In celebration of the Thanksgiving season, we would like to express our gratitude and appreciation to the fantastic financial advisors in our community who have partnered with our office for the benefit of our mutual clients. Thank you! Our clients have great financial advisors. We appreciate you. With your help and guidance, we have been able to create the best legal plan for our clients.
We want to say “thank you” to our partners in the community. Educating our clients and the community is a priority for our office is part of the mission of our firm, and we do that best when we are partnering with our clients’ financial advisors in the community.
We contacted our partners in the community in the area of finance to help our clients understand the role of a financial advisor in the estate plan. We are titling this series, “Partnering with the Pros: The Importance of a Financial Advisor.” We will be featuring some interviews with our friends who are financial advisors on our website highlighting the importance of a financial advisor as part of our series. Understandably, for legal compliance reasons, some of our great partners were unable to participate in the interviews. Check out our blog post at: www.skwlawoffice.com.
John Michael Hose II is a Financial Advisor who holds Series 7 and Series 66 licenses, and is affiliated with Madison Avenue Securities. His key strengths lie in researching alternative investments to provide top quality financial planning using today’s prime equity investment vehicles. His thorough attention to detail provides a high comfort level for families who entrust their finances to LIFE. John Michael graduated from Bridgewater College with a Bachelors Degree in Business Finance. When he’s not working for LIFE, he’s a high school football coach at Williamsport High, and also enjoys family time and intramural sports in the tri-state area.
I. What is the point of a financial advisors?
I like to keep things simple with my clients, education is key for people in making decisions for their financial future. I have found that most people are not educated to the exponential changes and opportunities available to them in the financial industry. I am a high school football coach and like to relate coaching to my advisory title. Through educating myself in football, I was able to educate the student athletes I coach. One thing that hit close to home was a coaching conference I attended, and the College coach made the reference if you are teaching your kids these types of techniques, you are teaching them techniques from the 1980’s! Coaching techniques have evolved since the 80’s, and you must stay ahead of the curve to compete. Well, in comparing my financial advisory roll, I have noticed a lot of financial plans that are straight from the 80’s. The financial industry has exponentially evolved and grown since the 80’s in financial tools available to consumers. Its my job to be sure I am educating and coaching my clients about the tools available to them in 2021,
II. When do I need a financial advisor?
When one is ready to be educated about planning for their financial future, they need a financial advisor. The normal thing I hear from folks “I wish I would have got this advice 10 years ago.” My most successful clients have not waited until retirement to start planning, but as soon as possible.
III. How do I pick a financial advisor?
Begin shopping them out. Talk to family and friends about experiences and do your personal due diligence by looking up prospective advisors on Broker check. Use second opinions. I have met with more than several people who were looking into a second opinion, and my advice was, their advisor was doing a great job. BUT! My business’s growth has come from other advisors who still educate as if we were in the 1980’s, and the consumer’s result in the second opinion was to change advisors. Before choosing an advisor, meet with several, digest the differences in advice, and make the decision based on which advisor you feel is making recommendations in your best interest.
IV. What makes you unique as a financial advisor?
Planning, and education. I am adamant with prospects and my clientele that before I can make a recommendation, we must compile as much information as possible regarding their scenario. Once we compile that information and organize it in financial planning software, it gives the consumer a better idea on where they stand in accomplishing their financial goals. Then, I educate about the tools available, and how those tools can be utilized for them to make their plan work the most efficiently for them. By personally staying educated with the ever evolving financial tools available, I am capable of keeping my clients up to speed with their plans.
V. What are attributes you should look for when trying to find a financial advisor?
You want your advisor to be competitive. Competitive for your best interest. The competitive attribute reassures that your advisor will continue to educate themselves and twist and turn with the continuous changes the industry sees. Your advisor needs to be able to communicate well, and often. Conveying the education to consumers can be tough. We all have different backgrounds and experiences, and advisors must be capable of connecting with each consumer in a way that each consumer understands the best.
VI. How often should you meet with a financial advisor?
That depends on how much you want accomplished. Accomplishing anything in life takes an investment in time. The most successful clients of mine don’t shy away from investing their time in having several reviews throughout the year. I am also adamant with my clients that we have at least an annual review. Depending on the depths of the plan, sometimes semi-annual or quarterly.
VII. How do I switch financial advisors?
Invest time in shopping out a second opinion. If that second opinion seems more in line with your expectations, continue the conversations with the advisor, develop a relationship, and the advisor will take it from there. Some folks feel compelled to communicate with their current advisor before they switch, others do not. Different strokes for different folks.
VIII. What should be the relationship between a client’s financial advisor and attorney be?
A consumer’s comfort is priority number one. Financial comfort comes hand in hand in making sure legal documents are prepared appropriately. If POA’s aren’t completed appropriately and a loved one is incapacitated and you cannot make withdrawals on their behalf, it can create a pickle. Settling one’s estate may be after our demise, but the comfort in knowing that the estate will be settled without a hitch utilizing wills and trusts can and will reassure our affairs are in line with how we intend to leave them. Finally, education on protecting assets from unknown circumstances give us the comfort that if life hits us in the nose, our assets are secured.
IX. What is the most rewarding asset of your job?
Creating, and building relationships. Relationships with others is the most important thing in life. Impacting and influencing people in a positive manner. Because I have the luxury of meeting new people on a regular basis, I have the best of both worlds. I can impact and influence them in a positive manner, and because of the expansive cultures that surround our society, I am personally impacted and influenced by every single person I create a relationship with. Some of the best advice in life comes from conversations we would never have expected that advice from.
X. Is there additional information that you would like everyone to know about you?
I am a big fan of the concept “pay it forward.” Paying it forward happens every day, in the way we behave, communicate, and love. I have a resounding energy about me to pay forward the love I was taught throughout my life. There have been many people who have influenced and impacted me in a positive manner. I promise to live on the legacy I have received, and shout from the rooftops that everyone deserves to be loved, and share their love with others.