For optimal viewing experience, please use a supported browser such as Chrome or Edge

Download Edge Download Chrome

Take Stock of Your Financial Consultant Relationship

Published on May 1, 2018 |

In some ways, there’s no one who knows you as well as your financial consultant. But is your relationship with wealth management as good as it can be?

You don’t make your own clothes, cut your own hair, or do your own dentistry, do you? Sometimes it’s good to have a specialist on your side, and that’s certainly true when it comes to managing your finances. However, when it comes to finding a wealth manager, there’s another wrinkle—this person will end up knowing all of your personal financial information. That’s why finding a financial consultant is as much about a relationship of trust and longevity as it is about rate of return. Here are three things to look for when choosing a new wealth manager.

1. Smart Thinking: You need an financial consultant with good ideas for your financial plan—that much is obvious. Even better, look for one with a holistic, comprehensive approach and ideas tailored to your specific needs for not only investments but also mortgages, health care, higher education, retirement, and inheritance. A wealth manager who focuses exclusively on investments is not seeing the complete picture.

2. Availability: A financial consultant should be easy to reach when you have questions and willing to talk about your overall financial planning. You’re looking, ideally, for someone you trust who can provide counsel and guidance for decades, through a number of different life stations. If financial consultants are hard to reach unless they’re pushing new product offerings, that should raise a red flag.

3. Transparency: Good financial consultants are up-front about their experience and payment structure. Don’t be afraid to ask if they’ve handled clients with your background and needs before. Ask detailed questions about their fees and compensation structure. What if, for instance, you want to make a move that is good for your finances but that would cut down on their fees? How would they respond? If your financial consultant is paid based on a metric other than your best financial interests, who are they really working for?

Life Insurance Can Be a Personal Asset

While it may not seem obvious at first, life insurance is an important component of a well-rounded financial portfolio. There are many options to choose from, but by partnering with a financial consultant, you can find the right life insurance solution that affordably meets your needs and offers financial flexibility, growth opportunity, and cash value.


Webster Investments, through an alliance with LPL Financial, the nation’s largest independent broker dealer*, offers its clients a wide selection of investment products and services. Call 855.359.2391 for more information. 

*As reported by Financial Advisor, April 2017. This information is not intended to be a substitute for specific individualized tax advice. Discuss your specific tax issues with a qualified tax advisor.

Related Resources

Personal BankingArticles
5 Tips to Use Zelle® Safely
    Digital payments continue to grow across the U.S. and with issues like identity theft and other cybercrimes on the rise, it’s important to know what you can to do help protect yourself – and your money – when sending and receiving money digitally. One of the best ways to protect yourself is to […]
Personal BankingArticles
Tips for planning a vacation
Daydreaming of islands and alohas, the wonder of wandering, or feeding your soul with flavors of your new favorite city? Travel is roaring back to life, and we’ve got you covered with tips for planning and cost saving ideas. Before you travel So much of what makes a trip a great trip depends on what […]
Personal BankingArticles
Understanding Overdrafts: Your Guide to Managing Your Finances Responsibly
Here are some helpful tips and information to educate you about how overdrafts work, how they can occur, and how to avoid them. What is an Overdraft? An overdraft occurs when you don’t have enough money in your account to cover a transaction, but the bank chooses to pay the transaction anyway. Why Does an […]
Connect With Us
Learn more about Webster products, services and the communities we serve.