Partner Rather Than Defer to Your Financial Advisor to Make More Money and Be Happier Doing It

You Have More Power Than You Think to Have Your Money Grow Your Way

Always follow the money.

This will help you remember when you are paying someone, that you are the client. It will empower you when you feel intimidated by your advisor, who may know more about investing than you do, but a lot less about your expertise, which is YOU — your goals, your values, and your risk tolerance. You are collaborators, partners in stewarding your wealth.

But don’t hand over your sovereignty along with your money.

You are the client and you are paying to have your wishes and needs taken into consideration. You hold the power, no matter how much jargon gets thrown at you or how often the fancy watch gets flashed. Your advisor is not doing you a favor by meeting with you and answering your questions. It’s their job!

Here’s what can happen if you don’t:

1. You discover that your account has slipped through the cracks and left in cash for months while the market rallies hard. You not only forego those gains but the lifetime of compounding on those gains. Please call and ask questions when something weird seems to be going on.

2. You want to invest your values but find that your portfolio holds stock in companies that you think are the devil incarnate. It’s on you to tell the advisor what’s investable from your perspective and it’s on them to “get the memo” and discuss your options. If they blow you off or can’t, that’s diagnostic.

3. You find your portfolio invested in a formulaic aged-based asset allocation, which is very conservative. But you have a strong stomach for risk and own assets that can cushion you in market declines. You don’t want a grandma portfolio (even if you are one). If your advisor doesn’t take the time to assess your risk appetite and goals, they’re managing your portfolio for their convenience, not yours.

Good communication and fearless collaboration mean you have a say in how your wealth is being invested. This is in no way offensive, micromanaging, or petty — it will lead to better results, for everyone’s benefit.