Mastering Your Money Manager

You know the drill. Some clients get more value than others. So, what’s the trick to getting the most out of your financial adviser?

Let her know what specifically you’re worried about, advises Mary Claire Allvine, CPA and Principal with Brownson, Rehmus & Foxworth, Inc.  “What are your biggest concerns? Is it stagflation or inflation, real estate losing value or terrorism?” Once you’ve identified that, Allvine suggests asking your adviser what would help or hurt your financial situation if these things transpired. Could you survive it and what are the best investment options for you given these questions?

Measuring an adviser’s performance can be as easy as comparing your portfolio to Standard & Poor’s stock index. Your investments ought be doing at least as well as the market averages, according to this finance report in Kiplinger.

Experts say you can expect your adviser to adjust your portfolio depending on where you are in your life: building your nest egg, raising kids, receiving that promotion at work or preparing for retirement. You’ll want your adviser to use a holistic approach that takes into account investments and real estate as well as estate planning and the risks that those entail.

No one cares about your money more than you do. If you’re on top of your finances, some suggest being your own financial advisor.

Bonus PINK Link: Before you can manage your financial adviser, you need to know how to pick the right one.

By Cynthia Good

“The art is not in making money, but in keeping it.” Proverb