When many people think about working with an investment advisor, they picture something similar to a mechanic. You bring in your portfolio when it “needs a tune-up,” they make a few adjustments, and you drive away until the next issue pops up.
In reality, your financial advisor should be more like a primary care physician. Someone who provides continuous guidance, understands your entire financial health, and works to prevent problems before they arise. To do that, your advisor needs to know your complete financial story so they can anticipate needs, identify risks, and design strategies that work together toward your long-term goals.
After all, you wouldn’t expect your doctor to prescribe treatment without knowing your full medical history. Likewise, an advisor can’t craft the most effective plan without the bigger picture. Your goals, income, debts, insurance coverage, tax situation, and even your family circumstances all play a vital role in shaping the right investment approach for you.
That’s why it surprises me how many clients are reluctant to share their full financial picture. Too often, the relationship is treated as purely transactional: money is invested, performance is checked periodically, and the advisor remains in the dark about everything else. Even more concerning, some clients quietly work with multiple advisors who operate independently and sometimes in ways that directly contradict each other. This lack of transparency and coordination often does significant harm to the overall plan.
To be fair, part of the blame falls on advisors as well. Too often, we don’t invest enough time and energy into developing deeper relationships with our clients. We focus on the task we have been given, growing the assets entrusted to us and outside of small talk about kids or grandkids, we avoid digging into the broader details of their personal lives.
But the truth is, your financial life is deeply interconnected with your personal life. A decision in one area inevitably ripples through others, affecting your investments, taxes, risk management, and estate plans. The more your advisor knows, the better they can align every part of your strategy to help you achieve your goals with clarity and confidence.
So my advice to you this week is at the next meeting with your advisor don’t hold back. Share your story, your goals, and your concerns. After all, good financial advice starts with an open and honest discussion. It isn’t just helpful, it is essential.
(Past performance is no guarantee of future results. The advice is general in nature and not intended for specific situations)