Adapt or die. Many financial advisors are rapidly approaching extinction as they fall out of touch with their clients—costing their clients significant money. Clients (and advisors) need to take immediate action. This is a quick checklist to determine if your advisor is about to go the way of the dinosaur.
- Do most of your financial advisors’ communications involve market forecasts and predictions? If so, I have a prediction for you, they don’t know what they’re talking about. It’s impossible to know what will happen in the market in the short term. Anyone who tells you differently is lying to you… and themselves. It is ridiculous that so many advisors waste so much time telling you what is going to happen this week, month or year. And who pays for that useless “research” and communication? Often it’s you, the client.
- If your advisor’s marketing material talks about their differentiators, they’re not different. They’re like everyone else and you deserve better. If their website includes pictures of a retired couple on a beach, a sail boat or a golden retriever – run, don’t walk, to find a new advisor (full disclosure, goldens are wonderful).
- How does your advisor utilize technology? If your answer is you’re pretty sure they use email and a cell phone, that’s not a good sign. Why should you care about technology? Because the best advisors use digital technology to save you money. And everyone wants more money.
When advisors do not implement the latest technology and planning strategies, their clients lose. AdvicePeriod is committed to reinventing wealth management and shifting its focus to what really matters to clients.