There are times in life when getting the best, most actionable insights can make a big impact on your future, and when it comes to guiding high-net-worth individuals ranging from entrepreneurs with big exits to successful lawyers, CEOs, etc. that’s where financial consultants come into play. And this post hits on where to start when planning a sustainable future for you and your family.
The reality is that many people have become successful because they have great ideas, know how to strategically build teams then grow into something much bigger than they ever could have imagined (like Jobs with Apple, Bezos with Amazon, etc.) and many of those who made it followed the principles highlighted in Oscar Wilde’s famous quote: “I have the simplest tastes. I am always satisfied with the best.”
Taking this approach in life leads to a multitude of things from hiring the best landscaper, lawyer, CPA, financial consultant or anything else your heart desires and you always gravitate towards who can actually achieve the mission you’re trying to accomplish as opposed to creating pies in the sky that sound great in theory, but often fail to come to fruition because the practical application is flawed.
Now that we covered the baseline and typical behaviors we can dig more into the core of this blog post: How can high-net-worth individuals find the best financial consultants that always have your best interests in mind?
First and foremost, financial consultants operate like your eyes and ears that look over everything then provide you with actionable insights on how to best navigate the waters, though are not responsible for actively making decisions for you. Think about a consultant as your GPS system that reports back so you can make the best, most informed decisions.
Secondly, unlike money managers from all walks of life (financial advisors, etc.), consultants are simply compensated for guiding their clients with market research and actionable insights; not by a percentage of the Assets Under Management (AUM), commissions, etc. which incentivizes them to provide the best consulting services, for effectively extracting actionable insights that can give you an edge because that’s the core of what they do.
Lastly, as with anything in life, take things in steps and don’t rush into a relationship with a financial consultant or anyone else without thinking through everything while weighing all of your options. Do things once and do them right.
Hopefully this blog sheds more light on the world of financial consulting and personal growth in general, and if you have any questions we’re here to help.