Financial advisors guide you on different aspects of your financial life. They have experience and knowledge in financial planning.

The financial planner is responsible for –

  • Creating and managing your financial plan
  • Managing your investments and liabilities
  • Managing your financial goals
  • Retirement Planning
  • Tasks such as estate planning and tax management

It is smart move to engage the services of a financial advisor as you will have a professional to help you to save more, invest better and reduce debt.

As a client who is paying the advisor and also entrusting her to manage your finances, you will understandably want the best of the advisor’s services. Let us see how you can make the most of working with a financial advisor –

Determine The Advisor’s Role and Responsibilities

Both the client and the financial advisor have to be on the same page regarding the financial advisor’s responsibilities. Some create your financial documents and plan finances.  Others may take up tasks of tax filing and estate planning. A written engagement letter that specifies the services that will be provided and other terms of agreement should be signed by both parties and filed for future reference.

Share All Relevant Information

A financial advisor can be as good as the information he gets. You have to provide all relevant personal and financial data. Share information about your assets, liabilities, current and planned investments, current wealth, financial goals and financial vices if any. Full disclosure will allow the financial advisor to manage the finances efficiently.

Be Prepared For Meetings

You will have face-to-face meetings with your financial advisor or communicate with her through video calls or phone calls. Treat them like a meeting or a conference call in your office.

  • Set up a time and be ready for the conversation on time. End the meeting or conversation as per the stipulated time.
  • Be aware of action items of all parties and have a response to the ones assigned to you.
  • Prepare for the meeting with your topics of discussion, questions, etc.

 Communicate Communicate Communicate

A financial advisor stopped working with his his extremely rude client. He went all guns blazing blaming the financial advisor every time there was a little depreciation in the investment portfolio.

Engage with your financial advisor in a positive manner. You will be rewarded with better service. Talk clearly. Listen and Understand. Ask tough questions on her decisions and actions and investment results to understand why there has been an appreciation or depreciation. It has to be done respectfully though.

Respond promptly. Share information about big life events or financial moves such as marriage or paying off a huge loan.

The financial advisor will like working with you and manage your money more diligently.

Review and Follow-Up

A financial advisor was upset that the client kept cancelling their meetings all the time. The client was not responding to portfolio performance updates and relevant actions to be taken.

It is not a great idea to wash your hands off financial planning, now that you have entrusted an expert. You have to review what the financial advisor is doing with your money. Do not blindly give your consent to all his decisions. Understand the significance and impact of all money moves that she suggests. Review your financial status regularly to see how your financial portfolio is performing. Follow-up on her tasks and deadlines. If you slack, she may neglect her tasks too. She may use up the time and effort budgeted for your financial plan to other tasks which will be a loss to you.

Build A Personal Rapport

The relationship between a client and the financial advisor is professional. But everyone loves positive interpersonal interactions. Respect the financial advisor. Pay attention to her ideas and views. Appreciate good decisions. Smile and look in the eye while talking to her. Be approachable. The financial advisor will like to work with you and give her best to the job at hand.

Compensation Method

Decide on the compensation method and document it in the engagement letter. Understand what is included and excluded in the fees to avoid last-minute surprises.

It is important to make the right financial decisions. A qualified and good financial advisor will guide you through these decisions. Get the best from your financial advisor by ensuring that she

  • Manages your investment portfolio effectively
  • Grows your wealth
  • Takes concrete steps to reduces your debt
  • Plans your retirement as you want it


Dilzer Consultants Pvt Ltd