The Importance of a Personal Relationship with Your Financial Planner: How to Avoid Becoming Just Another Number

In a time where financial planning is becoming increasingly digitized, and robo-advisors are gaining ground, one might ask: why is having a personal relationship with your financial planner necessary? Isn’t it enough to have a well-organized portfolio? While tools and technology certainly make managing wealth more efficient, the human aspect of financial planning is irreplaceable. This is where building a personal relationship with your financial planner is crucial—and how to ensure you remain more than just a number in their client base.

1. Customized Advice for Your Unique Goals

Everyone’s financial journey is different. Whether you’re saving for your child’s college, planning for retirement, or investing in a business, a cookie-cutter approach is not enough. A personal relationship with your financial planner allows them to understand your specific needs, goals, and concerns, providing advice that fits your life, not just generalized strategies.

A planner who wants to get to know you personally will inquire about more than just your financial goals. They’ll dive into your lifestyle, family dynamics, risk tolerance, and the deeper values that you hold close. This will allow them to tailor strategies that don’t just grow your wealth but align with your long-term plans.

Build a relationship with a planner who takes time to regularly connect with you, beyond just the scheduled meetings. A planner who is proactive in maintaining communication is more likely to offer personalized guidance that evolves with your circumstances.

2. Building Trust Based on Mutual Understanding

Money is an extremely personal subject, and it can leave one feeling vulnerable when discussing financial ambitions. Trusting your financial planner makes conversations about money less transactional. Trust is essential when making big decisions—like adjusting investment strategies during volatile markets or navigating unexpected life events.

A planner who knows you well can also better manage your emotional reactions to unexpected market swings, helping you stay the course with long-term goals. They understand your thought process, how you feel about risk, and what you value most in your financial life.

During your initial meeting, get an understanding of their communication style, how often they meet with clients, and their approach to building long-term relationships. Choose an advisor who doesn’t see you as just a portfolio but as a partner in your financial journey.

3. Proactive Problem-Solving

A close relationship means your financial planner is more likely to anticipate issues or roadblocks before they arise. They should assist you in staying ahead of tax law changes, plan for life events or job changes, and adjust your plan accordingly. It’s easier for them to do this if they truly know you, your lifestyle, and understand your goals for your future.

For example, if you plan to buy a home in the next two years, your planner might recommend adjustments in your investments or savings plan long before the need comes up. In contrast, a planner who sees you as just another client may wait until you bring it up—potentially missing key opportunities to maximize your financial health.

4. A Long-Term Partnership, Not a Transaction

Your relationship with your financial planner should evolve. As you grow in your career, start a family, or consider retirement, your financial needs and goals will change. A planner who knows you well should grow alongside you, continuously adjusting your plan to suit your life’s evolution.

If your relationship is purely transactional, it becomes harder for you and your planner to adjust strategies effectively. A transactional advisor is a salesperson, always looking to sell you a solution or pitch you a product that will bring them a commission.

Choose a financial planner who is committed to building long-term relationships. Ask how long they’ve worked with certain clients, and their approach to adapting plans over time.

5. Personalization in a Digital World

While robo-advisors and financial apps have their place in the world and can be helpful tools, they lack the emotional intelligence that a real human can offer. The data-driven strategies used by these tools can manage your finances but cannot factor in how you’re feeling about a particular investment decision or offer support during difficult financial times.

A sound relationship with your financial planner means you have a trusted sounding board to guide you through life’s financial challenges. You’ll have someone to celebrate your wins and help you navigate setbacks with poise.

Try to strike a balance between technology and personal connection. While using digital tools to manage finances is convenient, make sure you’re working with a planner who prioritizes communication.

Conclusion: A Personal Connection Makes All the Difference

In financial planning, the numbers matter, but so do the relationships. A personal connection with your financial planner can make all the difference between feeling confident in your financial future and feeling like just another client. Seeking a planner who truly invests in knowing you, understanding your goals, and proactively supporting your journey, can ensure that you are far more than just a number in a sea of clients. Your financial success isn’t just about your portfolio—it’s about your relationship with the person guiding you along the way. Choose a financial planner who values that relationship as much as you do.

As always, stay the course!

Any opinions are those of Justin Williams and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Investing involves risk and you may incur a profit or loss regardless of strategy selected, including asset allocation and diversification. Past performance does not guarantee future results. Forward looking data is subject to change at any time and there is no assurance that projections will be realized. All investments are subject to risk. Every investor's situation is unique, and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.