Your financial advisor should certainly have an accurate idea of your long term financial goals, and he or she should make an effort to obtain this information in your first few meetings in order to adequately suggest products and services that can help you pursue those goals. However, if you have specific expectations in mind, it is important to communicate those expectations to your investment professional. Following are a couple of examples of investment expectations:
- If your goal is to not simply invest for growth, but to receive a specific amount of return each year, then this should be communicated to your investment representative so he or she can discuss whether this is a realistic goal.
- If your expectation is to receive detailed reports on one or some of your investments, you should convey that request.
- If you would like your financial advisor to take an active role in your overall planning process, such as meeting with you and your attorney and/or CPA on a periodic basis to ensure that your overall goals are on track, be sure to let him or her know.
Your investment representative is available to ensure your needs are met, however, he or she must be informed of what your specific needs are in order to meet your expectations. If there are expectations that are not being met by your financial advisor, let them know your concerns. They should appreciate and value you as a client and will be willing to accommodate your specific needs as best as they can.
One of the most important aspects of your relationship with your investment professional is the review of your portfolio or investment accounts. Most investment professionals offer to meet with their clients periodically, such as on an annual, semi-annual or quarterly basis, to discuss the performance of the client’s account or investment portfolio. It is important to let your financial advisor know how often you would like to meet to discuss your account.
It is also important to communicate any important changes in your life. Changing careers or a job, a marriage or divorce, the birth or adoption of a child, or the death of a close loved one are all life changing events that can have an impact on your investment goals and needs. Your financial advisor needs to be aware of these events or other significant occurrences in your life, in order to ensure you stay on track to reaching established or new goals.
Whether you have just started working with an investment professional or have been working with one for years, keeping the lines of communication open is a great way to enhance your professional relationship.