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Money is one of the most personal and important aspects of your life, meaning you may feel more comfortable trusting someone you can get to know in person. But with today’s increasing technology offerings, it may be time to consider whether working with a local advisor is really a necessity or not.

Instead of physical location, it may be more prudent to consider other factors, such as designations and certifications, years of experience, areas of expertise and more.

While working with an advisor virtually is nothing new, the relevance of virtual advising increased significantly during COVID-19. As we emerge on the other side, some may continue to prefer remote communication over in-person visits. As you consider whether or not to work with someone in your area or beyond, ask yourself the following questions.

Am I Comfortable Utilizing Technology?

Virtual advisors may want to meet with you via telephone or face-to-face over video chat, whether through Teams, Skype, Zoom, Facetime or other video conferencing tools. They’ll likely want to share their screen with you, go over important documents and even have you virtually sign paperwork. When you’re not meeting virtually face-to-face, you’ll likely have access to view your portfolio and other financial information online.

It’s likely your advisor will work with you to try to make your experience as comfortable as possible. They can provide instructions for using their tools and answer any questions you may have to help ease your concerns.

Virtual advisors may be fresher with more energy if they don’t to travel to meet with you.  Another benefit, is you have no need to tidy up to meet at your residence or business. And since you the customer ultimately pays for your advisors office space and staffing, your fees should be lower if you work with a virtual advisor.

But if you’re still uncomfortable with building a technology-heavy relationship with your advisor, working with someone local may be better.

What Services Do I Need?

The type of services you’re looking for from an advisor may shape the type of relationship you’re looking to build. If you’d prefer to remain fairly hands-off or you have a demanding schedule, working together virtually may be much more preferred than meeting in-person during office hours.

On the other hand, if dropping by their office or have them visit you so you can ask a question or check-in often, you may be more comfortable working with an advisor within driving distance, regardless of their value or expertise.  

Do I Need an Advisor With Certain Expertise?

Another important consideration is experience and credentials. If you’re in need of someone with a specific niche (such as handling student loan debt for medical professionals), there may not be an advisor who specializes in this in your area.

Does an advisor who is only available virtually offer better than conventional financial planning. Would more control over your money, more safety, more potential for more asset and net worth growth, with less tax, locked-in gains, and more be more important than a personal preference of an advisor you can touch and smell? 

If that’s the case, it may be worth working with someone virtually who can provide the expertise you’re looking for.

In a world that’s gone virtual, working with an advisor simply because they are local is no longer a necessity. The technology to build a well-developed relationship virtually is there, and it’s being utilized by thousands of advisors, brokers and agents around the globe. 

It is expected virtual will be the way of the future for some of the reasons mentioned. 

The important thing is to determine what you’re comfortable doing when it comes to your money and finding a partner who will be compatible and capable of helping you reach your goals.

23 Nov 2022

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