Fear of answering your financial advisors phone call, does this happen to you?

It has recently occurred to me that many clients and associates have a apprehension for answering their financial advisors phone call. In general their response is that my advisor ultimately wants me to move…

• more assets over Or
• more money into my investment account

I can understand how clients may feel about the consistent press on the movement of assets. This is not only pushy but also can be an uncomfortable feeling. 

Why clients have been afraid to answer their advisors call

Reducing the fear of answering your advisors phone calls

At the base level it actually might be what’s best for the client. To move assets over or add additional funds to an investment account. 

This may assist in reaching any stated goals or objectives. The Financial advisor can be operating in your best interest to gather assets and put those assets to work for you. 

Also, combining the assets with your advisor can allow the advisor to invest the assets according to the plan you all discussed and have the assets working in unison. 

But not completing disregarding the fear of answering your advisors phone calls

On the other hand, the argument may be made that the goals and objectives can be accomplished at various financial institutions without the need to combine all assets with one advisor. 

With the majority of financial planning techniques and processes allow for outside assets to be accounted for and track. What’s the need to move the assets over?

If you are more comfortable with certain assets staying at a particular institution and there are not any better more suitable options for moving those assets. Then, there is no necessity to move your assets.

Also…

Many Financial Advisors are paid on the traditional assets under management fee model. We discussed the difference between traditional AUM and the Fee only model here. 

With that being said, bringing additional assets to your financial advisor within an AUM would increase the advisors assets that they manage and the fee associated would increase in proportion.

For example, you have $1,500,000 with your Financial Advisor and another $1,000,000 outside of the traditional AUM model. In bank CDs, company stock, and previous work place retirement plans. 

More than likely the outside accounts have lower fees then the going rate AUM of 1%. Therefore, moving the assets over to your financial advisor would increase the fee you pay in this scenario.

No worries, if you still have fear of answering your financial advisors phone call, you have options in addition to the options mentioned above.

Why my clients do not fear getting a phone call from me

The majority of my phone calls are proactivity. 84% of clients want to be proactively engaged in all financial situations.

Therefore, my proactive calls are ahead of events related to your situations. For example, in our annual planning meeting we discussed how contributing to an traditional IRA was beneficial for you because you are not currently covered by a workplace plan, and the additional tax benefit in doing so for this tax year.

Also, as a fee only Financial Planner I provide advice on your complete financial situation. Therefore, if I am calling you to move…

• more assets Or
• more money into your investment account

It’s to complement the plan that we have in place to maximize your potential to reach your financial goals. Other than that reason I would suggest making a move if a different alternative is available, with greater benefit to you.

These calls are welcomed by my clients; even the super busy clients.

Considering a Fee only Financial Planner? Consider this….

If you’ve ever hesitated to answer your financial advisor’s calls, you’re not alone. Many clients feel pressured by traditional advisors who are more focused on increasing the assets they manage, often leading to higher fees for you. 

However, as a fee-only financial planner, my approach is different. I proactively engage with my clients to ensure every move aligns with their financial goals, not just to increase my bottom line.

My clients never fear my calls because they know I’m working in their best interest, providing advice tailored to their entire financial picture. Don’t let the fear of your advisor’s call keep you from reaching your financial potential. 

Let’s talk about how a fee-only planner can put your interests first, providing guidance without the pressure. What do you value in your current advisor? 

Let’s discuss how I can help you achieve your goals with confidence and clarity.