Strategic Wealth Partners was acquired by Kovitz Investment Group Partners, LLC ("Kovitz"), a registered investment adviser with the SEC on May 1, 2024. Strategic Wealth Partners is now a division of Kovitz and its registered investment adviser. Materials created prior to this date were created by Strategic Wealth Partners and are accurate as of the time of publishing.

Building a Relationship with Your Wealth Advisor

A new relationship with a wealth advisor can be a lot like dating. In the beginning, you want to get to know what’s important to each other, establish open communication and shared perspective, and determine if it makes sense to commit for the long term. Each relationship is unique, but we can follow an intentional road map in getting to know each other. By starting on the right foot, an advisor can provide value immediately and be prepared to grow and change with you. The financial markets and the future have enough uncertainty, and I have seen firsthand how much people appreciate having a clear path to get from today to the execution of a long-term strategy. In this piece, I’ll share the steps of getting to know a new wealth advisor.

The Initial Conversation

One of the great things about being a wealth advisor is connecting with potential clients. Furthermore, each situation has its own unique challenges and potential solutions, requiring problem-solving and guidance to improve a client’s financial situation. Since not all advice applies to everyone, as you are getting to know a wealth advisor, you should expect to have a conversation focused on you: What are your most pressing financial needs or concerns? How do you think about your money and wealth? What would you like in a relationship with an advisor? What is most important to you long-term and when you look back on your life? There are many reasons that people explore working with a wealth advisor for the first time or making a change:

  • You are ready to transition from wealth accumulation to an income stream for the rest of your life.
  • Your financial affairs are increasingly complex, and you want a partner to make your involvement less burdensome.
  • You are looking to complement your current plan, by exploring alternative investments or making financial planning decisions to improve long-term outcomes.

The better you and your advisor understand each other, the better they can help you make a meaningful difference in your financial life.

Gathering Information

Your first conversation will help guide the information needed to analyze your unique situation.  This gives an advisor the ability to comment on where you are today and how you might get to where you want to be. This could involve bringing in specialists as appropriate for your needs. Being a wealth advisor means sitting at the intersection of financial planning and investment management, using multiple perspectives to forge a cohesive strategy. Technology has made it easier than ever to share information securely. You may be asked to share investment statements, estate planning documents, insurance policies, and more as appropriate for a wealth advisor to develop advice tailored to your situation.

Observations and Opportunities

Using the information that you share, you will be presented with observations about potential outcomes from your current strategy and how your financial plan can be made more successful. If the advisor takes a team-based approach, you should expect to meet more of the professionals who will help develop recommendations, execute your agreed-upon strategy, and maintain your accounts. Areas that you might explore:

  • Your current asset allocation and risk profile by evaluating your diversification and identifying potential opportunities where there may be room for improvement.
  • Financial planning topics such as retirement, estate planning, insurance, and more that can help safeguard your plan.
  • Your financial organization to find ways to streamline administrative work to allow you to focus on the things that matter most to you.

Becoming a Client

After gaining agreement on your long-term strategy, priorities, fees, and overall outcomes and committing to becoming a client, you will need to share more specific information to open your accounts:

  • Basic profile information
  • Your most recent statements
  • Estate planning documents
  • Anything else your advisor deems necessary

In my experience, the hardest and most time-consuming of a new advisory engagement is getting started. After the initial setup and account opening, you and your advisor should agree on an ongoing communication plan, with as much or as little detail as you desire and at a cadence that keeps you informed and works for you.

Implementing Your Strategy and Long-Term Plan

If your advisor is a fiduciary, they are obligated to act only in your best interest. You will likely meet again after account opening to discuss specific investment solutions and see step-by-step the actions needed to execute your strategy today and for the years to come. Over time, the markets will change, your needs will change, and you may change. Your wealth advisor will continue to update your financial plan, tweak your portfolio for the changing investment landscape, and keep you educated and informed on your strategy and progress toward your goals. Each client situation is different, and your relationship may not follow this exact path, but most importantly, a wealth advisory relationship must put you at the center. If you are looking for a partner in your long-term success, please don’t hesitate to reach out to a member of our team.


Disclosure:

This article contains general information that is not suitable for everyone. The information contained herein should not be constructed as personalized investment advice. Reading or utilizing this information does not create an advisory relationship. An advisory relationship can be established only after the following two events have been completed (1) our thorough review with you of all the relevant facts pertaining to a potential engagement; and (2) the execution of a Client Advisory Agreement. There is no guarantee that the views and opinions expressed in this article will come to pass. Investing in the stock market involves gains and losses and may not be suitable for all investors. Information presented herein is subject to change without notice and should not be considered as a solicitation to buy or sell any security.

Strategic Wealth Partners (“SWP”) is d/b/a of, and investment advisory services are offered through, Kovitz Investment Group Partners, LLC (“Kovitz), an investment adviser registered with the United States Securities and Exchange Commission (SEC). SEC registration does not constitute an endorsement of Kovitz by the SEC nor does it indicate that Kovitz has attained a particular level of skill or ability. The brochure is limited to the dissemination of general information pertaining to its investment advisory services, views on the market, and investment philosophy. Any subsequent, direct communication by SWP with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of Kovitz Investment Group Partners, LLC, please contact SWP or refer to the Investment Advisor Public Disclosure website (http://www.adviserinfo.sec.gov).

For additional information about SWP, including fees and services, send for Kovitz’s disclosure brochure as set forth on Form ADV from Kovitz using the contact information herein. Please read the disclosure brochure carefully before you invest or send money (http://www.stratwealth.com/legal).

Financial Planning
Building a Relationship with Your Wealth Advisor
A new relationship with a wealth advisor can be a lot like dating. In the beginning, you want to get to know what’s important to each other, establish open communication and shared perspective, and determine if it makes sense to commit for the long term. Each relationship is unique, but we can follow an intentional road map in getting to know each other.
Read More