Choosing a financial professional is a major decision. Finding someone you trust enough to manage your money and your future may feel like a nerve-wracking choice. Fortunately, by doing some preliminary research and asking tough questions, you might find someone who is a decent choice. Here are four tips to help you build a strong relationship with your financial professional.

Express Your Concerns

When it comes to finances, there is no “one-size-fits-all” strategy. Your financial professional should act in your interests. This responsibility means you need to be open with your financial professional about what motivates you, what worries you, and what you want in the future. Once your financial professional knows more about you, creating a financial plan that works for you may be easier.

Set Boundaries and Expectations

A mismatch in expectations may be one of the quickest ways to destroy a professional relationship. Before hiring a financial professional, discuss your needs, desires, and communication styles. Are you happy with quarterly updates or want a more frequent consultation? How much power do you want to give your financial professional to make transactions on your behalf? When do you want to sell a particular stock or investment? By setting clear expectations at the outset, you might avoid miscommunication.

Ask for Feedback

Your financial professional’s job is to evaluate your needs and desires and determine an appropriate way to manage your finances to work toward your goals. The more relevant information you provide your financial professional, the more useful the advice they might provide. Ask for feedback from your financial professional to see whether there is anything you might do or any information you may provide to make the job easier. Be comfortable doing whatever it takes to create a stable working relationship with your financial professional.

Don’t Be Afraid to Ask Questions

Although your financial professional helps manage your portfolio, a good financial professional should share information with their clients and help them understand the investments in their portfolio. Even if you want a hands-off approach to the management of your assets and investments, it is still important to know what is going on with them. By asking questions and checking in periodically, you may help your financial professional assess what is most important for you and maintain some level of control and knowledge about your financial assets. For more information on selecting a financial professional, contact Angie Banicki by calling (574) 401-6143 or send an email to [email protected].

Check the background of investment professionals associated with this site on FINRA’s BrokerCheck.

 

1st Source Bank provides referrals to financial professionals of LPL Financial LLC (LPL) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for 1st Source Asset Advisors to make these referrals, resulting in a conflict of interest. 1st Source Bank is not a current client of LPL for brokerage or advisory services. Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information.

 

Securities and advisory services are offered through LPL Financial, a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. 1st Source Bank and 1st Source Asset Advisors are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using 1st Source Asset Advisors, and may also be employees of 1st Source Bank. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, 1st Source Bank or 1st Source Asset Advisors. Securities and insurance offered through LPL, or its affiliates are:

 

Not Insured by FDIC or Any Other Government Agency Not Bank Guaranteed Not Bank Deposits or Other Obligations May Lose Value

 

The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY.

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

This article was prepared by WriterAccess.

LPL Tracking #1-05359965.