How To Do a Performance Review With Your Financial Advisor

© SEAN NISIL www.seannisil.com

SEAN NISIL

Intentional Stewardship

www.seannisil.com

SN


You’re the Boss!How to do a Performance Review

with Your Financial Advisor


About Me

I am a fee-only financial planner based in San Diego, California. I help individuals and families across the nation live dream-lives, and leave enduring legacies.

My mission is to help you dream big, establish a solid financial foundation, make wise decisions with your resources, work with greater focus, and live an extraordinary life.

Visit my blog, www.seannisil.com, where I write on INTENTIONAL STEWARDSHIP.

– Home to Independent Annuity Reviews.

http://www.seannisil.com/


You’re the Boss!

• If you were a business owner, you would hold performance reviews with you employees. Think about this—you are an owner.

~You have 100% equity ownership of your life!~


You’re the Boss!

• You “employ” people to take care of certain aspects of your life. You delegate tasks, like hiring a gardener to landscape your lawn, and pay them an hourly wage. You give your cable and internet company a monthly “salary” to utilize their service.

• As an investor, you hire a financial advisor to manage your money. As their employer, you should be staying on top of your employee performance reviews. Remember—they work for you!


Financial Advisor Performance Review

• Here are some key areas to consider when reviewing your financial advisor’s performance review. – Rank your advisor on a 1-5 scale; 1 being Inadequate and 5

being Exemplary.


Expertise and Knowledge

1. Properly licensed and registered to conduct business in their current capacity.

2. Pursues education on an ongoing basis.3. Holds, or is working towards, an industry recognized

certification(s).4. Is respected by peers.5. Is recognized by industry peers as a leader.6. Focuses their business on people whose needs / goals

are similar to my own.7. Demonstrates superior problem solving skills.


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 to

them.5. Leverages technology (like webinars, conference

calls, cloud sharing, video chat, etc.).6. Provides timely communication on economic trends

and forecasts.7. Communicates clearly and effectively.


Availability and Communication Continued

8. Is a good listener.9. Investment reports are

provided in a timely manner.10. Planning proposals are

actionable.11. Online account access is

available 24/7.


Dependability1. Meets commitments.2. Takes responsibility.3. Completes my requests consistently.


Ethics1. Places my needs and interests above their own.2. Adheres to a code of ethics (for example, CFP and

CFA holders maintain a specific code or ethics).3. Does not have a history of arbitration.4. Maintains a clean industry record (financial advisors

are regulated, and have to disclose prior misconduct or customer complaints with their regulating entity, i.e. FINRA or the SEC).


Progress1. Maintains consistent oversight

of my stated objectives.2. Initiates changes as needed to

achieve results.3. Helps me stay the course with

my financial plan.4. Fulfills my expectations for the

advisor relationship.


So remember, you’re the boss!

It will take a little bit of time to evaluate your advisor—but it is a must. Think of the people you pay as

employees, and don’t be afraid to hold them to high standards.


SEAN NISIL

Intentional StewardshipSN

Thank You!

Subscribe at: www.seannisil.com

Economy & Finance

How To Do a Performance Review With Your Financial Advisor