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How To Do a Performance Review With Your Financial Advisor

Date post:24-Dec-2014
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How to do a performance review with your financial advisor. Financial Planning / Investment Management.
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  • 1. SEAN NISILIntentional Stewardshipwww.seannisil.com SEAN NISIL www.seannisil.com

2. Youre the Boss!How to do a Performance Reviewwith Your Financial Advisor SEAN NISIL www.seannisil.com 3. About MeI am a fee-only financial planner based in SanDiego, California. I help individuals andfamilies across the nation live dream-lives, and leave enduring legacies.My mission is to help you dream big, establisha solid financial foundation, make wisedecisions with your resources, work withgreater focus, and live an extraordinary life.Visit my blog, www.seannisil.com, where Iwrite on INTENTIONAL STEWARDSHIP. Home to Independent Annuity Reviews. SEAN NISIL www.seannisil.com 4. Youre the Boss! If you were a business owner, you would holdperformance reviews with you employees. Thinkabout thisyou are an owner.~You have 100% equity ownership of your life!~ SEAN NISIL www.seannisil.com 5. Youre the Boss! You employ people to take care of certain aspects ofyour life. You delegate tasks, like hiring a gardener tolandscape your lawn, and pay them an hourly wage.You give your cable and internet company a monthlysalary to utilize their service. As an investor, you hire a financial advisor to manageyour money. As their employer, you should be stayingon top of your employee performance reviews.Rememberthey work for you! SEAN NISIL www.seannisil.com 6. Financial Advisor PerformanceReview Here are some key areas to consider when reviewingyour financial advisors performance review. Rank your advisor on a 1-5 scale; 1 being Inadequate and 5being Exemplary. SEAN NISIL www.seannisil.com 7. Expertise and Knowledge1. Properly licensed and registered to conduct business intheir current capacity.2. Pursues education on an ongoing basis.3. Holds, or is working towards, an industry recognizedcertification(s).4. Is respected by peers.5. Is recognized by industry peers as a leader.6. Focuses their business on people whose needs / goalsare similar to my own.7. Demonstrates superior problem solving skills. SEAN NISIL www.seannisil.com 8. Availability and Communication1. Easy to reach via phone.2. Easy to reach via email.3. Available for face to face meetings upon request.4. Reaches out to me before I have to reach out tothem.5. Leverages technology (like webinars, conferencecalls, cloud sharing, video chat, etc.).6. Provides timely communication on economic trendsand forecasts.7. Communicates clearly and effectively. SEAN NISIL www.seannisil.com 9. Availability and CommunicationContinued8. Is a good listener.9. Investment reports areprovided in a timely manner.10. Planning proposals areactionable.11. Online account access isavailable 24/7. SEAN NISIL www.seannisil.com 10. Dependability1. Meets commitments.2. Takes responsibility.3. Completes my requests consistently. SEAN NISIL www.seannisil.com 11. Ethics1. Places my needs and interests above their own.2. Adheres to a code of ethics (for example, CFP andCFA holders maintain a specific code or ethics).3. Does not have a history of arbitration.4. Maintains a clean industry record (financial advisorsare regulated, and have to disclose priormisconduct or customer complaints with theirregulating entity, i.e. FINRA or the SEC). SEAN NISIL www.seannisil.com 12. Progress1. Maintains consistent oversightof my stated objectives.2. Initiates changes as needed toachieve results.3. Helps me stay the course withmy financial plan.4. Fulfills my expectations forthe advisor relationship. SEAN NISIL www.seannisil.com 13. So remember, youre the boss!It will take a little bit of time to evaluate your advisorbut it is a must. Think of the people you pay asemployees, and dont be afraid to hold them to highstandards. SEAN NISIL www.seannisil.com 14. SEAN NISILIntentional Stewardship SEAN NISIL www.seannisil.comThank You!Subscribe at: www.seannisil.com

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