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Benefits of a Personalized Financial Planner

Benefits of a Personalized Financial Planner

August 24, 2022
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For over 27 years, time and time again, when reviewing accounts created at a “big box,” I find cookie cutter portfolios (aka models for many), over-dependency on expensive mutual funds, and that the advisor isn’t properly qualified to handle portfolio design, nor even acts in that capacity as their full-time position.  It’s really smoke and mirrors in a lot of ways.  

We often get questions about how to know if you are getting a personalized financial plan. The first step is to interview your potential financial advisor. Ask questions, see if you have a similar way of communicating, and feel comfortable talking to them. 

Questions to ask yourself when choosing a financial planner:

    • Who do you think pays for the big shiny offices and national TV ads?  
    • If the advisor you see for review meetings and planning work is also the portfolio manager, do you want an advisor who only watches your account part-time? 
    • Does your current plan have half or more of your account in mutual funds?
    • If your account is being managed by a team of bank or wire house employees… what is the likelihood they will ever fire themselves for poor performance?

Independence is important to us at Performance Wealth, and we are truly independent and have on our ‘bench’ over 30 professional FULL-TIME portfolio managers.  We design a team to you, for you. If that team starts to slide in performance compared to their peers?  We’ll be the first to bring an analysis to you with options on changing gears.  All of which we handle for you at no additional cost to you. It’s our job as your advisor, and we do that job FULL TIME.

We often see accounts in the mid-$6 figures and well into the $7-figure portfolio size with an abundance of mutual funds being used. This is an unnecessary added expense to the client and can be detrimental to the client when other mutual fund shareholders redeem their shares, which can cause unnecessary tax consequences.  If some of the mutual funds are holding companies that really aren’t performing, we can’t sell and move on either.

In Your Corner

No two financial plans will look the same because none of our clients are exactly the same. We find great satisfaction in helping you discover your path, refine your goals, and begin to work towards those future goals. We'd love to talk with you today to see if we are the right fit for you. Schedule an appointment to talk with us.