3 Tips to Get the Most from Your Financial Advisor

Posted On: January 17, 2023
financial advisor

Make 2023 your best year yet with a financial advisor’s help. But how do you ensure you get the most from their services? After all, hiring an advisor isn’t cheap and can set you back between $2,000 and $7,000 per year for those who charge a flat rate. Others, however, charge a percentage of your account.

Hiring an advisor can make a BIG difference in your finances despite the cost involved. Their advice can get you on track for budgeting and saving and help you build wealth for your future. But, like other things in life, there are ways to ensure you get the most bang for your buck and your experience.


Be honest and transparent with your advisor.

Honesty and transparency are critical factors for any lasting relationship, including with your financial advisor. Yet, finances are a touchy subject for many of us. 

According to a recent survey, 30% of Millennials and 20% of Gen Z admitted to lying about their finances and spending habits to their financial advisor and even on a money management app.

In some ways, it’s a stark reminder of how some of us are with apps that track our progress toward our goals. We start with good intentions. The first few weeks go great, but then something happens. We fall off track, forget the plan, and are frustrated with ourselves for the lack of change at the end of the year.

The first step to any successful plan begins with honesty and transparency. You can’t fix what’s broken unless you admit to where you are now and where you want to be.

Topics you’ll discuss with your advisor include:

  • Money challenges
  • Roadblocks
  • Goals

Remember, your advisor is not there to judge you but to help you. The best way to do this is to understand where you are currently in your money habits. Then they can help you create a personalized plan that works for you.


Listen and learn from your advisor.

Besides helping you strategize for your financial future, your financial advisor has a wealth of knowledge they want to share. So, remain open to their advice, suggestions, and support. 

Remember, they have your best interests in mind. Additionally, their advice, when practiced, can change your financial future. 

One of the many things financial advisors aim to do is create a way for your money to work hard for you rather than you working harder for your money. So, listen carefully and always ask questions about anything unclear.

Aside from telling you what you should do, your advisor will also discuss what you shouldn’t do. We can become emotional when dealing with our money and financial choices, particularly when the fluctuating market forces us to action. However, not every money decision is a good one. Timing is essential, and your advisor knows this.

For example, you decide to buy a house sooner than you originally planned. A life situation could have prompted this decision. Maybe you were window shopping an online real estate marketplace and saw a home you loved. You mention this to your advisor, and they suggest you hold off, stick to the plan you agreed on, and first pay off debt and save for your down payment.

Their guidance and patience can save you a ton of money over the longer term and help you come out ahead.


Be willing to be coached by your advisor.

If you have a setback, your advisor will guide you. Setbacks are a normal part of life. But that doesn’t mean they should keep you back. Instead, acknowledge them, learn from them, be honest about them, and move forward.

Advice is only helpful if you use it and act on it. You must be willing to take the steps necessary to get back on track and stay the course. Your advisor can be your accountability partner only if you let them.

Sometimes one strategy isn’t a good fit, and your advisor understands this. But, on the other hand, it may be time to adjust the plan if you’ve made several faithful and consistent attempts.


The Final Word

Consistency is the key, and so are the critical tips mentioned above. Your advisor is your partner in financial planning, so remain open and honest about where you are and where you want to be, even if that means admitting to setbacks.

Listen to your advisor and learn from their rich finance knowledge or personal experiences. Testimonials can be a powerful tool for motivation and inspiration. Use this to your advantage.

Achieving your financial goals doesn’t happen overnight; it’s a process. Depending on your situation, it might take months or years to complete your plan. So, be patient and remain consistent to win with money.

Finally, a plan will always remain a plan unless you put it into action. So, take that first step and follow your advisor’s guidance. Remember, your success is their success.