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Everything is Going Virtual, But Should Your Financial Advisor Be Local?  Thumbnail

Everything is Going Virtual, But Should Your Financial Advisor Be Local?

In response to Covid-19, which reared its ugly head in 2019, governments around the globe put in some hard work to contain it in early 2020. This meant we had to live our daily lives slightly differently. Maybe we had heard about virtual advisors, but the entire system became even more relevant during this global pandemic.  

Everybody prioritizes their hard-earned money and where it goes. This is why it is easier to trust someone you can get to know in-person, someone you can sit down with face-to-face. But thanks to new technology and the increasing need to ensure social distancing, we are questioning the importance of collaborating with a local advisor. Is it really a necessity? Yes, we are used to meeting physically. But have we considered other important factors, such as designations and certifications, years of experience, areas of expertise and more? 

While thinking about working with someone in your area or beyond, these questions should come to your mind:

How Comfortable Am I With Technology?

Working with your advisor virtually will likely involve face-to-face over video chat, whether through Skype, Zoom or other similar video conferencing tools. You will be expected to go over important documents and even sign relevant papers, all virtually. So even when you’re not meeting virtually face-to-face, you’ll likely have access to check and see your financial information online. 

Your advisor will probably attempt to make your experience as comfortable as possible. They will give you instructions on how to use their tools and answer any questions to help you feel at home. But all these do not automatically make you comfortable with building a technology-heavy relationship. So, if you still have concerns, you may consider working with someone local instead.

What Services Do I Need?

The type of relationship you will build with your advisor may largely depend on the type of services you’re looking for from them.  For instance, if the hands-off approach is your preference or your schedule is somewhat tight, working together virtually rather than meeting in-person may be the smarter move. Conversely, if you prefer close collaborations, make office visits to ask a question, or check-in regularly, you may be more comfortable working with an advisor that is relatively close to you.

Do I Need an Advisor With Specific Expertise?

This is another essential question revolving around experience and credentials. If you are looking to work with someone specialized in a certain niche, there may not be an advisor who specializes in this in your area. If that’s the case, it may be worth working with a virtual advisor who offers that specific expertise you seek.

This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.