{"id":4219,"date":"2017-06-01T19:15:00","date_gmt":"2017-06-01T19:15:00","guid":{"rendered":"https:\/\/fusionwm.com\/?p=4219"},"modified":"2023-01-17T16:32:26","modified_gmt":"2023-01-17T16:32:26","slug":"stop-getting-short-changed-by-your-financial-advisor","status":"publish","type":"post","link":"https:\/\/fusionwm.com\/stop-getting-short-changed-by-your-financial-advisor\/","title":{"rendered":"Stop Getting Short-Changed by Your Financial Advisor"},"content":{"rendered":"\n
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As a successful business owner, you almost certainly get help with your finances. But are you getting the right help\u2014the quality of advice that will allow you to achieve your biggest, most important goals in life?<\/p>\n\n\n\n

The answer, very likely, is \u201cno.\u201d<\/p>\n\n\n\n

Here\u2019s why\u2014and what you can do about it, starting right now.<\/p>\n\n\n\n

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The advice problem<\/h1>\n\n\n\n

Nearly 85 percent of successful entrepreneurs with at least $1 million in financial assets work with financial advisors to help them manage that wealth.<\/p>\n\n\n\n

That\u2019s absolutely the right move. Think about it: You want to spend your time, expertise and energy where you generate your wealth\u2014your business\u2014and not trying to become an ace investor and wealth manager. Relying on talented financial professions just makes good financial sense.<\/p>\n\n\n\n

But there is a big problem.<\/em><\/p>\n\n\n\n

Most successful business owners are NOTgetting the highest quality advice that they need to maximize their ability to attain the level of serious wealth they seek.<\/p>\n\n\n\n

Nearly four out of five successful business owners have hired less-than-capable advisors. At the same time, almost three quarters of these entrepreneurs are legitimately concerned about advisors taking advantage of them.<\/p>\n\n\n\n

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Three reasons you may be working with the wrong advisors<\/h1>\n\n\n\n

The fact is, the vast majority of financial advisors (and other professionals like accountants, attorneys and bankers) currently serving top business owners like you simply aren\u2019t familiar with\u2014and don\u2019t offer\u2014many of the advanced, top-tier wealth management solutions that you need to achieve tremendous personal financial success.<\/p>\n\n\n\n

IMPORTANT:<\/strong> That doesn\u2019t mean these advisors aren\u2019t good at their jobs. But it does mean they may not be ideal for you<\/em>. Your continued success and the goals you are striving for may mean you have outgrown your current financial advisors, and they just can\u2019t bring value to your financial situation anymore.<\/p>\n\n\n\n

There are three common reasons why so many advisors serving business owners lack the ability to help their clients build serious wealth.<\/p>\n\n\n\n

  1. They don\u2019t know about Super Rich solutions for success.<\/strong>\u00a0Some financial advisors simply aren\u2019t aware of the elite-level planning tools and techniques that guide the financial decision-making of the\u00a0Super Rich<\/em>\u00a0(people with a net worth of $500 million or more),<\/em> of ultra-wealthy business owners, and of family offices.<\/li>
  2. They don\u2019t know how to use Super Rich solutions.<\/strong>\u00a0More commonly, financial advisors are familiar with some of the wealth management strategies and products used by the Super Rich, by ultra-wealthy business owners and by family offices. But knowing something exists and knowing how to adroitly use it to help clients are two very different things.<\/li>
  3. They don\u2019t work proactively with other professionals to implement Super Rich solutions effectively.<\/strong>\u00a0Financial advisors who do not have relationships with the right teams of experts find it difficult, if not impossible, to implement Super Rich solutions\u2014so they end up ignoring them when making recommendations.<\/li><\/ol>\n\n\n\n
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    Avoid these two types of advisors at all costs<\/h1>\n\n\n\n

    Many accomplished business owners tell us that they recognize they have outgrown their current financial advisors. But they don\u2019t really know where to go to find guidance that is ideally suited to them\u2014and they don\u2019t have the time or energy to go on the hunt.<\/p>\n\n\n\n

    The good news: Finding the right help doesn\u2019t have to be an endeavor.<\/p>\n\n\n\n

    Start by knowing the traps to avoid. One of the biggest obstacles you face is working with either of two types of advisors you want to avoid at all costs: Pretenders <\/strong>and Predators<\/strong>.<\/p>\n\n\n\n

    1. Pretenders<\/strong>\u00a0are advisors who do not serve their clients well due to incompetence, or who have good intentions but limited expertise. They may want to do a sensational job for their clients, but they are just not capable. According to successful business owners like you, there are a lot of Pretenders out there (see Exhibit 1).<\/li><\/ol>\n\n\n
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      1. Predators<\/strong>, in contrast, are intent on financially exploiting people. A whole range of Predators look to manipulate other people\u2014particularly accomplished, affluent individuals and their families. There is no mistaking Predators\u2014but many times that recognition comes only in hindsight.<\/li><\/ol>\n\n\n\n

        Nearly three-quarters of you are concerned about being taken advantage of by the professionals you work with (see Exhibit 2).<\/p>\n\n\n

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        You need an elite wealth manager<\/h1>\n\n\n\n

        So how do you avoid Pretenders and Predators\u2014and find the type of financial guidance that will truly position you to excel?<\/p>\n\n\n\n

        Ultimately, you should probably be seeking an elite wealth manager<\/em><\/strong>. These professionals are fundamentally different from the investment advisors and financial advisors that business owners typically work with.<\/p>\n\n\n\n

        The biggest difference: Elite wealth managers take a truly holistic financial approach to helping their business owner clients. This requires a comprehensive client evaluation process that puts you at the center\u2014surrounded by the seven key characteristics that make up who you are and what you value.\u00a0<\/p>\n\n\n

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        Elite wealth managers offer investment management, of course. But they also go far beyond it by providing sophisticated planning capabilities in areas such as:<\/p>\n\n\n\n