Is Your Financial Advisor Actually Doing Any Advising?

Home|Best Practices|Is Your Financial Advisor Actually Doing Any Advising?
1Aug

Is Your Financial Advisor Actually Doing Any Advising?

At PWG Financial we put our clients and their interests first. When you work with the PWG Financial team, you can rest assured that we’ll provide the attention and expertise that you, your family, and your employees deserve.

Some financial advisors, quite frankly, are “advisors” in name only. Even if they’re providing advice, it may be cookie cutter information they read online or heard from a colleague.

A genuine, professional financial advisor has a deep understanding of financial markets, investment opportunities, relevant laws, and other issues. He or she also understands the client’s current situation, financial goals, and other realities. With this information in hand, an expert adviser can provide well-researched advice.

Let’s go over some things you should look for when working with a financial advisor. Should you realize that your advisor isn’t offering well-reasoned advice, you may need to find a new financial advisor to work with. If so, get in touch with PWG Financial.

What Real Financial Advising Looks Like

When you sit down with your financial advisor for the first time, he or she should ask you questions, rather than providing financial advice. Confused? A good financial advisor doesn’t simply offer up financial advice. Instead, he first tries to determine your situation, needs, goals, and all the rest.

The financial advice comes after learning about you. Quite simply, a genuine, talented financial advisor already knows he can’t offer advice without first learning your situation. Your financial advisor may make some suggestions and offer examples during the first meeting, but by and large, he or she should focus on learning your situation.

Make sure your advisor is clear and honest about how they earn their money as well. In fact, it’s typically best to work with a financial advisor who has a fiduciary duty to assist clients. Let’s look at why that’s so important.

Your Financial Advisor Should Put Your Interests First

Your financial advisor should put your interests ahead of their own. Some advisors may try to push certain products, investment platforms, or specific services (such as annuities) because they’ll receive a commission.

Unfortunately, these products may not be right for you, and rather than offering financial advice, the advisor is acting more like a salesperson working to earn a commission. They may not even care if the product is a good fit.

A registered Investment Advisor Representative is a financial advisor with a fiduciary duty to their clients. This means he or she must put clients’ interests first. Should a conflict of interest exist, the financial advisor is required to disclose it. Conflicts of interest may arise from time to time, but an honest advisor will let you know.

How Deep Does the Advisor’s Knowledge Go?

It’s easy to sound smart when providing financial advice. Ramble off a few technical terms, cite some stats, quote a few financial gurus, and boom you sound intelligent. An unscrupulous financial advisor could sign up for some newsletters from other, more skilled and seasoned financial experts, for example, and then simply repeat the information.

A real expert can walk you through decisions, explain financial documents, and possess a deep understanding of various industries and companies they recommend investing in. Often, their knowledge is backed up by degrees, doctorates, or certifications, but keep in mind that education doesn’t instantly equate to intelligence.

Also, check to see if there are any reviews on social media or elsewhere. Social credibility goes a long way these days and an advisor or consultant with many positive reviews may hint at the satisfaction level enjoyed by their clients.

Looking for trusted financial advisors you can rely one? There are a few common threads among the team members at PWG Financial. First, every member brings excellent skills and knowledge to the table. Second, we’re all driven by the same desire to help our clients and the same willingness to put their interests first and foremost.

Get in touch today and learn how PWG Financial can assist you and your organization.

Leave a Reply

Join Our Newsletter

PWG Financial

We have much planned for the future, working with great clients and continued software development. If you'd like to join our team, then we'd also love to hear from you.

Speak to a financial wealth partner today

(888) 431-9794

© 2021 All rights reserved.

Follow Us On