We all face various times in our lives when important decisions must be made regarding health, finances, asset protection, etc. What is our process for determining whether or not we need an expert? How do we determine the experts with whom we will entrust our personal information? We might be able to start by reflecting on the process we use to select a physician. Did you select your physician as a result of a referral by a friend or relative? Was this person someone you know from school, or from a group in which you both participated? Do you continue to visit your doctor because you know, trust and like him or her?
Most people-even extremely healthy people-realize that they need to visit with a doctor on an annual basis, at least. Our doctors create a database with our health information, and note changes in our health, as we age. When required, our primary care physicians refer us to other specialists that will assist us when we have a specific need. Many other experts are needed during a lifetime. Perhaps you’ve had the need to create a will, which may have required a visit to an attorney. Did your golf buddy or business partner recommend her favorite attorney?
When selecting an advisor or expert of any kind-doctor, investment advisor, attorney, veterinarian, hair stylist, golf professional, CPA-it is important to determine how well you know, trust and like your advisor. Once you have confidence in their knowledge, it’s all about the relationship. Will your advisor put your interests in front of their own? What is their reputation? When selecting an investment advisor, will he or she connect with you on a regular basis? Will the advisory process be transparent? Will you look forward to meeting with your advisor, because you genuinely respect and like him or her, or will you find reasons to procrastinate.
What happens when your situation changes? Can you count on your advisor to help you navigate the new path? Can you rely on him to listen to your changing objectives? Listening. Understanding. Serving your needs. Someone you can trust. If you’ve surrounded yourself with advisors who treat you as their best client, then you just might have a relationship that will last a lifetime.
Have a great Tuesday!
Lori