Does My Financial Advisor Need To Be Local To My Area?

local financial advisorWith visitors to this website/blog representing all 50 US states and 145 countries over the last 12-months, this is a question that we hear quite often. There is no doubt that the world is shrinking and the way that we consume products and services is changing.

Case in point, without leaving my desk in New Jersey, I recently worked with a mortgage broker in Minnesota, printed brochures in Tennessee, and bought a ski helmet from Utah. Thomas L. Friedman, author of The World Is Flat, writes, "The simple definition of globalisation is the interweaving of markets, technology, information systems, and telecommunications networks in a way that is shrinking the world from a size medium to a size small." Financial advisors do not operate in a vacuum so it only makes sense that the way clients are selecting and working with their financial advisors is also changing.

Advisor Anywhere

Since our company opened its doors over twenty years ago, our clients have been widespread geographically. Our clients reside beyond our local market of New Jersey and extend in all directions to Vermont, Florida, Texas, California, and Hawaii. We can even work with clients who live outside of the United States. While some services must stay local, like your supermarket or landscaper, financial services do not have to be within a 20 minute drive from your house. 

Building Trust Is Essential

Technology is definitely making the world smaller. In 1993, we could communicate with clients by phone or fax, if we didn't have the luxury of meeting face-to-face. Today, there is email, social media, and even Internet video conferencing to close geographic distances.

What hasn't changed is the importance of trust. Sometimes a face-to-face meeting, breaking bread together, and a firm hand shake can help establish trust more quickly. However, it is not essential. Many advisors work with clients that they have not met, yet.

Knowing What You Want

You need to know what you want, as a client. If it is important to you that your investment advisor treats you lunch regularly or gives you tickets to a show or sporting event, then you should look exclusively for an advisor in your locale. However, if you're seeking an advisor whose philosophy and expertise you trust, then the world is your oyster and knows no bounds.

We're always just a phone call, email, or mouse click away.

Do you feel that it's important to work with a local financial advisor? What are the most important factors driving your decision making when choosing a financial advisor?

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About the Author: Andrew Wang

Andrew Wang

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Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Runnymede Capital Management, Inc.), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Runnymede Capital Management, Inc. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Runnymede Capital Management, Inc. is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of Runnymede Capital Management, Inc.’s current written disclosure statement discussing our advisory services and fees is available for review upon request.