As good advisors become more accessible regardless of zip codes due to virtual advisors. We are seeing a decrease in clients willing to accept the poor interactions they receive from their advisors.
Scripture: 2 Timothy 2:3- Share in suffering as a good soldier of Christ Jesus.
As information becomes more abundant. As good advisors become more accessible regardless of zip codes due to virtual advisors. We are seeing a decrease in clients willing to accept the poor interactions they receive from their advisors.
Years ago, clients had to either deal with the advisor in their local neighborhood/city or risk doing it themselves.
Today, it is a different story.
We are finding clients who want more than just a financial advisor.
They are interested in someone they know cares about them and their family just as much as their finances.
In a recent article on titled, ‘There’s a growing demand for psychology in financial planning: how top firms use it in their practices’ Michael Cornfeld, owner of heritage investors management that states,
“ A lot of people say ‘I can handle a 10% or 20% correction’ until it happens."
Financial Advisors and planners can not control the stock market, we can only control how we participate in it.
In these situations, we find the client eager to liquidate everything, put the money in a mattress, and close their eyes until the danger goes away.
Even though this may be a temporary fix to their anxiety, it is sure to create future consequences that they are not ready for.
A few months ago we saw inflation rates go up around 4%.
So what do we do?
The first thing is to take the words of today's scripture.
“Share in the suffering as a good soldier”.
Your financial advisor should be able to share in your fear, warranted or not. It starts with good communication skills and the ability to listen to your clients, acknowledging their fears, and drafting plans to alleviate them of it.
When you don’t feel your advisor shares in your pain, it is going to create conflict.
That is why there seems to be a push towards psychology courses in Financial Planning certifications.
Not because the industry wants us to become therapist. They want advisors to be able to develop these soft skills to better serve clients.
Today, I want you to ask yourself,
"Does my financial advisor have my best interest in mind? When there is a market correction and the value of my portfolio drops 10-20% is he/she the person I want by my side to guide me through the storm?"
These are tough questions to ask, but there are very important. So the next time you meet with your advisor, take a look at how he speaks to you about your investments.
Is he genuinely interested?
Does he prioritize the same variables for strong consideration before making a recommendation as you do?
Or is he distracted and only interested in his own recommendations?
Prayer: Lord, please give me discernment to choose a financial advisor that I will be willing to go to battle with. Someone who is strong in your name and willing to help me through the fight. Someone who listens, coaches, and wants me to win. In your name, Amen.
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About the blog:
Many Christians struggle with the seemingly conflicting views about our faith and the pursuit of financial gain. They were taught that poverty was piety and that a lack of money was the only way to truly detach themselves from the love of money. Our blog debunks some of those claims, teaches you that you can be rich and righteous, and at the same time fulfill your obligation to tithe and give to the less fortunate. We are dedicated to helping you become cheerful givers by organizing your personal finances, providing investment tips to help you create wealth, and encouraging you to create a gifting strategy that will make your family and God proud.
Meet the Author:
A.B. Ridgeway, MBA (email@example.com) is the owner and Christian Financial Advisor with A.B. Ridgeway Wealth Management. With a decade in the finance industry, his goal is to give believers clarity around the most confusing topic in the Bible, money, and tithing. A.B. Ridgeway helps tithing Christians become cheerful givers but unlocking their money-making potential, so they can prosper and be the great stewards of the wealth God has entrusted them with.
This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.