What to Expect From Your Financial Professional

When we enter into a partnership with a new client, it’s easy to spot who has been on Google to see what they should expect. They often read a check list of questions, but I’ve noticed that no one seems to ask the important questions, or more importantly, they don’t know what to expect, and therefore, what to ask.

Here are a few things that you should expect from your financial professional.

1.     Urgency

This is something that we founded Zelus on. Far too often, I’ve seen advisors who for one reason or another, believe that the clients work for them, not the other way around. Whether that’s a fancy title (usually given to themselves) or a nice car, if your advisor doesn’t handle your needs with the same sense of urgency that he would put into his own finances, you’ve got the wrong guy. The great thing about modern technology, and especially in our industry, is there is never a reason that you should feel less than a priority. It doesn’t matter if your advisor is on vacation, if you have an urgent matter, it should be able to be addressed in a timely manner, from anywhere in the world. That’s the great thing about a cell phone, laptop, and help back at the office. It may not always be an urgent need, but it should always feel like your needs are handled with the utmost sense of urgency, the same way I would handle my own needs, especially when it comes to money. If your advisor was on vacation and had an issue with his funds, you better believe it would be handled. Why should your needs be any different?

2.     Understanding

This is a big one. Our job is not to take your money and invest it blindly. You should always understand what you are invested in. If it’s too complex for you to understand, it’s probably too complex to hold. We often see clients with portfolios prior to transfer with wild strategies that underperform the market, usually fairly significantly. Fear comes from a lack of understanding, and while I’ve found most of my clients have a slight fear of the markets, we have also found that they feel a lot better about this fear after we have walked them through their investments. There are no tricks, no hidden shortcuts to building generational wealth. If we can understand your investments, so can you, and you should always understand them. Once again, we work for you, not the other way around.

3.     Clear and Honest Fees

This also applies to your fees. We are a fee-based planner, and we charge a flat fee. There are no hidden commissions on the side, no up-front hidden fees, and certainly never any quotas. Many people are shocked to find out how much they are actually paying in fees and commissions. Do me a favor, just google your advisor’s firm fees, and read a few articles. There will be plenty to read, especially if you are with a nationwide firm. I bet you are shocked with what you find. Time and time again, clients are certain they only pay a set amount, only to find out they are paying way more after trade fees, management fees (the fee they are usually certain is the only amount they are paying), and commissions. On top of that, most firms have quotas, or certain products they are pushing for a given time. You can see how that could be conflict of interests. For this reason, most aren’t a fiduciary, meaning they don’t have any real legal obligation to do what’s right for you. We founded Zelus as a fiduciary, with a legal obligation to do what’s right for you and charge a flat fee. None of the other hidden tricks.

-Colin Feller, President