Think of your relationship with your financial adviser as a partnership, with both of you working to achieve your financial goals. You both have responsibilities in making it a success. And like in any relationship, open and honest communication is key.
What you should expect from your financial adviser
The role of your financial adviser is to give you helpful, informed advice as you build and carry out your investment plan. Your financial adviser is obligated to deal with you fairly, honestly and in good faith and to recommend investments that are suitable for you.
To do this, your financial adviser will need to take the time to get to know you and get a clear understanding of your financial situation, your goals and how you feel about risk. Once your plan is in place, your financial adviser should tell you about investment opportunities and any changes that could affect your investments. They should be available to answer your questions, especially during market lows when you may be tempted to act on your emotions.
You can expect your financial adviser to:
Your financial adviser must get your permission before they take action like buying or selling investments for you, or withdrawing money from your account. The only exception is if you have given your financial adviser “discretionary” authority. Your financial adviser will send you a written confirmation of any transactions they make for you and will send you regular account statements.
What you should not expect from your financial adviser
Your financial adviser will not be able to:
Your responsibilities as a client Advisers appreciate clients who are clear and honest about their financial situation and expectations because it means they can give better advice. Remember, you are paying for this advice.
Here are some things you can do to make the relationship with your financial adviser a productive one:
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