Trust: The Relationship Cornerstone – Let’s start the year off with some relationship basics. Honesty and integrity are two traits that I look for in any relationship, whether it is business or personal. Without those basic qualities you can never build trust, and trust is the cornerstone of any long lasting relationship.
If you are at or near retirement, then you have been on this earth long enough to experience both good business relationships and bad ones. The great part about judging a relationship is that it has nothing to do with technology; it’s actually quite old fashioned. As the saying goes, “Say what you do and do what you say.” That’s a pretty good benchmark to know if a person lives up to their word honestly and with integrity. If they fail that simple test you can probably expect to be disappointed if you continue investing in that relationship.
When it comes to planning for retirement, there may not be a more important relationship than the one you establish with your financial advisor. That’s why you should take your time in selecting the right person to work with. You should never feel pressured to buy anything or to make a decision until you are ready. A qualified financial professional should take the time to get to know you, understand your situation and design an investment strategy to accomplish your goals.
This process takes some time and requires you to take the first step by scheduling a meeting. Many financial professionals offer complimentary, no-obligation meetings to get the ball rolling. This means you have zero risk in determining if you feel comfortable with the advisor and believe they have the expertise to help you accomplish your retirement goals.
If you already work with a financial advisor and have some concerns, why not take advantage of these meetings and get a second opinion. This is the start of a New Year and there is no better time to reassess not only your current advisor relationship, but also the effectiveness of your current retirement plan. This is way too important to put off or be concerned about hurting someone’s feelings. The longevity of your money will affect your future independence and could impact your loved ones as well. Make sure you have no doubt about how your plan works and if it will live up to your expectations.