There are as many definitions of “perfect” as there are households who use an advisor. Almost three-quarters of wealthy households (those with over $500,000 of investable assets) use an advisor in some way. Therefore, advisors have a significant amount of influence on financial decisions.

Wealthy investor expectations are shifting beyond mere investment advice and into their whole life picture. This means finding an advisor who understands not just investments but taxes, estate planning, dependent care, retirement planning, and many times, business ownership issues. But a definite communication gaps exist between advisors and investors.

Wealthy investors have high expectations of their advisor regarding communications and usually expect at least quarterly contact. These communications include face-to-face, internet, and telephone communications. Clients value a strong and substantive personal relationship with their advisor in which it is evident that the advisor understands and cares about their personal goals and preferences. Too many advisors who are technically very capable fail to connect with clients to convey a sincere interest in their clients beyond developing an investment strategy, managing a portfolio or conducting a plan.

Successful financial and investment performance enables clients to achieve higher goals – financial independence, providing for family needs, accomplishing philanthropic goals. Looking for the right advisor can take years, but finding the right advisor is the beginning of a relationship that can last for decades, and add to your personal wealth and affluence. Don’t be afraid to ask for what you want in terms of contact, communication, online capabilities, or overall holistic planning style. Two thirds of clients believe their current primary advisor “takes the time to really understand my financial situation, needs and goals”, which leaves a third who don’t believe this to be true.

A similar proportion considers their advisor to be “more of a counselor than merely a provider of information”, again, leaving a sizeable portion underwhelmed in this category. Very telling is that only 19% agree that their advisor helps them with “non-investment decisions about major life issues.” This is the measure that will separate an average advisor from someone who can step up and be a holistic wealth manager. A whole life picture or holistic plan that wealthy investors should demand encompasses all family affairs including: investments, taxes, estate planning, retirement, cash and credit management, health insurance, dependent care, trusts and wills. Demanding a whole financial solution helps you build a long-term relationship with your advisor.

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