If Your Financial Advisor is a Good Person in Their Personal Life?
When searching for a great financial advisor in Los Angeles, you have a lot of things to consider. Price, availability, experience, credentials—these things are crucial to know before going in for a meeting. But another thing that might give you pause is whether or not the financial advisor is a good person in their personal life.
What a “good person” looks like is ultimately individual. We all have our own moral compasses and priorities, so what actions you think make someone “good” or “bad” will be up to you. However, there are sure to be financial advisors out there who fall on both ends of the spectrum.
But is hiring a “good” person to handle your financial planning a necessity?
Aligning your morals
Really, it’s up to you to determine whether hiring a moral person is one of your priorities—nobody can tell you that you can or cannot work with a financial advisor who isn’t a “good person.”
Some people believe that as long as an individual performs his or her job properly, it shouldn’t matter what they do in their personal life—after all, their personal life is exactly that: personal.
However, others may think that working with a morally questionable individual reflects poorly on their own personal character and would prefer to pay someone more in line with their individual morals.
Research your advisor to see what he or she has put out into the world. When you search their name, does it appear among tales of charitable donations and community giving, or among rumors and scandals?
Things to consider
When contemplating your financial advisor’s personal morals and decisions and how that relates to your business relationship, consider that their personal life may affect their business indirectly.
Your financial advisor’s morals and actions outside of the workplace may have an impact on how they treat their clients.
For example, a financial advisor like Samuel Rad who is in tune with his community and actively works to help others for no financial gain is more likely to care about his clients on a personal level. These types of advisors may even work harder to bring you to financial success because of their good, caring nature.
If your advisor is more detached and is uninterested in you as a person and more interested in their own financial gain, no matter who loses, this mentality may seep into their work and they may not serve you in the best way possible. However, this may not always be the case.
Your advisor’s personality may affect your working relationship.
Another important thing to consider is how you and your advisor click. You’re likely to speak or meet with your financial planner in Los Angeles numerous times per year, so there is bound to be a conversation not related to your finances involved. Will you and your advisor have enough common ground, morally and personally, to hold conversations? Is this important to you?
Your financial advisor’s personal actions may affect their business at large—and yours.
You also want to make sure that your financial advisor’s potentially questionable actions outside of work do not begin to affect work in any way, possibly putting you and your accounts in danger.
If you’re aware of questionable actions, consider whether they could, at some point, jeopardize your financial future. Could the financial advisor be arrested, or the company shut down, causing your name and finances to get tied up in a sticky mess? Would your association with the advisor look bad on you?
Make your financial advisor choice carefully
No matter if you’re unbothered by your financial advisor’s personal life or choose to take your business elsewhere, this consideration is an important one, if for no other reason than to ensure your financial future will remain secure and in expert hands.
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Samuel Rad is an award winning fee-based Financial Planner with Affluencer Financial Advisors in Los Angeles, California. Mr. Rad has multiple licenses in the investments, real estate, and insurance fields. He has spent a considerable amount of his career lecturing at universities and companies, on financial topics such as financial planning, retirement planning, and estate planning. He currently lectures at UCLA and West Los Angeles College.