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The Story of David and Goliath, and Abby and Samson: A Journey with No Direction Read chapter Read first chapter

2021 | OriginalPaper | Chapter

14. Finding the Right Advisors

Authors : Michael J. Nathanson, Jeffrey T. Craig, Jennifer A. Geoghegan, Nadine Gordon Lee, Michael A. Haber, Max B. Haspel, Seth P. Hieken, Matthew C. Ilteris, D. Scott McDonald, Joseph A. Salvati, Stephen R. Stelljes

Published in: Personal Financial Planning for Executives and Entrepreneurs

Publisher: Springer International Publishing

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Abstract

The authors discuss how executives and entrepreneurs can work with advisors to optimize their financial plans. They suggest key questions to ask and consider when seeking out professional assistance, such as: what financial advisory services do you offer; are you a fiduciary; how do you get compensated for the advice you recommend; what professional credentials do you hold; where and how will you custody my assets; whom will I be interacting with in addition to you; what is your investment philosophy; how are investment decisions made; what are the types of clients you work with most often; how often should I expect to hear from you; and what is your succession solution should something unforeseen happen to you?

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Footnotes
1
In “The Affluent Investor” study by The Spectrem Group (2016), an ultra-high-net-worth individual is placed at $5–25 million, not including primary residence, and millionaires at $1–5 million, not including primary residence. Spectrem Group. Used with permission.
 
2
See Reichheld, “The One Number You Need to Grow,” Harvard Business Review (December 2003).
 
3
“Creating Advisor Advocates to Help Boost Referrals,” The 2016 Fidelity® Millionaire Outlook Study. © 2018 FMR LLC. All rights reserved. Used with permission.
 
4
See “Sink or Swim: Why Wealth Management Can’t Afford to Miss the Digital Wave,” PricewaterhouseCoopers LLP, 2016, https://​www.​pwc.​com/​sg/​en/​publications/​wealth-20.​html (survey of more than 1,000 individuals in Europe, North America, and Asia).
 
5
See “The Affluent Investor,” Spectrem Group, published 2016, https://​spectrem.​com/​Content_​Product/​mass-affluent-series-2016.​aspx.
 
6
See “The 2016 Millionaire Outlook Study,” Fidelity, published 2016.
 
7
See “The 2016 Millionaire Outlook Study,” Fidelity, published 2016.
 
8
We note that, as of the writing of this book, the SEC has adopted the new “best interest” standard under which broker-dealers and others associated with broker-dealers would be required “to act in the best interest” of retail customers “at the time a recommendation is made without placing the financial or other interest of the broker-dealer … ahead of the interest of the retail customer.” See SEC Release No. 34–86031, June 5, 2019. Reg BI implementation and early compliance are already under review, and the SEC may eventually determine that the requirements need to be more stringent or penalties for noncompliance more severe.
 
9
Examples include Fidelity Investments, Pershing, and Charles Schwab.
 
10
Emily Zulz, “Higher Fees Won’t Spook Most Advisory Clients: SEI,” Think Advisor, published February 4, 2016, https://​www.​thinkadvisor.​com/​2016/​02/​04/​higher-fees-wont-spook-most-advisory-clients-sei/​?​slreturn=​20180505093857.
 
Metadata
Title
Finding the Right Advisors
Authors
Michael J. Nathanson
Jeffrey T. Craig
Jennifer A. Geoghegan
Nadine Gordon Lee
Michael A. Haber
Max B. Haspel
Seth P. Hieken
Matthew C. Ilteris
D. Scott McDonald
Joseph A. Salvati
Stephen R. Stelljes
Copyright Year
2021
Book
Personal Financial Planning for Executives and Entrepreneurs

Print ISBN: 978-3-030-65399-6

Electronic ISBN: 978-3-030-65400-9

Copyright Year: 2021

DOI
https://doi.org/10.1007/978-3-030-65400-9_14