Selecting Investment Professionals

Working with an Investment Professional

Once you have selected an investment professional, it's important to build a strong working relationship based on mutual trust. This trust is critical to the long-term success of your relationship. At the same time, you want to make sure that the person you've hired communicates with you in terms you can understand and pays close attention to what you're saying.

The best way to develop that kind of relationship is to outline your expectations when you first meet with the investment professional you've selected. Clearly describe the level of communication you want—how often you expect to hear by phone or in writing, and how frequently you want to meet in person. Also describe what written reports, in addition to regular account statements, you believe you'll need in order to assess your investment account's performance. You might ask to see samples of the reports that are provided to other clients to make sure they contain the information you want to see. If they don't, find out if you can get customized reports that do meet your requirements.

Make sure you clearly communicate your financial goals and how important they are to you. Providing your investment professional with regular feedback is also critical to the long-term success of the relationship. Not only does he or she need to know if you're satisfied with the performance of your investment accounts, but also if there are any changes in your personal or financial circumstances. Regular feedback helps ensure any adjustments that need to be made to your investment strategy or portfolio holdings can be done as quickly as possible.


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