The other side of the table…
What do clients want to know when they think about hiring an advisor? To some, returns are the biggest priority. Some will prioritize an easy-to-use software interface. Some want to preserve capital. Some want to know you’ll include their children in legacy planning. To some, their trust / relationship with their advisor is more important than anything else.
No one size fits all and no two clients are the same.
On my side of the table, getting to know a new client is my biggest priority. Sometimes, prospects come in with folders and boxes of statements… they want to get right to business and have expectations laid out (sometimes literally) on the table during meeting #1.
Others come in with no agenda at all. They would rather just listen to us present before “showing their hand”. They do not want to open up until they have a level of confidence in us. Are we knowledgeable? Are we trustworthy? Are we fiduciaries?
Either of these “first dates” works well for us. We call them “Discovery Meetings” because we’re both trying to get a feel for expectations and long-term fit. It does us no good to force a relationship or a pace that doesn’t work for either party. For us, it is completely normal to have 2, 3, 4 or even more meetings to keep getting to know each other and decide whether or not to enter a professional relationship. No matter how smart, competent, or capable an advisor is, if you feel excommunicated or like your goals are on the backburner you deserve more.
Like any long-term relationship, it is better to take your time, be transparent, ask good questions (Google is your friend if you need a starter list!), and above all: TRUST YOUR GUT!!!
A few ideas to get you going:
- On the day of the meeting, bring a pen and paper to take notes and keep your thoughts on track.
- Allow plenty of time for elaboration and Q&A.
- Don’t be afraid to ask the advisor(s) to repeat or further explain anything that isn’t clear.
- It is 100% FAIR (and in your best interest) to ask how the advisor is being compensated.
- Ask about the onboarding process while becoming a client.
- Ask about what it looks like after you become a client.
- a. i.e. Review cadence? Account viewability? Communication expectations? Etc.
It is OK to be disorganized. It is OK to be curious. It is OK if you don’t have every statement or detail. It’s even OK if we meet a few times and decide we’re not the best fit for each other. It is OK!!
It is OUR JOB to make this easy on you and we LOVE to do it!
Financial Advisor
Prime Capital Financial
Cedar Rapids, Iowa
pciacedarrapids.com
1815 Boyson Rd.
Hiawatha, IA 52233
P: (319) 269-7143
Advisory products and services offered by Investment Adviser Representatives through Prime Capital Investment Advisors, LLC (“PCIA”), a federally registered investment adviser. PCIA: 6201 College Blvd., Suite#150, Overland Park, KS 66211. PCIA doing business as Prime Capital Financial | Wealth | Retirement | Wellness.
