Treat Your Broker/Financial Adviser Like a Boyfriend or Girlfriend: Communicate When Your Needs Change

By Robert Noens, Spring 2017 Intern

Congratulations, ladies and gentlemen! You met a financial adviser or broker you really like, maybe even love, they want the same things you do, they don’t have a bad record, and they didn’t set off “red flags.” You are on your way to a long and happy relationship.

Before you do though, there is one last thing you should know: for a long and happy relationship to continue on into the future, you must communicate when your needs change.

For instance, over time, your financial situation will change, for better and for worse and in sickness and in health. Consequently, when these things happen, you must tell your broker or financial adviser. Tell them when you fall on hard financial times, and you can no longer afford to have that $50,000 sitting in an account labeled with a high-risk tolerance. Do not be shy or embarrassed. You must tell your broker/financial adviser about this. Conversely, if you get a promotion and want to start putting more money away for retirement, you broker should be made aware of this too. Don’t be embarrassed: it is okay for your needs to change. The important thing is to communicate when those changes occur so you can adjust your relationship.