Looking To Hire A Remote Financial Advisor? What To Consider

Working with a non-local financial advisor isn't as difficult as it once was, but there are still a few things to consider before getting started. 

Since 2020, the world has transformed how we work and engage with one another. It has significantly impacted how investors interact with their financial advisors. In my experience, most investors preferred to meet with their advisors in person prior to the pandemic. 

Following the epidemic, I witnessed a significant shift, with most investors now preferring to meet with their advisors via Zoom because of its convenience. Clients can now meet with their advisor from anywhere in the world, even in the comfort of their own kitchen.

This is a significant benefit for investors because you now have an unlimited supply of advisors at your disposal and are no longer confined to those in your immediate area. 

1. Determine the role technology plays.

One key factor to consider is how comfortable you are with technology. Being advised remotely would necessitate a significant increase in technology, as you cannot simply walk into an office to sign a form or drop off a document; everything must be provided securely, as email should not be used to convey secret papers. 

Firms established to do business digitally should be able to do everything online, including signing forms, sharing trust papers via a secure portal, delivering timely reports, etc. 

2. Establish clear communication expectations.

When employing an advisor, it is critical to establish clear communication protocols. This is especially critical when collaborating with a distant advisor. You'll want to know how many formal meetings you can expect per year, how many times you can phone them with inquiries, and how they prefer to communicate. 

Due to compliance limits, some advisory firms are not permitted to use text messaging; therefore, you should confirm this with your advisor beforehand. If you are a frequent texter but your advisor is unable to text you back, this may cause friction in the relationship. 

3. Develop a relationship.

If you decide to work with a remote advisor, you should establish a long-term relationship with them. They should be interested in how you think about things, why you think about them, and the underlying significance of your short- and long-term goals.

Because this is such an intimate relationship, you should also comprehend what the advisor thinks. I'd ask them questions to learn about their thinking process, why they perform their work, and what they do when they're not working.