Not Just Investments
“Why do you call yourself a financial advisor? Don’t you just do investments? Why not stockbroker or investment advisor?”
That question, from a fellow golfer after league a few weeks ago, took me aback. Yes, investment selection and review is a big part of my job, but it’s far from all I do.
I decided to think back and write down what I’ve done the last few months that isn’t just investments. I have:
- Reviewed a long-term care policy for clients to determine if the new policy premium increase was worthwhile
- Used tech tools available to me to craft financial plans and evaluate individual clients’ risk tolerances
- Provided guidance about how an upcoming merger is likely to impact a client’s employment
- Reviewed recent interest rate moves with a client and talked about what the moves mean for mortgage rates
- Created a retirement income plan with the goal of limiting taxes while providing my client with the necessary income
- Reviewed and discussed a client’s Social Security options
- Discussed the benefits of various estate planning strategies in relation to their investment accounts
- Recommended books on various financial topics to a number of clients
- Had numerous conversations on general economic topics
- Advised clients on how to make charitable gifts in the most efficient manner possible
- Recommended Required Minimum Distribution withdrawal strategies to limit tax exposure
- Strategized about how to best use the various account types available to a client’s benefit
That list – and there are more I could have included – has nothing to do with evaluating, reviewing, and purchasing specific investments.
My job as a financial advisor isn’t just about investments. Instead, it’s about creating a healthy financial life.