This article will probably surprise you if you have 3 minutes to read! The financial industry has many diverse business models, and professionals often focus on very different clients and objectives. However, many consumers view all Financial Advisors, Brokers, Planners, etc. as the same. If you have this perception, that is unfortunate. This may be because you are being under-served by your current financial professional, or you’re a Do-It-Yourselfer who doesn’t quite recognize how a financial professional might benefit you and your family.
If you met someone who said they were a physician, does that tell you what they actually do? Are they a surgeon, a general practitioner, a podiatrist, etc? We accept that the health provider industry is very diverse as individuals have different health issues that may evolve over time. The financial industry is very similar in this way. However, it can be a challenge for consumers to find a financial professional that is a good fit. For starters, a financial professional who seeks to have you transfer your accounts in a single visit, or two, is a salesperson. There isn’t anything wrong with salespeople. However, that isn’t advice. That is an order taker and you are a transaction. A Fiduciary does not race to a sale.
Two years ago I hired a consultant to search for independent financial practices that wanted to sell. I visited ten different companies, sitting down with the principal and asking many questions. I was seeking to buy one or more financial practices, if the situation and price was a good fit with PCA. It was very interesting that every firm I visited was unlike the other nine and also very different from PCA. Put another way, I visited ten companies which all had a unique business model in the financial industry. Each firm served different clients in different ways. All were successful to very successful, but not what I wanted to integrate in to PCA at the terms we discussed, so I passed.
Our PCA model has evolved over time as the industry has changed significantly during my 28-year career. Our primary objective is developing quality, long-term relationships with our clients. I view each client as a partner. At PCA, we are a planning firm. Our Discovery Process is very thorough and helps assure that if we decide to add a new client, the likelihood of a successful long-term match is very high. It is rare that we would accept a new client prior to 4-5 visits in person, by phone or video conference. Our process touches on anything that may have an impact on a person’s financial situation.
Of course, it all starts with an initial conversation. We all have more fun stuff to do than talk for hours about financial matters. I am a Fiduciary, representing the best interests of our clients. The only way to truly understand the unique best interests of each individual client is to ask many questions and listen. While many financial professionals may be selling or pitching products, I’m learning and listening.
If you, or someone you care for, would like to get acquainted, the first step is to speak with our Delightful Anna at 866-486-4947.