Letting Go of Your Financial Advisor

Letting Go of Your Financial Advisor
08 Dec 2016

Hey there! It’s Matt from AskForMatt.com again. Today, a new client came into the office. With a new client, I discuss what their goals are, what their biggest concerns are, what they’re excited about and what they’ve done to this point. This particular client seemed to have everything under control, so about 20 minutes into the meeting I asked them why they had come to me.

He explained that the person he had been working with was a “solo shop.” They had no administrative assistance, no support, no junior advisors, etc. Every time he called the office of his advisor, if he was in, he answered. If he was in another meeting, away from home, or on vacation, he had to wait for someone to get back to him and wonder when he was going to get a call back.

This client is in his mid 60’s and is planning on selling his business to retire. His advisor is three years older than him, so he is concerned about his advisor moving into retirement…what would he do?

The average age of financial advisor is 57. This means that at the same time YOU’RE concerned about your financial picture, your advisor is doing the same thing for themselves. In addition, Vanguard, a large financial advising firm, commissioned a study asking why people leave their financial advisor. Maybe you thought the top three were as follows…

Lack of performance was the reason they left their advisor…that they didn’t necessarily look at long-, medium- or short-term gains.  For now, at least, the years of a bank CD paying 5, 6, or even 7% are done. We have to examine many more financial instruments to determine the correct mix of investments for each client.

Maybe the second reason was fees…every time I talk to a first time client, they ask me, “What are your fees?” The answer is, “It depends.” And it depends on what kind of financial planning engagement are you looking for. Different financial advisors have different ways of earning their keep, so that’s something you definitely want to be looking for.

The third reason was instead of creating a financial plan, they wrapped them up in a product to get them from Point A to Point B. Having someone who is more interested in a product than a goal is one of the key things you have to examine and understand.

In reality, the #1 reason people left their financial advisor was LACK OF COMMUNICATION. If someone calls in and says, “I need to change this bank account for my Required Minimum Distribution,” or, “Hey, Matt! I got this letter in the mail…” Vanguard’s survey shows that client expect to be called back within two hours.

This is where the difference comes in with a large staff available to talk with you and take care of the paperwork and routine financial forms, versus a Solo Shop. Our firm has staffed up appropriately to the point where my clients not only know me, but they know the people who answer the phones at AskForMatt.com.

We do this because we want to make sure you’re proud of where you come to for investment advice. And, we want to make sure that when you call, you get SERVICE on the other end of the line.

As usual, if you have a question, feel free to go to AskForMatt.com and get in touch…I’m always ready to talk to you!


Matt Westberry

As an independent financial professional, Matthew R. Westberry’s goal is to help you create a personalized investment plan that is unique to your situation, attitude and goals. He is dedicated to building long term relationships and providing continued service to ensure that your objectives are met. Matt takes a personalized approach with his clients, he will sit down at your kitchen table, take the complex issues facing retirees & pre-retirees and put together a comprehensive, easy to understand plan that will help you achieve your financial goals. Matt graduated from Coe College in 2005 where he majored in Business Administration and Economics. Matt is currently enrolled in The American College of Financial Services Certified Financial Program. He believes that continuing his education benefits both him and his clients. Matt is currently an Investment Advisor Representative with Cambridge Investment Research, Inc. He holds the series 6, 7, 63 and 65 licenses as well as accident, health and life insurance licenses. Matt currently resides in Marion, IA with his wife Cassandra and son Landry.