Doctors, Attorneys, Advisors...Oh My!

I've been writing and recently, and I had a question that a reader posed that I want to address: "How do you go about selecting a trusted expert or advisor?"

We all face various times in our lives when important decisions must be made regarding health, finances, asset protection, etc. What is our process for determining whether or not we need an expert? How do we determine the experts with whom we will entrust our personal information?

We might be able to start by reflecting on the process we use to select a physician. Did you choose your physician as a result of a referral by a friend or relative? Was this person someone you know from school, or an organization to which you belong? Was this person referred to you by another professional? And, the next question is do you continue to visit your doctor because you know, trust and like him or her? Or, are you just too busy or overwhelmed to try someone who might be better for you?

Most people-even extremely healthy people-realize that they need to visit with a doctor on an annual basis, at least. Our doctors and their assistants create a database with our health information, and note changes in our health as we age. When required, our primary care physicians refer us to other specialists that will assist us when we have a specific need. Many other experts are needed during a lifetime. Perhaps you've had the need to create a will, which usually requires a visit to an attorney.

When selecting an advisor or expert of any kind-doctor, wealth manager, attorney, veterinarian, hair stylist, golf professional or CPA-it is important to determine how well you trust and like your advisor. Once you have confidence in their knowledge, it's all about the relationship. Your advisor should meet with you regularly, putting your needs in front of their own and possess a reputation based on trust and transparency. You should be looking forward to meeting with your advisors because you genuinely respect and like them, not finding reasons to procrastinate.

Life deals us curve balls, and we need to know how to navigate our changing needs —and you'll want to seek out an advisor who will help you change directions whenever your life situation changes. A good financial advisor should possess these four key attributes: Listening; Understanding; Serving your needs; And someone you can trust.

If you've surrounded yourself with advisors who treat you as their best client, then you may have some very positive and productive relationships that will last a lifetime.