“I Wish You Were My Financial Advisor”

My clients and other people may think that I spend my work day watching the stock market and making trades. I actually do neither.  My job is to help my clients achieve their personal and financial goals, not to outguess the markets.  After all, I’m a financial advisor, not an astrologer.  Besides, neither daily stock market analysis nor trading add any value to my clients’ accounts.  Sure, I may occasionally tweak my clients’ accounts, but more often than not, I spend my days caught up in the minute details of my clients’ accounts.  It’s certainly not the most glamorous part of my job, but it’s a very important one.

Let me give you an example. A recently widowed client came in for an appointment several months after her husband’s death so that we could review her financial security and change the beneficiaries of her accounts. We first addressed her financial security going forward, and I assured her she had enough money to last her the rest of her life.  By the way, that’s my principal role in my clients’ lives—making sure they don’t outlive their money and can enjoy a worry-free retirement.  Anyway, this widow had four different accounts, all of which her deceased husband was either the joint owner or the primary beneficiary.  So the next task was changing the beneficiaries and ownership of these accounts.  We wanted to make sure there would be a smooth transition of funds in case something happened to her.

What we did was a simple procedure that any good financial advisor would do. But a week later, we also performed a standard operating procedure which my firm employs.  That is, confirming that the brokerage company we use entered all my client’s information correctly.  Sure enough, we found several mistakes. For instance, we noticed that of one of the beneficiaries’ last name was spelled incorrectly and saw that another account’s beneficiaries hadn’t even been changed.

So I called the brokerage firm and told the service representative that we had discovered these two mistakes. She immediately corrected the two errors, and asked me if there was anything else I needed. I said I was good to go, and she said, “I really appreciate your attention to detail. I wish you were my financial advisor.”  I thanked her for the compliment and then went about my mundane day and ignoring the gyrations of the stock market.

To learn more about Jeff Bogart, view his Paladin Registry research report.

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