18 Questions Blog Series
At von Borstel & Associates, we ask our clients 18 critical questions. The answers to these questions determine how we partner with each client and manage their wealth. This week we’re talking about the importance of independence in the advice you receive!
Follow along with us through the 18 Questions Blog Series. You may be surprised by what you discover about yourself and your financial plan!
#11 So Do you understand the importance of independence in the advice you receive?
It can be hard to identify independence.
Independent from what? In the financial planning world, I think it’s wise to be free from the following.
Limitation of Products
Rules that Restrict Opportunity
Lack of Knowledge & Education
Lack of planning
Therefore, all of the above can restrict your potential as you strive to be financially successful.
Sales quotas push you towards implementing products or solutions that the salesperson is motivated to sell. Limitation of products forces you to make do with what’s available. An option that is seldom best for you.
Because a person has fewer choices the more restrictive rules are. They have less chance to build a plan with strength, predictability, and maximum opportunity.
In this industry, it is easy to make money without knowledge. Many forgo education because it takes time, energy, motivation, and a drive to be the best. Few have the ambition to pursue greater understanding.
Today everyone says they are a planner, but few implement it effectively.
I believe planning is more important than investing. While both are critical to your success, great investments with a flawed plan will lead to disaster. Thorough planning takes time. It also takes energy, staff, education, and tools. And a willingness to commit to something that yields less monetary gain while drawing more of your time.
So, critical piece to being your best is choosing an advocate that strives to be their best.
Are you looking for a financial planner? If so, search for someone that’s put themselves in a position to circumnavigate the limitations mentioned above. It will give you a phenomenal opportunity to have exceptional planning, strong investments, and a solid process you can rely on throughout your life.
So, how can you implement this information?
Below are a few things to look for in a financial advocate. I hope they help in your upcoming search – Good luck!
- Is preferably self-employed – or in a small boutique firm.
- Understand the full scope of products they offer and can potentially provide.
- It should be a broad spectrum of solutions and opportunities.
- Is educated in investments, insurance, and financial planning.
- Have they worked at being credentialed in those areas?
- Confirm that they are planning-focused.
- Your goals should be the engine that drives decisions. Planning is the tool that helps you stay organized and make better decisions.
So, Let’s go be your best!
Investment advisory services offered through von Borstel & Associates, Inc., an SEC Registered Investment Advisor.