave the planet a better place than you found it? So, this is the part of our work that is really meaningful, can be really meaningful. I’ll be honest, not all of our clients take us up on it. I think that thinking about our mortality is a very tough thing to do. You know, I recently had a conversation with a prospective client and it was a married couple and they were in my office and I said, you know, “Can we be a part of talking through what you would like to have happened if one or the other of you predecease the other, you know, and the unfortunate situation that one of you is on the planet and the other one is no longer?” And they looked at me and just said, “No, we’re not going to have that conversation. Not interested. Yes, we’re in our 60s. Not going to do it.” So, just being honest and transparent with you as I do, not everyone is ready or willing to have that conversation.
So, again, getting back to what financial advisors can provide and principally what my firm provides, we have made a big effort and we have integrated into our structures and the technology of the firm, that our relationship with our clients is one of trust and honor and mutual respect. Our intention is that life is better as a result of working with us, and we’ve aligned our success with your success. Also, we’ve created a life and business that we love as a team so our partnership with our clients contributes to the fulfillment of our purpose in life. Ultimately, I mean, look, I’m a mom first and I’m a wife and I’m a member of a family that I love but I’ve created a business that I love. The nature of the business that I’m in is that it can be a lifestyle business, meaning I own it, right? I’ve created the business to be what serves me and what fulfills me and I’ve given my employees the opportunity to contribute to the design of their own work. And so, we love what we do.
Our company values or what we uphold in all of our interactions, our integrity, empowerment, grace, fun and ease, wisdom and love, and that is something I’m really proud to share with you. So, that really is the story of how our clients experience working with us and what you can experience working with a financial advisor, and really why I’m able to tell such a big story. I mean, I know that the things I just said that’s a big promise and why I’m able to make big promises like that is because we are a fiduciary fee-only firm. And so, it’s no surprise to anyone who listens to the show but I know in audio, in podcasting, it’s important to focus on themes and to not be afraid to repeat the things that you think are most important. And I just want to put forth that I think it’s critical that if you’re going to work with a financial advisor, you choose a fee-only fiduciary.
Now, one of the ways that we work that my firm works is we do manage my clients’ nest egg, so we open accounts. In my case, at Charles Schwab, we get limited power of attorney on those accounts. Our client monies live in their Schwab accounts and we manage those accounts on their behalf. And in order to get paid, we charge a percentage of the account balance that we manage. And that’s sort of the bread and butter way that financial advisors get paid. There’s a whole sort of cottage industry of financial advisors who work for a monthly subscription or a fee that’s based on something other than your account size. Some advisors charge a fee based on your net worth or some advisors charge based on some other number that maybe I don’t, I mean, I don’t know everything about everybody and how they price. But there’s a lot of diversification and a lot of there’s a big offering out there in terms of how people want to work for you.
For me and my firm, because what we do is so white glove is so done for you, I can’t do what I do successfully and deliver on the promises that I just made without having oversight into the construction of the portfolio and being able to do things like rebalance on client’s behalf, transfer money, implement Roth conversions, bring money over from a 401(k), rollover an IRA, help you with a backdoor Roth. So, we’re doing this for clients and if I have separation to the accounts, and I can’t implement the changes that we talk about, I just can’t get my job done. So, I don’t know what it’s like to be a client of a firm that simply gives advice that doesn’t build the portfolio for you. That’s the way it’s always been in my professional life. That’s what I’ve always done. So, I can’t really speak more. I can only say that’s out there.
So, let’s talk about the detailed list of services that financial advisors can provide. Again, this is my list of services, but I just want you to know how vast it can be. So, financial advisors can make recommendations for tax-advantaged investments and solutions for new tax laws that can affect your situation. If you have maxed out your tax-deferred savings so for example, you’re only allowed to contribute between $5,500 and $6,500 to an IRA or $19,500 to a 401(k), that’s your tax-deferred investments. Now, you’re contributing to an after-tax account. If that’s the case, we must minimize capital gains taxes. In the state of California specifically, capital gains taxes can be almost half of your growth. You can’t lop off half your growth consistently, and still be growing wealth. So, you need tax-advantaged investments and you need an advisor who understands the new tax laws and how to maximize your situation vis-a-vis those new tax laws.
Hilary Hendershott: Welcome to this week’s Moneywise segment designed to make you empowered financially and smarter than your neighbor. Today, we are talking about picking a guardian for your children. It’s a worst-case scenario. No one likes to think about it. I recommend you think about it in a hypothetical sense. There’s no reason for us to deal with our own mortality unnecessarily. However, the very real possibility exists that you and your partner could get hit by a bus and not come home tonight to your children. It’s critical that you name a guardian, who will raise your children with your values and principles intact in the event that this occurs. Among the characteristics to consider, this person should have similar values and lifestyle to you. They have flexibility they can take on the care of your children. They have a good sense of responsibility, good health, they’re fiscally fit, and they’re good at handling their money, and they like your children.
Of course, you can adopt this wish list to reality, and maybe it’s clear to you, “Oh, it would be my sister or his brother or her best friend,” maybe it’s just totally clear to you who that guardian should be in that worst-case scenario but you also want to know that there are actually two aspects to guardianship. One, serving as the guardian of the child or taking care of their personal needs and, two, serving as the guardian of the estate so that person would be the successor trustee to your family trust. In some cases, the same person can handle both. In other examples, it’s best if the responsibilities are divided. So, let’s say your sister, Sue, is going to take the kids if something happens to you, and your brother Joe is going to handle the money. So, when Sue wants money, she has to ask Joe. Joe approves and sends the money. In other words, you’re not giving all of the responsibility, not just responsibility, but power to one person.
Family members are often the first choice for guardianship and, you know, maybe they feel pressured or maybe they just don’t want to refuse the job. There are some schools of thought that you should talk to the potential guardian before you name them. And actually, my estate planning attorney recommended that we not which preserves the opportunity for us to change our mind. Say we named this person now and in five years it becomes clear that that’s not the right future guardian for our kids. And so, then we can go change that name in our will and estate plan without offending anybody. Long-term guardians are named in your will so you need to do this in partnership with your family attorney or estate planning attorney. Naming a guardian is not binding on the courts, but it shows your intent. And sometimes the situation can arise particularly if you are a single parent, in which case you’ll be unable to care for your child for a short time due to severe illness or other unfortunate circumstances. In that case, you can appoint a temporary guardian.
The point of this is if you don’t plan, it’s really up in the air what will happen so it’s important to face those hard thoughts, do it, force yourself to do it, talk to the attorney and then put it away. Put your seatbelts on and keep yourself safe. But most importantly, make sure you take care of your kids.
Hilary Hendershott: Financial advisor can also offer you a proposed investment portfolio in your employer-sponsored accounts so your 401(k) or your 457 or your 403(b). It’s important what you’re investing in in those accounts so we, complimentary, we do not charge for this or we don’t charge extra. We offer to take a look at the list of investments that you have available to you in those accounts and we provide for you a proposed portfolio. We can offer detailed planning for all equity compensation. This is big in Silicon Valley including RSUs, your ESPP, ISOs, non-quals, etcetera. If you don’t know what those acronyms are, I’ll just run through them quickly. RSUs are restricted stock units. ESPP is your employee stock purchase plan. ISOs are incentive stock options and what I call non-quals also known as NSOs or non-qualified stock options. If you have equity compensation, you’ve probably heard those terms and a financial advisor who’s trained can offer guidance on that kind of equity compensation.
One thing a good financial advisor can do is provide accurate and wisdom-based commentary on recent happenings in the stock market. So, for example, you may have noticed in the last couple of weeks that because of the coronavirus, the stock market took a rather significant and temporary dip. So, when the stock market started to decline, I was getting questions from clients. What do you think? What are we going to do? What’s the strategy? And of course, I’m able to respond real-time and provide, again, accurate commentary so that people understand that and I remind them, “Look, the value of the stock market, the value of a stock and therefore, the stock market is comprised of two things. First, the underlying value of the company. Second, temporary investor sentiment. So, when the stock market dips, when a company dips because of bad news, when the stock market dips because of bad world or national news, we know that that’s a temporary investor sentiment problem and investor sentiment always corrects. So, the answer is in this case, we do nothing.”
Now, the specific answer to that question isn’t necessarily relevant to you choosing a financial advisor but understanding that you can get answers from someone who’s willing to take the time to educate you, I think has immeasurable value. Again, my experiences that clients asked these questions at the beginning of the relationship, but then that they build trust over time in the investment philosophy because of the consistent and even-handed education that we do. And we make a big effort to speak in plain speak so that it’s like, speak to me a language I can understand. That’s what I would want from a healthcare coach. That’s what I expect from myself as a professional and there are advisors who do that. So, if that’s important to you, make sure you get that. I think that that’s one of the most valuable things that we do so that people can gain trust not only in us as professionals but also in the investments where their nest egg is invested. So, I consider that an invaluable service that we provide.
We can offer coaching on lifestyle trade-offs. So, it’s important that how you think about and act with your money is in alignment with your dreams, needs, goals, and values. If your behavior is producing results that are off-kilter from the things that are important to you, ultimately, you won’t get there. You’ll experience frustration and disappointment so we keep you on track. We offer regular meetings where we will not only review how you’re tracking to your goals, but it will also create, envision, and collaborate with you on opportunities for you to fulfill on your goals. It’s like a little bit of life coaching in there. We offer analysis of your income needs now and in the future. I often tell my clients the most important number in financial planning is your spending number. We have to know how much money do your investments need to produce to replace your earned income that you are spending to create your quality of life now. We need to know that so that we can ensure that the right amount of income can come out of your portfolio after you stop working.
We can offer a review of your tax return and a complete report of your opportunities from minimizing income tax paid. One unique thing that my firm has always done that I’ve always done as a professional but I don’t think all financial advisors do is we offer to work with your tax preparer to implement strategies to help save for your retirement and to save in taxes now or in the future. We also offer to meet with your family attorney. Maybe you want your children to be there, your heirs, to ensure that everything is coordinated as you envision it in your estate plan. We can make recommendations about the most appropriate distribution strategy to maximize the amount of money you can spend and preserve your nest egg for the people and communities you love most. So, that’s under the header of legacy planning. We can offer education for your children and your heirs on family wealth planning and estate planning. So, maybe you as parents have put together a plan that’s really important to you and we can help you talk to your children and the people that are important to you about that.
We’re your ally in fulfilling on your community commitments so we support your stewardship and we partner with you, whether that’s contributing to charities or setting up a donor-advised fund, whatever that looks like for you. We do offer timely perspective, commentary, and analysis of legislative or political events. So, stuff happens in Washington or in your state government and we can tell you, “Hey, this impacts you,” or you don’t personally need to worry about this. Okay? And that’s really important. You need an educated voice to tell you what this actually means to me and my life? We offer analysis and monitoring of your estate and legacy plans, including and this is critical, monitoring the beneficiaries of your accounts. You need to review those on an ongoing basis. We offer assistance, transferring assets to your living trust. It happens more often than I really care to talk about that someone goes to the trouble of creating a $4,000 or $5,000 or $6,000 revocable living trust, and then they don’t put any assets in the trust, which means the trust is powerless. So, that’s a really sad situation. So, we make sure that your trust is appropriately what we call funded.
And we offer guidance and the necessary appropriate steps in the event of the passing of someone you love. So, it is a super tough time. So, for example, if a parent dies, you’re grieving and maybe you’re the trustee of the trust or the executor of the will. It’s a really tough situation to be in and we’ve definitely walked through that process with clients in detail. It can be very emotionally and technically taxing. So, we’re there for you.
We offer cash flow coaching. I think this is the quintessential thing most people think of when they think of a financial advisor is. I want help with my budget like I think some financial advisors sort of act like a parental role. They dig into the details of what people are spending and say, “Why did you spend on this? And do you really need to spend this much on that?” I don’t typically do that. My voice is more like, “Okay. So, you spent X on this, and you spent Y on that. And according to our savings goals, we can’t do all of that anymore. So, if you keep spending those amounts, then we won’t fulfill on the goals. So, I leave it up to you. What do you see as possible here?” I just really find that the minute you take a parental role with someone who is successful and smart and working and earning and saving, and if I was to say to you, “Well, you really shouldn’t drive a BMW. You should be driving a Toyota,” you might go, “Well, the heck with you.” That just sounds like my mom or my dad when I was a little kid and I don’t want to feel that way.
So, yes, we offer cash flow coaching. And in the case of my farm, what this can look like is a very detailed map. We often do cash flow automation for people. So, we help you categorize your spending in very simplistic terms, but very easy to understand terms and very powerful and effective terms. And then we give you the power to kind of turn the dials but we make a map for your money and we give each of your dollars a job. That’s the best way I know how to do cash flow coaching. It’s super empowering and the results of it are very, very powerful.
We offer calculations for how much you should save for education costs, including college and recommendations on the most appropriate type of account in which to save which definitely right now is a 529 but may not always be.
Insurance recommendations including home, life, health, long-term care, auto, and umbrella and the cool thing about this is because we don’t sell insurance, you can be confident that what we’re telling you is the same thing we’re implementing in our own lives as planners. It’s the same thing we tell our parents. By the way, my mom is a client of my firm so I’m literally giving my mom the same advice I’m giving you which should be heartening.
We offer detailed mortgage analysis and services including the analysis of your amortization schedule, whether or not you should refi and referrals to reverse mortgage and traditional mortgage specialist if you want to work with someone who has integrity and can get the job done and can offer low rates. Based on your situation, we offer those referrals. We never get kickbacks. You can be guaranteed that we’re never being paid by those people. I find that most mortgage people are more than willing to say to my clients, “Hey, you’re 15 years into a 30-year mortgage, and I can offer you a refinance into a new 30-year mortgage where you’ll save $300 a month on your mortgage payment.” What they don’t tell you or don’t point out to you is that you only have 15 years left to pay on your current mortgage. If you re-amortize that over 30 years, now you have 15 more years of payments. You’re like tripling your interest cost. And so, no, they get a commission when they sell you the mortgage. They’re probably not going to tell you that.
And so, I’m doing that detailed analysis for my clients, I say, “Anytime you’re thinking about refinancing, I want to know. Let’s make sure to do the math. And we’ll sort of map this on to your plans.” You know, in the example I just gave, yeah, maybe you’re recasting or re-amortizing your loan over 30 years, but you’re only going to stay in that house for 10 years. So, you’re just going to pay it off or you’re going to sell the house. Maybe, in that case, it makes sense. But again, you have to remember, especially with mortgages, that the interest you’re paying is front-loaded. So, if you’re now just getting into that period, where you’re legitimately paying down principal, it can be very detailed math to show you most refinances aren’t a great idea. So, we’re empowering you with information.
And then on the relationship side, in my firm, we have made a huge effort to be available to people by phone, and email. We want to hear from our clients. And what that means is we have all kinds of structures in place in our business, how we manage email, how we manage our time, who’s working at what times of the day so that client emails always get responded to quickly. Now, do I fall down on that? Every once in awhile, I’ll miss a client email that comes in after four o’clock in the afternoon or something. We don’t get to it until the next day but I don’t think in my entire career has a full day gone by where a client email hasn’t been responded to. And that is one of the biggest complaints I hear from people coming from other firms is, “I’ve been with this firm forever. They don’t talk to me. I feel like I’m insignificant. I can’t get any legitimate answers from them. And mostly I can’t reach them. I can’t find the person who’s managing my money.” And I think some people get to thinking that that’s just the way it has to be or that’s the level of service that’s available. And I want you to know that there are advisors who just don’t operate that way. And you can find what you want. You can find what suits you.
I wanted to wrap this conversation up with a conversation about trust. I would say 9 times out of 10, or maybe 99 times out of 100, when someone emails my firm and when we ask about their experience with their past financial advisors, they describe a level of mistrust. What they describe is a mismatch in what they expect and what they actually get. Some people say things like, “Well, we ask specific questions and we don’t get specific answers,” or, “I feel like this person is kind of trying to pull the wool over my eyes. I can’t quite put my finger on it.” And I just want to say from my heart to yours, it is possible to find a financial advisor that you deeply trust, who is transparent with you every time, who shows up when they say they’re going to show up and does the work they say they’re going to do and delivers what they say they’re going to deliver. I have clients who sometimes it takes a couple years. So, in the beginning, often people are asking lots of questions. What’s happening now? Why is this happening? Why aren’t I invested in this? Blah, blah, blah.
And my experience is over time, those questions go to almost zero, leaving the content of the relationship to be about my clients, their goals, their life, their travels their plans, because the trust has been built. They no longer need to ask into the machinations of the business because I do and say the same thing at the same time. So, we as a team, and I know I’m not the only financial advisor who does this. So, my whole point is it’s out there, but as a team, we have lengthy conversations about what is it to build trust? What are the emblems of trustworthiness? What are the little and big things that we need to do consistently to continue to demonstrate trustworthiness and to ultimately not break trust, right? And we all know the saying it takes a lifetime to build trust and only a moment to break it. And so, we as a firm are committed to never not deserve a trust from our clients.
So, just to wrap it up. If you’re in a professional relationship with an advisor that doesn’t work for you, I just want you to know that it’s certainly possible for you to find someone with whom you can build very professional and complete trust. I hope this episode of Profit Boss Radio has been helpful for you. If you have questions about what a financial advisor can provide or maybe what your financial advisor is doing that you’re not sure about or just anything about this episode, we’d love to hear from you at [email protected]. Thanks for being a listener.
Hilary Hendershott: Hey, profit boss, if after listening to today’s episode, you think you might be ready to take meaningful actions with your wealth and perhaps consider working with me and my firm in some way, then I’d love to hear from you. Just go to HilaryHendershott.com/Hello. When I’m not sitting behind the mic, I’m running Hendershott Wealth Management. We’re a fee-only fiduciary financial advisory firm. We work with women and couples to take their finances to the next level. Everything I talked about here on the show gets personalized and put to work for my clients. So, I ask you, why wait until tomorrow when you can start realizing your full wealth potential today? The life you want to live, it doesn’t have to wait. Just imagine the freedom and joy you’ll experience when you’ve secured your retirement and enjoyed the years leading up to it. That’s what I want for you. That’s what I do for my clients. And if that’s what you want for yourself, just head on over to my website right now, HilaryHendershott.com/Hello. All of our initial conversations are totally complimentary. So, let’s just see where our friendly conversation may lead. HilaryHendershott.com/Hello.
Hilary Hendershott: As we wrap things up here for today, I need to review with you the things I have to disclose as a fiduciary financial advisor offering wealth management services through my firm Hendershott Wealth Management LLC. You should know that the opinions I express on Profit Boss Radio are my own and they can change. The content I provide in the show is for general education. It’s not intended as specific investment advice, nor do I recommend any specific financial products. Unlike how I roll at home with my husband, I can’t guarantee that my statements, opinions, or forecasts are always 100% right. Of course, I wish I could peek into that proverbial crystal ball but so far, I haven’t found it. Past performance is not indicative of future results. I talk a lot about indexes and I want you to know, you can’t actually buy an index because, of course, when you take a list of companies and create a product that allows people to invest in those companies, there are fees and expenses involved that reduce returns. Remember, all investing involves risk, which as you know, means you could lose your money and I have to tell you that there is no guarantee that any investment plan or strategy will be successful. And that should keep my lawyers happy. Have a great day!
Hendershott Wealth Management, LLC and Profit Boss® Radio do not make specific investment recommendations on Profit Boss® Radio or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.