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.
Follow along with us through the 18 Questions Blog Series. You may be surprised by what you discover about yourself and your financial plan!
#3. Are you being sold or guided to your decisions?
The vast majority of you do not want to be sold to. Am I right?
There are many honest people in the financial planning business. They do a great job, but one weakness is having to procure a sale to make money. It doesn’t make much difference if it’s assets under management or commission-based products.
Most who feel good about relationships with their provider of investments (or financial solutions) believe they are not being sold to. Is that a correct assumption? Today’s leading industry producers claim they are financial planners but are they?
A true financial planner would let your financial plan dictate the solutions. They would need the following to do this:
1.) A complete financial fact-find of your circumstances & needs.
2.) A plan that builds a roadmap from now until nine months after you die.
3.) A process that keeps this plan up to date and on track as you go through life.
4.) Compensation regardless of a sale or asset placement.
It is unfortunate, but many in this field talk about financial planning and then quickly switch to pushing you into placing assets under management.
A thorough plan is too much work and takes time away from making a sale. They have a basic knowledge of you and who you are but never create a comprehensive financial plan that will last throughout your life. Even with this lacking, you are made to feel great about the process. Nice, intelligent people deliver these services, but they have to make a sale to get paid. Consciously or subconsciously, that is what is dictating the conversation.
“You are assured the best advice based on your plan, goals, and who you are when the above four steps are respected.”
The person providing your financial plan needs to be like a chameleon.
They should place themselves in your thoughts, your concerns, and your life. Your goals should drive their conversations. Only then will they be a noteworthy financial planner.
Make sure they do not need to procure a sale to run their business.
Look for someone willing to charge a fair fee.
You deserve a planner without bias. Don’t settle for less!
Are you Being Led to Be Your Best?
Investment advisory services offered through von Borstel & Associates, Inc., an SEC Registered Investment Advisor.