5 Traits That Set an Exceptional Financial Advisor Apart

Have a plan for good and bad times. It doesn’t have to be complicated, but you and your advisor need to agree on how you will It doesn’t have to be complicated, but you and your advisor need to agree on how you will respond when things get tough. It matters less what the plan is, so long as you understand and agree to it, and it serves your interests above all else.

Nobody’s a fan of chatting about dwindling account balances, but it’s the nature of the financial beast. When bears dominate the scene, the finest advisors are candid and forthright, well-aware that your choices could make or break your long-term prosperity.

Outdoing themselves by more than just answering your calls, the finest advisors communicate proactively. Be it general economic updates, market news, or portfolio reviews, your finance guide should be reaching out to you before you feel the urge to send up a flare for assistance.

In trying financial times, some advisors might cave to client concerns, making inconsequential changes to their portfolio or plan. However, competent advisors hold their ground, present their rationale, and advocate for inaction when it best serves your interests.

It’s bizarre to think of downturns as planning prospects, but they often are. From tax-loss harvesting to Roth IRA conversions, sinking asset prices could be your ticket to shrinking present and future tax obligations.