It is not uncommon for those who are successful and earn a good living to be juggling a lot of balls. Between the demands of work and family, spending time with a financial advisor, while deemed necessary, is one task to be minimized. Set it, and forget it seems to be the mantra of many. While that may work out okay, there is much more to be gained from a relationship with a financial advisor.

The importance of financial planning

One reality of the modern world is that money pervades every aspect of our lives and developing good financial skills enables us not only to get by but to do well and prosper. Younger people seldom seek professional financial guidance, and with relatively little money to spare, simply getting in the habit of saving, staying debt-free and building an emergency fund is a great start. But sooner or later, something will come about that makes financial planning more imperative. Whether it’s buying a home, starting a family or managing greater income through career success, there’s suddenly more at stake.

The importance of the financial advisor

There are many terms used rather freely in the financial industry, but there are a few simple ways to tell who is who. If a person is regularly pushing a certain product, he or she is earning a commission, and fundamentally, does not have the best interest of the investor as their sole purpose. Other financial advisors are fee-based and will ask about the investor’s goals and then proceed to rattle information on asset allocation, proper tax planning and having sufficient insurance. These are all essential issues and proper to discuss, but investors want and deserve more.  

The difference maker

The financial advisor who understands the concept that financial planning is a process, whereby one size does not fit all and needs are dynamic, can be a true difference maker. The difference maker doesn’t assume every investor fully understands his or her goals or can artfully articulate them; the difference maker wants to know about the investor’s life and feelings about money; the difference maker provides a forum for the investor to be heard.

Spinnaker Investment Group strives, with every client, to be a difference maker. If you have a friend or family member who is not getting the most out of their relationship with their financial advisor, please fill out our referral form.

Disclosure

The information contained herein is based on internal research derived from various sources and does not purport to be statements of all material facts relating to the securities mentioned. The information contained herein, while not guaranteed as to the accuracy or completeness, has been obtained from sources we believe to be reliable. Opinions expressed herein are subject to change without notice.