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  • Doug Oosterhart, CFP®

Recognize Your Unique Style Before Hiring an Advisor

After thousands of client and prospect meetings, it's no secret that different people have unique preferences and approaches to managing their household finances.

Recognizing and understanding these client styles is crucial in tailoring services to meet the client's specific needs and expectations. In this blog post, we'll explore four distinct client styles in the financial marketplace: Collaborators, Self-directed/DIYers, Validators, and Delegators. By gaining insight into these client styles, you can effectively determine what style resonates with you AND how much value you may (or may not) find in working with an advisor.

  • The Collaborator:

If you're a Collaborator, you appreciate the value of working alongside a financial advisor while also maintaining a sense of control. You want to be actively involved in the decision-making process and understand how your financial choices are made.

Collaborators seek an advisor who encourages collaboration, allowing them to contribute to the planning and decision-making process. By finding an advisor who values your input and ensures you feel included, you can forge a partnership that aligns with your desire for involvement and shared decision-making.

  • The Delegator:

As a Delegator, you view financial advisors as trusted partners and prefer to delegate the responsibility of managing your financial affairs. You appreciate the convenience and expertise that comes with an ongoing relationship.

Delegators seek a long-term partnership with an advisor who can handle all financial matters on their behalf. By finding an advisor you trust and establishing a comprehensive advisory relationship, you can confidently delegate the authority while staying informed and involved as needed.

  • The Validator:

Validators understand the importance of financial advice but may not feel entirely comfortable managing their finances independently. You value periodic check-ins with a professional to validate your approaches and gain reassurance.

Validators may also benefit from assistance in creating a personalized financial plan that they can implement on their own. Engaging with an advisor for one-time planning services allows you to receive expert guidance, validate your strategies, and gain confidence in your financial decisions.

  • The Self-Directed/DIYer:

As a Self-directed/DIYer, you possess a strong belief in your own abilities to manage your finances effectively. You prefer taking charge of your financial decisions and may not see the value in working with an advisor on an ongoing basis.

However, there may still be instances where you could benefit from professional guidance. For Self-directed/DIYers, engaging with an advisor for one-time questions can provide you with a comprehensive financial plan tailored to your needs.

This way, you can leverage their expertise without committing to a long-term advisory relationship.

At LifePoint Planning, our business model suits Delegators and Collaborators who realize that they would benefit from a long-term partnership. However, that doesn't mean that people in the other categories can't find an advisor to suit their needs.

The first step is to clarify what type of relationship you'd like to have with an advisor based off of your unique preferences. After that, the search begins (there are advisors out there for all types of clients!).

By seeking an advisor who aligns with your style, you can establish a partnership that empowers you to navigate your financial journey with confidence. Remember to communicate your needs clearly and seek an advisor who can provide the level of involvement, validation, or delegation that suits your unique style.

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