The Value of Using an Experienced Team of Financial Advisors

Posted by Doug Kinsey - 26 May, 2016

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73966357_thumbnail.jpgSelecting a top-quality financial advisor is crucial to the success and stability of your financial future. There are many factors to consider. One of the most important considerations is the experience of an advisor or team. Here, we will examine the value of using an experienced team of financial advisors.

Group or Individual?

There are several benefits to choosing a team of advisors rather than one individual advisor. Collaboration provides more options and ideas. Diverse philosophies offer immense opportunities. There truly is strength in numbers. One person simply cannot provide the same quality of service as can a team. An effective group of advisors will bounce ideas off each other, work together, and bring you the best solutions. Often when hiring a team, you will have one primary advisor that handles your account. He will consult the group as needed. This way, you get the comfort and ease of dealing with one person with the benefits of having an entire team.

 

The Value of Experience

Track Record

Experienced advisors have established a history of service. Anyone providing low-quality service quickly goes out of business. If an advisor has been providing services for a long period of time, it is safe to assume they are doing something right. They likely have success stories to share and clients who have been with them for many years. Competent advisors will have an established reputation which you can research. It is always recommended to do the necessary legwork and check the background of a potential advisor. New advisors will not be able to provide you with much information, and therefore, you could be going in blindly. It is very risky to hire someone who does not have an established history.

Knowledge versus Wisdom

All licensed and certified financial advisors have the knowledge to perform this service. However, only the experienced individuals have wisdom. Knowledge is simply knowing the facts. Wisdom is understanding how to apply that information to make it beneficial. Anyone can memorize a recipe, but only a chef can put the ingredients together properly to create a delicacy.

Trust

Along with history, experienced individuals have proven they are trustworthy. If you had to get brain surgery, would you trust the guy who just got out of medical school or would you prefer the surgeon who has been performing the procedure for a decade? Of course, you would want someone who has been in the trenches and knows exactly what they are doing. They are more capable of recognizing danger and avoiding unnecessary risk. They know the safest routes and the most productive paths. You must be able to trust your financial advisor. While it may not be a life-or-death situation like brain surgery, your finances can significantly affect the quality of your life.

Diverse Clients

Experienced advisors have worked with many different types of clients. So, whether you are just starting out or already have a fortune, someone with experience will know how to handle your situation. Because they have dealt with a variety of individuals, they have been in numerous circumstances. They know what works and what does not, depending on the client. They have learned from experience.

 Understanding the value of having an experienced team of financial advisors will assist you in your quest to find the best team. Your financial future is important, and you should not take this lightly. A top-quality advisor can "make or break" your financial future.

Contact us for more information and assistance. All of our advisors have at least 10 years of experience under their belt, and the average for our firm is closer to 20 years per advisor. 

 

 

Topics: Investments, advisor, Fee-Only Financial Planning


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