When did you last take a leap and try something new and it paid off for you? Have you done it recently with your finances?
Late last year, I confided in a dear friend that I was concerned about my physical health. Her compassionate response and what followed positively changed my life. It also inspired me to share the experience with others. I hope that through this metaphor, you will see that you can transform your financial fitness regimen and optimize your financial health.
Finding What Works for You
After I told my friend, Jessica*, that I was struggling to stick to a workout routine, she encouraged me to join her for a class at the exercise studio she went to daily. My first visit would be free, and Jessica would connect me with all the right people to help the experience go as smoothly as possible.
Similarly, many new clients that engage me are referrals from existing clients; in fact, many existing clients introduce family members and close friends to me as prospective clients. Just as I had experience with multiple exercise routines and was not satisfied, many prospective clients have worked with financial advisors and are looking for something more in a new, exclusive advisory relationship. In the same way that Jessica shared her positive experience with me and connected me with the right people at her exercise studio, many satisfied clients encourage their loved ones to have a complementary consultation with me and initiate virtual introductions between us.
Dare to Be Different
My experiences with the exercise studio were different from my interactions with other fitness facilities. There was an established process to sign up for classes, a consistent structure around how each class would start and end, and all participants could access metrics around their physical exertion following each class. While the processes were standardized, there were various instructors with different styles and both the workouts and music changed daily. I liked the consistent and predictable administrative framework and appreciated both the dynamic exercise activities and specialized attention from the coaches when needed. In fact, I valued it so much I joined the studio.
New clients describe their experiences with our team as different, too. Many clients have volunteered that they feel “heard and understood” when sharing their financial goals with me. Other clients appreciate our turnaround time responding to their questions. When meetings moved from in-person to virtual in early 2020, many clients were pleased that our team complemented regularly scheduled client conversations over Zoom with new webinars and ad hoc newsletters on timely topics.
Often, clients’ collaboration with me begins with a complimentary thirty-minute financial consultation. In preparation for the discussion, prospective clients share information about their finances and answers to questions like:
- What do you like about your finances?
- What do you not like about your finances?
- How would you like your finances to be different?
- What questions are on your mind?
When clients like this experience and decide to work with my team, we guide the clients through an established onboarding process that we customize for their specific situation.
It generally includes:
- Understanding their financial needs, wants, and wishes
- Identifying risks to their current approach to their finances
- Creating structured, yet flexible, financial plans for realizing their dreams
- Determining how much risk they need to take in their investments to achieve their goals
- Designing and implementing a coordinated investment strategy
Over time, we also:
- Provide scheduled and ad hoc financial advice
- Deliver performance reports
- Fine tune the clients’ strategies as their needs change and market conditions demand
- Collaborate with clients, their attorneys, and CPAs to provide coordinated care for their finances
Don’t Fear Change
Switching to the new exercise studio has paid off; I am now stronger and happier than I was before making the move. It did take time for me to get used to the new processes and make going to the studio routine. Whenever I had questions, the staff was professional and eager to help. And now, I have confidence that I am doing what I can to be active, and I have engaged professionals that I trust to help me stay on track today and over time.
Similarly, clients have shared that they experience peace of mind when they engage my fiduciary team. It may take a little time to get used to each other, understand our respective styles, and make conversations about your financial routine. However, my team and I care about you, and we are passionate about providing clear, accurate, and relevant financial advice you can use. We want you to have the confidence that your financial fitness regimen is robust and resilient, serving you now and over the long term, as life inevitably changes.
Ready to transform your financial fitness regimen? Ask me for a complimentary consultation.
*Jessica is a pseudonym. Her name has been changed and some details generalized for this article.
Caroline Wetzel is a CERTIFIED FINANCIAL PLANNER (CFP®) and Vice President, Private Wealth Advisor with Procyon Advisors LLC. Procyon Advisors, LLC is a registered investment advisor with the U.S. Securities and Exchange Commission (“SEC”). This article is provided for informational purposes and may also include opinions and forward-looking statements which may not come to pass. Information is at a point in time and subject to change. Procyon Advisors, LLC does not provide tax or legal advice. https://www.procyonpartners.net/team/caroline-wetzel/