For Financial Advisors: A Little Used Marketing Tool With Outsized Advantages

I received a heart-wrenching phone call from a young soldier recently. His mother had just died and he was left with the responsibility of settling her estate. He had no idea the difficulties he would encounter–not on the battlefield but here in East Tennessee. The worst part is it could have been completely avoided.

DC: First, look for experience. Go to the FINRA website where you can check on your broker, find the history of dealers and make sure they are licensed. Secondly, interview more than one. Thirdly, find out if they treat all people the same way without regard to the size of their assets and with the same amount of respect. Then ask a lot of questions to make sure you are a good fit with the advisor. Finally, make sure they will be communicating frequently with you.

Look at experience. You want a Wealth Manager company that will be able to know when to make their moves and this comes greatly from experience. Finding a company that has a good history of gains is also important.

If a Will is never found it will be up to the courts to decide how her estate is divided. Each state has its own laws regarding what is referred to as intestate succession. Her assets may end up not going to the people she wanted them to. For instance, if she was separated from her husband (but not divorced), he could end up getting 40% of everything, even though she may have wanted it all to go to her children.

Susan and the Smith’s are the lucky ones. They contacted me and avoided a nightmare. Unfortunately, there are thousands of investors that are taken advantage of every day. This should be criminal and until it stops I will continue to ‘beat this dead horse’!

The second issue is about the operational aspects of investing in these funds. You receive money in the savings bank account either as salary or from some other transaction. Hence, the savings bank account is the parking space for your money by default.

Find out how your investment adviser is compensated for his or her services. Is it fee based or commission based? Fee based services can be paid for at a flat rate or as a percentage of assets. Commission based services are paid based on the products and services you purchase.

If you want to avail these benefits to the fullest then you should start the search for professional companies offering wealth management services right away.

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For Financial Advisors: A Little Used Marketing Tool With Outsized Advantages

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