Wealth InFormation: It Matters Who You Choose
Wealth is always in formation, whether one chooses to actively manage their formation or let their money, investments and lifetime net worth play out as they may without deliberate direction.
I had a conversation with a prospective new client the other day. In fact, it’s a conversation that I’ve had many times when trying to describe how one advisor may differ from another.
I love to cook and to be creative with the food that I serve, seeking to maximize and also balance nutrition, taste, cost and source of the food. In fact, much of what we eat comes from my garden or was raised a few miles away by my brother or nephew. When I am in my kitchen, I like to put cooking shows on in the background. Among my favorites is the Food Network show “Chopped”, where four chefs each get a box of the same ingredients that they must use to create an appetizer, main course and finally a dessert to compete with one another. At each round, one chef is eliminated until a winner is declared in the final minutes of the show. It’s exciting to watch how each chef differs in creativity and use of ingredients, versus their peers.
The same can be said for advisors. When I receive a Confidential Profile, copies of investment statements, tax returns, insurance policies, estate planning documents, a description of goals, a list of concerns, and anything else that a new prospective client may share, I feel the excitement of a chef opening her box to marvel at the ingredients, my mind starting to race with thoughts of how I can help to maximize and balance the use of their individual components to work toward their goals (like their taste and nutritional needs) while seeking to mitigate their concerns and risks (like allergies in the food world). Like different chefs, different advisors will each take on their own approach based upon experience, effort, investment options available to them (like pantry and fridge, in the cooking show), and the support they have from their staff and affiliates (like sous chefs in the real world) as well as tools like financial and tax planning software (like cooking tools they choose). If you give four different advisors the same client’s scenario, no two “plates” will come out the same. In my conversation yesterday, the prospective client asked for a second opinion of the report he’d been given from his current advisor, likening it to heart health, how patients may seek a second opinion on that too. I agreed, adding that, two different heart doctors may in fact see the same condition but their approach of how to fix it, may differ widely.
In the Wealth Management world, it’s about much more than the ingredients in the box. Lasting relationships matter. It’s about you. Your family. Your goals. The outcome you seek and your experience along the way.
Wealth is always in formation and with the proper information, better decisions can be made. It matters who you choose.
LouAnn Schulfer of Schulfer & Associates, LLC Wealth Management can be reached at (715) 343-9600 or louann.schulfer@lpl.com TheWealthInformationLady.com SchulferAndAssociates.com , or louann.biz
Securities and advisory services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC.
