Mike Palmer Featured in MarketWatch
McKinsey & Company recently reported that they project a shortage of financial advisors in the coming years. Ark Royal Wealth Management founder Mike Palmer, CFP® was recently quoted in a MarketWatch article that outlines key considerations in seeking an advisor.
How Frequently Will You Meet with Your Financial Advisor?
Before commencing work with an adviser, it’s important to express your expectations. “It should be established at the onset of the relationship what the normal meeting cadence will be. We meet with clients two times per year and more frequently if something specific comes up that needs attention. Equally important is what the adviser is addressing for you during the year. At a minimum it should be an update on progress towards goals, a tax planning review and an update or review of investment portfolio including performance and rebalancing,” said Mike Palmer, a CFP® at Ark Royal Wealth Management.
How Many Clients Can a Financial Advisor Serve?
“Ask how many clients they work with. If the number is greater than 125, you might want to look for an alternative. There are roughly 240 workdays in a year, so 120 clients times 2 meetings equals 240 which is a meeting per day on average plus meeting prep, meeting follow up and routine tasks,” said Palmer.
Other Key Considerations When Choosing a Financial Advisor
- Are you getting personalized attention?
- What professional designations does the advisor have?
- Does the person have experience working with people like you?
See the full MarketWatch article here.