The Search for an Adviser...

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By Kelly Brothers

A few weeks ago, the Brothers family was headed to the Bay Area for a family celebration. My wife and I were in the front seat and the kids were in the back watching a DVD of the first season of "The Brady Bunch." Yes ... nearly 40 years later, another generation enjoys America's first blended family. (No, we did not tell them of the demise of Mike Brady, how the kids turned out, or the alleged tawdry relationship between Greg and his "mom.")

In one episode, one of the Brady kids comes down with the measles and the following is a rough approximation of the dialogue.

Mrs. Brady: "I'm going to call Dr. Porter." (picks up phone and dials) "May I speak to Dr. Porter please? (short delay) Dr. Porter, this is Carol Brady. I think we have a case of the measles. Could you please stop by and examine Peter?"

I was taken aback to hear Mrs. Brady, after a brief pause, actually get a doctor on the phone, not to mention order up a house call! The service level has certainly changed over the years. Most of the doctors I know are highly-skilled, compassionate, and want what is best for their patients. But few, if any, would consider making a house call.

In the financial services industry, the level of service has changed, too. In many ways you should expect more from your adviser, more than ever before. It is my opinion that you should expect your adviser to not just invest your money, but to have a working knowledge of your entire financial situation. An easy way to tell whether or not you have a good adviser is not the answers he or she gives, but the questions he or she asks.

If you find someone who spends 10 minutes with you and then asks you to make out a check, chances are you are being underserved. But if that adviser takes the time to ask you about your will and trust, long-term care insurance, and (most importantly) the hopes and dreams of you and your family, perhaps you've found a "keeper."

True "wealth managers" not only manage assets, but manage "risk" as well. What would be the value of great investment returns if, upon retirement, you lost your entire nest egg because you were not adequately insured for a medical catastrophe? What benefit would there be for your heirs if you invested wisely, only to have your loved ones tied up in the time-consuming and expensive process of probate because you did not have a proper will/trust in place? What good is it to beat the market by 2 percentage points, if your adviser doesn't think to ask you about your 10 percent mortgage?

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